Choosing a Bitcoin payment method can be confusing. Thus, most of the people get easily confused upon their payment options now. Some of them (we’re looking at most of the hot wallets when we say this one) will even charge you a percentage of your transaction when making one. 1% doesn’t sound much at first glance, but the little amounts add up, and if you’re a day trader, you’re going to be losing a lot of money paying transaction fees. For more detail about mine cryptocurrencies
In this guide, we’ll walk you through the different ways to buy Bitcoin with credit card or PayPal.
Finding a Suitable Exchange
As you might have suspected, the first thing you’re going to need is an exchange that accepts PayPal or credit cards as a payment option. The following article is going to cover a few things that your exchange should have, like:
A lot of Payment Options
The first thing, ofcourse, is variety in the ways it lets you pay for the crypto you’re buying. It’s also a good sign if they let you use your credit card, PayPal or both. If they only accept cryptocurrency as payment then they’re probably not worth using unless you already have some laying around.
Approval from a Financial Authority Like the SEC
The SEC or the CFTC are good signs that the exchange is legitimate. The more reputable exchanges go through a lot of red tape to get approval from these agencies, so if they don’t have it, chances are they’re not legit.
Reviews are by far one of the best ways to know if an exchange is trustworthy. If they have hundreds of reviews from people who have used the exchange, then it’s probably safe to use. It’s best to wait until the exchange has proven itself in the industry before using them for anything important.
Competitive Transaction Fees
If the exchange has high-transaction fees, then it’s probably best to steer clear. A good rule of thumb is that if the fee is higher than 1%, then you should look for a different exchange. Most exchanges have transaction fees in the range of 0%-1% per trade, which is well within reason for most traders.
In most cases, a transaction fee of 0.5% is considered optimal. Any lower than this, and it might not be a legit exchange. If you’re looking for a great exchange that can help you get started with your trading campaign, checkout 1kdailysoftware, one of the best trading softwares today.
How to Buy Cryptocurrency With Credit Card or Paypal?
Many people think that they can’t buy cryptocurrency with a credit card or PayPal. That is not true! There are several ways to do it, and most exchanges have multiple payment options available.
Here’s a run down of how you can buy cryptocurrency with your credit card or Paypal account:
Make an Account On an Exchange
The first thing you’ll need to do is make an account on an exchange. Once you have chosen an exchange, sign up and verify your identity by providing your name, email address, and phone number.
Some exchanges may require further verification steps such as uploading ID documents.
Deposit Funds With Credit Card or Paypal
Once you have an account, you can deposit funds with your credit card or Paypal account. The ways of making the payments are quite easy for genuine investors. All you have to do is to deposit your sum through credit card or a valid PayPal account by linking them to your wallets and then utilize the same for getting your hands on required crypto. The next step will be to enter your credit card details or Paypal credentials and specify how much money you would like to deposit.
Initiate the process of Bitcoin purchase
Once you have done your research on the individual cryptocurrencies and settled for the ideal one, you can easily deposit your sum in the wallets for purchasing the necessary amount of cryptos at ease. Simply click on “Buy/Sell” in the menu and select the currency that you wish to buy, and you’re good to go!
Once you have setup an account with a cryptocurrency exchange and deposited funds, it’s easy to start buying Bitcoin. There are many different exchanges where you can buy your BTC, so it’s worth looking around and finding one that best suits your needs.