By the last quarter of the year 2020, PayPal’s announcement of supporting various digital currencies on its platform gave many crypto users a pleasant surprise.
With millions of users across the globe, this presented an opportunity for the crypto industry to gain worldwide exposure.
However, when it comes to the convenience of utilizing digital currencies in Nigeria, is Paypal the best place to buy fractions of BTC or should you buy Bitcoin on Cordial Exchange instead?
Buying crypto on PayPal?
There are lots of things to bear in mind when it comes to your finances. If you’re having a hard time deciding if you should buy, sell, or hold BTC on this new market player or stick with the widely known crypto marketplaces like Cordial Exchange, here are some of the pros and cons you might want to look into.
The Pros
✔︎ Creating an account is free.
Signing up on PayPal won’t cost you anything. All you have to do is provide all the information they would require, complete simple registration procedures, and you’re good to go.
✔︎ You can seamlessly buy crypto using your PayPal account.
All you need is your PayPal Cash or Cash Plus balance, or a debit/credit card linked to your PayPal account.
✔︎ It supports various cryptocurrencies.
Currently, PayPal supports four different digital currencies: Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), and Litecoin (LTC). If you’re planning to explore with different coins, then this would be a bonus point for you.
✔︎ Your profits from selling crypto will be automatically added to your PayPal account. You can use your earnings like regular funds or deposit them into your debit card or bank account linked to your PayPal account.
✔︎ You can buy fractions of BTC for as little as 1 USD. Even with the rising price of cryptocurrencies, you won’t need thousands of dollars to get started. Start small and work your way up to bigger trades.
These features sound really good and promising, but let’s check out what’s on the other end of the deal before making any decisions for yourself.
Why shouldn’t I buy crypto on Paypal?
The Cons
✘ Crypto services on PayPal are exclusively for US users. If you’re living outside the American borders, you might want to start with a crypto marketplace that’s available in your own country.
✘ You can’t use your crypto to send money or pay with PayPal. Purchasing and transferring money using your crypto balance aren’t allowed on the platform yet. To use your crypto funds for payments, you need to sell and convert them into USD on PayPal—this is an extra layer of complexity, especially if you use crypto on a regular basis.
✘ You only have three ways to buy BTC on PayPal. Your options include PayPal Cash, PayPal Cash Plus, and a PayPal-linked debit card or bank account. If you’re a first-time user, you might need to explore the platform a little bit more to learn the ropes.
✘ You can’t transfer your crypto funds to other wallets. This is one of the main concerns of many crypto enthusiasts. For now, all cryptos bought on PayPal will stay on PayPal—not in your crypto wallet. At the same time, the cryptos you bought outside the platform can’t be transferred to your PayPal wallet (we’re feeling some exclusivity here).
✘ It doesn’t support peer-to-peer trading. At least “not at this time.” You can’t buy cryptocurrencies from your friends in and out of the PayPal platform using your crypto balance yet. As mentioned earlier, you need to sell your assets and convert them into USD on PayPal first.
If you’re a seasoned US-based PayPal user who’s looking into directly using your account to buy BTC, BCH, LTC, or ETH, then this might be a good start for you. Otherwise, stick with local platforms in Nigeria like Cordial Exchange.
Why should I buy Bitcoin on Cordial Exchange?
Cordial Exchange is an industry leading Exchange/Broker with the most favourable rates, and crypto trading options in the crypto market. We give:
- Minimal fees – Cordial Exchange allows you to purchase fractions of Bitcoin with minimal to no fees!
- Upmost Value: We provide the best value of Bitcoin with amazing rate offers you can NOT take off your table.
- Round the clock service: We are here for you 24/7. Bitcoin never sleeps, why should we? Since crypto markets never sleep, it would be best to have a Bitcoin wallet where you can check your funds with just a few taps on your phone 24/7.
- Uncompromised security: Full standard security on your Cordial Exchange wallets. All users are required to verify their accounts in compliance with know your customer (KYC) regulations to protect you and your money against bad actors.
- Limited risk: We give you full liability of any loss that is less than likely to occur.
- No hidden fees: No hidden charges over transactions. Zero bank charges apply.
- Flexible trading options: We offer crypto to crypto services, along with crypto to Naira and other fiat currencies or items of value. This way, it is easy for you to own a portion of the largest digital currency.
- Trusted by thousands. If they can trust us, you can too.
Share your thoughts in the comments below!
*The content of this article is for informational purposes only. You should not construe any such information or other material as legal, tax, investment, financial, or other advice.
Additional source: Paxful.com
As a crypto enthusiast in Nigeria, you must hvae come across well known brands in the crypto industry like Paypal. This Article helps to explain the pros and cons of trading with Paypal vis-a-vis local platforms like Cordial Exchange in Nigeria.
