Bitcoin exchanges seem complicated only if you lack the correct information. But with the proper guidance, it becomes simple. For example, to buy Bitcoins, there are varied options available. When planning to buyBitcoins, you can do it easily just by using a credit card or a PayPal account. Earlier, PayPal was not very favorable with the Bitcoin purchasing platforms. However, currently, a boon can be noticed in the usage of PayPal to trade Bitcoins.
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Using Credit Cards To Trade In Bitcoins- Points To Note
If your card issuer and the payment network support such transactions, you can exchange Bitcoins using your credit card. However, if your card issuer has blocked the usage of credit cards for Bitcoin trading due to safety reasons, then you might have to contact your issuer.
However, it would be best to be cautious with using your credit card, as using a credit card may risk fraud and loss of card information. Before making a transaction, you must ensure that your card applies to it.
Here, one point is to be noted that you may be charged a small transaction fee when using credit cards forBitcoin purchases. However, if you use ACH (Automated Clearing House) payment, it might take a few days, but it’s usually free. So, you can either wait and get the purchase done for free, or else you can pay the fee and get it done faster. But you must not pay the fee just because you feel that the prices would go up. It might not be beneficial.
The transaction can be processed as a cash advance. To complete the payment, you will also need to pay an advance fee (usually 10% of the transaction amount) along with a transaction fee.
Also, if you are making a foreign transaction, your card issuer may charge you a transaction fee of 3% on the transaction amount.
You have to log on to your Bitcoin trading platform like Newsspy’s home page, verify your details, fill up your card details and make a purchase, that’s all. Check for the daily limits on your account settings. And thus, you are good to go for Bitcoin purchases.
Using PayPal To Trade In Bitcoins- Points To Note
You can directly purchase Bitcoins through the PayPal platform, or you can even buy Bitcoins with PayPal using Coinbase, eToro, xCoins, Paxful, and many others.
You can also trade for Bitcoins directly using PayPal. If you want to purchase Bitcoins through your PayPal account, follow these mentioned below points-
● If you don’t use PayPal already, you have first to sign up and create an account.
● Under the ‘Your Crypto’ option, select ‘Buy & Sell’ for the favourite cryptocurrency.
● In this case, select ‘Bitcoin’ and click on the ‘Buy’ option.
● Enter the number of Bitcoins you want to buy.
● Choose a payment gateway and hit ‘Next.’
● Look for the transaction fee.
● Hit ‘Buy Now’ to confirm the purchase.
However, another widely accepted method is the Bitcoin purchase with PayPal using Coinbase.
Coinbase recently began accepting PayPal as the payment method for Bitcoin trading. It accepts payment through bank accounts or cards linked with the PayPal account. This platform doesn’t allow direct purchase of Bitcoin through PayPal balance.
For debit card transfer, the fee is around 4%, whereas, for bank deposit, the charges are 2.5% of the transaction amount.
Also, one advantage of using Coinbase is that you can directly withdraw money to your PayPal account.
Similarly, there are platforms like eToro and Paxful, wherein you can carry out similar methods for Bitcoin trading.
Safety Practices Buy Bitcoins with Credit Card Or PayPal
After making a purchase, you must ensure that your digital wallet is safe. Or else, it can even incur your losses. Thus, having a personal wallet outside the exchange account is recommended to keep your Bitcoins safe. If safe storage practices are followed, you can easily trade for Bitcoins.
Final Words
Even though the PayPal platform is not yet fully ready to support digital currencies as it is expensive; but still the platform is continuously improving. Thus, shortly we can expect significant developments in the Bitcoin trading methodologies.