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In the last few years, cryptocurrencies have battled to find their spot in mainstream culture, but they have proven time and time again that they are here to stay.
Considering their major popularization and the fact that an increasing number of people are starting to see Bitcoin as one of the best long-term investment opportunities – trading them has never been easier.
While the preferred option for buying Bitcoin has long been through credit/debit cards, PayPal is starting to find its way on top of that list as well.
In this guide, we are going to show you how to buy Bitcoin with PayPal, review some of the best crypto exchanges that support PayPal, and explain the benefits of this investment method.
Where to Buy Bitcoin with PayPal 2022 – Our Best Crypto Exchanges
- eToro
- Binance
- Coinbase
>>>Buy Bitcoin with Paypal Now<<<
Cryptoassets are a highly volatile unregulated investment product. No UK or EU investor protection.
As we said, PayPal is becoming increasingly more popular amongst investors looking to trade Bitcoin, which is why it can be found as a payment option on almost all major exchanges.
However, just picking out one crypto exchange randomly isn’t an option – there are numerous aspects that you have to factor in when making a decision.
These include the platform’s overall features, fee system, safety, authenticity, and so on.
To ease your load, we have gone over all of these major factors and here is the list we came up with for the best crypto exchanges to buy Bitcoin with PayPal.
Cryptoassets are a highly volatile unregulated investment product. No UK or EU investor protection.
eToro – Overall Best Exchange to Buy Bitcoin with PayPal
The crypto platform that stands out as the overall best is eToro.
First of all, eToro is one of the safest and most reliable platforms in the community. Regulatory organizations such as the FCA, FINRA, ASIC, and FinCEN all assure complete transparency and investor security.
And while security is top-notch, eToro’s biggest advantage is the fee system. You won’t be charged any transaction fees when opening a trade since the platform incorporates a spread-based system.
This indicates that traders are only charged with the spread of the trade, which is 0.75% for Bitcoin trading. Additionally, deposits are also free of charge, while the minimum deposit is far below the industry average ($10).
The platform’s interface is user-friendly and even complete beginners can quickly learn how to navigate it, while the signup process is pretty straightforward and it only takes a couple of minutes to open up an account.
Lastly, eToro also offers a wide variety of features. For example, one of the most popular ones is the ‘CopyTrader’ feature.
Investors can use the ‘CopyTrader’ to make the exact same trades that other eToro users have made. Before picking which trader to ‘copy’, you will gain insight into their historical performances and get the chance to analyze their portfolios.
Cryptoassets are a highly volatile unregulated investment product. No UK or EU investor protection.
Binance – Most Comprehensive Asset Collection
With more than 500 crypto assets available, Binance might be the best option if you are interested in trading other cryptos apart from Bitcoin.
Binance is also a bit more suitable for experienced traders since it includes crypto-to-crypto trading pairs and DeFi tokens as well.
When it comes to fees, there is a 0.1% transaction fee included per crypto trade. However, traders that want to speed things up and skip the exchange in the buying process will be charged a bit more (0.5%).
One of the main reasons why buying Bitcoin with PayPal on Binance is a bit more complicated is because it has to go through the P2P trading service. This means that you will have to find traders who are willing to accept that payment method.
In terms of features, Binance fares very well and it includes some high-quality charting capabilities, technical indicators, and advanced features such as the free ‘Trust Wallet’.
Cryptoassets are a highly volatile unregulated investment product. No UK or EU investor protection.
Coinbase – Suitable Platform for Beginners
Coinbase is one of the world’s most popular crypto exchanges and it provides users with the ability to purchase Bitcoin with PayPal instantly.
The process is fairly simple – all you have to do is open up an account, link your PayPal, and then move on to buying Bitcoin.
However, it should be noted that buying Bitcoin with PayPal on Coinbase is only accessible to US-based traders. At the same time, cashing out through PayPal can be done regardless of your location.
The fee structure is competitive, with the Coinbase Pro exchange service charging a 0.6% taker fee and a 0.4% maker fee. On the other hand, purchasing currencies via the Coinbase App comes with a volume-based transaction fee and a spread fee which can make transaction costs higher than usual.
Cryptoassets are a highly volatile unregulated investment product. No UK or EU investor protection.
Benefits of Buying Bitcoin with PayPal
With PayPal becoming more favourable towards Bitcoin in the previous year, there are numerous new benefits introduced that traders can take advantage of.
Here are some of the main ones that we found to be the most important.
Quick Deposit and Withdrawal Process
One of the main benefits of PayPal is that users can deposit and withdraw funds in their accounts in a timely fashion.
In the volatile crypto market where changes occur each second, having the ability to make instant deposits is of utmost importance. It will help you capture profitable trade opportunities as soon as they emerge.
Additionally, fund withdrawals are also rather quick and most exchanges can process them in a day. This is very impressive considering that credit/debit card withdrawals can sometimes last up to ten business days.
Top-Notch Security
Another impressive PayPal feature that attracts investors is the high level of security. It’s actually one of the things that helped the platform build its excellent reputation.
Due to the end-to-end data encryption and the two-step login process, getting your PayPal hacked should be the least of your worries. Customer confidentiality is also guaranteed with the data protection compliance and ‘key pinning’.
Additionally, users receive an email each time they make a transaction, which means that even if someone does manage to breach your account, PayPal will quickly be on their tracks.
Lastly, PayPal employs a professional security team that keeps an eye on all payments 24/7 and if they notice anything suspicious, you will be notified.
Easy-to-Use Interface
Buying Bitcoin with PayPal is a pretty simple and straightforward process – even total beginners can get the hang of it by following a few steps.
This is mostly due to the user-friendly interface that PayPal incorporates, which makes navigation extremely easy.
Once you have enough funds in your PayPal account, linking it to a crypto exchange should be a piece of cake and you will only be a few clicks away from acquiring your first bit of Bitcoin.
Great for Mobile Payments
One of PayPal’s features that often goes overlooked is the exceptional mobile app.
You won’t have to worry about having your laptop with you at all times, by using the mobile app you will be able to make trades even when you’re on the move.
Since your payment option will already be linked to your PayPal account, you won’t even need your credit/debit cards with you.
Supports Multiple Currencies
PayPal supports 25 fiat currencies, including some of the most popular ones like GBP, USD, CAD, EUR, and AUD. This makes the platform eligible for transactions all over the world.
Additionally, if you receive payments in dollars, you can easily exchange them for euros (or any other currency) with only a few clicks of a button.
Considering that a lot of brokers have currency-based benefits, this can also help you minimize fee costs and spend less money on the purchase.
Cryptoassets are a highly volatile unregulated investment product. No UK or EU investor protection.
Buying Bitcoin Directly with PayPal
Users have the opportunity to skip crypto brokers and buy Bitcoin directly through PayPal. This is something that was recently introduced and only US and UK-based users have this option.
PayPal allows you to instantly purchase BTC, ETH, BCH, and LTC for $1.
However, while this may seem like a great opportunity at first, there are a lot of drawbacks and limitations that come with it.
First of all, traders don’t have the option to move the purchased crypto to other platforms. This means that even if you do buy Bitcoin through PayPal, you won’t be able to transfer it to any external wallets.
This isn’t really an ideal situation.
Most experienced traders keep their BTC and other currencies in high-quality crypto wallets with cold storage, mainly due to security reasons – PayPal doesn’t allow you to do this.
Next, the fee structure on PayPal isn’t very competitive, especially when compared to the leading crypto exchanges. Buying $25-$100 worth of BTC comes with a 2.30% fixed fee that is charged on both sides of the trade.
What this means is that there is a chance that you will have to pay 4.5% transaction fees when trading Bitcoin, plus the currency conversion fees that are charged during withdrawals.
After taking all of these factors into consideration, it’s evident that buying Bitcoin with PayPal is much more profitable if you do it through a regulated crypto exchange.
Aside from the lower fees, crypto exchanges offer a wide variety of trading features that can be immensely useful. For example, eToro offers real-time price chart views, up-to-date information, and different technical indicators that can help you take crypto trading to another level.
How to Buy Bitcoin with PayPal – Step-by-Step Guide
Finally, let’s go over how you can buy Bitcoin with PayPal using a crypto exchange. As we said, eToro is our pick for the overall best exchange for this process and it’s the one we will cover in this step-by-step guide.
Aside from offering the lowest fees, it also has a user-friendly interface and a variety of advanced features that users can take advantage of.
Without further ado, here are the steps you can follow to buy Bitcoin with PayPal on eToro.
Cryptoassets are a highly volatile unregulated investment product. No UK or EU investor protection.
Step 1 – Open an Account on eToro
In case you don’t already have an eToro account, you can create one by going to their official website and clicking on the ‘Join Now’ button in the right corner of the interface.
You will have to provide personal details such as your full name, address, phone number, birth date, and a valid email address.
Also, eToro will ask you to upload a photocopy of your driver’s license and passport in order to verify the account. This practice is included due to the AML regulations.
The verification process won’t last more than a few minutes, after which you will be ready to continue.
Step 2 – Deposit Funds via PayPal
Next, go to the main eToro dashboard and click ‘Deposit’.
You will see a list of payment methods appear – scroll through it and find PayPal as your desired payment method.
Follow the detailed instructions on how to link your PayPal account to eToro.
After you are finished, type in the exact amount of money you want to transfer to eToro and keep in mind that the minimum is $50.
Step 3 – Purchase Bitcoin
Lastly, click on the search bar in the left corner and type in ‘Bitcoin’ to find the cryptocurrency.
Press ‘Trade’ and type in how much BTC you want to buy (the minimum is $10).
Make sure you entered everything correctly and finalize the purchase by clicking on ‘Open Trade’. Also, remember to check your eToro wallet to see if the purchased BTC is there.
Cryptoassets are a highly volatile unregulated investment product. No UK or EU investor protection.
The Verdict
Bitcoin is turning into one of the best long-term investment opportunities in 2022 and while most exchanges allow you to buy it with PayPal, the process can be a bit confusing if you are a beginner.
To make sure you are getting the best deal, you should always research factors such as the fee structure, features, and the overall interface simplicity of the platform.
We did the heavy lifting for you and the exchange that we found works best for buying Bitcoin with PayPal is eToro.
This article is supplied by CryptoPR and is not necessarily representative of the views of The Herald
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