Cryptocurrency is no longer just a technology. It has become a key financial instrument used by people as a form of payment. Even countries are using it for trading because of the many benefits that it has to offer. Today, people have many different ways to buy and sell cryptocurrencies. Even though buying and selling of cryptocurrencies were restricted in India for the past years, the markets are slowly opening up to it. One can purchase cryptocurrencies such as Bitcoin in India legally using different platforms. Among the different payment platforms available to purchase cryptocurrencies, PayPal is fast becoming the top choice for many. There are many brokerage service providers and websites that allow people to purchase cryptocurrencies with PayPal. There is no doubt that PayPal is the world leader in the e-commerce payment industry. For long, it has stayed away from the cryptocurrency market. The growing demand and increasing legality of cryptocurrency in many countries have seen PayPal partnering with many cryptocurrency exchanges and peer-to-peer platforms.
How to Buy Cryptocurrencies using PayPal?
Over the years, there has been an addition of multiple payment options to different platforms for buying and selling cryptocurrencies. There was a time when people could purchase cryptocurrencies only through their debit/credit cards or bank transfers. But, new payment platforms like PayPal are making waves in the market.
The first thing you need to do before you can purchase cryptocurrency using PayPal is to create an account with PayPal. If you already have an account with PayPal, the process becomes quite easy. In addition, you will need to create an account with one of the different platforms that sell cryptocurrencies in your country. When registering for the platform, make sure to verify that it accepts payments through PayPal. Most of these platforms will ask you to verify your identity by submitting a KYC, which should not take a long to do. Lastly, you will also need to create a cryptocurrency wallet where all your purchase crypto will be stored.
Here are the two top ways in which you can purchase cryptocurrencies using PayPal –
Exchange
Exchanges are companies that serve as intermediaries between the seller and the buyer. There is, however, a small amount of fee that is charged for the transaction. The fee can be a flat fee or a small percentage of the total cryptocurrency bought or sold. These exchanges manage and oversee all transactions. They also serve as arbitrators in case of any disputes.
Among the different exchanges available to buy, store, and sell cryptocurrency using PayPal, Coinbase is the most recognized one. Apart from trading, the platform also offers news, updates, and price alerts to the users so that they can stay informed. Another popular cryptocurrency exchange platform is Binance. It has a number of interesting features where users can set single tap price alters, compare prices and transact safely through the platform. Other exchange platforms that can be used to purchase cryptocurrency using PayPal in India are Bitstamp, WazirX, VirWox, xCoins, Kraken, and others.
Peer-to-Peer Marketplace
Peer to peer marketplace allows people to buy and sell cryptocurrencies without the need of any third party to process the transaction. These connect traders to each other so that they can conduct deals on their own. These are handled by pre-programmed software on the platform and charge nominal fees from the users making it a great option for those looking to save money on fee payment.
There are many P2P marketplaces that allow you to buy cryptocurrency using PayPal. LocalBitcoins is a platform where buyers can find sellers in their local area. Once they agree on terms, they can use a payment method that suits both parties. Users can use PayPal to add money to their LocalBitcoins account. Paxful is another platform where buyers can browse through different cryptocurrency offers and seal a deal they want. Some more P2P service providers in India that support PayPal include Wirexapp, eToro, Wirex, and others.
Each of the above platforms has its pros and cons that need to be taken into account for buying cryptocurrencies using PayPal. It is important to consider a few factors such as reputation, experience, privacy, security, verification methods used, supported countries, fees and limits, reviews, and others before picking a platform to buy cryptocurrency.
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