The simplest way to buy Polkadot
PayPal has remained the industry standard for online money transactions. Many people believe PayPal would be an ideal fit for trade in the blockchain ecosystem because of its online popularity. In this post, we’ll go through PayPal as the preferred way to buy Polkadot.
Cryptoassets are a highly volatile unregulated investment product. No UK or EU investor protection.
What is Polkadot?
The digital currency Polkadot is based on blockchain, which is envisioned as a single giant chain made up of multiple smaller networks. These kinds of side-chains can be linked to the public and main blockchains. Different blockchains may exchange information with each other using Polkadot.
The most significant distinction between Polkadot and its rivals is that Polkadot guarantees security inside the chain, a guarantee that data will travel from point A to point B without being leaked. Gavin Wood, one of the co-founders of Ethereum, is one of the major creators of Polkadot. There are two main roles for the Polkadot platform: network administration and operational process execution. The Polkadot platform makes use of a DOT coin.
Cryptoassets are a highly volatile unregulated investment product. No UK or EU investor protection.
Why buy Polkadot with PayPal?
PayPal payments, as well as bank transfers from a debit or credit card, are frequent payment methods for online transactions. This is particularly true when you want to buy cryptocurrency. Every crypto exchange accepts PayPal as a payment method. The simple payment process and quick transactions are some of the reasons for the service’s extensive adoption. Let’s go through some of the features of PayPal:
Cryptoassets are a highly volatile unregulated investment product. No UK or EU investor protection.
Very simple to use.
PayPal is really simple to use. The only things you need to open an account are your email address and a password. This will enable you to access your PayPal account and confirm your payment details. To further use the account, to withdraw the money to the bank account, you will have to confirm your identity.
Many funding options
PayPal is highly flexible since it supports many ways to fund the account, including bank accounts and almost all credit and debit cards.
Fast transactions
Transactions are completed in a very short period of time. When you initiate the payment, PayPal informs the exchange and sends the funds to it right away.
Security
When you sign up for a PayPal account, you’ll be asked to input your credit card and bank account information. You’ll never have to provide that information again while buying Polkadot on a cryptocurrency exchange. When you pay using PayPal, your information is kept private, so you can buy crypto without worrying about your financial information being compromised.
Currency
There are many reasons why PayPal is popular as a payment method, and one of the most important is supported currencies. PayPal allows users to fund their accounts with almost every possible fiat currency.
Mobile App
PayPal has a very successful mobile app. The app allows users to buy crypto even if they don’t have a laptop nearby. The app is well designed and you can use every feature just as you would use them on a desktop or laptop.
Cryptoassets are a highly volatile unregulated investment product. No UK or EU investor protection.
Where to Buy Polkadot with PayPal?
When exploring crypto exchanges where to buy Polkadot, you won’t have to worry if PayPal is supported as a payment method; all of them support it. You simply need to find some other criteria, something that is important to you, like fees, accessibility, security, or if it’s a good fit for beginners or professionals. Using the previously mentioned criteria, we chose some of the best crypto exchanges:
- eToro
- Binance
- Crypto.com
- Coinbase
- Coinbase – is the best cryptocurrency app for beginners. With more than 43 million verified users and a presence in more than 100 countries, Coinbase is one of the most recognizable cryptocurrency apps in the world. It was founded in 2012 as a tool, to send and receive Bitcoin. But, as cryptocurrencies have developed, Coinbase has evolved as well. Today, it supports more than 100 cryptocurrencies. You can buy, sell, or store cryptocurrencies on Coinbase.
Cryptoassets are a highly volatile unregulated investment product. No UK or EU investor protection.
Coinbase can be considered the best place for absolute beginners since the minimum buys or sell amount is equivalent to $2. But even though this comes with a price, the fees on Coinbase are higher than any other cryptocurrency app. Coinbase charges a spread of 0.5% to 2% for any crypto purchases or sales, depending on the market, and a Coinbase fee. The Coinbase fee also depends on many factors, such as location, amount, or the payment method. For example, a flat fee for a transaction of $10 or less is $0.99.
- eToro – overall the best cryptocurrency app. eToro is first and foremost a social investment network that, with one of today’s most innovative approaches, provides traders with the best platform to trade CFDs, currencies, commodities, and indices. The way the trade takes place is appealing and interesting. Currently, the merchant base of this skyrocketing broker exceeds over 20 million people in 160 countries with a growing trend.
In 2014, eToro added Bitcoin and enabled users to buy and sell CFDs on this cryptocurrency. Over the years, many other cryptos followed, and now there are more than 40 cryptocurrencies available to trade CFDs on.
- Binance – wide range of cryptocurrencies. Binance is one of the most popular cryptocurrency exchanges in the world, despite being a relatively new player. The platform was originally based in China but moved its operations to Malta in 2021. Over time, Binance grew to become the most prestigious crypto trading app on the market. Every new project dreams of being listed on Binance, which includes increased liquidity, access to millions of new investors, and a price increase on the day of entry.
The general trading fee is 0.1%. Based on the 30-day average trade volume and the BNB token amount, the maker/taker fee varies from 0.015% to 0.075%. If the trade fee is paid through the BNB, then a 50% discount is applied during the first year, 25% during the second, 12.5% during the third, and finally 6.75% for the fourth. During the fifth year, the discount does not apply.
Cryptoassets are a highly volatile unregulated investment product. No UK or EU investor protection.
- Crypto.com – not for beginners. Crypto.com is a notable cryptocurrency exchange that supports a lot of cryptocurrencies, altcoins, and other blockchain assets. Every user can enjoy trading cryptocurrencies with low trading fees. Besides trading cryptocurrencies, Crypto.com also offers crypto credit cards, a crypto wallet, an NFT market, and staking with up to 14.5% interest.
Cryptoassets are a highly volatile unregulated investment product. No UK or EU investor protection.
Crypto.com was founded in 2016 in Hong Kong. It offers services to more than 10 million verified users and supports around 250 cryptocurrencies available for trading in 90 countries. A very complex interface can make an intimidating first impression for beginners.
How to Buy Polkadot with PayPal on eToro – Tutorial
As the overall best crypto exchange, now, we will show you how to register on eToro and how to buy Polkadot with PayPal. There are just a few easy steps, and the platform itself guides you through the process.
Cryptoassets are a highly volatile unregulated investment product. No UK or EU investor protection.
Step 1: Creating a Profile. To get started, you will need to go to the eToro website to sign up. As with any other trading platform, you will need to enter a few details to tell them who you are. As such, you need to enter:
- Your full name
- Username (this must be unique).
- email address
- Unique password
- Phone Number
- The birthdate
- National Security Number
Step 2: Confirming Your Identity-eToro will have to make sure that you are who you say you are, to prevent identity theft and other similar issues. You will now be asked to upload several forms of identity:
- Something with a name and address included, like a bank statement or phone bill,
- ID, like a passport or driver’s license,
Generally speaking, eToro will confirm your new account within an hour.
Step 3: Make a deposit-This part is easy. You just need to:
- Click on “Deposit” and select PayPal from the drop-down menu. You can then choose the amount of money you want to deposit into your eToro account.
- Please note that a minimum deposit of $50 is required, and with PayPal payment, your money will go into your account immediately.
Step 4: Buy Polkadot-So now you have funds in your eToro account and you can buy Polkadot. Go on a trading page, choose the amount of Polkadot you want to buy, and click “Buy.”
Step 5: Check your Wallet – When you bought Polkadot, go to your eToro wallet and check the amount. Now you can keep it as an investment or trade with it when the price is right.
Cryptoassets are a highly volatile unregulated investment product. No UK or EU investor protection.
Conclusion
PayPal is the most used electronic wallet in the world. So, it is not odd that almost all crypto exchanges accept it. Its main characteristics include high security, simplicity, a lot of funding options, acceptance of all major currencies, and a good mobile app. It has been clear since 2020 that PayPal is turning to crypto, when they started to accept cryptocurrencies like Bitcoin, Ethereum, Litecoin, and Bitcoin Cash. Now PayPal plans to create its own stablecoin, a type of cryptocurrency that relies on the value of physical money or gold, in this case, the US dollar. According to this information, we can just conclude that PayPal might establish itself as the main way to buy cryptocurrencies, Polkadot included, besides being used to buy things online.