According to Cointelegraph, investors can use centralized exchanges (CEX), cryptocurrency wallets and decentralized exchanges (DEX) to buy digital currencies through online payment platforms such as PayPal, Robinhood and Venmo. .
According to the publication, PayPal allows users to buy, sell and hold Ether and other cryptocurrencies using the platform’s electronic wallet. PayPal aims to provide banking options to countries facing banking restrictions and other barriers to entry to digital currency transactions. In 2020, PayPal introduced a “virtual currency” button that allows users to buy, sell and hold Bitcoin, Litecoin, Bitcoin Cash and Ethereum cryptocurrencies. Buying Ethereum from PayPal is considered one of the convenient ways to buy and own. Anyone who wishes to purchase virtual currency PayPal must open a PayPal account and select the virtual currency to purchase. PayPal requires users to go through her Know Your Customer (KYC) verification process and agree to the platform’s terms of service before authorizing cryptocurrency transactions.
How much Ethereum can an investor buy with PayPal and what are the fees?
PayPal allows investors to make Ethereum transactions from $1 to $100,000 every week. While the process is considered simple, his Ethereum purchases from PayPal have drawbacks that primarily plague cryptocurrency buyers who want maximum control over their assets.
Restrictions on Buying Ethereum with PayPal
PayPal allows cryptocurrency investors to buy, sell and hold Ethereum through the platform. However, PayPal allows users to own cryptocurrencies as equivalent to fiat currency, and does not give users maximum control over their wallets. PayPal locks are one of the biggest concerns for most buyers regarding how to buy Ethereum through the platform. Despite everything, PayPal is still ideal for novice investors navigating and working with cryptocurrency exchanges. Users want coin flexibility with lower transaction fees.
(Including insights from Cointelegraph)
Also read: What are the uses of BNB in the DeFi ecosystem
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