How To Buy Crypto On Your Existing Mobile Apps

April 26, 2022

Purchasing bitcoin and other crypto-assets doesn’t have to be complicated and time-consuming, especially if you know exactly where to do it. In this article, we’ll be talking about how you can buy cryptocurrency without having to download or install new apps. You can just use the ones that you already have!

If you are one of the millions of people who are new to cryptocurrency and want to invest in its developing industry, the first question many have is how to buy cryptocurrency.

Some people prefer to invest in things that don’t require a lot of intervention. One good example, stocks. You can literally sit down and relax and just wait for your money to grow. For cryptocurrency, it’s a different scenario.

Buying cryptocurrency in its early days required a level of effort and comfort with technology that put most people off. However, the industry has progressed significantly since then, and the barrier to entry is now almost nonexistent. In fact, if you’ve already used Cash App, PayPal, or Venmo, you’re almost there.

Let’s get started!

How to Buy Cryptocurrency Using Robinhood

In response to the rapid adoption of cryptocurrency, Robinhood, like most traditional financial apps, now includes a section where users can buy cryptocurrency. Unlike the other apps which we will mention in this guide, Robinhood focuses on providing trading services to its users. So, in addition to the ability to buy and sell cryptocurrency, Robinhood also allows you to trade cryptocurrency and even send it as a gift, so it can be a good choice for you if you are looking for an entry point to buy cryptocurrency that will grow with your interest.

If you already have the Robinhood app installed on your device, and you want to use it to buy crypto, you can follow these steps:

First, you’ll have to navigate to the cryptocurrency section from the home screen.
The order window is located on the right side of the screen. In the appropriate field, enter the amount you wish to purchase and click “Review”.
Then, you’ll have to select “Confirm” to finish your order.

Take note that the steps outlined above apply to those purchasing cryptocurrency through the Robinhood web app.

To buy cryptocurrency on the mobile app:

You can simply tap the “Trade” button while in the app’s cryptocurrency section.
Then, go to “Order Types” and select the “Buy” option. Swipe up to confirm and submit your purchase after you’ve chosen an order type.

Notably, Robinhood allows you to buy and sell seven digital assets including:

Bitcoin\s
Ethereum\s
Litecoin
Classic Ethereum
Bitcoin Cash (BCH)
Bitcoin SV (Secondary Currency)
Dogecoin

Robinhood has also added a wallet service, which gives users more control over their digital assets. When it becomes available, the crypto wallet feature will allow users to transfer their crypto funds away from the Robinhood platform.

To set itself apart from the competition, Robinhood does not charge its users any fees when they buy or sell cryptocurrency on its platform, which can be a huge deal-breaker for investors who are very keen when it comes to charges and fees.

How to Purchase Crypto Using The Cash App

Let’s start with the very first app that comes to mind when you think about buying Cryptocurrency — the Cash app.

Since introducing its pilot bitcoin services in 2017, Block’s Cash App has continued to roll out more bitcoin-based functionalities, the most recent being the integration of the Lightning Network.

Simply put, Cash App is big on Bitcoin integrations, and it is arguably one of the simplest ways to get your hands on bitcoin, especially if you already have a Cash App account and use the platform occasionally to access traditional payment and investment services.

How? You can simply go through these basic steps:

First, you’ll have to look for and click the “Bitcoin” tab on the Cash App home screen.
Then, you’ll see a BTC purchase option. Click on that to proceed.
The next step is to decide how much BTC you want to buy. You can also choose a custom amount if you click “…” in the top right corner of your screen. This is applicable in situations where you cannot find your preferred amount on the default options.
To complete the purchase, you’re gonna have to enter your pin and click the “Confirm” button after selecting a valid amount. Check your account balance to confirm the transaction.

You have to keep in mind though that you should have enough money on your Cash App to make this purchase. Aside from this basic bitcoin purchase method, you can also use other investing features such as auto-invest and custom orders using the Cash App.

How to Purchase Cryptocurrency Using PayPal

PayPal is another well-known app that has integrated bitcoin-related products.

PayPal, like Cash App, provides a simple way to acquire bitcoin, although it comes with some withdrawal restrictions: When you buy bitcoin with PayPal, you cannot withdraw the coin to an external wallet. As a result, you will be restricted to PayPal’s services.

BUT — if you don’t mind those restrictions, you can begin buying cryptocurrency by following the steps below:

First, you’ll have to select “Crypto” from the “Finances” tab on your PayPal account’s dashboard.
After that, you’ll have to select your preferred cryptocurrency. Currently, PayPal users’ options are limited to Bitcoin, Ethereum, Litecoin, and Bitcoin Cash.
After you’ve decided on one of the four available cryptocurrencies, you’ll have to click the “Buy” button. Note that you may need to verify your identity at this point so you can proceed.
To complete the transaction, you’ll have to enter the amount that you want to buy and click the next “Buy” button.

Same with the Cash App, you’ll need to have sufficient funds on your PayPal balance before you can complete the transaction. If you do not have a debit card or a bank account, you must link your account.

Another thing: Depending on the amount of cryptocurrency you want to purchase, you will be charged a fee when purchasing cryptocurrency through PayPal. You can check the corresponding fees in the table below:

How to Purchase Cryptocurrency Using Venmo

Last year, PayPal-owned Venmo launched a feature designed specifically for those looking to buy and sell cryptocurrency.

NOTE: Venmo, like PayPal, has withdrawal restrictions because crypto holders cannot transfer their coins on or off the Venmo platform.

Another restriction to consider is the imposed maximum purchase limits of $20,000 per week and $50,000 per year.

If you’re okay with the restrictions that we mentioned above, you can follow these steps to buy cryptocurrency using Venmo:

First, you’ll have to look for the “Crypto coins” tab at the bottom of your screen. Click that tab to see the various cryptocurrencies available on Venmo. Bitcoin, ethereum, bitcoin cash, and litecoin are currently available – the same selection as PayPal.
Next select your preferred cryptocurrency to view its current price. If the pricing is within your available budget, you can proceed by selecting the “Buy” option and entering the dollar equivalent of the amount of cryptocurrency you wish to purchase.
After you’ve entered a price, you’ll have to click “Review” to see a breakdown of your purchase, including all associated fees.
If you are ready to complete the transaction after reviewing your purchase, tap Buy. You can pay for this item with funds from your Venmo balance, a linked bank account, or a linked debit card.

The Bottomline

If you want to advance your cryptocurrency journey, you’ll need to do a lot of research to ensure you’re on the right track. Knowing which apps you can use to buy cryptocurrency can help you make the best use of your money.