How To Buy Bitcoin on PayPal
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Bitcoin, born in 2009, was the first of more than 19,000 cryptocurrencies that are now being bought and sold on various cryptocurrency exchanges every day. In 2020, PayPal announced a new feature that allows users to buy, sell, and exchange select cryptocurrencies, including Bitcoin, Ethereum, Bitcoin Cash, and Litecoin, through the PayPal platform. Users also have access to PayPal’s Checkout With Crypto feature to pay for select purchases.
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Buying Bitcoin and other supported cryptocurrencies on PayPal is a straightforward process. But before making a purchase, you should understand that buying cryptocurrency is an investment and like any investment, there is risk.
A PayPal account is required to buy bitcoins on PayPal. Signing up is easy and can be done on the PayPal website or through the PayPal mobile app when making your first bitcoin purchase.
How to buy bitcoin with PayPal
You can start buying bitcoin by buying just $1. During the purchase process you will need to confirm your account information.
How to buy bitcoin with PayPal:
- Sign in to your PayPal account.
- Go to the PayPal dashboard.
- Click on the “Crypto” button.
- Select “Bitcoin” from the list of available cryptocurrencies.
- Click the Buy button.
- Follow the prompts to accept the PayPal Cryptocurrency Terms of Service and confirm your account information.
- Enter or select a purchase amount and complete the purchase.
Fees for buying crypto on PayPal
You pay a fee to buy and sell bitcoin and other cryptocurrencies on PayPal. PayPal fees range from 49 cents to $2.49 for crypto purchases from $1 to $200. There is a 1.8% fee for purchases from $200.01 to $1,000 and a 1.5% fee for purchases over $1,000.01.
Setting crypto price alerts through the PayPal app
With the PayPal mobile app, you can set up a custom price alert to receive a push notification on your phone whenever your set crypto value changes by 5%, 8%, or 10% over a 24-hour period. Setting up alerts can help you buy and sell at a profit.
Does PayPal accept crypto?
PayPal does not directly accept crypto as a form of payment. However, it offers a Checkout With Crypto feature for any US user who has sufficient PayPal crypto balance. If you select the “Pay with Crypto” option when using your PayPal wallet to make a purchase, PayPal will convert enough crypto to US dollars at the current exchange rate to complete your purchase.
Can you withdraw crypto from PayPal?
PayPal enables the transfer of Bitcoin and other supported cryptocurrencies from a US PayPal wallet to other supported crypto wallets and exchanges and to other PayPal users, excluding those located in Hawaii. PayPal users can also transfer supported cryptocurrencies from other supported crypto wallets and exchanges to a PayPal wallet.
Bring away
PayPal allows users to buy, sell, hold, and transfer Bitcoin and other supported cryptocurrencies through their PayPal account. Users can also convert a PayPal crypto balance to US dollars during the checkout process to make a purchase. Whether you’re buying or selling crypto with PayPal or using it with the Checkout With Crypto feature, pay attention to exchange rates to minimize the risk of losing money on your Bitcoin purchases. Cryptocurrency is an investment and should be managed as such.
Information is correct as of September 20, 2022.
Editor’s note: This content is not provided by any of the organizations discussed in this article. Any opinion, analysis, review, rating, or recommendation expressed in this article is solely that of the author and has not been reviewed, approved, or otherwise endorsed by any entity named in this article.