Buying cryptocurrencies with PayPal from the United States is possible, in fact, it is the only country in which this function is available. Due to the popularity that Bitcoin and other blockchains have gained, platforms linked to the exchange of money and electronic wallets have had to adapt to the new times.
PayPal and other exchange sites of recognized names have been involved in the cryptocurrency market, removing some myths about insecurity, strangers in unsafe sites and irregular handling, to then give operations a simpler style, transparent and especially safer.
However, these PayPal cryptocurrency transactions are not available to everyone, since they are operations that you can do from anywhere in the US, except Hawaii, you must also have a personal account, so if your PayPal account is commercial you won’t be able to use it either.
PayPal fees for buying and selling cryptocurrencies
We know that nothing is free at PayPal, so it couldn’t be that way with cryptocurrency trading either. The electronic wallet keeps a commission in the exchange process, whether you are selling or buying. PayPal’s commission percentage will depend on the amount you are exchanging.
- Between $1 and $24.99: $0.50
- Between $25 and $100: 2.30%
- Between $100.01 and $200: 2%
- Between $200.01 and $1000: 1.80%
- Between $1000.01 and more: 1.50%
Is it worth using PayPal to manage cryptocurrencies?
The first thing you should know when using PayPal to trade cryptocurrencies is that this platform does not properly function as a cryptocurrency wallet. This platform will keep custody of your crypto assets when you buy them within its system, but you cannot transfer your units to other wallets or exchange sites.
In PayPal, you can only buy, sell or hold cryptocurrencies, so at this point you must be absolutely sure that you do not want to trade those digital assets.
Operations with PayPal are therefore not made for those people who prefer to keep coins in a cold wallet or in hardware, in addition to not being able to make staking operations to generate interest or even take loans.
So what can you do with these cryptocurrencies in PayPal, just sell them and take the money, but you have the risk of losing a lot of money in the movement of those assets.
In PayPal you have a limited variety of crypto assets that you can buy, in fact, they currently only support four different types of currencies, out of the hundreds available on the market:
- Bitcoin (BTC)
- Ethereum(ETH)
- Litecoin (LTC)
- Bitcoin Cash (BCH)
How to buy cryptocurrencies with PayPal
Now that you know what it means to buy cryptocurrencies with PayPal, then we are going to see the process to make a purchase quickly and easily.
- The first thing you should do is open the PayPal app, logically.
- Now go to the Dashboard, there select “Finance” and then “Crypto”.
- At this time select the cryptocurrency you want to buy, after that select “Buy”.
- Also, you can press Buy in Finance and select the cryptocurrency you want to obtain.
- You may be asked to verify your identity. In that case, follow the instructions to do so.
Buy cryptocurrencies with PayPal on other platforms
Buying cryptocurrencies directly on PayPal seems then not to be one of the best ideas, but luckily there are other platforms that support PayPal in the US as a payment method for crypto exchange. We mention some of them:
- coinbase
- eToro
- Paxful
- LocalBitcoins
In some cases, you can use PayPal Cash or PayPal Business Debit Card for such exchanges, if supported by the site.
