Buy Crypto on the Apps You Already Have - PerfectionGeeks
Cryptocurrencies have evolved far more accessible for the average American after their current peak in popularity. Several brokerage companies now authorize investors to purchase and trade cryptocurrencies right alongside their stocks, mutual funds, and others. Some of the leading cryptocurrency dealings have completed the process more user-friendly than ever, particularly those with the most profitable cryptocurrency trading apps.
Investing in cryptocurrencies may not be good for everyone, as they're still a somewhat speculative investment. Whether or not they make money in the long term, investors can predict a roller coaster ride. That said, if you acknowledge the long-term potential of cryptocurrencies and have a relatively high-risk tolerance, there's nothing bad withholding some digital currency as a long-term investment.
It is a unique type of money that works in a different manner in comparison to the traditional currency. You can see a sudden rise in the cost of digital assets and at the same time, there are several advertisements featuring Bollywood superstars telling you that crypto is the future. In addition to this, the Finance Minister of India announced in the Budget 2022 that a recent crypto tax will be introduced under which virtual digital assets will be taxed at 30 percent. So, if you desire to start investing in cryptocurrencies like Bitcoin, Ethereum, Tether, Shiba, etc.
If you are among the millions of people who are fresh to crypto and interested in investing in the burgeoning industry, the foremost question multiple faces are how do you buy cryptocurrency? In the earlier days of bitcoin, buying it needed a level of effort and comfort with technology that deterred most people. But the industry has created significant strides since then, and the wall to entry is now almost nonexistent. If you have already utilized Cash App, PayPal, or Vemmo, you are most of the way there.
Are you willing to begin investing in cryptocurrency?
A slightly more than a decade after the foremost cryptocurrency, Bitcoin, was established, the industry that’s designed around the new technology has seen growth. Today, there aren’t just cryptocurrencies available, but a few blockchain-based digital assets, including crypto tokens and NFTs.
There are several ways for beginning your investment journey in crypto. Relying on whether you want help managing your investment or if you want to align with the ethos of the ecosystem and “be your own bank,” there are opportunities for those just starting out.
Keep in mind that investing in cryptocurrency is always risky — you could lose the total value of your investments —so make sure you’re in a financially sound position and take the time to consider your risk appetite before money towards the asset type.
Where can you buy cryptocurrency?
If you're wondering where to purchase cryptocurrency, you have several options. The most relevant sites to buy cryptocurrency can normally be separated into two main baskets:
Brokerages A brokerage is a business that enables the purchase and sale of investments, such as stocks, bonds, and mutual funds. Several of the most profitable stockbrokers now offer cryptocurrency trading through their media. These can be desktop-based, app-based, or both.
Exchanges A cryptocurrency exchange boosts the buying and selling of digital currencies. The most significant difference is that brokerages offer other investment vehicles. Cryptocurrency exchanges don't.
Whether you go with a broker or an exchange, make sure it has the functionality you require. For instance, if you like to buy cryptocurrency on your mobile, look for the most profitable cryptocurrency app.
It's also likely to buy cryptocurrencies directly from other people. This used to be far more popular in the earlier days of bitcoin. However, that can get slightly complex and is beyond the scope of this discussion.
How to buy crypto on Cash App
Ever since Block’s Cash App introduced its pilot bitcoin services in 2017, it has continued to roll out better bitcoin-based functionalities, with the new being the integration of the Lightning Network.
Simply put, Cash App is big on Bitcoin integrations, and it is arguably one of the most comfortable methods to get your hands on bitcoin, particularly if you already have a Cash App account and sometimes use the platform to access traditional payment and investment services. Below are the stages for purchasing bitcoin on Cash App.
- On the Cash App home screen, locate and tap on the “Bitcoin” tab.
- You will then notice an option for buying BTC. Tap on that to continue.
- The next step is to choose the amount of BTC you wish to buy. You can Tap on "…" at the top right corner of your screen to enter a custom amount (applicable in situations where you cannot find your preferred amount on the default options).
- After choosing a valid amount, enter your pin and Tap on the Confirm button to finish the purchase. You can verify the transaction by checking your account balance.
Note that you must have enough money on your Cash App to enable this purchase. Apart from this primary bitcoin purchase method, you can also take benefit of other investing features, including auto-invest and custom orders.
How to buy crypto on PayPal
PayPal is another famous app that has incorporated bitcoin-focused products. Like Cash App, PayPal offers an easy method of earning bitcoin, albeit with some withdrawal restrictions.
When you purchase bitcoin on PayPal, it is impossible to withdraw the coin to an external wallet. As a result, you will be limited to the services supplied by PayPal. If you have no issue with those restrictions, however, you can begin purchasing crypto by following the steps below.
- From the dashboard of your PayPal account, tap on the Finances tab and choose Crypto.
- Next, you require to select your preferred cryptocurrency. At the time of writing, the choices available to PayPal users are limited to bitcoin, Ethereum, litecoin, and bitcoin cash.
- Once you have chosen one of the four cryptocurrencies available, tap on the “Buy” option. At this juncture, you may require to confirm your identity to continue.
- Indicate the amount you want to purchase and tap on the next “Buy” button to finish the transaction.
Note that you require to have enough funds on your PayPal balance before you can finish the transaction. If not, you must link your account to a debit card or a bank account. Also, relying on the amount of cryptocurrency you like to buy, you will be charged a fee when buying crypto on PayPal.
How to buy crypto on Venmo
In 2021, PayPal-owned Venmo enabled a feature specifically created for those looking to buy and sell cryptocurrency. Like PayPal, Venmo charges withdrawal restrictions as crypto holders cannot transfer their coins on or off Venmo’s platform. Another condition you may also require to believe is the imposed maximum purchase limits set at $20,000 weekly and $50,000 yearly.
That said, below are the stages you require to follow to buy cryptocurrency on Venmo.
- First, you require to locate the Crypto coins click at the bottom of your screen. Tap that tab to visit the array of cryptocurrencies you can buy on Venmo. Presently, the options open that are bitcoin, Ethereum, bitcoin cash, and litecoin – the same selection as PayPal.
- Choose your desired cryptocurrency to see the current cost. If you are happy with the pricing, you can continue by clicking on the Buy option and entering the dollar equivalence of the amount of crypto you wish to buy.
- Once you have indicated an amount, tap on Review to see the breakdown of your purchase, including all associated fees.
- After checking your purchase, click on Buy if you are willing to complete the transaction. You can finish this purchase by using funds on your Venmo balance, a linked bank account, or a linked debit card.
How to buy crypto on Robinhood
In line with the explosive adoption of cryptocurrency, Robinhood, like most classic financial apps, now offers a section where customers can buy crypto. Unlike the other apps listed in this guide, Robinhood specializes in helping trading services for its customers. So Robinhood not only offers the power to buy and sell crypto, but also authorizes you to trade cryptocurrency and even ship it as a gift, and so if you are looking for an entry place to buy crypto that will increase with your interest, it may be a good option for you.
Below are the steps to get begun purchasing crypto on Robinhood:
- From the home screen, navigate to the cryptocurrency section.
- Here, you will see the order window on the right side of the screen. Enter the amount you want to buy in the appropriate field and Tap on Review.
- To finish your order, select Confirm.
Note that the stages listed above apply to those buying cryptocurrency from the web version of Robinhood. To purchase crypto on the mobile app, all you require to do is Tap on the Trade button while on the cryptocurrency section of the app. Next, you require to tap Order Types and choose the buy option. Once you have selected an order type, verify and submit your purchase by swiping up.
Notably, Robinhood supports the buying and selling of seven digital assets. They include:
- Ethereum Classic
- Bitcoin Cash
- Bitcoin SV
As an added feature, Robinhood has presented a wallet service that offers users more control over their digital assets. When it launches, the crypto wallet feature will permit customers to move their crypto funds off the Robinhood platform.
Keen to distance itself from the competition, Robinhood doesn't charge its users any fees for buying or selling cryptocurrency on its platform.