Safest Ways To Buy Cryptocurrency in 2022

Cryptocurrencies have become a popular asset class globally today. Companies like Coinbase and Binance, have more than 200 million customers combined. 

While prices have declined sharply from their highest levels in 2021, analysts expect that the industry will continue doing well in the future. In this article, we will look at some of the safest ways to buy cryptocurrencies in 2022. 

Buy Crypto With PayPal

PayPal is one of the biggest financial services companies in the world. Its ecosystem includes several leading brands like Honey, Venmo, Braintree, iZettle, and its eponymous brand. In total, it has more than 426 million customers from around the world.

PayPal is used for a number of functions. For example, people use its apps to send money to one another and to make payments on online platforms like eBay and Etsy. It is also possible to buy crypto using the company’s products.

Is it a good idea to buy cryptocurrency with PayPal? Many websites offer services to buy through PayPal, but options do vary. If you want to buy crypto with PayPal, this guide includes insights to pros and cons.

You can buy Bitcoin and a small group of cryptocurrencies using the company’s application. To do that, you need to be in one of the countries that accept PayPal, such as the United States or the UK. After this, you should go to the cryptocurrencies tab, select the one you want to buy, enter the amount, and complete the transaction. PayPal will use cash in your PayPal balance to conclude the transaction. Alternatively, it will use funds in your bank account.

There are several benefits of using this option to buy cryptocurrencies:

  1. It is a very easy option to use. 
  2. It is cost-effective since PayPal does not charge transaction costs for these purchases. Instead, it makes money through the spread of bid and ask prices. 
  3. PayPal is a relatively safe platform. The only disadvantage is that PayPal offers a very small group of coins.

Other Places To Buy Cryptocurrencies With PayPal

Find a broker that accepts PayPal. Some of these firms are Coinbase and eToro. To use PayPal, you just need to set it as your preferred payment option and then complete the payment. The company will just withdraw funds from your account. 

Also, another option is to buy it directly from other people using peer-to-peer payment platforms like LocalBitcoins. You just need to select a seller who accepts PayPal and then complete the transaction.

Buy Crypto Using Mobile Wallets

Another safe option of buying Bitcoin and other cryptocurrencies is to use wallets. These are companies that offer a platform where you can store your money, send it to other people, and to spend it. PayPal can be considered a wallet. 

In the past few years, most online wallets have been incorporating cryptocurrencies in their ecosystems. One of the biggest successes in this area is Cash App, the wallet owned by Square. Other wallets that allow people to buy cryptocurrencies in their ecosystem are GoCardless, Payoneer, Stripe Connect, and Skrill among others.

The process of buying crypto on these platforms is relatively easy. All you need is to have some cash in your account and then select the coin you want, and then execute the trade. The coins will then live in your wallet until you decide to sell them.

The benefits of using these wallets are that the process is safe, fast, and the amount of transfer costs are relatively low. Most of them don’t charge a fee.

Buy Crypto From an Exchange

Another popular option that people use is to find an exchange to buy cryptocurrencies. Today, the number of these exchanges has been in a strong growth. Some of the most popular exchanges that you can use to buy and store your cryptocurrencies are Coinbase, Binance, Crypto.com, Gemini, Kraken, and Huobi among others, so there are many reasons to buy cryptocurrencies with PayPal right now.

These companies offer a wider range of digital coins to choose from than wallets. They also provide more tools to conduct analysis on the coins that you want to use. Most importantly, these companies have multiple ways of receiving cash.

Credit and debit cards offered by companies like Visa, Mastercard, and American Express are popular payment options that are accepted by these exchanges. In addition, some of them accept wallets like PayPal and Neteller. Another payment option is bank transfer.

The benefits of using these exchanges is that they are specialists of the industry. As a result, they have more features that will help you do your analysis well. A major con is that some exchanges are prone to hacks.

Summary

Finding a safe option of buying cryptocurrencies is a very important thing to do because you want an option that is cheap and safe. In this article, we have looked at some of the best options that you can consider. While these methods are safe, you need to go an extra-mile to ensure that your accounts are protected. This includes changing your account password regularly and avoiding unscrupulous emails.

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Jonathon Spire

Jonathon Spire

Tech Blogger at Jonathon Spire

My diverse background started with my computer science degree, and later progressed to building laptops and accessories. And now, for the last 7 years, I have been a social media marketing specialist and business growth consultant.

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Jonathon Spire

I blog about a range of tech topics.

For the last 7 years I have been a social media marketing specialist and business growth consultant, so I write about those the most.

Full transparency: I do review a lot of services and I try to do it as objectively as possible; I give honest feedback and only promote services I believe truly work (for which I may or may not receive a commission) – if you are a service owner and you think I have made a mistake then please let me know in the comments section.

– Jon