How To Buy Bitcoin With PayPal – Forbes Advisor UK

Bitcoin remains in the headlines as prices continue to fall and rise daily, sparking the interest of those looking to invest for the first time.

but bitcoin is not a guaranteed investment. there is nothing to say that you will make a profit or even recover your investment. While the price of bitcoin has risen over 4,000% since 2016, a crash between 2017 and 2018 saw nearly £16,000 wiped off the price of a bitcoin.

Reading: Can i buy bitcoin on paypal

The turmoil in early May caused the price to collapse further, taking it to half of the highest point reached: almost $69,000.

It is this volatility that has led the UK’s financial watchdog, the Financial Conduct Authority (FCA), to issue repeated warnings to potential investors, advising them to be prepared to lose it all.

but if you are aware of the risks and want to invest through paypal or another exchange that uses paypal as a payment method, this is what you need to know.

buy bitcoin through paypal

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You can buy bitcoins through the paypal website or smartphone app. Once you’ve logged in or created an account, get started by selecting crypto in the navigation bar.

once you have chosen bitcoin from the list of cryptocurrencies, you will be required to pass an identity verification which involves sharing some personal information. after writing the check, you can type the amount you want to invest or select a preset amount from the list.

buy bitcoins on an exchange using paypal

Some crypto exchanges will allow you to fund your account from paypal which you can then use to buy bitcoins. some exchanges, e.g. Coinbase only allows this feature in the US. while others like etoro allow users in the uk to deposit paypal money free of charge.

if you have chosen an exchange that accepts paypal, check if it includes a wallet to store your bitcoin safely. if so, but would prefer to keep your bitcoin in an off-exchange wallet, either hot (online) or cold (offline), check to see if it allows transfers and if there are any fees to pay if you withdraw your assets.

place an order

once you have deposited your money into your paypal account, navigate to the bitcoin page within your exchange and enter the amount you wish to invest. the amount cannot be greater than what you have deposited from paypal.

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Remember that with the price of bitcoin hovering around £30,000, you will probably buy a portion of a bitcoin. If, for example, bitcoins were priced at £30,000 at the time of the trade and you bought £1,000 worth of bitcoin, you would be buying 3% of a bitcoin.

safely store your bitcoin

Bitcoin must be held in a secure wallet, whether it’s your exchange’s built-in wallet, a third-party provider, or an offline storage unit you own.

popular (online) wallets are less secure because they are hosted online and vulnerable to hackers, but your assets could be recovered if you forget your access codes.

Cold (offline) wallets are more secure because they are not connected to the web, but if you lose your access codes, there will be no one to help you retrieve them, which means you could lose access to your bitcoin .

selling your bitcoin

If you decide to sell your bitcoin holdings, it is possible to transfer the sterling currency you earn to your paypal account, but you may have to pay withdrawal fees.

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