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Can I Buy Crypto on PayPal?
As previously mentioned, it is possible to buy Cryptocurrency directly through PayPal. However, it is not recommended to use this method as PayPal only offers four tokens - Bitcoin, Ethereum, Bitcoin Cash, and Litecoin. Additionally, it charges extremely high fees, with Crypto transactions costing 1.8% for the trading fee, plus an additional 1% - 2% spread. This means anytime you buy or sell a token, you have to pay between 3% - 4% in fees.
How to Buy Crypto with PayPal
The best way to buy and sell Cryptocurrencies with PayPal is by using a secure FINRA-regulated trading platform. After comparing the best exchanges in the USA, we found that eToro was the best platform for PayPal customers. eToro offers free and instant USD deposits via PayPal.
Get started with this simple four-step guide.
- Create a free account on eToro and complete the verification process.
- Click 'Deposit Funds' and choose 'PayPal' as your payment method.
- Follow the prompts on PayPal and confirm the amount you want to deposit.
- Go to the search bar, find the token you want to buy, input the amount, and tap 'Open Trade'.
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Is it expensive to invest in Crypto with PayPal?
It is very expensive to buy Cryptocurrency through the PayPal app or web platform. But it is extremely affordable to invest in Crypto through a digital asset exchange like eToro. On eToro, PayPal deposits are completely free which means you can freely send and receive USD from eToro with zero fees. The only fee applicable is the trading fee, which is 1% of your total transaction amount.
Compared to other popular platforms like Coinbase, these fees are competitively low. Coinbase charges between 1% - 4% for deposits, 2% for trading fees and they have a 1% - 3% spread.
About PayPal
PayPal is a global online payment system that allows individuals and businesses to transfer money electronically and instantaneously. Founded in 1998, PayPal has grown to become one of the world's largest online payment processors, serving millions of customers in over 200 markets worldwide. Users can link their bank accounts or credit cards to their PayPal accounts, allowing them to make payments or receive payments from others without having to share their financial information directly.
In addition to its core payment services, PayPal has expanded into other areas such as peer-to-peer payments, mobile payments, and e-commerce solutions for businesses. PayPal's acquisition of Venmo in 2013 further solidified its position in the peer-to-peer payments space, while partnerships with major platforms like eBay have helped it become a leading player in the e-commerce industry.
Bottom Line
To summarize, it is possible to buy Cryptocurrency directly through PayPal, but it is not recommended due to its limited selection of tokens and high fees. The best way to invest in Cryptocurrencies with PayPal is through a secure and highly regulated exchange, eToro. It offers free and instant USD deposits via PayPal and allows users to trade over 4000 assets.
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