How To Buy Bitcoin With PayPal in 2024

Last updated Apr 19, 2024 | 08:47 AM UTC

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Intro

To see how to buy Bitcoin with PayPal, all you have to do is follow instructions from the PayPal app. There are six steps to doing this:
 

  • Step 1 - Sign up on PayPal or log in
  • Step 2 - Choose Crypto in “Finances”
  • Step 3 - Choose Bitcoin and click “Buy” to set an amount
  • Step 4 - Choose payment method
  • Step 5 - Make sure you’re getting a good deal
  • Step 6 - Send your BTC to a wallet or keep it on PayPal

Alternatively, find an exchange that supports PayPal deposits.

Keep reading to see all the details below.
 
 

Key Takeaways

 

  • Users can buy BTC with PayPal or on exchanges that support PayPal 
  • This PayPal feature is not yet available in all countries
  • PayPal now allows BTC and crypto withdrawals
  • PayPal gives a solid overview of past transactions for tax purposes
  • The best way to store Bitcoin is still a cold personal wallet

 

How to Buy Bitcoin Directly on PayPal

PayPal allows you to directly buy, hold, and sell certain cryptocurrencies like Bitcoin through your account and mobile app. 

This makes it convenient for PayPal's millions of users to get exposure to Bitcoin and other cryptos safely.

To buy Bitcoin and crypto on PayPal in 2024, first, log in to your PayPal account. 

Then, navigate to the cryptocurrency section, usually found in the "Wallet" tab. 

Once there, select Bitcoin as the cryptocurrency you want to buy. 

Enter the amount of BTC you wish to purchase or the equivalent value in your local currency.

Review the transaction details, including PayPal crypto fees and exchange rates, before confirming the purchase. 

If everything looks good, click on the "Buy Now" button to finalize the transaction. 

After the purchase is complete, your BTC will be stored in your PayPal crypto wallet.
 

1. Sign Up on PayPal or Log In

If you don't have a PayPal account yet, go to paypal.com and click "Sign Up" to create a new account. 

Typically, you'll need to provide the following personal and financial information to verify your identity:
 

  • Full legal name
  • Date of birth
  • Home address
  • Phone number
  • Email address
  • Social Security number or tax ID (when applicable)
  • Photo of a government-issued ID (when applicable)
  • Bank account details (routing and account numbers) or debit/credit card information

If you already have a PayPal account, simply log in by entering your email address and password on the PayPal login page or via the app

Once logged in, you'll be able to access PayPal's cryptocurrency trading services.

 

2. Choose Crypto in “Finances”

Now, select the "Finances" tab and look for the "Cryptocurrencies" or "Buy Crypto" option. 

However, keep in mind that PayPal's cryptocurrency trading capabilities are not yet rolled out worldwide. 

Since its launch, this feature is primarily available to users in the United States and US territories.  If you’re located outside of the US, keep checking PayPal’s official page for a list of supported locations.

 

3. Choose Bitcoin and Click “Buy” to Set an Amount

Under the Cryptocurrencies section, you'll see multiple digital assets supported by PayPal, including Bitcoin. 

Select Bitcoin from the list, then click the "Buy" button. 

This will bring up an interface where you can enter the USD amount you want to spend to purchase Bitcoin. 

PayPal will show you the Bitcoin equivalent based on the current market exchange rate.

 

4. Choose Payment Method

After entering the amount of Bitcoin you want to buy, PayPal will prompt you to select a payment method. 

You can choose to fund your Bitcoin purchase using the cash balance in your PayPal account or link a bank account or debit/credit card

Review the payment method details and fees, then proceed with the transaction to buy Bitcoin through PayPal.

 

5. Make Sure You’re Getting a Good Deal

Before finalizing your Bitcoin purchase on PayPal, review the fees, rates, and overall pricing

PayPal charges a spread and transaction fees on crypto purchases. 

Compare PayPal's rates and fees to those of popular exchanges to ensure you're getting a fair deal. 

Also, check if PayPal is applying the latest market exchange rate for Bitcoin at that time.
 

6. Send Your BTC to a Wallet or Keep it on PayPal

After your Bitcoin purchase is complete, you'll have a choice of what to do with your newly acquired BTC. 

PayPal allows you to either keep your Bitcoin stored in your PayPal Cryptocurrencies Hub, or you can send/withdraw it to an external crypto wallet for added security and self-custody. 

Evaluate the pros and cons of such storage options, such as security priorities and intended usage, before deciding where to hold your Bitcoin.

 

Buy Crypto & BTC With Paypal on Exchanges

While PayPal offers direct Bitcoin purchases, you may prefer to buy BTC on the best crypto exchanges. This method provides more options and trading features. 

We've compiled a list of the top Bitcoin exchanges that support PayPal deposits below:

Best Sites

Established in 2011, Kraken is a trusted cryptocurrency exchange renowned for its longevity and diverse trading interfaces, catering to a broad user base.

General Information

Year founded: 
2011
Coins Available: 
Bitcoin
Ethereum
Tether
Polkadot
Chainlink
Cardano
Bitcoin Cash
Litecoin
Uniswap
USD Coin
XRP
Aave
Stellar
Tezos
Curve DAO Token
Algorand
Monero
Synthetix
Dai
Filecoin
Compound
EOS
The Graph
Cosmos
Keep Network
ICON
yearn.finance
TRON
Qtum
Dash
Basic Attention Token
Zcash
Kusama
OMG Network
Waves
Nano
Dogecoin
Enzyme
Decentraland
Kava.io
Ethereum Classic
Orchid
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Storj
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Aragon
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Balancer
tBTC
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0x
1inch
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Chain
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Website Languages: 
Chinese
English
Filipino
French
Italian
Japanese
Portuguese
Russian
Spanish
Turkish
Ukrainian
Vietnamese

Anonymity

As a registered US exchange, Kraken strictly adheres to KYC & AML laws, prohibiting the creation of anonymous accounts and ensuring regulatory compliance.

Reputation

With one of the best reputations in the industry, Kraken holds the distinction of being the only crypto company worldwide to secure an SPDI banking license.

Pros and Cons

Supports hundreds of coins
High liquidity
Simple and user-friendly interface
Good customer support options
Lots of advanced trading features like margin, futures, and indices trading
No insurance fund for assets on the platform
Doesn’t offer a crypto credit card
No personal wallet service for traders
Supports only a few fiat currencies

Ledger Crypto Wallet, established in France in 2014, is a market-leading hardware wallet provider renowned for its robust security features and user-friendly interface. It also allows crypto swaps within the interface, without the need for fiat currencies.

General Information

Year founded: 
2014
Coins Available: 
Ethereum
XRP
Bitcoin Cash
Polkadot
Litecoin
Binance Coin
EOS
Tezos
Stellar
SHIBA INU
LINK
Compound
Cardano
TRON
Monero Original
Huobi Token
Ethereum Classic
Dash
USD Coin
Neo
Cronos
Bitcoin
NEM
IOTA
Cosmos
Axie Infinity
Zcash
OKB
Terra
Internet Computer
Filecoin
Ontology
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APEcoin
Elrond
Algorand
ICON
Synthetix
FTX Token
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Decred
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Quant
Optimism
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Christ Coin
CargoCoin
CarbCoin
Canabio
CacaoShares
Bytether
Bullion Crypto
BTZ by Bunz
Battle
BSDC
Boule Coin
BLONDCOIN
BlockRx
BlockOptiopns Token
BITPARK
Bitlle Token
BitKeep Token
BitFlux
BitCar Token
BitAsean
BitAir
BHPCash
BetKing Bankroll Token
BETHER
BestPick Coin
Benefits Coin
Beluga Banking Infrastructure Token
BeerCoin
BCL
BCAP (
BANX
Bankcoin Cash
AX1 Mining Token
Aura DAO
Attention Token
Atmatrix Token
AstroTokens
Assistive Reality ARX
ARTWOOK COIN
ARBI Token
Apollo18
AMIS
AmberTime Coin
ALTS Token
ALCO
AirToken
XDC Network
PASS Token
Website Languages: 
Arabic
Simplified Chinese
English
German
French
Russian
Spanish
Japanese
Korean
Turkish
Portuguese

Anonymity

Ledger wallet ensures the protection of sensitive information by storing private keys offline in a secure hardware device. There's no mandatory KYC process.

Reputation

Ledger crypto wallet is trusted by millions of users worldwide for securely storing and managing their cryptocurrencies.

Pros and Cons

Accepts US users
Supports more than 500 tokens/coins
Has a very rewarding staking/investment feature
Offers varieties of efficient hardware wallets
Fast and easy registration/set up, as there is no need for KYC/AML
No promo or bonus offers
No licensing and compliance info for users
Mediocre support with no call center support
Live chat support does not work 24/7
No clear data about fees

Bitpanda is an exceptional crypto exchange platform and one of the fastest growinging fintech companies on the European continent. Founded in 2014, it continues to push the boundaries of the crypto trading industry.

General Information

Year founded: 
2014
Coins Available: 
Bitcoin
Ethereum
Binance Coin
XRP
Dogecoin
Tether
Cardano
Polkadot
Bitcoin Cash
Litecoin
USD Coin
Terra
Solana
Avalanche
SHIBA INU
Polygon
Cosmos
NEAR Protocol
Chainlink
Uniswap
TRON
FTX Token
Algorand
Stellar
Decentraland
Ethereum Classic
Hedera Hashgraph
APEcoin
Internet Computer
The Sandbox
Waves
Elrond
Fantom
VeChain
Filecoin
Axie Infinity
Klaytn
THETA
Tezos
Zcash
Aave
EOS
IOTA
Maker
The Graph
PancakeSwap
BitTorrent
Stacks
Gala
Harmony
Neo
Enjin Coin
Celo
Basic Attention Token
Kusama
Loopring
Chiliz
Arweave
Dash
Curve DAO Token
NEM
Compound
yearn.finance
1inch
OMG Network
Render Token
Ravencoin
Qtum
Ankr
Synthetix
Kyber Network
UMA
0x
IOST
Ontology
SushiSwap
DigitalBits
Storj
Ren
Serum
FLUX
DigiByte
Ocean Protocol
Lisk
Bitpanda Ecosystem Token
COTI
Reserve Rights
Aragon
Orchid
Augur
Band Protocol
Komodo
Pantos
Flow
Biconomy
My Neighbor Alice
Symbol
Website Languages: 
English
German
French
Turkish
Italian
Polish
Spanish

Anonymity

Bitpanda does not allow anonymous trading, and customers are required to leave their first and last name during the registration. The platform also requires account verification before you start trading.

Reputation

Bitpanda is a reputable crypto exchange with many positive reviews from customers. It stands out with high security, several licenses, and an excellent team.

Pros and Cons

Good reputation in the market.
Different crypto options.
Many fiat currencies are accepted.
Diverse trading options.
Slow Customer Support.
Sometimes, they need several business days to solve customers' problems
Limited Services.
High fees.

Coinbase Pro is a professional cryptocurrency trading platform operated by Coinbase, one of the largest and most trusted cryptocurrency exchanges in the world. Designed for experienced traders and institutions, Coinbase Pro offers advanced trading features, including robust charting tools, order types, and high liquidity.

General Information

Year founded: 
2012
Coins Available: 
Bitcoin
Ethereum
Chainlink
Litecoin
Bitcoin Cash
XRP
USD Coin
Tether
Solana
Dogecoin
Cardano
Avalanche
SHIBA INU
Polkadot
Polygon
Internet Computer
NEAR Protocol
Uniswap
Aptos
Dai
Stacks
Cosmos
Filecoin
Ethereum Classic
Arbitrum
Render Token
Immutable
Crypto.com Coin
The Graph
Stellar
Hedera Hashgraph
Optimism
Injective Protocol
VeChain
Maker
Fetch.ai
Lido DAO Token
Sui
Celestia
Sei
Algorand
Flow
Aave
Bonk
Quant
Strike
MultiversX
Synthetix
Axie Infinity
The Sandbox
Mina
Tezos
Ronin
Axelar
Wrapped Axelar
Decentraland
Flare
Chiliz
Akash Network
APEcoin
EOS
Kava.io
Jasmy
AIOZ Network
Helium
Oasis Network
Gnosis
0x
Osmosis
Blur
Ribbon Finance
Curve DAO Token
Ocean Protocol
IoTeX Network
Enjin Coin
Ethereum Name Service
STEPN
1inch
Rocket Pool
Compound
SuperVerse
SKALE Network
Livepeer
Echelon Prime
Golem
Illuvium
Ankr
Galxe
Loopring
Metis
Zcash
Threshold
Mask Network
Basic Attention Token
OriginTrail
Dash
Amp
SushiSwap
Kusama
Convex Finance
Aragon
Wrapped Bitcoin
Marinade Staked SOL
Biconomy
Audius
JITO
UMA
API3
Storj
Helium Mobile
Virtua
VeThor Token
Alchemy Pay
Band Protocol
COTI
MAGIC
yearn.finance
Coin98
Balancer
Marlin
LCX
iExec RLC
Decentralized Social
Celer Network
Cartesi
Big Time
Synapse
Numeraire
Tellor
Civic
Propy
Horizen
Vulcan Forged PYR
Powerledger
Arcblock
TrueFi
Orca
PayPal USD
Bluzelle
Braintrust
Pundi X
Hashflow
Request
Aurora
Kyber Network
Hivemapper
Bounce Token
Orchid
Paxos Standard
Mines of Dalarnia
Gitcoin
XYO
Badger DAO
Gemini Dollar
Liquity
My Neighbor Alice
Metal
SuperRare
Goldfinch
Adventure Gold
Spell Token
Ethernity Chain
Origin Protocol
Access Protocol
BENQI
Clover Finance
Bancor Network Token
ARPA Chain
Polkastarter
NKN
Highstreet
Maple
Ampleforth Governance Token
Gods Unchained
Boba Network
Perpetual Protocol
DIMO
Function X
Pangolin
Aavegotchi
district0x
Aergo
Forta
IDEX
Orion Protocol
Onyxcoin
DIA
Measurable Data Token
DEXTools
Elastos
Alchemix
Enzyme
Litentry
League of Kingdoms Arena
Aleph.im
UniFi Protocol
Bonfida
Rarible
Green Satoshi Token
Euro Coin
HOPR
Assemble Protocol
PolySwarm
PARSIQ
Stafi
Circuits of Value
Voxies
Kryll
Vara Network
Harvest Finance
Aventus
AirSwap
Inverse Finance
SHPING
Cryptex Finance
Sperax
Chrono.tech
SUKU
MATH
SwftCoin
Augur
GYEN
Pluton
Muse
Rai Reflex Index
Wrapped Centrifuge
Wrapped Ampleforth
Marinade
Media Network
Index Cooperative
Dypius
Liquid Staked ETH
BitDAO
Ondo Finance
Zetachain
Coinbase Wrapped Staked ETH
Radworks
Shapeshift FOX Token
Velo
Aerodrome Finance
Seamless
00 Token
Website Languages: 
German
English
Spanish
French
Italian
Japanese
Dutch
Polish
Portuguese
Russian
Turkish
Thai

Anonymity

Like most cryptocurrency exchanges, Coinbase Pro requires users to verify their identity through a Know Your Customer (KYC) process before they can access trading features and deposit or withdraw funds. Users must provide personal information, such as their full name, address, date of birth, and government-issued identification, to comply with regulatory requirements and prevent fraud and money laundering.

Reputation

Coinbase Pro was founded in 2012 and has built a strong track record of reliability and professionalism. The platform has garnered positive reviews from users and industry experts alike, contributing to its reputable status.

Pros and Cons

Supports a huge number of coins and pairs
Supports advanced trading features like NFT and futures trading
Supports an avalanche of fiat currencies and payment methods
Interface is clean, lean, and clear
Properly licensed in the United States
No welcome offer for new users
No investment program for their customers
Transaction fees are high when compared with others
No email support feature

Gemini, established in 2014, is a reputable cryptocurrency exchange founded by the Winklevoss twins. It offers a secure platform for users to buy, sell, and store various digital assets.

General Information

Year founded: 
2015
Coins Available: 
Bitcoin
Ethereum
Uniswap
Chainlink
Litecoin
Aave
Bitcoin Cash
Curve DAO Token
Synthetix
Compound
yearn.finance
Ren
Zcash
Maker
Decentraland
Filecoin
Dai
PAX Gold
0x
Amp
Balancer
Basic Attention Token
Orchid
UMA
Kyber Network
Storj
Dogecoin
Tezos
Solana
Polkadot
Avalanche
XRP
Cosmos
Gemini Dollar
USD Coin
Tether
Helium
Samoyedcoin
STEPN
Zebec Protocol
Ankr
APEcoin
API3
Arbitrum
Axie Infinity
Blur
Chiliz
Cryptex Finance
Dogelon Mars
Ethereum Name Service
Ethernity Chain
Fantom
Fetch.ai
GALAXIA
Geojam Token
Immutable
Injective Protocol
IoTeX
Lido Staked ETH
Lido DAO Token
Livepeer
Loopring
Mask Network
Pepe
Polygon
Galxe
Push Protocol
Qredo
Quant
Render Token
SHIBA INU
SKALE Network
Stargate Finance
SuperRare
SushiSwap
Terra
The Graph
The Sandbox
Wrapped Ethereum
GHO
Alethea Artificial Liquid Intelligence Token
Somnium Space

Anonymity

Gemini enforces strict KYC and AML protocols. Users undergo identity verification and maintaining transparency in accordance with legal standards.

Reputation

Gemini has earned a positive reputation for its emphasis on security, regulatory adherence, and user-friendly experience.

Pros and Cons

Trading on all major cryptocurrencies, plus USD
An investment program with a large annual interest
Gemini Pay supports cryptocurrency payments in stores
Exchange is properly certified, regulated and licensed
Lots of educational resources for users
Not beginner-friendly trading terminal
Limited customer service
Complicated add-on fees
Higher fees than some other exchanges
Operates with only USA license

Coinbase, a major player since its inception in 2012, is a user-friendly cryptocurrency exchange offering a secure platform for buying, selling, and managing a variety of digital assets.

General Information

Year founded: 
2012
Coins Available: 
Bitcoin
Ethereum
Dogecoin
Tether
Cardano
Polkadot
Bitcoin Cash
Litecoin
Solana
USD Coin
Avalanche
SHIBA INU
Crypto.com Coin
Wrapped Bitcoin
Uniswap
Chainlink
Polygon
Algorand
Stellar
Axie Infinity
Decentraland
TerraUSD
Filecoin
Ethereum Classic
Cosmos
Dai
Tezos
The Graph
EOS
Aave
Loopring
Maker
Enjin Coin
Quant
Chiliz
Zcash
Amp
Dash
Compound
Celo
IoTeX
Curve DAO Token
Basic Attention Token
OMG Network
yearn.finance
SushiSwap
Horizen
Livepeer
Voyager Token
UMA
Ankr
Perpetual Protocol
Synthetix
Bancor
0x
Paxos Standard
Ren
XYO
SKALE Network
Storj
1inch
OriginTrail
Fetch.ai
NuCypher
Polymath
Cartesi
Function X
Numeraire
COTI
NKN
Civic
Orchid
iExec RLC
Badger DAO
Band Protocol
Gala
Rally
PlayDapp
Keep Network
Rari Governance Token
Alchemy Pay
TrueFi
Augur
Orion Protocol
Mirror Protocol
Request
Enzyme
ARPA Chain
LCX
Balancer
DFI.Money
BarnBridge
DerivaDAO
Ampleforth
Tellor
Rarible
district0x
Assemble Protocol
SUKU
Harvest Finance
Kryll
Bounce Token (Old)
mStable USD
Kyber Network
Internet Computer
Origin Protocol
Powerledger
Ethereum Name Service
Jasmy
Tribe
Braintrust
Mask Network
Alchemix
Radicle
Adventure Gold
Clover Finance
QuickSwap (Old)
Gitcoin
Rai Reflex Index
GYEN
Wrapped LUNA
Wrapped Centrifuge
Media Network
BitDAO
Vara Network
Liquid Staked ETH
Wrapped Ampleforth
Binance Coin

Anonymity

Committed to regulatory compliance, Coinbase adheres to strict KYC and AML protocols, necessitating user identity verification and preventing the establishment of anonymous accounts.

Reputation

With a solid reputation, Coinbase is widely recognized for its reliability, ease of use, and regulatory adherence. As a publicly traded company, it holds a position of trust in the cryptocurrency market.

Pros and Cons

Low minimum deposit
Offers a variety of assets
Fast crypto withdrawals
Lists smaller assets before other big exchanges
User-friendly interface with intuitive design
Higher fees than some other exchanges
Support not available on bank holidays
Controls customers' private keys
Restricted to many countries
Doesn't offer many advanced services

As one of the pioneers in the cryptocurrency space since 2011, Bitstamp stands out as a reputable exchange. It provides a straightforward platform for users to trade a variety of digital assets.

General Information

Year founded: 
2011
Coins Available: 
Bitcoin
Ethereum
Tether
Solana
XRP
USD Coin
Cardano
Avalanche
Dogecoin
Polkadot
Polygon
Chainlink
Wrapped Bitcoin
SHIBA INU
Dai
Litecoin
Bitcoin Cash
Uniswap
Injective Protocol
Lido DAO Token
Stellar
NEAR Protocol
Hedera Hashgraph
Immutable
Maker
The Graph
Algorand
Aave
Render Token
Fantom
Synthetix
The Sandbox
Axie Infinity
Paxos Standard
Sui
Decentraland
Gala
Chiliz
Curve DAO Token
Fetch.ai
Flare
Nexo
APEcoin
Enjin Coin
1inch
SKALE Network
Ethereum Name Service
Compound
Basic Attention Token
Loopring
OriginTrail
Convex Finance
PayPal USD
0x
yearn.finance
Aragon
SushiSwap
Audius
Band Protocol
Storj
Cartesi
Solar
Gemini Dollar
Amp
UMA
Smooth Love Potion
Kyber Network
Vega Protocol
Stella
Perpetual Protocol
Radicle
Gods Unchained
Maple
Staked Ether
Euro Coin
Rally
EUR CoinVertible
Wecan
DGLD
dYdX
Songbird
Euro Tether

Anonymity

Aligning with regulatory requirements, Bitstamp prioritizes security through KYC and AML procedures. User identities are verified, preventing anonymous account creation.

Reputation

Bitstamp has built a solid reputation over the years, known for its reliability, transparent operations, and commitment to adhering to regulatory standards.

Pros and Cons

An advanced trading platform
Low fees and high liquidity
Supports lots of different payment options
Efficient and dedicated phone and email support
Lots of charting tools
No Live chat customer support
Slow verification process
International wire transfer takes 2 to 5 days to clear
A few number of coins on offer
Was hacked in 2015

XT.com Crypto Exchange is a global digital asset trading platform offering a wide range of cryptocurrencies and innovative financial products to users worldwide.    

General Information

Year founded: 
2018
Coins Available: 
Bitcoin
Ethereum
Litecoin
Chainlink
Polkadot
EOS
Bitcoin SV
Gera Coin
Cardano
Qtum
Dash
Neo
Ethereum Classic
XT.com Token
Stellar
Monero
Tezos
Bitcoin Cash
XRP
Ontology
Homeros
TRON
AMEPAY
Bitcoin Cash ABC
SushiSwap
Uniswap
BitCore
Aave
OMG Network
1inch
Compound
Tokenlon Network Token
pNetwork
Bytom
Dai
NEM
Lisk
Band Protocol
ForTube
Numeraire
Ren
Siacoin
Orient Walt
Bancor
Dogecoin
Synthetix
TrueUSD
Augur
BitShares
Balancer
Kava.io
Decred
WaykiChain
API3
Enzyme
Paxos Standard
Nebulas
Kyber Network
Horizen
Curve DAO Token
BitcoinV
Gleec
0x
DMM: Governance
Zcash
Decentraland
WhiteCoin
ZBG Token
Rise
AirSwap
Super Zero Protocol
Reserve Rights
v.systems
Gemini Dollar
aelf
Nervos Network
Beam
NEST Protocol
X Infinity
DFI.Money
ZB Token
BNS Token
DIA
Ampleforth
Beer Money
Bananatok
Grin
ELYSIA
HEX
The global index chain
YFIII
YFET
Tether
StakeCubeCoin
Cosmos
TokenSwap
BLink
Blockmason Link
Gamium
Algorand
Zilliqa
Storj
Loopring
Hashflow
YES Token

Anonymity

XT.com implements KYC verification measures, requiring users to complete identity verification procedures to access certain features and higher transaction limits.    

Reputation

XT.com has garnered a positive reputation within the cryptocurrency community for its robust security measures.    

Pros and Cons

More than 100 top quality tokens
More than 1000 pairs for traders
Very low trading fees
Efficient mining platform
An NFT marketplace
No educational resources or study guides
High withdrawal fees
Few base currencies for leveraged trading
No insurance for users’ funds
No licensing and registration data

Disclaimer: The information provided on this website is for informational purposes only and should not be considered as financial, investment, or legal advice. Cryptocurrency investments are volatile and high-risk in nature. Consult with a qualified financial advisor and/or tax professional before making any investment decisions. We are not responsible for any loss incurred due to the use of information on this website. Do your own research and exercise caution. Don’t invest unless you’re prepared to lose all the money you invest.

 

Buying Bitcoin With PayPal on Exchanges - Guide

Some of the best crypto exchanges provide advanced trading capabilities, higher liquidity, and support for a wider range of cryptocurrencies beyond just Bitcoin.

Here's a six-step guide on buying Bitcoin with PayPal on exchanges:
 

1. Find a Preferred Exchange

Research and select a reputable and safe cryptocurrency exchange that accepts PayPal as a payment method for buying Bitcoin and other cryptos. 

Read our reviews of the selected exchanges - KuCoin, Uphold, Kraken, Binance, and Coinbase, to see different features and investing tools.

Make sure to check user reviews on Reddit and Trustpilot. 

Note the trading volumes, security protocols, and regulatory compliance when evaluating potential exchanges. 

Prioritize well-established platforms with a solid track record in the crypto industry. 

Remember, some exchanges were launched way back in 2013, but that doesn’t mean you’ll like their services.

Maybe you’d also consider new crypto exchanges. 

If you’re not a fan of identity verification, check out the best decentralized exchanges for more freedom and anonymity.
  

2. Open an Account and Verify ID

Now, go through the exchange's account opening process by providing your personal details and uploading the required identity verification documents like a photo ID. 

You may also need to provide proof of address with a utility bill or a bank statement. 

Regulated exchanges must confirm users' identities to comply with financial regulations.

This is known as a Know Your Customer (KYC) process. It’s a part of the Anti-Money Laundering regulations and makes a centralized exchange compliant.

This process often lasts several minutes and is automatic. You’ll scan a QR code with your phone and follow the instructions on the screen.

Some exchanges manage this manually, and you might wait a few days for verification.

The good news is that a verified ID gives you access to all features and tools and lifts all limitations for withdrawing and depositing.

Still, it means you can’t buy Bitcoin with PayPal anonymously on the exchange.
 

3. Deposit Funds With PayPal

After account activation, link your PayPal account or enable it as a payment option on the exchange

Then initiate a deposit transaction, specifying the amount of fiat currency you want to add from PayPal.
 

4. Locate the Instant Buy/Trading Section

Most crypto exchanges have a simple "Buy" or "Instant Buy" section where you can quickly buy crypto after funding your account balance. 

The instant buy option usually works in minutes and you’ll receive Bitcoin quickly. Still, with this feature, you can’t select a price and set an order.

If you’re an advanced trader, you may prefer the exchange's trading view interface.

There, you’ll see various order options where you can set a price and wait for the order to fulfill. 
 

5. Check Details and Confirm Purchase

Review all the key order details like Bitcoin amount, purchase rates, payment method, fees, and total cost. 

Ensure everything looks accurate, then confirm and place your PayPal-funded buy order for Bitcoin.

Note that crypto transfers are usually fast, but if there’s network congestion, your BTC might arrive in about 20 to 30 minutes. 
 
 

How to Store BTC You Bought With PayPal

After purchasing Bitcoin through PayPal, you have various storage options. 

When you buy Bitcoin through PayPal or receive BTC payments to your PayPal account, your Bitcoin holdings will automatically be reflected in the built-in Cryptocurrencies Hub

The Hub serves as a hosted crypto wallet under PayPal's custody, meaning the platform stores and secures your private keys.

If you’re new to the crypto market, know that this type of storage means you don’t have control over your holdings

PayPal might, for any reason, prohibit you from accessing your Bitcoin and withdrawing it. 

Holding funds on PayPal also means you’ll have limited access to the usual trading tools.

This is why you may want to learn how to send Bitcoin from PayPal to another private wallet. 

However, if you want to withdraw your BTC to your own private wallet, you’ll need to complete additional verification steps, such as:
 

  1. Providing a government-issued photo ID like a driver's license or passport to confirm your identity
  2. Submitting proof of address documents like a utility bill or bank statement, if not already done during the registration process
  3. Answering personal security questions about your PayPal account history
  4. Confirming your source of cryptocurrency funds
  5. Agreeing to PayPal's crypto terms of service and user policies
  6. Setting up two-factor authentication and advanced security checks on your account

The specific requirements can vary based on factors like your account tenure, transaction volumes, and prevailing regulations in your geographic region when requesting a Bitcoin withdrawal from PayPal. 

Once you do this, you can withdraw BTC from PayPal in four steps:
 

  1. Have a secure Bitcoin wallet ready with its address to receive the transfer
  2. In your PayPal account, go to the Crypto section and select "Withdraw" or "Send" next to your BTC balance
  3. Enter the destination wallet address you want to withdraw to
  4. Review withdrawal details like network fees, then confirm to initiate the BTC transfer

Your Bitcoin should arrive in the designated external wallet within 30-60 minutes once processed by PayPal and the blockchain network.
 

Pros and Cons of Storing BTC on PayPal 

Keeping your Bitcoin stored in your PayPal wallet is convenient, as you don't have to worry about self-custody and securing private keys and funds yourself. 

You can easily monitor your PayPal Bitcoin balance and transaction history within your PayPal account. 

You also have the flexibility to sell your BTC balance back to fiat currency if needed. Plus, there’s an option to withdraw to an external wallet at any time.

However, storing BTC on PayPal means you don't have full control over your holdings compared to withdrawing to a private wallet you control. 

If you prefer to control your private keys directly, withdraw BTC to your private crypto wallet. 

Keep in mind that in this case, you are fully responsible for securing those private keys properly as well as backing up your personal wallet regularly.
 

Why Withdraw to a Private Wallet?

Besides having complete control and ownership, you may want to withdraw Bitcoin purchased on PayPal to your own cryptocurrency wallet for several reasons:
 

  • Access to blockchain features, like lending or borrowing while using Bitcoin as a collateral
  • Enhanced security
  • More crypto swapping options
  • Lower transactions fees

Keep in mind that personal wallets can be hot and cold. 

Hot wallets are those connected to the internet, like Crypto.com or Trust Wallet. Due to their online connection, these wallets are susceptible to cyber attacks and might not be the best storage option. Investors use them if they need to often deal with trades.

On the other hand, you have cold wallets, which are physical hardware. These connect online only when you're about to make a transaction. Ledger is the best example and one of the top cold wallets out there.

 

Pros and Cons of Storing BTC on an Exchange

Pros of keeping your holdings on an exchange are:
 

  • Convenience for trading
  • Various trading tools
  • Security measures (cold storage and insurance)
  • Other features (web3, trading bots, etc)

On the other hand, cons include:
 

  • You don't fully control the private keys – the exchange does, just like PayPal
  • Exchanges can be hacked, putting your funds at risk
  • Potential service outages could prevent you from accessing your cryptos

It’s worth noting that major exchanges typically provide insurance protection in case of fund loss. 

However, this coverage is often complex and depends on multiple factors. 

You may not be eligible for it in case of some incidents that are deemed to be directly your fault. For example, clicking on a phishing link. 
 
 

How to Transfer Bitcoin on PayPal

In addition to buying Bitcoin, PayPal allows you to send Bitcoin on PayPal and to external wallets.

To send Bitcoin from PayPal, follow the next steps:
 

  1. Go to the Finance tab
  2. Click your crypto balance and choose “Transfer
  3. Click Send
  4. Sync your contacts if you’re sending to another PayPal account
  5. Manually paste an address if you’re sending outside of PayPal or scan a QR code
  6. Choose the amount you want to send and click “Send Now”

 

How to Receive Bitcoin on PayPal

PayPal makes it easy to receive Bitcoin payments from others directly into your account. Follow the simple five-step instructions outlined below to receive Bitcoin on PayPal:
 

  1. Go to the Finance tab
  2. Click your crypto balance and choose “Transfer
  3. Click Receive
  4. Choose BTC
  5. Copy your wallet address or share its QR code

 

Pros & Cons of Buying Bitcoin on PayPal

Here are some pros and cons to consider when buying BTC With PayPal:
 

Pros and Cons of Buying BTC With PayPal

Pros

Cons

User-friendly crypto purchase experience

Higher fees compared to crypto exchanges

Ability to use PayPal cash balance or linked payment methods

Cannot use PayPal for purchases on decentralized exchanges

Option to withdraw BTC to an external wallet

Lack of advanced trading features

Reputable and regulated platform for crypto transactions

 

Familiar interface

 

 

Best Practices When Buying Bitcoin on PayPal

Besides having a basic understanding of the PayPal Bitcoin wallet, pricing, and BTC transfers, you should also be aware of nuances, such as:
 

  1. Security - make sure your PayPal account is secured with a strong password and two-factor authentication (2FA) on your device 
  2. The right website -  buy Bitcoin on the legitimate PayPal website (paypal.com) or use the official PayPal mobile app to avoid scams
  3. Location limits - make sure to check PayPal’s crypto availability in your area. The list of supported countries will likely expand in years to come 
  4. Tax implications - understand the tax treatment and reporting requirements for crypto purchases in your area. Check with your local taxation body to be sure how to report taxes

PayPal has weekly limits on how much crypto you can buy. 

Additionally, it supports only major cryptos, like Ethereum (ETH), Litecoin (LTC), and Bitcoin Cash (BCH). If you wish to buy altcoins like Ripple (XRP) or Shiba Inu (SHIB), you'll have to use the exchange.

Its weekly purchase limit is $100,000 worth of cryptocurrencies.

You can also set recurring purchases and buy Bitcoin automatically daily, weekly, biweekly, or monthly.
 

Tax Record Keeping From the Get-Go

When buying Bitcoin with PayPal, it's important to keep good records for tax purposes. Here are some tips on saving tax information.

Save records of all your crypto transactions on PayPal, including purchase amounts, dates, fees paid, etc. PayPal provides a transaction history.

Note the USD value of the BTC at the time of each purchase for calculating potential capital gains/losses later.

If you transfer BTC off PayPal to an external wallet, record the amount transferred and fair market value on those dates. Save transaction ID for details.

Download annual tax reports provided by PayPal that summarize your crypto transaction details.

Use crypto tax software or consult an account to properly calculate taxes owed on capital gains when selling.

Keep all records organized for at least seven years in case of any tax agency audit.

Diligently track your cryptocurrency cost basis, sales proceeds, and transaction details from the start on PayPal to make tax filing much easier. Proper record-keeping is crucial for remaining compliant.
 

 

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At CryptoManiaks, helping you make sense of crypto is our goal. Our shared interest in the crypto space enables us to test the waters before you, create trustworthy guides, and show you how to buy Bitcoin with PayPal.

We have personally invested time and effort into the process of buying Bitcoin with PayPal to show you firsthand insights and steps to take today.

Frequently Asked Questions

How Do I Link My PayPal Account to a Bitcoin Buying Platform?

To link your PayPal account to a Bitcoin buying platform, you'll need to follow a few simple steps. First, ensure that the Bitcoin buying platform you choose supports PayPal as a payment method. Log in to your PayPal account and navigate to the settings or profile section. Look for an option related to "Linking External Accounts" or "Payment Methods." Click on this option and select "Add New Account." Enter the necessary details of the Bitcoin buying platform, such as its name and website URL. 

Is There a Minimum or Maximum Limit for Buying Bitcoin With PayPal?

There is typically a minimum and maximum limit in place. The minimum limit ensures that users can make small purchases without any issues, while the maximum limit prevents excessive purchases that may raise security concerns. These limits are usually determined by the platform or exchange you are using to buy Bitcoin.

How Long Does It Take to Complete a Bitcoin Purchase Using PayPal?

When purchasing Bitcoin using PayPal, the transaction typically takes around 10-15 minutes to complete. This duration may vary depending on several factors such as network congestion, transaction volume, and the efficiency of the exchange platform. It is always recommended to check the specific terms and conditions of the exchange platform you are using for a more accurate estimate of the transaction time.

How Secure Is Buying Bitcoin With PayPal?

Buying Bitcoin with PayPal is a highly secure method due to the advanced encryption protocols and multi-factor authentication implemented by both PayPal and Bitcoin platforms. When making a purchase, PayPal ensures that all transactions are encrypted to protect user information and financial data. Additionally, PayPal offers buyer protection, which provides an extra layer of security in case of any fraudulent activity. 

Are There Any Risks Involved in Buying Bitcoin With PayPal?

PayPal's buyer protection policy may not cover digital currencies like Bitcoin, so in case of any disputes or issues, it might be challenging to seek a resolution. It is advisable to thoroughly research and understand the terms and conditions of both PayPal and the platform you are using for Bitcoin transactions before proceeding.

Who Offers the Best Rates for Buying Bitcoin With PayPal?

When it comes to buying Bitcoin with PayPal, there are several platforms that offer competitive rates. However, based on recent market analysis and user reviews, exchanges like Coinbase, Kraken, and others from our list offer good rates for BTC purchases. Additionally, these exchanges offer a seamless and secure transaction process, making them an ideal platform for both beginners and experienced traders alike.

Written by

When Mileva invested in Bitcoin at the end of 2017, she never believed she’d end up becoming so focused on fintech. Still, cryptocurrencies have become her passion and she decided to take it up a notch. She navigates the realms of gambling, fintech, and the written word with ease and loves every minute of it. When she’s not working, she spends her time on CryptoPanic, planning her next move, cooking, baking, or working in her garden. She also plays Texas Hold 'em with a passion. 

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