Is it possible to purchase bitcoin or other cryptocurrencies using PayPal? This is the most frequently asked question from beginner-level cryptocurrency investors.
Since almost everyone has a PayPal account now, it does make things simpler for new investors in the crypto world to use their PayPal account to purchase crypto-currency. PayPal has now started to allow cryptocurrency withdrawals as of June 2022, when customers were previously unable to withdraw coins acquired on the platform.
Purchase Cryptocurrency directly through PayPal
A partnership deal with Paxos and PayPal in October 2020 has allowed users to purchase Bitcoin and three other cryptocurrencies directly in the PayPal digital wallet.
As a result, users can now store and trade Bitcoins purchased through the wallet. The currency can be used to pay other PayPal-supported merchants. The vision is to let users withdraw their tokens and use them as they see fit by June 2022. Currently, this service is available only for users within the US. The company plans to add more countries to the list in due course of time.
The charges range between 1.5% and 2.3% depending upon the purchase size, with no yearly cap and a weekly limit of $10000.
Users can use an exchange that supports Paypal, of which the safest and most popular ones are listed below.
Etoro is currently the easiest method to use PayPal to learn about crypto-currency. The Social trading platform lets users speculate on the price while accessing the coins. Etoro offers financial services and lets users deposit money through PayPal. Although PayPal does not allow users to take ownership of the crypto they have purchased, they are still offered exposure to its price moves.
The major drawback of this exchange is the services of eToro are not available in several countries.
Coinbase, one of the most respected cryptocurrency exchanges in the world, started taking payments for cryptocurrency purchases through PayPal in 2022. Currently, Coinbase allows users to make purchases with their PayPal account linked to their bank account, debit card, or credit card.
The positive outcome of the collaboration is that the maximum daily limit has been set at $25,000. On Coinbase, the charges for using PayPal to make debit card purchases have been set at 4% for every transaction. The charges for using PayPal to make bank deposits are 2.5%. Another advantage is the fact that Coinbase users can withdraw money from the Coinbase wallet to their PayPal account.
Go through the Step-by-step guide to buying Crypto on Coinbase:
- Log in to your PayPal account and choose the cryptocurrency of your choice. The option for cryptocurrency is found on the top right corner of the dashboard; next, choose “Send” and “Request.”
- Next, select the Cryptocurrency of your choice.
- The user can choose the amount of money he/she wants to spend on purchasing Cryptocurrency.
- The payment can be made through a bank account that is linked to the user’s PayPal account. Other options of payment also are available.
- After finalizing all the important details, the sale is confirmed, and the crypto coins will show on the PayPal account dashboard.
These are a few of the safest and most secure ways of purchasing cryptocoins through a PayPal account. Hope this helps and makes things easier for you.