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How to buy Bitcoin with Google Pay
An increasing number of cryptocurrency brokers and exchanges are accept Google Pay as a payment method. Read this guide to learn about the pluses and minuses of using Google Pay, and the best platforms on which to do so.
Where can you buy Bitcoin with Google Pay?
We’ve compiled a list of the best brokers and exchanges that accept Google Pay, so if you’re just looking for a platform then you can go ahead and pick one below to get started. Otherwise, keep reading to learn more about what to look for what makes a good broker.
What is a Google Pay Bitcoin broker?
A service that lets you buy and sell cryptocurrency while also accepting Google Pay as a payment method. More broadly, a Bitcoin broker is a platform that acts as a middle man to execute Bitcoin trades for you. If you’ve already linked your credit and/or debit card to Google Pay, a Google Pay broker can be a quick and easy way to transfer money into your account.
How to deposit and withdraw via Google Pay
Different Bitcoin brokers and exchanges may have different procedures for making deposits. That said, these broad strokes offer some guidelines on how to deposit money with using Google Pay:
- Open an account and then verify it with a form of photo ID.
- Go to your broker’s website, and select the Google Pay option on the “Add money” screen.
- After that, you’ll be prompted to link your Google Pay account to your brokerage account.
- Enter the amount of Bitcoin you want to own and select Google Pay as the payment method.
You have two options. If you’ve already used Google Pay to make a deposit in your brokerage account, you can simply click withdraw on your broker’s website and the process will be done in a flash. Or even if you haven’t used Google Pay for deposits, as long as your broker accepts it, you can set up withdrawals by following the process outlined above.
What should I look for in a broker?
When looking for a broker you want to make sure that it offers quality service and best-in-class features as well as the ability to use Google Pay. Here are some key traits to look for.
- Low withdrawal and deposit charges. The fees you’ll have to pay are generally lower than what you’ll find by transacting with, say, cash. Still, deposit and withdrawal fee amounts can vary. Our guides will help you find the most reasonable fees.
- Speed. Your broker should let you find the coins you want and execute the trades within minutes. In some cases you can even do this instantly.
- Ease of use. The best brokers make the process a breeze. Don’t waste time with brokers that are confusing, have a complicated interface, or require you to jump through hoops before you can do anything.
- A strong reputation. Positive reviews and industry awards are two of the most positive indicators for a broker’s reputation. Take the extra time to read up on the accolades of the platform you plan to choose.
- A verifiable track record. Ideally the trading platform you choose will have been in business for a while, so you can ensure it carries a track record of reliability.
Should I buy BTC with Google Pay?
- Fast and easy. Google Pay is one of the fastest and easiest contactless ways to make purchases around the world.
- Partnerships with numerous major banks. Google Pay is supported by the four biggest banks in the US, as well as numerous major financial institutions around the world. So you can link to a number of different payment cards all at once.
- Increasingly accepted by Bitcoin brokers. In 2019, blockchain company Coin Ninja and crypto remittance company Wyre struck a deal to accept Google Pay as a payment method for any transaction with an intermediary.
Not entirely, because Google Pay transactions will be logged in your account and are linked to your bank. That said, dealing with a private seller and transferring coins into your personal crypto wallet can make the process somewhat more anonymous.
Not always. Online brokers and exchanges usually allow you to store your coins in your account without the need to transfer to a personal wallet. However, some services will require you to enter an existing wallet address where the coins will be sent.
Also, for a higher level of security, you should move any coins you’re not planning on selling or trading in the near future to an external wallet – ideally a hardware wallet.
The speed varies based on the method you use, though the process typically should take just a matter of minutes.
In certain cases, yes. Crypto marketplaces such as Paxful offer instant transactions. Just keep in mind that such services can sometimes charge higher fees, which is something to consider.
This method is significantly cheaper than using cash, and can be a bit cheaper than some other options too. A typical fee will be around 2%-3%.
No, you cannot hold cryptocurrency in your Google Pay account. Google Pay simply links to your credit or debit card. It does not hold cryptocurrencies of any kind.
Yes, it does. You can use Google Pay for both Bitcoin and other cryptocurrencies on Coinbase.
Yes you can. For instance, Coinbase lets you use Google Pay to get Ethereum, Ripple, and Cardano, among others.
It’s definitely one of the easiest. Since Google Pay already links to your debit or credit card, all you have to do is find a broker or exchange that accepts Google Pay, and you can start right now.
There’s no ID required to set up your Bitcoin trading account on a peer-to-peer exchange, so that’s a huge plus. The biggest drawback is that peer-to-peer exchanges are more vulnerable to fraud.
It depends on where you are. The United States leads the way in terms of peer-to-peer exchanges. You’ll also find them in the UK and certain other major financial hubs.
It can be, yes. Just make sure to do some math before you dive in. If your transaction fee is 3%, that means you need to see Bitcoin go up 3% in price to break even. The good news is that it’s a simple payment method for beginners who already have their debit or credit card linked to Google Pay.
It can certainly be a viable strategy. Bitcoin can be volatile, so an instant profit is no guarantee. Bitcoin’s long-term trend points upwards, so a patient buy-and-hold approach can allow you to recoup your transaction fees and then over time turn a healthy profit, if you’re patient enough to ride out the bumps in the road.
Fact-checking & references
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