The way in which crypto is bought, sold, and traded is almost as diverse as the currencies themselves. Now, not only are there a host of coins out there (and more being launched every year), but plenty of platforms and payment methods support the wider industry. Many of these continue to make products and services to facilitate the needs of digital currency users, and with coins like Shiba Inu (or SHIB) catching the attention of enthusiasts everywhere, there’s little excuse not to get involved.
One of the most popular payment methods in the crypto market is PayPal. It’s a trusted payment provider, it also allows users to buy a select number of crypto assets, including the Shiba Inu coin. Now let’s dive into our guide on where and how to safely buy Shiba Inu using PayPal.
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If you are hoping to buy SHIB with PayPal, you will first need to choose a platform that supports this crypto. We’re taking a look at the top four to get you started.
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Cryptocurrencies are very volatile and overall a risky investment. 69% of investor accounts lose money when trading CFDs
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You can’t take two steps into the crypto community without hearing the name eToro – and there’s good reason for this. As the pioneer for copy trading, its main feature is that users everywhere have the opportunity to take a look at what their peers are doing. This allows for deeper insights into trading and everyone has the ability to follow along with the highest-ranking traders to increase their chances of making successful market moves. But why buy Shiba Inu with PayPal via eToro?
Pros
VISIT ETORO
Crypto assets are unregulated investment products. Your capital may be at risk
As one of the leading names in the industry, there are over 500,000 registered traders and investors making use of 3,000 global markets for their trading needs. This award-winning site supports SHIB, other major cryptos, PayPal payments and much more, so there are plenty of ways to get up and running; no matter your skills or experience level.
Cons
Best known for the facilitation of its own digital currency, the Binance coin, Binance doesn’t limit users when it comes to trading cryptos. In fact, it has one of the largest supported sets in the world (there are currently 600 listed, with more on the way) and of course, the Shiba Inu token is one of them. Users of this site get their very own crypto wallet to store multiple coins simultaneously and as it has two-step authentication, security is of little concern.
For those who want to maximize their potential by trading with one of the world’s largest platforms (whether this is with making fast SHIB transactions using PayPal, or keeping on top of their endeavors wherever they are in the world), Coinbase may be a worthwhile solution. Not only does it have one of the best-performing mobile apps on the market, but it’s also highly regulated and offers insurance in case of cyber attacks.
As PayPal is one of the most recognizable online payment systems in the world, it’s no wonder that they have added cryptocurrencies like SHIB to its repertoire. Right now, buying these digital assets is only possible in the UK and US (excluding Hawaii), but this is only for the time being.
The good news is that a decent range of platforms accepts PayPal, so your options aren’t limited. As it is a third-party app, there may be charges associated with using PayPal to buy Shiba Inu – and these won’t be included in the fees of the brokerage you use.
Here are the steps you will need to perform to get started:
If a trading platform supports SHIB, go to the sign-up page and create an account. You’ll generally need to create a username and password and provide your email address.
You will get a prompt to verify your email and then your identity (this is to protect your account). Many will ask for a copy of your passport or driver’s license and a copy of a bank statement or utility bill.
Once this is done, you will be able to make a deposit via PayPal. As long as you meet the minimum requirements, you’ll be able to buy and trade Shiba Inu.
Firstly, it’s always a worthwhile idea to consider your personal preferences when it comes to trading. For example, if you are new to crypto, you may want to opt for a platform that has a host of educational materials to help you with your research and get familiar with the processes involved. Once you have defined your needs, look out for:
Using PayPal as a payment method is fast, convenient and user-friendly, but that doesn’t mean that it’s the right choice for buying and selling the Shiba Inu token. There are both pros and cons to doing so, so let’s take a quick look at those.
While PayPal is reputable, secure and a solid choice for buying Shiba Inu coins, other payment methods are available. These are:
Just like PayPal, these will have their own protocols, restrictions, fees and more to keep in mind, so research will be a worthwhile idea if you decide not to opt for PayPal as your preferred method.
With all of the above in mind, it may be simpler to buy your Shiba Inu coins using a different payment method, but PayPal still has some worthwhile potential. Sometimes, getting in early can be a good way to grow with the provider you choose and PayPal isn’t going to go anywhere any time soon. In fact, it has proven its staying power and is likely to continue to broaden its horizons as technology advances.
If you do decide to use PayPal, choosing the right trading platform will be the best way to support your crypto endeavors. It won’t hurt to do some in-depth research, make comparisons and start out small when putting your money on the line. Remember that at its core, cryptocurrency is volatile in nature, so the risks and rewards of trading should factor into your overall decision, too.
Transaction speeds will be dependent on the platform you select to buy SHIB. Having said this, they are typically fast on all major brokerages to offer top-tier services to customers.
Again, this will be dependent on the platform you chose. In many cases, there will be buying requirements for you to buy a fiat or digital currency first and then trade for SHIB, as it isn’t yet widely supported in its own right.
Your activities will be secure, but not anonymous as the most secure platforms will offer KYC regulations. You may find anonymous services via a Decentralized Exchange (DEX), but personal information is necessary to install and use Paypal as a payment method.
At the moment, due to the nature of PayPal and the fact that it is a third-party payment system, there will be fees to take into consideration. On some platforms, you may incur fees twice (once when buying SHIB via PayPal and once for using the coins on a crypto exchange).
There are plenty of investors and traders out there who enjoy profits when getting involved with crypto, but there is also the potential for significant losses, especially if you don’t have a good grasp of the industry, risk management strategies and more.
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