After choosing an exchange, take the following steps:
- Fund your account before beginning to invest in Bitcoin
- Check if your exchange has a Bitcoin wallet built into its platform. If not, you’ll need to find one of your own. Once your account is funded and you have a wallet, you can place your first order to buy Bitcoin.
- Depending on the platform you’re using, you may be able to purchase Bitcoin by tapping a button, or you may have to enter Bitcoin’s ticker symbol: BTC.
- Next, input the amount you want to invest. If Bitcoin’s current price is around $40,000, you’d need to invest that much to buy 1 BTC. If you invested less, say $1,000 when 1 BTC equals $40,000, you’d get a percentage of a Bitcoin equal to about 0.025 BTC.
How To Buy BTC With PayPal
You might be tempted to buy your Bitcoin on PayPal, but purchasing crypto this way means you cannot move your Bitcoin around easily.
According to PayPal’s website: “You can only hold the cryptocurrency that you buy on PayPal in your U.S. personal account. Additionally, the cryptocurrency in your account cannot be transferred to other accounts on or off PayPal. You will not be able to transfer crypto assets from your cryptocurrencies hub to another cryptocurrency wallet.”
For that reason, you might consider another way to buy and store your Bitcoin.
There’s also another way to use PayPal to buy Bitcoin. For example, crypto exchanges like Coinbase and eToro will allow you to link to your PayPal account as a payment processor to purchase crypto. In this instance, PayPal is being used as a deposit method to fund your account.
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How To Buy Bitcoin With a Credit Card
Investors should consider that platforms may charge higher transaction fees for certain funding options. While you may purchase BTC with a credit card, we strenuously advise against it. That’s because credit card transaction fees on crypto exchanges often run high.
In addition, if you use a credit card to buy cryptocurrency, it generally will count as a cash advance and be subject to a higher interest rate than you pay on regular charges. Moreover, taking on debt to buy volatile investments is extremely risky.
It’s generally advisable to pay for cryptocurrency purchases with cash or with another crypto you own.
