A popular digital wallet service, PayPal recently enabled its customers to buy crypto using PayPal accounts. For a long time, crypto enthusiasts have been anticipating this day. It’s finally here and you can use PayPal to buy crypto.
When Bitcoin became popular, customers kept asking whether they could buy a crypto voucher with PayPal. Even though it was technically possible, buying crypto using PayPal was too complicated and confusing. Thanks to recent changes, Bitcoin and other tokens can be purchased fairly easily. It only takes a few seconds to complete the process.
This tutorial reviews how and where to buy a crypt voucher with PayPal. Let’s dive into it!
How to Buy Crypto using PayPal
Only a few platforms, like eToro, allow US traders to buy Bitcoin with PayPal without paying any deposit fees. A 0.5% fee applies to all other currency deposits.
Follow these steps to complete the process quickly:
- Get started by registering – To buy Bitcoin with PayPal, you must open an account. Click on the confirm button after entering your details.
- Deposit Funds Using PayPal – Enter a minimum of $10 and choose PayPal as your preferred deposit method.
- Find BTC – Click on ‘Trade’ after entering ‘BTC’ in the search bar.
- Buy Crypto/Bitcoin – Investing in Bitcoin now requires you to enter how much money you want to allocate. To confirm, click on ‘Open Trade.’
Where to Buy Crypto Using PayPal
The platforms outlined below are the best options in the market for buying bitcoin with PayPal.
Buy Bitcoin with PayPal at eToro.
With eToro, you can buy a crypto voucher with PayPal quickly, easily, and cheaply. An account must be opened and a copy of your ID uploaded, which takes less than two minutes. With PayPal, you can deposit funds directly into your eToro account. For US clients, there is no fee.
In addition, non-USD deposits via PayPal cost 0.5%, which is still very competitive. With just $10, you can place your order for Bitcoin once your instant PayPal deposit has been processed.
Buy Bitcoin with PayPal at Coinbase
You can also buy a crypto voucher with PayPal through Coinbase. Over 74 million clients use this online cryptocurrency exchange, one of the largest in the US. As well as the NASDAQ, Coinbase is listed on the New York Stock Exchange. Coinbase’s simple interface will appeal to beginners, and opening an account takes only a few minutes.
PayPal Crypto Charges
Cryptocurrency purchases through PayPal are free of fees and requirements. It is possible to deposit as little as $20 or as much as $1,000 daily. There is a maximum withdrawal amount of $10,000.
Certain service charges associated with PayPal transactions vary based on where you live. Depending on your selected currency, withdrawal fees are capped at 2% or £10/€12/$16.
Buy Crypto Using PayPal: Pros and Cons
Millions of people around the world use PayPal as an e-wallet. Due to its popularity, numerous exchanges accept this payment method. Most users already have a PayPal account, so buying crypto at exchanges that accept it is faster and easier.
Buying Bitcoin with PayPal doesn’t require any expertise. Purchases are straightforward, taking only a few steps. That makes it an ideal method for beginners just starting crypto.
Last but not least, PayPal is a secure and trusted platform. You don’t have to worry about the safety of your transactions.
There are drawbacks to PayPal, just as with any payment method. It may appeal to only some crypto enthusiasts because of the strict limit on how many people can buy crypto. Transferring money from PayPal to Bitcoin is only accepted in some places.
Some users are concerned about the fees. PayPal’s fees are slightly higher than other payment methods, so it’s not without reason.
Alternatives to Buy Crypto Using PayPal
You can buy Bitcoin and other cryptocurrencies using different methods if you do not have a PayPal account or do not find this service convenient.
If you have a bank account, you can use it to purchase Bitcoin. It is possible to transfer funds internationally (SWIFT) and domestically (SEPA, ACH, Faster Payments). Credit or debit cards are also options for buying crypto.
As a final option, you can purchase Bitcoin with a cash deposit. Find the nearest Bitcoin ATM in your area. Alternatively, you can try buying BTC from a person if there is nothing like it. Bitcoin community members can help you if you are still looking for a cash dealer who will do this for you. Alternatively, you can transfer BTC using a bank account if yours is crypto-friendly. Ensure that you have enough funds before you start.
How Do I Store My BTC Purchases?
All Bitcoin buyers and investors need to understand crypto wallets. A wallet can be classified into several categories, including an online wallet and a hardware wallet.
Many crypto holders store their coins on several separate devices to protect them from hacks and theft. If you choose to store your crypto this way, you may not be able to sell or buy it when the conditions are most favorable.
Choose a hot wallet from a reliable crypto exchange if you want to store your BTC. Customers who prefer cold storage can store their coins with a reliable crypto exchange with several security measures. In addition to being maximally secure, the crypto wallet allows easy access to your tokens.
The easiest way to get Bitcoin today is to buy it directly through PayPal. As of 2022, PayPal has enabled crypto withdrawals for users who have purchased coins on the platform. There are plenty of PayPal alternatives for those who want to avoid using PayPal’s crypto service. With Coins, you can buy Bitcoin with PayPal, but you’ll need to find a seller you can trust.
It is also possible to access coins using eToro. However, this method is recommended more for users who want to speculate on price rather than access actual coins.
Note: Paypal and their logos are the soul property of the Paypal company. Our use of them here is for representation only!