It is interesting that PayPal, one of the renowned traditional payment processor enables people to buy cryptocurrencies such as bitcoin, bitcoin cash, litecoin and ethereum or its platform and other interfaces.
Where can people buy cryptocurrencies using PayPal?
There are several platforms, where people can buy cryptocurrencies using PayPal. The major ones include:
eToro
LocalCryptos
Plus500
Apart from these, people can also buy cryptocurrencies using the PayPal platform.
Buying Cryptocurrencies Using PayPal Platform
There are many people who buy cryptocurrencies directly from the PayPal platform. This is because PayPal has crypto buying and selling features.
Using the PayPal interface people can buy ethereum, Bitcoin, Bitcoin Cash and Litecoin. However, on other platforms individuals can use PayPal to buy other cryptocurrencies.
Here is how you can do that:
Create an account on PayPal, at their website paypal.com. You can set your account using a credit card or a bank account.
Once your account is live, you can buy your preferred cryptocurrency.
To do so, deposit funds into your PayPal account. If you link your credit card you do not need to deposit any money directly into a PayPal account.
Thereafter, Select “Buy Bitcoin and more” tab on the main page on the PayPal platform.
After that, select the cryptocurrency you want to buy- Bitcoin, Ethereum, Bitcoin Cash or Litecoin. You will see the “Buy” button, click on it.
There is an option for you to select the quantity you want to buy. You input the amount of fiat currency you want to use, say $100. The platform will show you the corresponding quantity of the cryptocurrency you will get.
Once you set everything, make a confirmation of the purchase as well as agreeing on PayPal’s terms and conditions.
PayPal’s transaction fee is very low, such as 50 cents for a purchase of cryptocurrencies with a value of less than $25 or 1.5% for all other amounts.
Buying cryptocurrencies using PayPal at eToro Platform
Currently, there are few exchanges where people can buy cryptocurrencies using PayPal. However, is one of the best exchanges where you can also purchase cryptocurrencies using PayPal.
Here are the steps you need to take in order to buy cryptocurrencies using PayPal at eToro:
Create your account
Verify the account
Enable two factor authenticator
Deposit your money. To do so, simply click: “Deposit”
Choose PayPal as your payment method
Enter your desired amount
Thereafter, the system will allow you to log in to your PayPal account to review and confirm your transaction.
If you agree with the purchase details and terms of the transaction, you click “Pay”
After the system confirms the payment, you go to your trading account and select the preferred market limit order, then enter the amount of the cryptocurrency, such as bitcoin that you want to purchase.
Buying cryptocurrency at LocalCryptos, using PayPal
Buying cryptocurrencies using PayPal at LocalCryptos is different from other platforms because it is a peer-to-peer marketplace. However, the major processes are similar to the other platforms, discussed above. For example, you first create and verify your account
From there, you search for sellers of your preferred cryptocurrencies. You do this by choosing the amount of money you want to spend on the selected cryptocurrency, say bitcoin. After entering the amount in the relevant section, click “Find a PayPal Seller”.
Once you have done that, open your trade. Usually, you will find sellers within a short time. However, remember that LocalCryptos use escrow services.
Plus500
This is another platform where people can buy cryptocurrencies using PayPal. Since Plus500 is a platform for trading in cryptocurrency CFDs, only people interested in these portfolios can use PayPal to buy them. Currently, it deals with people from Middle East, Asia and Europe.
This platform has zero fees when using PayPal for payment. Also, it offers a demo account, if someone wants to learn trading CFDs.
Conclusion
Buying cryptocurrencies using PayPal will likely lead to their mass adoption. Interestingly PayPal integrates with different exchanges to enable people to buy cryptocurrencies conveniently. Apart from and Plus500 people can also buy cryptocurrencies using PayPal at Coinbase, VirWox, Paxful, BitPanda and Wirex.
The purchase process is almost similar to the ones we discussed above including, opening an account, verifying it, enabling two factor authenticator and selecting PayPal as payment option. The exact platform that an individual uses depends on his/her personal preferences and its terms and conditions.
Originally published on http://bitcoincashafrica.com/
