How to Buy Crypto with PayPal in 2024

PayPal launched crypto support in October. 21, 2020, primarily for the US residents.

It now offers several cryptocurrencies, including Bitcoin, Ethereum, Litecoin, Bitcoin Cash, and its latest addition – PayPal USD.

To see how to buy crypto with PayPal on mobile, 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 the “Finances” tab, then Crypto
• Step 3 – Choose Bitcoin and click “Buy” to set an amount
• Step 4 – Input and confirm information
• Step 5 – Read the PayPal Cryptocurrencies Terms and Conditions and accept
• Step 6 – Input your SSN or TIN and personal info
• Step 7 – Select a payment method and review
• Step 8 – Send your BTC to a wallet (or keep it on PayPal)

To buy crypto with PayPal on desktop, follow these slightly different instructions:

• Step 1 – Sign up on PayPal or log in
• Step 2 – Click “Finances” tab
• Step 3 – Choose Bitcoin and click “Buy” to set an amount
• Step 4 – Select payment method
• Step 5 – Review and click “Buy now”
• 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

• PayPal supports PayPal USD, Bitcoin, Ethereum, Litecoin, and Bitcoin Cash
• Users can buy crypto with PayPal or on exchanges that support PayPal
• PayPal crypto support is not yet available in all countries
• PayPal also allows BTC and crypto withdrawals
• PayPal gives a useful overview of past transactions for tax purposes
• The best way to store Bitcoin and crypto is still a cold personal wallet

Steps to Buy Crypto Directly on the PayPal App

Buying crypto with PayPal has become more accessible, allowing users in the US to conveniently purchase digital assets through a familiar platform.

Here are the steps to get started on the PayPal app:

• Step 1 – Sign up on PayPal or log in
• Step 2 – Choose the “Finances” tab, then Crypto
• Step 3 – Choose Bitcoin and click “Buy” to set an amount
• Step 4 – Read the PayPal Cryptocurrencies Terms and Conditions and accept
• Step 5 – Input your SSN or TIN and personal info
• Step 6 – Select a payment method and review
• Step 7 – Send your BTC to a wallet (or keep it on PayPal)

On the other hand, if you want to buy crypto via PayPal on a desktop, here’s what you need to do:

• Step 1 – Sign up on PayPal or log in
• Step 2 – Click “Finances” tab
• Step 3 – Choose Bitcoin and click “Buy” to set an amount
• Step 4 – Select payment method
• Step 5 – Review and click “Buy now”
• Step 6 – Send your BTC to a wallet (or keep it on PayPal)

Step 1 – Sign Up on PayPal or Log In

Create an account on PayPal in three simple steps:

1. Download the PayPal App
2. Open the application
3. Log in or click “Sign Up” if you don’t have an 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

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

Step 2 – Choose the “Finances” tab, Then Crypto

To enter the crypto section, do this:

1. Click “Finances” on the bottom
2. Click on the “Crypto” tab at the top

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.

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

Next, follow these instructions:

1. Scroll down and select “Bitcoin” or another crypto
2. Select how much you want to buy
3. Click “Buy”

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/crypto equivalent based on the current market exchange rate.

Step 4 – Read the PayPal Cryptocurrencies Terms and Conditions and Accept

Click “Continue” and read the PayPal Cryptocurrencies Terms and Conditions. These outline the rules, limitations, and responsibilities associated with buying and holding cryptocurrencies through PayPal.

Scroll down and accept the Terms and Conditions after reviewing them thoroughly to ensure you understand and agree to the stipulations before finalizing your crypto purchase.

Step 5 – Input your SSN or TIN and Personal Info

PayPal will prompt you to input your Social Security Number (SSN) or Tax Identification Number (TIN) for verification and compliance purposes.

You’ll also need to select, edit, or add your current residential address associated with your account.

Confirm your information before proceeding with the crypto purchase.

Step 6 – Select Payment Method and Review

As the final step, select your payment method and review the exchange rate and how much Bitcoin/crypto you are buying. Then, click “Buy Now.”

It’s important to note that exchange rates frequently update as the value of crypto is constantly changing.

Review the transaction fee (varies based on the USD value of your crypto purchase).

Only PayPal USD transactions incur no fees when purchasing.

However, fees are applicable when converting between PYUSD and any other supported cryptocurrencies.

If you opt for a linked bank account or debit card to purchase crypto, your bank may have its own charges, such as an overdraft or insufficient fund fees (if applicable).

PayPal bears no responsibility for any fees imposed by your bank.

Step 7 – Send Your BTC to a Wallet (or Keep it on PayPal)

After your Bitcoin/crypto purchase is complete, you’ll have a choice of what to do with your newly acquired coins.

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 example Crypto.com) 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.

You can turn on notifications on PayPal for price changes of 5% or more, or opt out if not interested.

To send BTC to a private wallet, do the following:

1. Click “Finances” on the bottom to see your crypto balance
2. Select the cryptocurrency you want to send (Bitcoin)
3. Next to the “Sell” button, click on the 2 arrows to send your BTC
4. Click “Send”
5. Insert your Bitcoin wallet address at the top
6. Input how much Bitcoin you want to send
7. Review that the wallet address is correct. Network fees will vary accordingly
8. Click “Send Now”

Steps to Buy Crypto on PayPal Desktop

Here’s how to buy crypto on a desktop via a browser.

Step 1 – Sign up on PayPal or Log In

To purchase BTC through PayPal on a desktop computer, go to the PayPal website and log in or click “Sign Up” if you don’t have an account.

Make sure to only create an account on PayPal’s official website, www.paypal.com. Follow the prompts to create a new PayPal account, providing the required personal and financial information.

When you log in, you’ll be able to access PayPal’s cryptocurrency buying and selling features from your account dashboard.

Step 2 – Click the “Finances” Tab

Once logged into your PayPal account on the desktop website, click on the “Finances” tab located at the top of the page. This will open a sub-menu with various financial options.

Scroll down through the options until you find “Bitcoin” (or the cryptocurrency you want to buy), and select it.

This will take you to the cryptocurrency buying interface, where you can proceed with your crypto purchase.

Step 3 – Choose Bitcoin or Other Coin and Click “Buy” to Set an Amount

On the Bitcoin purchase page, you will be prompted to select how much crypto you want to buy.

Enter the desired amount in your local currency or specify the quantity of Bitcoin you want to get.

Once you have decided on the purchase amount, simply click the “Buy” button to proceed with the transaction.

Step 4 – Select 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.

Step 5 – Review and Click “Buy now”

When buying crypto on PayPal, it’s crucial to be aware of the associated fees and expenses.

PayPal charges a transaction fee, typically a percentage of the purchase amount, for facilitating the crypto trade.

Additionally, there may be a spread or markup on the exchange rate between fiat currency and the cryptocurrency being purchased.

You should also look out for any potential network fees or gas fees charged by the respective blockchain network for processing the transaction.

Review PayPal’s fee structure and compare it with other crypto exchanges or platforms to ensure you’re getting a fair deal.

Once you’re sure everything looks good, click the “Buy now” button.

Step 6 – Send Your Crypto to a Wallet (or Keep it on PayPal)

After purchasing crypto on PayPal, you have the option to either keep your holdings within the PayPal platform or transfer them to an external cryptocurrency wallet.

The decision often depends on personal preferences, such as the desired level of control, security concerns, and long-term investment goals.

Keeping Bitcoin on PayPal offers a decent level of convenience. You can still send your crypto, swap it for USD, or move it to an exchange. However, PayPal doesn’t offer all the features a usual exchange would have.

On the other hand, if you want to maintain more control over your funds, it’s best to move your holdings to a personal hardware or software wallet.

Top Crypto Exchanges that Support PayPal

While PayPal offers direct Bitcoin and crypto purchases, you may prefer to buy BTC on crypto exchanges that support PayPal. This method provides more options for trading and investing.

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

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.

How to Transfer Crypto on PayPal

In addition to buying cryptocurrency with PayPal, the platform allows you to send your holdings on PayPal and to external wallets, just like you would if you buy crypto on Venmo or Cash App.

To send crypto 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 Crypto on PayPal

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

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

Buying Crypto on PayPal – Pros & Cons

These are the key pros and cons to consider before buying crypto on PayPal:

Buying crypto via PayPal – Pros and Cons

Buying cryptocurrency on PayPal offers both pros and cons that users should consider.

On the plus side, PayPal provides a user-friendly experience for crypto purchases, allowing users to leverage their existing PayPal cash balance or linked payment methods.

Additionally, it offers the option to withdraw Bitcoin to an external wallet, catering to those who prefer self-custody.

As a reputable and regulated platform, PayPal brings a sense of security and trust to crypto transactions.

However, there are also drawbacks to consider.

PayPal typically charges higher fees compared to dedicated cryptocurrency exchanges, which can impact the overall cost of buying crypto.

Furthermore, PayPal’s crypto services are limited. It does not offer many popular altcoins such as Ripple, Dogecoin, or Solana.

Investors cannot use the platform for purchases on decentralized exchanges or access advanced trading features found on centralized crypto exchanges.

It’s crucial to weigh these factors based on one’s specific needs and preferences when deciding whether to buy crypto through PayPal or explore alternative options.

All You Need to Know About Crypto

A cryptocurrency is a digital or virtual currency that uses cryptography for security. Unlike traditional currencies, it is typically decentralized and operates on blockchain technology.

Blockchain is a decentralized ledger that records all transactions across a network of computers, ensuring transparency and security.

Transactions are secured using cryptographic techniques, making them highly secure and resistant to fraud.

Users can transact pseudonymously, protecting their privacy. Additionally, cryptocurrencies enable fast and low-cost international transactions.

Cryptocurrencies can be used for various purposes and many people view them as a speculative investment.

They are also used for buying goods and services online and in some physical stores.

Additionally, Ethereum’s smart contracts enable decentralized applications (DApps) and other blockchain-based services.

Decentralized Finance (DeFi) offers financial services without intermediaries, such as lending, borrowing, and trading.

Still, cryptocurrencies are highly volatile, and their prices can fluctuate significantly.

Regulatory status varies widely by country and is constantly evolving. While blockchain technology is secure, exchanges and wallets can be hacked.

Although growing, mainstream adoption is still limited.

Why Trust Us?

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 crypto with PayPal.

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

Frequently Asked Questions

1. 01.

   How Secure Is It to Purchase Cryptocurrency With PayPal?

   

   Purchasing cryptocurrency with PayPal is an incredibly secure method due to the advanced security measures implemented by both PayPal and the cryptocurrency platforms. When buying crypto with PayPal, your transactions are protected by PayPal’s robust encryption protocols, ensuring that your financial information remains confidential.

2. 02.

   Are There Any Fees Associated With Buying Crypto Using PayPal?

   

   When purchasing crypto through PayPal, the platform charges a small transaction fee to cover the costs of processing the payment and ensuring the security of the transaction. The fee is typically a percentage of the total amount being purchased and may vary depending on the specific cryptocurrency and the region you are in. It may range from $1.99 to 1.50% of the transaction.

3. 03.

   What Are the Limitations or Restrictions When Buying Crypto With PayPal?

   

   When buying crypto with PayPal, there are a few limitations and restrictions to keep in mind. Firstly, PayPal imposes a maximum transaction limit for purchasing cryptocurrencies, which is typically set at $10,000 per transaction. Additionally, there might be a daily or weekly limit on the total amount of cryptocurrency you can buy using PayPal. PayPal may require users to go through a verification process to ensure compliance with anti-money laundering (AML) and know-your-customer (KYC) regulations.

4. 04.

   Do I Need a Verified PayPal Account to Buy Crypto?

   

   PayPal requires users to verify their identity and link their bank account or credit card to their PayPal account for security purposes. Verifying your PayPal account ensures that you are a legitimate user and helps prevent fraud and unauthorized transactions. Once your PayPal account is verified, you can easily and securely purchase cryptocurrencies.

5. 05.

   How Can I Link My PayPal Account With a Cryptocurrency Exchange?

   

   To link your PayPal account with a cryptocurrency exchange, first, ensure that the cryptocurrency exchange you are using supports PayPal as a payment method. Once confirmed, log in to your cryptocurrency exchange account and navigate to the “Payment Methods” or “Wallet” section. Look for the option to add a new payment method and select PayPal from the list. You will then be prompted to enter your PayPal account details and authorize the connection between your PayPal account and the cryptocurrency exchange.

6. 06.

   How Long Does It Take for the Purchased Cryptocurrency to Reflect in My Wallet?

   

   When buying cryptocurrency with PayPal, the time it takes for the purchased cryptocurrency to reflect in your wallet can vary depending on several factors. Generally, the process is quite fast and seamless, with most transactions being completed within a matter of minutes. In some cases, it may take slightly longer for the transaction to be confirmed and for the cryptocurrency to appear in your wallet.