In this article, we will answer questions such as whether it is safe to buy Bitcoin on PayPal or if it is even possible to buy Bitcoin on PayPal, and if it is, how to buy it on PayPal with a PayPal balance.
Due to chargeback difficulties, there were few choices up until recently in 2023 for purchasing Bitcoin with PayPal. PayPal has lately changed its position towards Bitcoin, though. In this article, we’ll discuss how to buy Bitcoin on PayPal with a PayPal balance.
It is now simpler than ever to buy cryptocurrency via a variety of techniques thanks to the growing popularity of cryptocurrency trading. Even though numerous traders still prefer to use a credit or debit card, several reputable brokers and exchanges are now offering the opportunity to purchase Bitcoin via PayPal.
We’ll go over all the details of how to buy Bitcoin on PayPal with PayPal balance in this guide. However, let’s first determine whether it is possible and secure for us to purchase Bitcoin using PayPal.
Can I Buy Bitcoin on PayPal?
The short answer is yes. The long answer however would be that although purchasing Bitcoin directly using PayPal is possible, there are better options accessible for people who just want to utilize PayPal for payments. Finding a trustworthy trading platform to handle your transaction should be your main priority if you want to purchase Bitcoin using PayPal.
Make sure you take precautions to have a safe money transaction.
It can be difficult to choose a trading platform that meets your specific demands because there are so many that offer this capability, but that’s where we come in to help you make up your mind much easier.
Is It Safe to Buy Bitcoin on PayPal?
Yes, it is safe to buy Bitcoin on PayPal, but there are a few downsides to using PayPal to buy Bitcoin you should know first.
- The Public and Private Keys: A public and a private key pair are often given to you when you buy bitcoin to authenticate your ownership. The public key represents your wallet address, and the private key grants access to your wallet. With PayPal, the private key is in the company’s hands, but you have access to your public key. Based on the PayPal FAQ section, “the crypto in your account cannot be transferred to other accounts on or off PayPal”. Given that this is supposed to be an asset you own, the constraint feels strange.
- PayPal cryptocurrency fees: PayPal is infamous for imposing excessive fees. And the PayPal Bitcoin fees are no different. Having said that, it is also true that excessive spread fees are a notorious trait of cryptocurrency exchanges, so they are not an exception in this regard as well. Spreads represent the discrepancy between the ask and bid prices for a given currency pair.
- Verifying your Identity: Users of PayPal who want to purchase cryptocurrency using the platform must prove their identity. Users must provide verification documents, such as passports, in order to purchase cryptocurrency. This is obviously an issue for people from countries sanctioned by US law.
How to Buy Bitcoin on PayPal with PayPal Balance?
With those in mind, let’s get to the main point of this article, how to buy Bitcoin on PayPal with PayPal balance. We’ll go over two general methods, one being a direct purchase on PayPal and the other using your PayPal account to buy Bitcoin on different exchanges.
1. Buying Bitcoin directly through PayPal
Through cooperation with Paxos, PayPal launched direct purchases of Bitcoin (Bitcoin Recover and three other cryptocurrencies) within the PayPal digital wallet in October 2020. This enabled users to store and resell Bitcoins acquired through the service, as well as utilize them to make payments to businesses that accept PayPal.
How to Directly Purchase Bitcoin Using PayPal
- Create an account in PayPal if you don’t already have one.
- Under the “Your crypto” section, you can choose “Buy and Sell” to do the transaction.
- Press the “Bitcoin” and “Buy” buttons.
- Enter the quantity of Bitcoin you wish to purchase.
- Choose your form of payment and press “Next”.
- Verify the transaction cost and conversion rate.
All done. To complete the purchase, click “Buy now,” and the coins should then be accessible in your PayPal digital wallet. This is the easiest method in our how-to-buy Bitcoin on PayPal with PayPal balance guide.
2. Purchase Bitcoin using PayPal at CEX.io
Since its launch in 2013, the exchange CEX.io has grown significantly. It is properly supervised and regarded as being extremely reliable. Using CEX.io is another one of our suggested methods in how to buy Bitcoin on PayPal with a PayPal balance.
This exchange provides affordable Bitcoin purchases through PayPal. That can be done on the exchange using the “Instant Buy” feature or by utilizing the “Buy” option within the wallet app on CEX.io.
How to Purchase Bitcoin Using PayPal on CEX.io
- Start by going to CEX.io Instant Buy.
- In the “Buy” dropdown option, choose BTC, then choose the fiat money you want to use to pay for it.
- Type in the quantity of Bitcoin you want to purchase or choose from the pre-calculated recommendations.
- Choose PayPal as your payment method by clicking “Buy,” and then click “Log in with PayPal” to connect your PayPal account.
- Click “Buy with PayPal” after choosing PayPal as your payment option once more.
- During the PayPal account window, complete the transaction.
There you go! Your CEX.io account will refresh with the new Bitcoin balance after the transaction has been completed.
3. Buy Bitcoin Using PayPal on Binance
Since the platform allows users to trade an impressive 500+ crypto assets, Binance is one of the greatest options if you want to purchase Bitcoin or any of the best cryptocurrencies. Defi tokens and crypto-to-crypto trading pairings are among the options, which will appeal to seasoned cryptocurrency traders. Despite being mainly a cryptocurrency exchange, Binance allows customers to fund their trading accounts with FIAT money.
Since the platform only charges 0.1% for each trade, Binance will appeal to traders trying to reduce expenses. However, a higher cost of 0.5% will be applied to Binance users who acquire cryptocurrency immediately without using the exchange.
4. Buy Bitcoin on Crypto.com using a PayPal Account
Crypto.com is another choice if you’re trying to figure out how to buy Bitcoin on PayPal with PayPal balance. One of the top cryptocurrency apps available is provided by Crypto.com, together with an advanced traders-friendly web-based exchange platform.
Including BTC and several alternative cryptocurrencies, this trading platform offers over 250 cryptocurrencies. PayPal users who utilize Crypto.com can send over USD through a bank transfer since Crypto.com accepts FIAT deposits.
As an option, Crypto.com enables users to directly top off their Crypto Visa Card balance with PayPal. Despite the 2.1% top-up fee, this will be available right away, allowing you to start earning points through spending. When trading through the exchange, Crypto.com charges a maker/taker fee of 0.4% for particularly purchasing Bitcoin. Furthermore, if you pay your trading costs in CRO, Crypto.com’s native token, you can lower this fee by 10%.
5. Purchasing Bitcoin with PayPal through Coinbase
Coinbase provides a simple method for buyers considering how to buy Bitcoin on PayPal with a PayPal balance. One of the biggest cryptocurrency exchanges in the world, Coinbase offers over 95 different cryptocurrencies for trading.
Additionally, you can connect your PayPal account directly to your Coinbase account after completing Coinbase’s verification process. PayPal can only be used to purchase cryptocurrency through Coinbase by users living in the US.
You can use Coinbase as an expensive but safe way to purchase Bitcoin.
With large daily limits that will appeal to experienced traders, Coinbase currently permits cashouts in USD, EUR, and GBP. When using the Coinbase Pro exchange service, Coinbase imposes taker and maker fees of 0.6% and 0.4%, respectively.
Users who want to rapidly buy cryptocurrency through the Coinbase App must, however, pay a transaction fee based on trade volume and payment method, in addition to the spread, making this option potentially expensive.
This article has covered everything you need to know about how to purchase Bitcoin using PayPal in detail. We talked about how to buy Bitcoin on PayPal with PayPal balance directly on the platform and also touched on a range of brokers and exchanges that have enabled flawless PayPal deposits, making it straightforward to buy BTC (and other cryptocurrencies) instantaneously using your PayPal balance.