Summary: Samsung Pay does not provide options for users to invest in stocks or crypto through its digital wallet platform. The optimal approach for purchasing cryptocurrencies with Samsung Pay is to register with a licensed exchange that accepts local currency deposits for trading digital assets.
For a swift start, we recommend the Bybit platform. They accept deposits in various local currencies, including from Samsung Pay, via Bank Transfer, Debit Card, and Credit Card, enabling users to buy and sell over 350 cryptocurrencies with competitive fees of 0.1% per transaction.
- Fast and cheap Samsung Pay deposits in USD, EUR, GBP & 30 other currencies.
- Trade 400+ crypto assets with low fees via Spot Trading, Futures Trading or Crypto Options.
- Non-KYC exchange with proof-of-reserves that show customer funds are backed 1:1.
Can You Buy Crypto with Samsung Pay?
Currently, Samsung Pay does not provide a direct method for users to buy Bitcoin or other cryptocurrencies through its digital wallet platform. Nevertheless, Samsung Pay maintains a progressive stance towards digital currencies. As a result, users can register with authorized crypto exchanges and effortlessly transfer their local currency from their Samsung Pay account.
How to Buy Bitcoin and Crypto with Samsung Pay
To buy Bitcoin or other cryptocurrencies using Samsung Pay, you'll need to have a Samsung smartphone and the Samsung Pay app installed. You'll also need to have an account with a supported exchange or platform. Once you've met all of these requirements, you're ready to start buying crypto with Samsung Pay.
We recommend the Bybit platform to buy Crypto with Samsung Pay because they offer low fees to buy over 400 different cryptocurrencies. To get started, follow our simple guide:
- Sign up to the Bybit platform from any country.
- Select 'Buy Crypto' in your Navigation Menu, then click 'Express'.
- Once you're on the Express Trade screen, select the Cryptocurrency you want to buy and the Fiat currency you want to spend. Also select Samsung Pay as your Payment Method.
- You will then be taken to a list of vendors connected to Bybit that accept alternative payment options like Apple Pay or Samsung Pay. Select the platform with the cheapest USD/BTC rate, or whatever coin you are buying.
- Follow the prompts provided after that step and you will be able to buy Crypto with Samsung Pay in minutes.
Samsung Pay Crypto Fees
When you buy Bitcoin and other digital assets with Samsung Pay through an alternative provider, you can expect to pay up to 1% in fees. We prefer Bybit as a platform for Samsung Wallet & Samsung Pay because their highest fees are 0.5% per deposit and swap.
Is Buying Bitcoin with Samsung Pay Safe?
Yes - buying Bitcoin with Samsung Pay is safe on large and trusted exchanges like Bybit or Coinbase. We do recommend that once you buy your coins, you withdraw them onto a cold hardware wallet like a Ledger or Trezor. You never want to leave your cryptocurrencies on hot wallets through exchanges.
What is Samsung Pay?
Samsung Pay is a contactless mobile payment system developed by Samsung Electronics that lets users make payments using compatible phones and other Samsung-produced devices. Samsung Pay uses near field communication (NFC) and magnetic secure transmission (MST) to make payments. It is similar to services such as Apple Pay, Android Pay, and Microsoft Wallet.
Samsung Pay was launched in South Korea on August 20, 2015, and in the United States on September 28, 2015. As of February 2017, Samsung Pay is available in 24 countries and works with over 500 bank partners. Samsung plans to eventually make the service available in all countries where Samsung Electronics operates.
In conclusion, although Samsung Pay does not currently offer direct options for users to invest in stocks or cryptocurrencies through its platform, it still presents a viable avenue for purchasing digital assets. By using a licensed exchange like Bybit, Samsung Pay users can seamlessly buy and sell over 350 cryptocurrencies with competitive fees. Ensuring safety and security, it is advised to use trusted exchanges and store purchased cryptocurrencies in cold hardware wallets like Ledger or Trezor.