Those who maintain that cryptocurrencies are somewhat niche are gradually running out of arguments. Now PayPal, the most popular payment platform in the world, already allows you to buy Bitcoin and Ethereum officially and safely in its app. Recall that, at the end of 2020, PayPal began accepting payment in cryptocurrencies. And earlier this year, they introduced their first stablecoin: PayPal Coin. So, if you like to use crypto, PayPal is about to become your best friend.
Unfortunately, the option to buy cryptocurrencies on PayPal is only available in the United States right now . To be more specific, you must have a US PayPal account residing in the US (not Hawaii) to be able to purchase Bitcoin and Ethereum through this platform. Of course, we hope that in the near future the company will enable this option in more regions of the world.
What is it like to buy Bitcoin and other cryptos on PayPal
The first thing you should know is that only users with a personal account can buy cryptocurrencies on PayPal. If you use a PayPal business account, you will not be able to use this option . Also, you have to keep in mind that PayPal will charge you a commission both when buying and selling cryptos on the platform. The amount of the commission varies according to the amount transferred:
- 1 — $24.99: $0.50
- $25 — $100: 2.30%
- $100.01 —$200.00: 2.00%
- $200.01 —$1,000.00: 1.80%
- $1,000.01 or more: 1.50%
In Europe the insurance commissions will be slightly different. Another thing that is important to note is that the cryptocurrencies that you buy in PayPal can only be used in PayPal, since this platform is not really a wallet or an exchange house. That means that you cannot transfer the Bitcoins (or other crypto) that you have in PayPal to your wallets or to other cryptocurrency platforms . You can only save, sell or buy them using PayPal.
What cryptocurrencies does PayPal currently support? The following:
- Bitcoin (BTC)
- Ethereum (ETH)
- Litecoin (LTC)
- BitcoinCash (BCH)
This is how you buy cryptocurrencies in PayPal
To buy crypto with PayPal, open the platform app, go to Finance, and then go to Crypto. Choose the currency you want and click Buy. You will then be asked to confirm your identity, so do so. And that’s it! As you will see, it is easier to buy crypto on PayPal than on most exchanges , especially since almost anyone has a PayPal account, so no time is wasted creating one.
For those who start in the world of cryptocurrencies, PayPal is the best option. However, those who have been in this world longer will prefer to continue using the usual exchanges because they are more flexible and permissive with the movement of your money. In any case, hopefully sooner rather than later PayPal will allow you to buy cryptocurrencies in Europe.
Source | Android Authority
