Cryptocurrency is the future of the banking and finance sector. Investors are rapidly moving towards Bitcoin trading due to a higher profit margin.
There are many ways to acquire BTC, and one of the most common is to buy Bitcoin with PayPal. Around 60% of smartphone owners are using the PayPal app. PayPal has recently announced its services for trading Bitcoin with reasonable additional charges lower than other platforms.
See the following graph, which elaborates the trading of Bitcoin through PayPal in a year.
It is evident from the above illustration that, to buy Bitcoin with PayPal is an adequate option for trading. Let’s discuss some ways of buying Bitcoin through PayPal.
Bitcoin Trading Brief
The recent trend of Bitcoin rate is changing the trading landscape. Remember the old days when Wall Street trader charges a fortune for doing trading on your behalf.
Now the need for a trade broker or higher stock market expertise is exempted due to the mobile base application and digital currency.
Free trading mobile applications, such as PayPal and Robinhood, have slashed traditional trading. You can trade your currency within a few swipes on your smartphone. This is why to buy Bitcoin with PayPal has become an effective way to trade and invest.
Buy, Sell, and Hold Bitcoin with PayPal
Consumers can buy, sell, and hold Bitcoin through their PayPal account. It is worth noting that BTC is in highlights since the recent investment and instant boost in its value.
See the following illustration reflecting the Bitcoin price trend:
Despite the higher rate and profit margin, consumers were facing problems in trading Bitcoin. The currency has smashed all of these problems in one hit. Now, buyers can trade Bitcoin and other cryptocurrencies from their PayPal account.
The essential purpose of providing this opportunity is to attract a larger target audience and make it possible to invest for every individual. The main features that PayPal offers are a reasonable surcharge or fee for trading currency and the purchase of Bitcoin infraction.
If you do not have enough money to buy the whole Bitcoin, you can buy a fraction of the coin as per your budget. These features make PayPal more attractive for trading.
Buy Bitcoin with PayPal: Steps to Follow
The first thing that is required to buy Bitcoin with PayPal is an account. You have to register an account on PayPal. It will require basic information like email address, credit card number, and bank account details.
The next step is to purchase Bitcoin through the PayPal website or app. There is an option “Buy Bitcoin and more”, which is a banner placed at the start of the page on the home screen.
In the next step, you have to select the cryptocurrency you wish to buy. Currently, there are limited options for cryptocurrencies to purchase.
There are Bitcoin, Ethereum, Bitcoin Cash, and Litecoin. PayPal additionally provides information about the risks involved in trading each currency.
After selecting the option of “Bitcoin,” a new page will appear. The page will contain information about the trading currency and options to buy Bitcoin with PayPal.
There are preset amount of Bitcoin from which you can choose. Select the “Buy’ option on the amount you want to purchase. The minimum to buy can be $1.00 worth of Bitcoin. Below the purchase option, there are complete details of the asset you are purchasing.
After selecting an amount, windows will popup. This window asks the user to agree on the Terms and Conditions of PayPal’s Cryptocurrency.
Here comes the fun part. After agreeing to the terms and conditions, you have to enter the amount you want to invest (in this case, $10). A warning note below the amount explains that the currency’s exchange rate varies significantly until you sell or buy. Select the option of “Next” and move to the next screen.
Moving on to the next window, the bank details will appear. The window will show details regarding the bank account your PayPal account is registered.
It also provides an option to include other bank accounts and debit card to continue trading.
After re-confirming the bank account details and the “Next” option, a new window will appear. This window will provide complete details regarding your purchase and the surcharge embedded in the purchase.
The transaction fee of PayPal is reasonable enough. It is only 1.5% on the purchase of over $1,000. Once you have confirmed all the details, select the “Buy Now” option to buy Bitcoin with PayPal.
Once you have purchased the currency, it will update your account and show the currency’s details. A graph will explain to you the current value of the purchased currency. It will also provide you with options to sell or buy Bitcoin with PayPal.
Return to the homepage after updating your account. You can see the amount of your cryptocurrency under the option of “Crypto.”
You can sell or purchase the currency from this option. It also shows the amount in your PayPal account.
Any amount that you earned from trading Bitcoin through PayPal will be converted into fiat. This amount is visible in the Cash Account balance section on the home screen of your PayPal account.
The estimation of the potential fee and conversion charges that can be incurred is presented in the chart form. This supports you in estimating the amount that will be incurred on doing transaction from the account.
Third-Party Resources to Trade Bitcoin
The PayPal account receives a higher number of users due to the convenience and reasonable transaction fees. This creates several processing issues and complexities. In the meantime, there are other platforms that facilitate purchasing Bitcoin through PayPal.
These channels serve as an intermediately between users and PayPal, which facilitates the purchase of Bitcoin. See the following necessary details of intermediary channels.
1. Buy Bitcoin with PayPal through eToro
The eToro is considered to be the easiest way of buying Bitcoin through Paypal. It only includes three steps to purchase Bitcoin:
- Register your account on the platform or use your Google or Facebook account for signing in;
- Next is the verification step; it will ask for your passport, driving license, and ID;
- Fund your eToro wallet and buy Bitcoin.
The lower transaction fees and multiple payment methods increase its significance, like the best assignment writing service did to students.
Despite the convenience, the platform is considered to be significant only for purchasing Bitcoin. Trading Bitcoin from the platform can be complex and includes several steps.
2. Buy Bitcoin with PayPal through LocalBitcoins
The LocalBitcoins are also known as the eBay of Bitcoin due to their convenience for trading Bitcoin. See the following steps involved in using LocalBitcoins:
- Enter your search parameter to trade Bitcoin. You have to select the country, currency type, and platform to trade Bitcoin.
- Select from the available users. Ensure that your trader must have higher number of confirmed trades, people’s trust, and feedback score.
- Once you have selected our trader, the information regarding the trader will appear. Carefully read the terms and conditions of the trader you have selected and send the trade request.
3. Buy Bitcoin with PayPal through Paxful
The Paxful is similar to LocalBitcoins, where you can trade Bitcoin through a peer-to-peer market place. The process of trading Bitcoin is even simpler, and these are the steps you need to follow:
- Register your account;
- Choose the payment method and amount you want to invest;
- Choose your seller manually or by the auto search function.
Once you have completed the above process, you can chat with your trader. Remember that you have to crack the deal within 30 minutes; otherwise, the chat will be cancelled automatically.
Ending Thoughts
Bitcoin is labeled as the future of the financial sector. The currency, since its initiation, has already out thrown stock market.
Similarly, PayPal is the future of the banking sector. Both can provide many conveniences to the traders. These can result in better trading options and a higher profit margin.
We hope the ways to buy Bitcoin with PayPal that we have mentioned above will facilitate your trade.
Author’s Bio
Melissa Calvert is currently working as a devoted SEO Expert at Crowd Writer and Student Essay, the organizations famous for producing the best essay writers across the nation. She is a dedicated writer and passionate trader. Her dedication and passion are visible from her blogs.
Featured image: news.bitcoin.com