![]() ![]() So, where should you get your crypto? A major cryptocurrency exchange is a great option. With the best cryptocurrency exchanges and apps, you get more control, the opportunity to make money lending crypto, and a much wider selection of coins. It's just that there are better options out there. None of the above means that PayPal and Venmo are horrible apps to use when buying crypto. Start investing Better ways to buy crypto Learn more and get started today with a special new member discount. Over the past 17 years, Stock Advisor’s average stock pick has seen a 356% return - more than 3x that of the S&P 500! (as of ). You’ll get two new stock picks every month, plus 10 starter stocks and best buys now. We think there’s no better place to start than with Stock Advisor, the flagship stock-picking service of our company, The Motley Fool. Once you’ve chosen one of our top-rated brokers, you need to make sure you’re buying the right stocks. That's why their limited selection is a big disadvantage compared to Coinbase, Gemini, and other cryptocurrency exchanges with dozens of coins. On the other hand, you could quickly find yourself interested in coins that PayPal and Venmo don't have. For those who are dipping their toes in the crypto pool, the coins offered by each app may be enough. To be fair, PayPal and Venmo are likely targeting new crypto buyers. Many popular coins, such as Cardano and Polkadot, are missing. PayPal and Venmo both have the same four coins available: But once again, it's nice to have the option to do it. Not all sites that offer crypto lending are trustworthy. Lending crypto is an area where you need to be careful and do your due diligence. Another option is KuCoin, which offers a peer-to-peer marketplace where crypto owners can earn 25% interest lending out coins. For example, the Gemini exchange allows clients to grow their crypto through its Gemini Earn program. By lending your crypto, you can earn interest on it. Several cryptocurrency exchanges offer lending programs. It also takes away an opportunity to make money with your crypto. The fact that you can't get crypto off PayPal and Venmo isn't just a matter of security. Keep in mind that you also can't send crypto to anyone else if you bought it on PayPal or Venmo. Regardless, you should at least have the option to transfer your crypto. Some people leave their crypto wherever they bought it without issue. Whether you're looking for a special sign-up offer, outstanding customer support, $0 commissions, intuitive mobile apps, or more, you'll find a stock broker to fit your trading needs. You wouldn't have access to that Bitcoin until PayPal unlocked your account.įind the best stock broker for you among these top picks. Think about how stressful it would be if PayPal froze your account with $5,000 worth of Bitcoin. The platform decides to freeze your account.The platform where you bought your crypto is hacked.It gives you an extra layer of protection in the event that something happens, like: That way, you're the one in possession of your assets. A common recommendation is to move any crypto you buy to your own crypto wallets. PayPal also recently introduced an option to pay with crypto at checkout.įrom a security standpoint, this isn't ideal. When you buy crypto on PayPal or Venmo, you can't move it off that platform you can either hold on to it or sell it. Unfortunately, there are also a few downsides that make a crypto exchange a better option. Since these are two of the most popular payments apps, being able to use them for crypto purchases is convenient. In April 2021, Venmo, which is owned by PayPal, also added a feature to buy and sell crypto. Just because it's convenient doesn't mean it's a great way to buy crypto.Īs cryptocurrency has become more mainstream, new ways to buy and sell it have also popped up.
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