PayPal, the online payment giant with well over 300 million customers worldwide, may be planning to roll out support for cryptocurrency purchases in the coming months.
If the reports are accurate, then this could open the cryptocurrency trading industry to an entirely new audience, who will then be able to begin trading in one of the most lucrative markets by buying in with a platform they already know and use.
But for those that can’t wait, as we’ll now see, plenty of platforms already allow you to enter the market with PayPal.
Walk Before You Run
Before you begin trading, it’s always wise to ensure you’ve got the fundamentals nailed down to ensure you stand the best chance of turning a profit. For most traders, this means getting to grips with technical analysis and charting, and making use of the various tools and indicators available.
Fortunately, since cryptocurrencies are extremely popular speculative instruments, there is also a wealth of educational resources and tools out there to help beginners get started with cryptocurrency trading. Among these, TradingView and NewsCrypto are among the most comprehensive platforms available for this purpose.
TradingView is arguably the world’s most popular charting interface and trading companion, and features a massive array of technical analysis tools, charting options and built-in indicators. It’s a go-to platform among cryptocurrency traders, and its ideas feature can be a great help for those struggling to find profitable trading opportunities.
Likewise, NewsCrypto is a unique platform that provides a mix of trading education resources, community and expert predictions, and advanced market analysis tools to help traders identify and capitalize on profitable trading opportunities. The platform is relatively new, but has already onboarded a whopping 100,000 users thanks to the sheer range of features it offers.
For those that need more than just basic functionality, both TradingView and NewsCrypto also offer premium plans that can be purchased using PayPal or cryptocurrencies.
TradingView’s premium plans start at $14.95/month and unlock additional features like automatic alert tools, volume profiles, and more advanced charting tools. NewsCrypto’s premium memberships start at 250 NewsCrypto Coins (NWC) per month (~$7.50), unlocking features like sentiment indicators, an automatic arbitrage detection tool, and whale alerts. NWC can be purchased using PayPal directly on the NewsCrypto website.
Buy Cryptocurrencies with PayPal
Arguably the most prominent example is the peer-to-peer route, you can also buy Bitcoin and many other cryptocurrencies using PayPal via Paxful. Unlike Coinbase, Paxful is a P2P marketplace where buyers and sellers get together to trade cryptocurrencies using a variety of payment methods. Paxful itself provides the escrow service to ensure trades are completed without a hitch, but we still recommend dealing with only well-reputed sellers on the platform.
If the offers on Paxful are too expensive, you may be able to find a cheaper merchant on Local Bitcoins. In any case, it’s wise to double-check that the platform you intend to use supports PayPal payments in your specific country since this feature is often only available in select regions.
Deposit to Your Exchange of Choice
Now that you’ve got your hands on some cryptocurrency, it’s time to begin trading.
The first thing you’ll want to do is deposit your cryptocurrency to an exchange. Generally, most beginners will start out trading on spot exchange platforms since they allow you to safely trade one cryptocurrency for another using a centralized matching engine. Some of the most well-reputed cryptocurrency spot exchanges include Binance, Kraken, and Gemini.
Alternatively, advanced traders may be more included to trade at a cryptocurrency derivatives platform like BitMEX, Deribit, and StormGain. These platforms enable leveraged trading and more complex strategies but tend to be on the complicated side compared to simple spot exchanges.
Once you’ve chosen your exchange and made your deposit, you’ll be free to place your orders. Market orders will always be filled right away at the best available price, while limit orders won’t be filled until your limit price is hit. Remember, always trade with caution, and never risk more than you can afford to lose.