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How to procure cryptocurrencies with PayPal?
Crypto trading has become increasingly popular in the last few years. The multiple bull runs that escalated the price of Bitcoin to 63,000 USD (approx), and the introduction of several altcoins, propagated crypto enthusiasts all over the world.
New trading platforms like https://bitcoin-evolutionapp.com/ have simple user interfaces and intelligent trading functions. In 2020, PayPal had officially notified that all PayPal account holders based in the United States would trade in cryptocurrencies through this platform. With a partnership with Paxos Crypto Brokerage, PayPal could facilitate crypto trading on its platform.
The Crypto Trading Platform
Any PayPal users will be eligible to buy cryptocurrencies and store them in their digital wallets. PayPal would allow users to trade in Bitcoin and other altcoins, including Bitcoin Cash, Litecoin, Ethereum. Users on this platform can trade or make transactions with cryptos while buying products from merchants worldwide. Conversion to legal currency would occur during the exchange.
The United Kingdom followed suit and sanctioned crypto transactions and exchanges via PayPal. In 2021, PayPal introduced crypto payment options in its peer-to-peer payment service, Venmo.
With the facilitation of crypto trading and exchanges, PayPal catalyzed crypto transactions in the United States.
Purchasing bitcoin using PayPal
You are required to have a registered account on PayPal to avail of crypto trading facilities. If you do not have an account, you can create one by registering with KYC information such as bank details, email addresses on the official website of PayPal.
You can buy cryptocurrencies from the PayPal application as well as the official website. The process being almost similar, we’ll use the website to demonstrate PayPal’s trading feature.
Trading in crypto is effortless. The user can start with a minimum investment of $1. Here’s a quick guide to help you out with crypto trading using PayPal.
- Go to the home page/payment screen of PayPal.
- Select the ‘Buy Bitcoin and more’ option at the top of the payment screen.
- From the available cryptocurrencies, choose the one you wish to buy. There are limited cryptos you can trade via PayPal- Apart from Bitcoin, there are Bitcoin Cash, Ethereum, and Litecoin.
- There are two available options for buying. Either you can choose an amount already given or enter the specific amount of investment by selecting the ‘Buy’ option.
- The minimum limit is 1 dollar, and the upper limit is 100,000 dollars per week.
- There is a short informative passage on the crypto you are trading in and the purchase option to give you an idea about the asset.
- You will be required to agree to PayPal’s crypto trading terms and conditions and verify some information to proceed with your trading.
- After the confirmation, you will be directed to the payment method page. Here you can choose from already registered debit cards or credit cards for payment. You can also add new methods of payment if you want from this window.
- Next, you will be directed to the transaction summary window. (you can find details on transaction charges in this window. PayPal charges 50 cents if the purchase amount is less than 25 dollars. The transaction for purchases above 1000 dollars.
- Select “buy’ to proceed.
PayPal also provides information regarding:
- Crypto trading.
- Frequently asked questions.
- The risks involved in trading in a highly speculative market.
If you are a new trader, this information might come in handy.
Once you have completed the transaction, the system will update your current account status. Return to the homepage to find out details on your crypto portfolio.
If you want to sell or buy cryptos, you must select the ‘buy and sell’ option listed in the portfolio below the particular crypto.
PayPal is yet to add a third-party wallet feature soon, which will allow users to transfer cryptos to wallets and platforms outside PayPal. Currently, this option is unavailable. Users can trade or buy products from listed merchants using the cryptos they own.