How to Buy Bitcoin with PayPal in 2024
How to Buy Bitcoin with PayPal in 2024
PayPal currently has at least 325 million active account holders. The platform is the most prominent online payment system globally, with vast interests in the financial sector. In the last two years, PayPal has made breakthroughs in the cryptocurrency market.
A Bitcoin trader couldn't buy or sell through the PayPal platform until most recently. The gap in service delivery was a significant letdown for Bitcoin's 45 million users. However, this issue is now resolved, and PayPal now enables cryptocurrency as a funding source for digital commerce.
PayPal lifted some of the existing hurdles, including chargebacks, to make the platform a favorable option for Bitcoin traders. For traders wondering how to buy bitcoin with PayPal in 2023, the good news is that, indeed, PayPal offers this option. However, you need to be familiar with the steps involved when buying bitcoins with PayPal.
Can you buy bitcoin with PayPal? Here's your ultimate guide on the PayPal-Bitcoin relationship that matters to any serious cryptocurrency trader.
Start trading cryptocurrencies right now with Coinbase!How to Buy Bitcoin and Other Crypto with PayPal
PayPal sets itself apart as one of a kind online payment platform. Apart from being an easy-to-use platform, PayPal also incorporates some of the unique security features from the risk of fraud. Such unique features make PayPal a preferred option to buy Bitcoin and other cryptos. If you are a novice in cryptocurrency, this topic should interest you.
Most Bitcoin traders who joined crypto trading before the year 2023 didn't have the luxury of using PayPal as a payment option in their trading endeavors. However, today, it's easy for you to buy and sell Bitcoins through PayPal easily. You now buy four types of crypto with PayPal.
The four types of crypto include Bitcoin, Ethereum, Litecoin, and Bitcoin Cash. The new PayPal navigation pane offers the buy and sells Crypto App on the dashboard. Here, Bitcoin and other Cryptocurrency traders can tap, buy or sell, and complete transactions with ease. The platform is favorable for new traders looking for a seamless trading experience.
Buying Bitcoins With PayPal - Full Guide For Beginners
Buying and selling Bitcoin through PayPal is easy and convenient.
Setting up a PayPal Account
To buy crypto from PayPal, you'll need to set up a PayPal account. This is if you don't already have a PayPal account. Opening a PayPal account is free of charge. You also don't have to pay any monthly fee as a PayPal account holder. Once you have all the necessary personal details, you can set up your PayPal account and start trading.
The information needed includes your full names, address, phone numbers, and primary emails. PayPal also requires that you have a linked debit card to your bank. You may also need to verify your current phone number before registering by PayPal. Once you verify these details, the next step should be to proceed to the trading platform. You can buy Bitcoins using these simple steps.
Log in to the PayPal Account
Once you log in to the PayPal account, proceed to the Cryptocurrency button. The option is on the top right of the PayPal dashboard. It's easy to detect the Cryptocurrency button next to the "Request" and "Send" options.
Select Your Preferred Cryptocurrency
The PayPal website offers four different cryptocurrency options for traders. You can select either Bitcoin, Ethereum, Bitcoin Cash, or Litecoin.
Select Buy
The best part about the PayPal platform is that it's relatively easy to use. The "buy" button is easy to detect on the website. You should proceed to this button and click it to commence the transaction.
Choose How Much You Want to Buy
Once you click to buy, the platform displays the available buy options to you. PayPal allows you to buy Bitcoins at as low as $1. You may also buy as much as $100 worth of Bitcoin. The section also provides details on the rates and fees you may need to pay when buying your cryptocurrency.
Select Your Preferred Payment Method
You must have a bank account linked to your PayPal account. PayPal also allows you to buy Bitcoins through other methods if you don't intend to use your bank account. PayPal also allows you the option to link multiple bank accounts.
Final Step
The final step is the buy now. PayPal will take you to the final step of the buying process, which is the last step. The platform will provide details such as the exchange rate and the transaction fee. Once you confirm that everything is okay, you can click the buy now button.
After the final step, PayPal will then take you to a confirmation screen. Here, you should see and confirm that the coins are available on your PayPal account dashboard.
How to Buy Bitcoin on Venmo
PayPal further owns another social payment app commonly known as Venmo. If you've been wondering how to buy Bitcoin on PayPal, as a beginner, you may also consider Venmo as an alternative platform. Venmo also offers a similar experience when buying cryptocurrency.
Venmo debuted into the crypto wallet business a year ago. However, a lot has been done to package the platform for beginners looking to buy bitcoins with PayPal. This is how to buy bitcoins with Venmo.
Log in to Your Venmo Account
As it is with PayPal, Venmo is also free to open. You only need basic personal information and a strong password. Once you open your Venmo account, you should log in and select the Crypto option. The button is accessible from the hamburger menu. It may take longer for a new account before you can see the crypto button. Don't worry, and it only means that the system may be taking longer to verify.
Select Bitcoin
The good thing about Venmo is that you still get the benefit of selecting between multiple cryptocurrencies. The main options include Bitcoin, Ethereum, Bitcoin Cash, and Litecoin. You can buy Bitcoin on Venmo for as little as $1.
Select Buy
Once you select Bitcoin, the interface will send you to the select buy option. Here, you have the advantage of assessing the values based on the current exchange rates. It's important to note that prices will differ depending on the changes in the market values.
Choose the Value of Purchase
After clicking buy bitcoin, the interface will prompt you to choose how much you would wish to buy. You can decide how much you want from as low as $1. Venmo will then display to you the current exchange rates, the transaction fees rendered, and the total amount to pay.
The best part about Venmo is that you can use the existing balance on your account to pay for bitcoins. You may also use the same option to add funds to your Venmo account. It's as simple as that when dealing with Venmo.
Buying with a PayPal card on P2P Platforms LocalBitcoins or Paxful
Most beginners in the cryptocurrency market wonder how to buy bitcoin with PayPal. Well, apart from using the PayPal website and the Venmo option, you can also consider peer-to-peer platforms. Currently, Bitcoin traders can utilize options such as LocalBitcoins or Paxful.
Peer-to-peer payment platforms are apps or application features that allow users to send money to others, often on the strength of phone numbers and emails addresses. The apps may be used in the same way to make Bitcoin purchases.
Some of the most common options when buying bitcoins with PayPal include Paxful. The peer-to-peer platform allows traders to buy and sell digital currency using over 350 payment platforms. PayPal is the most conspicuous option. You may consider this option and start your trading journey.
Buying BTC from a Forex Broker
It's possible for you to still buy bitcoins with PayPal while using a forex broker. The broker, in this case, provides you with access to the trading platform where you can buy or sell currencies. Today, several brokers have adopted cryptocurrency trading. The only difference is that some brokers don't have the PayPal option. The best part about using brokers is that you get the advantage of using leverage to your advantage.
How to Buy Bitcoins with PayPal on Coinbase
Bitcoin traders faced numerous challenges related to the limited payment option to buy and sell the crypto in the past. The situation is changing over time. Coinbase offers a unique solution by linking bitcoin traders with an easier way to buy bitcoin using PayPal.
Traders who wish to use this new method only need to add their PayPal account to Coinbase via the additional payment option. By adding PayPal, you'll be linked to the PayPal login screen. Coinbase now uses PayPal as an intermediary as the company attempts to tap the crypto market.
Coinbase supports numerous cryptocurrencies. However, this is an excellent opportunity for Bitcoin traders who may be keen to tap the benefits of a secure platform. Already, Coinbase was the most straightforward option to use as a crypto exchange platform. With PayPal coming on board, it's now a seamless bitcoin buying solution for you.
Coinbase added PayPal in April of 2023. The collaboration offers the trader the benefit of utilizing one of the most straightforward exchanges a trader can buy from while working with a payment option that offers the safest payment solutions.
Coinbase Registration
The process of Coinbase registration is easy. You can either access the platform on your computer or smartphone. To create your account, you can visit the official Coinbase website. You need to verify your email, phone number, and other personal information. Once you enter this information, the platform will verify your identity.
After the verification phase, Coinbase requests the trader to link the account with an active PayPal account.
Account Opening and replenishment
Coinbase account opening is easy and fast. With the necessary details, it's easy to have an active account within minutes. Your Coinbase limits are displayed on the account limits. The platform also displays the buttons on "buy" and "sell" for traders to see. The platform also presents the existing daily limits and weekly limits.
You can replenish your Coinbase account any time you need to buy Bitcoins. The steps to get your Coinbase wallet in place are easy.
Download Coinbase Wallet
The first step on buying bitcoins with PayPal on Coinbase should involve downloading the Coinbase wallet. With the advent of technology, it's possible to have the app both on android and your PC. The recharge Coinbase Wallet is downloadable as a mobile app and a browser extension.
It would help if you Then chose a Coinbase Wallet Username
Your Username is your identity. It helps other users to make payments to you quickly. It's also relatively easy to send crypto once you have a user name. You also have the option of keeping your Username private.
Ensure that you Store Your Recovery Phrase
For your safety, Coinbase issues you with the recovery phase. The phase is the key to your crypto trading. Once you have combined PayPal's security features with this recovery phrase, you'll be assured of your safety.
Securely Store the Recovery Phase
You must store your recovery phase in a unique way to avoid compromises. You can write the recovery phase down and then consider the cloud backup features to safeguard the recovery phase. The phase should never be shared with anyone.
Plan for Bitcoin Fees
The fees may vary depending on how busy the network you intend to trade in is and how fast the transactions are complete. It's essential to know the fees when trading with Bitcoin.
Buy then Transfer Bitcoins to Coinbase Wallet
Now that you already have a Coinbase account, you can buy Bitcoins. The approach when transferring your coins to the Coinbase wallet is straightforward. However, this also depends on whether you use Chrome extension or a mobile phone interface.
Replenish your Account
The Coinbase wallet has the replenish option. You can replenish from your PayPal by choosing Bitcoins as long as you have a balance on your PayPal.
Types Of Commissions For Buying Bitcoin With Paypal
| Commission for the storage of BTC | Transaction fees | Other fees | |
|---|---|---|---|
PayPal |
No |
0.50 – 2.30% |
No |
Venmo |
No |
0.5% - 1.5% |
Yes |
No |
1% fixed |
Other fees may Apply |
|
No |
0.5% - 5% depending on transaction |
Other fees may apply |
|
No |
0.5 - 4.5% |
Other Fees may Apply |
Other Options to Buy Bitcoin
Apart from these standard options when buying bitcoin, a trader may consider other less popular but equally valuable options. It's helpful for a beginner to have this information to make the most informed decision and favor you. The other standard options include:
Bitcoin ATMs
You only need to walk in for bitcoin ATMs as you do in a regular ATM. The only difference between these ATMs and normal ones is that these machines only dispense bitcoins. As of 2023, there were at least 27,000 bitcoin ATMs around the United States.
P2P Dealers
You may also consider other peer-to-peer bitcoin owners apart from those discussed above. Such options include Bisq and Bitquick. Even then, it's essential to exercise due diligence when going direct to Bitcoin owners. These are often individuals who could be highly unregulated.
Exchange-Traded Funds
Another option when buying bitcoins would be to consider exchange-traded funds. Most of the emerging traded funds don't invest directly in Bitcoin. On the contrary, these funds invest in futures contracts for Bitcoin.
Traders may consider Grayscale funds as another viable option. Grayscale Bitcoin Trust (GBTC) is among the investment trusts under this option. While these investment trusts trade at a premium, you don't need to worry about wallets or storage with this option.
Summary
Bitcoin traders can now breathe with relief following the entry of PayPal as a trusted medium through which they can buy cryptocurrency. Until recently, most traders grappled with how to buy bitcoin with PayPal. The confusion was necessitated by the lack of adequate information on how PayPal can bridge the gap when traders buy or sell cryptocurrency.
Currently, PayPal provides a safe option to buy and sell Bitcoin and three others leading cryptos. You only need to open an account to start trading on this secure platform. Further, you may also use PayPal to buy Bitcoin through other emerging and highly efficient wallets, including Venmo (an affiliate of PayPal), Coinbase, and other peer-to-peer platforms. All said it's crucial for you as a trader to pay attention to all the fees involved before committing to buy. Apart from PayPal, you may also consider other options, including individual peer-to-peer owners, Grayscale funds, and exchange-traded funds.
FAQS
Can I Buy Bitcoin Using PayPal?
Yes, this is the most secure option
Does PayPal charge to store Bitcoin?
No, it only charges the transaction fees
Can I buy Bitcoin through the Phone?
Yes, PayPal has a mobile-friendly app to enable seamless transactions.
Does PayPal have other crypto options?
Yes, apart from Bitcoin, there're three other crypto options.
Team that worked on the article
Oleg Tkachenko is an economic analyst and risk manager having more than 14 years of experience in working with systemically important banks, investment companies, and analytical platforms. He has been a Traders Union analyst since 2018. His primary specialties are analysis and prediction of price tendencies in the Forex, stock, commodity, and cryptocurrency markets, as well as the development of trading strategies and individual risk management systems. He also analyzes nonstandard investing markets and studies trading psychology.
Olga Shendetskaya has been a part of the Traders Union team as an author, editor and proofreader since 2017. Since 2020, Shendetskaya has been the assistant chief editor of the website of Traders Union, an international association of traders. She has over 10 years of experience of working with economic and financial texts. In the period of 2017-2020, Olga has worked as a journalist and editor of laftNews news agency, economic and financial news sections. At the moment, Olga is a part of the team of top industry experts involved in creation of educational articles in finance and investment, overseeing their writing and publication on the Traders Union website.
Olga has extensive experience in writing and editing articles about the specifics of working in the Forex market, cryptocurrency market, stock exchanges and also in the segment of financial investment in general. This level of expertise allows Olga to create unique and comprehensive articles, describing complex investment mechanisms in a simple and accessible way for traders of any level.
Olga’s motto: Do well and you’ll be well!
Mirjan Hipolito is a journalist and news editor at Traders Union. She is an expert crypto writer with five years of experience in the financial markets. Her specialties are daily market news, price predictions, and Initial Coin Offerings (ICO). Mirjan is a cryptocurrency and stock trader. This deep understanding of the finance sector allows her to create informative and engaging content that helps readers easily navigate the complexities of the crypto world.