If you live in the United States, you can use the PayPal platform (a leading online payments system) to buy Bitcoin directly. This feature will be made available by PayPal to “select international markets” in 2021 and beyond. However, there is a catch. If you purchase Bitcoin on PayPal, you can’t transfer it out of PayPal’s digital wallet.
PayPal first announced in November 2020 that all account holders in the US can buy/sell Bitcoin and other cryptocurrencies through the platform. This announcement came just a month after the company announced in October 2020 that it would introduce a crypto buying/selling option through a partnership with Paxos Crypto Brokerage.
One of the largest online payment processors in the world, it allows US account holders to purchase and sell Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), and Litecoin (LTC) within PayPal digital wallet. It also said in an announcement that all its 26 million merchants worldwide will soon be able to use cryptos for buying products. Reports say that in 2021, PayPal has plans of rolling out its cryptocurrency service to its social payments service Venmo.
How to buy Bitcoin with your PayPal Account ?
To purchase Bitcoin with PayPal, you must have an account on the same. If you still don’t have one, first sign-up with PayPal. You need a credit card/bank account and an email address to set up your Paypal.
Once it is set up, you can buy some Bitcoin (BTC) or other offered cryptocurrency. Whether you are using the PayPal app or website, the experience of purchasing BTC is more or less similar. Let’s walk through the Bitcoin buying steps by using PayPal.com:
Step 1: Log in to PayPal.
Step 2: On the home screen (in the app, it’ll be the “Payments” screen), check the top of the page, and choose the “Buy Bitcoin and more” banner.
Step 4: Once you choose your preferred crypto, you’ll be shown some preset amount of BTC you can buy.
Step 5: You can either purchase a preset amount of BTC or a preferred amount as per your choice. PayPal allows you to buy as low as US$1 worth of Bitcoin. PayPal shows a brief description of the asset you purchased below the purchase option. Enter the amount.
Step 6: Confirm some information and also agree to the Terms and Conditions of PayPal’s Cryptocurrencies before continuing to purchasing Bitcoin (BTC) or other cryptos.
Step 7: A helpful note explaining the variance in Bitcoin price shows up. It explains that depending on the time you buy, the price varies. It says “Exchange rate includes a spread and refreshes frequently until you buy or sell.” Now, choose “Next” to move on to the next screen.
Step 8: When setting up your PayPal, you must have associated it with a bank account or credit/debit card. In this screen, you’ll be shown the bank or credit/debit card details that are associated with your PayPal. In case, there is no bank or card associated, you can do this at this point. Now, choose “Next”.
Step 9: Review your purchasing details. On this screen, you’ll be shown the price as well as the fees that’ll be charged. PayPal fees for buying cryptos vary from 50 cents (for purchase below US$25) to 1.5% (for purchase above US$1,000).
Step 10: Select the “Buy Now” button to purchase Bitcoin or other preferred cryptocurrency offered by PayPal.
Once the purchase of Bitcoin or other crypto is complete, the following will be reflected:
- Amount of Bitcoin or other crypto bought, and
- The current value of the Bitcoin or other crypto purchased.
Now, return to the homepage and view your purchased Bitcoin under “crypto”. The buy and sell options will be there with the crypto.
Always remember that when you’re purchasing Bitcoin or other cryptocurrencies through your PayPal account, it’ll be converted to the equivalent value of fiat currency and show in Cash Account balance in terms of US Dollar.
PayPal shows a fee chart for your convenience. It lets you know the conversion spread, determining how much fee you are potentially incurring.
It’s important to note that the PayPal account holders are restricted by users in holding cryptocurrencies on their platform. You can’t transfer your bought Bitcoin or altcoin out of the digital wallet of PayPal.
You can definitely make purchases with your bought BTC or other cryptos. At this point, the crypto gets converted to fiat currency at the time of point of sale. The terms and conditions of PayPal say: “the crypto in your account cannot be transferred to other accounts on or off PayPal.”
Many Bitcoin advocates say that the crypto offering of PayPal is antithetical to the very ideals of Bitcoin, such as the idea that BTC holders are their own banks.
How to Buy Bitcoin with PayPal on Other Websites and Crypto Exchanges ?
You can purchase Bitcoin from other websites or sources such as cryptocurrency exchanges. However, the options of retaining full ownership of your Bitcoin are limited when it comes to buying BTC by using PayPal. In fact, there are very few crypto purchasing sites that support PayPal as a payment method.
Here is a list of P2P sites and crypto exchanges that allows users to buy Bitcoin and other cryptos with PayPal:
Paxful, a P2P site, allows you to buy Bitcoin by using PayPal. There are more than 300 payment options available for purchasing BTC. On Paxful, you’ll buy Bitcoin from users who have enlisted themselves on the site for selling their coins. You’ve to choose those who sell BTC and accept payment through PayPal. Paxful ensures that you can purchase and sell BTC on the site safely.
Once Paxful confirms that both the parties involved have made their actions correct, they release the coins. Paxful charges 1% fees for trades to the seller and is available on both mobile and web.
LocalBitcoins is also a good P2P site where you can buy Bitcoin by using PayPal. The process is the same as Paxful. You have to choose from them who have enlisted themselves on the site for selling their coins and also those who have chosen to sell BTC and accept payment through PayPal. Providing a review of users on the site helps others in choosing the right seller.
LocalBitcoins confirms whether both the parties involved have made their actions correct so that they can decide upon releasing the coins to the buyers. The site charges a fee of 1% on trades and also offers an around-the-clock support facility. Their conflict resolution system is good. In most countries, including the US, the services of LocalBitcoins are available. With 2FA, they can protect their accounts on-site.
It is the largest cryptocurrency exchange in the US and the world. They have also recently directly listed themselves to NASDAQ with their stock trading with the symbol COIN.
Coinbase allows users in the US to buy Bitcoin by using PayPal. If you live in another country, check whether the exchange supports PayPal in your country in buying Bitcoin and other altcoins.
Coinbase charges a fee of 1.5% on trades and you can use it from both web and mobile platforms. Use of 2FA secures your account on this crypto exchange. The best thing is that this exchange has high liquidity and trade volumes, enabling you to buy Bitcoin easily with PayPal. You’ll need to fill up their KYC to get started. Even beginners can purchase BTC with PayPal from Coinbase.
Other sites through which you can buy Bitcoin with PayPal are xCoins, LocalCryptos, BitValve, Hodl Hodl, LocalCoinSwap, and many more.
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