Buy Crypto With PayPal: Your Complete Guide to Getting Started

The popularity of cryptocurrencies continues to soarand many online payment platformsincluding PayPalare now integrating these digital assets. Soif you’re interested in learning how to buy crypto with PayPalI’ve got you covered.

Since PayPal launched a feature that allows users to directly purchase cryptocurrencies like Bitcoin (BTC)Ethereum (ETH)Litecoin (LTC)and Bitcoin Cash (BCH)it has become a significant player in the crypto space. I’ll take you through everything you need to knowfrom setting up your PayPal account to securing your transactions.

You'll also learn how to buy crypto with PayPal on the platform itself and crypto exchanges like KrakenCoinbaseand CEX.IO. Let’s get to that!

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Overview of PayPal’s Crypto Feature

Before discussing how to buy crypto with PayPallet’s talk about PayPal’s feature that allows you to buy and sell cryptocurrencies.

PayPal has expanded its services to include the ability to buysellholdand transfer cryptocurrencies. This feature is integrated directly into users' PayPal accountseliminating the need for third-party exchanges.

You can access this feature by navigating to the "Crypto" section from your PayPal dashboard. Supported cryptocurrencies include BitcoinEthereumLitecoinand Bitcoin Cashamong others.

With PayPal's crypto featureyou can perform various actions:

• Buy and Sell Crypto. Purchase and sell cryptocurrencies directly within the app or website.
• Hold Crypto. Store your digital assets securely in your PayPal account.
• Transfer Crypto. Send and receive cryptocurrencies to and from other PayPal users or compatible external walletssuch as Ledger Nano X.

In addition to supporting various cryptocurrenciesPayPal has introduced its own stablecoinPayPal USD (PYUSD). A stablecoin is a type of cryptocurrency designed to maintain a stable value by being pegged to a reserve of assetstypically fiat currency^[1].

PYUSD can be used like any other cryptocurrency within the PayPal ecosystemoffering users a stable and reliable digital currency option. Additionallyit can be transferred to most Ethereum and Solana addressesproviding flexibility for users who wish to integrate PYUSD into other blockchain ecosystems.

In shortPayPal aims to facilitate users in the growing digital currency market. Sowhether you're looking to buy crypto with PayPal or simply hold digital assets securelyPayPal has a comprehensive suite of services to make your crypto journey smooth and hassle-free.

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Getting Started: Setting Up Your PayPal Account

Nowlet’s learn how to buy crypto with PayPal. But firstyou must create an account. The registration process is relatively straightforwardeven for those who haven’t tried any online payment platform.

Signing Up a PayPal Account

Sohow do you create a PayPal crypto account? To do thatfollow the steps below:

Step 1: Go to the PayPal website or download the app on your mobile device. The app can be found on the App Store for iOS devices or Google Play for Android devices.

Step 2: Click [Sign Up] at the top right corner of the homepage. You will be prompted to choose between a Personal Account and a Business Account. A Personal Account is required to access PayPal's crypto feature.

Step 3: Choose your country or region based on your current residence.

Step 4: Enter a valid email address you want to register.

Step 5: Provide your active phone number. Thenverify your mobile number by entering the verification code you’ll get via SMS in the required field.

Step 6: Create a password for your PayPal account. Combine lettersnumbersand special characters to create a unique password. Avoid using common phrases like ‘qwerty’ or ‘1234’. I also highly recommend storing your password on a password manager.

Step 7: You will need to provide some basic informationincluding your first and last name.

After entering your first and last namesyou’ll be prompted to connect your credit or debit card and a bank account.

Adding Payment Methods

To connect your credit or debit card with PayPalfollow the steps below:

Step 1: Enter your active credit or debit card detailsincluding the card numberexpiration dateand CVV code.

Step 2: Enter the verification code sent to your phone number or email address.

Step 3: Once completeenter your bank detailsincluding the account number.

Congratulations! You’ve successfully created a PayPal account. The next stage is to verify your email address. Go to your inbox and click the link on the email sent by PayPal. Enter your passwords if you’re asked for it.

Setting Up Two-Factor Authentication

For enhanced securityenable two-factor authentication (2FA) on your PayPal account. This adds an extra layer of protection to your account in addition to your password each time you log in. To do thatfollow these steps:

Step 1: From the Home menuopen the Settings button by clicking the [Gear] icon.

Step 2: Click [Security] and select [2-step verfication].

Step 3: Choose an authenticator app or a security key device to get your one-time code. In this guideI’ll use Google Authenticatormy authenticator app.

Step 4: Scan the QR code or manually type the secret key into your authenticator app.

Step 5: Enter the 6-digit code you see in your authenticator app.

That’s it! You’ve added 2FA to your PayPal account. Nowyou can use it to send or receive money and buy crypto with PayPal.

That said2FA is great for protecting your PayPal loginbut many crypto users also think about where the funds are held. Ogviofor instanceuses a non-custodial design (only you have access to your funds) with on-chain secure vaults and advanced encryptionso you can keep control while still sending crypto in/out quickly and with zero fees!

How to Buy and Send Crypto Directly via PayPal

Purchasing Bitcoin or any other cryptocurrency directly through PayPal is really convenient with a few clicks. Sohow to buy crypto with PayPal? Let’s talk about it in more detail.

How to Buy Crypto With PayPal

To purchase cryptocurrencies directly via PayPalyou have to:

Step 1: Go to the [Finances] tab on your PayPal account dashboard. On the desktopyou’ll find it at the top of your screenwhile on the mobile appit’s at the bottom of the home screen. Select the [Crypto] tab from the menu.

Step 2: Choose a cryptocurrency you want to buy from the available list. Let's say I want to buy Bitcoin with PayPalso I click on Bitcoin to proceed.

Step 3: Click [Buy] to start the purchase process. PayPal lets you buy as little as $1 worth of Bitcoin so that you can decide the amount based on your budget. It will display the equivalent amount in Bitcoin and applicable PayPal crypto fees.

Step 4: Choose your payment method from the options available. You can use your PayPal balancea linked bank accountor a credit card. Ensure that your chosen payment method has sufficient funds to cover the purchase.

Step 5: Review the details carefully before finalizing the transaction. PayPal will show the current exchange ratethe amount of Bitcoin you’re buyingand any PayPal crypto fees. Confirm that all the information is correct.

Step 6: Click [Buy Now] to complete the transaction. PayPal will process your purchaseand the cryptocurrency will be added to your PayPal crypto wallet almost instantly. You’ll also receive a confirmation email with the transaction details.

By following these stepsyou can easily buy crypto with PayPal. You can view the crypto coins you purchased in the Crypto section. You can also track the value of your holdingsset up price alertsand manage crypto assets.

PayPal also offers crypto transfers between personal PayPal accountsmeaning you can send Bitcoins to other PayPal accounts. Howeverboth account owners must enable crypto transfers first.

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Send Bitcoins to PayPal Accounts

Nextlet’s discuss how to send Bitcoins to PayPal accounts. Follow the steps below:

Step 1: Log in to PayPal and go to the [Finances] tab.

Step 2: Select your crypto balance and choose the [Transfer arrows].

Step 3: Select [Send]. Thenchoose the contact to whom you want to send crypto.

Step 4: Enter the amount you wish to send and select [Next].

Step 5: Review the transaction details and click [Send Now]. Note that although PayPal doesn’t charge fees to receive cryptoyou’ll need to pay PayPal crypto fees associated with the blockchain network of the crypto you’re sending.

That’s all! With these stepsyou can easily send Bitcoins to PayPal account holders.

MoreoverPayPal also supports cryptocurrency transfers to other wallets and exchanges. Knowing the exact wallet address is important when sending crypto outside of PayPal. Cryptocurrency sent to the wrong addresssuch as Bitcoin Cash sent to a Bitcoin addresswill be lost.

How to Send Bitcoin from PayPal to Another Wallet

The following are the steps on how to send Bitcoin from PayPal to another wallet address:

Step 1: Head to the [Finance] tab and select your crypto balance.

Step 2: Tap the [Transfer arrows] and select [Send].

Step 3: Enter the external crypto address. To ensure it is correctly enteredcopy and paste the address or scan a QR code by selecting the QR code button.

Step 4: Enter the amount you wish to send and select [Next].

Step 5: Review the transaction details and select [Send Now] to confirm.

Congratulations! You’ve sent Bitcoin from PayPal to another wallet. Pretty easyright?

Purchasing Crypto from Exchanges Using PayPal

Soyou’ve learned how to send crypto from PayPal to another wallet or PayPal account and purchase crypto directly from the platform. Nextlet’s explore how to buy crypto with PayPal from crypto exchanges.

Choosing the Right Crypto Exchange

The crypto exchange you choose can greatly impact your trading experienceincluding trading feessecurityand the range of cryptocurrencies available. Soit's important to choose a reliable exchange that ensures that your transactions are secure and your funds are protected from potential fraud.

Each exchange offers different featuressuch as transaction feestrading toolsand customer support. Some may also provide services like staking or earning interest on crypto holdings.

Thoughwhile PayPal is a pretty popular payment method^[2]not every exchange supports it. For exampleBinance doesn't. That saidexchanges that do accept PayPal include KrakenCoinbaseand CEX.IO.

Kraken

Kraken is a well-established cryptocurrency exchange known for its ease of use. Founded in 2011it offers various trading optionsincluding spot tradingfuturesand margin trading. The exchange is well-known for its high liquidityensuring users can execute trades efficiently.

Kraken accepts PayPal for deposits in EUR and GBP for UK and European usersexcluding Hungary and Croatia. The funds are available for immediate tradingbut there is a 72-hour withdrawal hold on deposited funds.

Moreoverthe Kraken account must be verified as an Intermediate or Pro level. Howeverkeep in mind that there is a daily limit and a minimum deposit.

Coinbase

Coinbase is one of the most popular cryptocurrency exchanges in the United States and all over the worldknown for its user-friendly interface and extensive regulatory compliance. Founded in 2012Coinbase lets users buyselland manage hundreds of cryptocurrencies. Its platform offers a great experience that simplifies the trading process.

Coinbase accepts PayPal for crypto transactions, but it has some limitations. PayPal can only be used to buy cryptocurrencynot directly add cash. For US customersthere’s also the option to sell crypto and transfer the funds to a PayPal wallet.

CEX.IO

CEX.IO is another popular cryptocurrency exchange based in London. Initially starting as a Bitcoin exchange and cloud mining providerCEX.IO has evolved into a platform for buyingsellingand trading a wide range of cryptocurrencies. It supports numerous cryptocurrencies and provides various trading optionssuch as spot and margin trading.

PayPal crypto transactions on CEX.IO are limited to US residents only. Users can only use PayPal to purchase crypto through CEX.IO’s Instant Buy service. MoreoverCEX.IO users under three months have a general deposit limit of $1,000 daily and $3,000 monthly.

Once you’ve decided which exchange you want to useyou can start with the step-by-step guides to buying crypto with PayPal on each exchange below.

How to Buy Crypto on Kraken

Kraken offers a straightforward process for buying crypto with PayPal. Here’s a step-by-step guide to help you through it:

Step 1: Sign up for a Kraken account if you don’t already have one. You need at least the Intermediate verification level. This involves providing personal information and verifying your identity with a government-issued ID.

Step 2: Log in to your Kraken account and click the [Deposit] button. Thensearch for the currency you wish to deposit (EUR or GBP) and select it.

Step 3: Select [PayPal] on the [Deposit Menu]. Sign into your PayPal account if you haven’t connected the account to Kraken.

Step 4:  Enter the amount you wish to deposit. Review the deposit information and confirm the transaction. Your funds will be available for trading almost instantly.

Step 5: Go to the [Trade] tab with funds in your Kraken account.

Step 6: Choose between a market order and a limit order. Let’s say you choose a market order. Enter the amount of cryptocurrencyand Kraken will execute the purchase at the best available price.

Step 7: Review the details to ensure everything is correct. Once confirmedthe cryptocurrency you purchased will be credited to your Kraken account balance.

Congratulations! You now know how to buy crypto with PayPal on Kraken.

How to Buy Crypto on Coinbase

If you want to choose Coinbase to buy crypto with PayPalhere’s a breakdown of the process:

Step 1: Log in to your Coinbase account. If you don’t have an accountcreate one. The registration process includes verifying your identity by providing personal information and a valid government-issued ID to comply with Know Your Customer (KYC) regulations.

Step 2: Go to your account settings. Under the [Payment Method] sectionselect [Add a Payment Method] and choose [PayPal]. You’ll be prompted to log in to your PayPal account and authorize the connection.

Step 3: Navigate to the [Explore] section and select the cryptocurrency you wish to buy.

Step 4: Choose [PayPal] as your payment method. Enter the amount you want to spend and confirm the transaction.

Step 5: Review the transaction detailsincluding the amount of crypto you’ll receive and the associated PayPal crypto fees. Once confirmedclick [Buy Now].

That’s it! Purchasing crypto on Coinbase using PayPal is very convenient. You can view your newly purchased cryptocurrency in the Portfolio section. You can track your investment or sell the crypto when ready.

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How to Buy Crypto on CEX.IO

The process of purchasing crypto on CEX.IO via PayPal is convenient and easy. Here’s a step-by-step guide to help you buy with PayPal on CEX.IO:

Step 1: Log in to your CEX.IO account. If you don’t have an accountsign up and complete the necessary verification steps. This typically involves providing personal information and a government-issued ID.

Step 2: Open the [Wallet dashboard] and switch to the [Account Manager] tab.

Step 3: Select [PayPal] from available options. You will be redirected to the PayPal website to link your PayPal account to your CEX.IO account.

Step 4: After linking your PayPal accountchoose the cryptocurrency and enter the amount you want to deposit.

Step 5: Click [Select payment method] and choose PayPal from the options. Thenselect [Buy with PayPal].

Step 6: Choose a payment optionsuch as your PayPal balance or credit cardand confirm the transaction.

Congratulations! You’ve successfully bought crypto with PayPal. Once the transaction processing is completeyou can see the updated balance with the purchased cryptocurrency in your CEX.IO account.

Why Buy Crypto With PayPal?

Nowyou must be wondering why you might buy crypto with PayPal. In this sectionyou’ll discover why this online payment platform benefits crypto investors.

Reputable Online Payment Platform

One major reason to buy crypto with PayPal is its global reputation and large user base. With over 400 million active usersPayPal is a well-known name in online paymentsrecognized for its robust security and easy-to-use interface. This trust makes it a great choice for those new to cryptocurrency.

PayPal follows strict financial regulationsadding an extra layer of security for users. The company complies with various national and international standardsensuring that transactions are safe and transparent. This is particularly reassuring for users buying cryptocurrenciesas it reduces the risks involved in digital transactions.

AdditionallyPayPal offers great customer supportwhich is crucial when dealing with the complexities of cryptocurrencies. If you are facing issues buying crypto with PayPaltheir support team is ready to help.

LastlyPayPal’s broad reach means users in many countries can access PayPal crypto services. This global presence lets more people buy crypto with PayPalmaking digital currencies more accessible worldwide.

Convenience and Ease of Use

Thanks to the platform’s intuitive designyou can easily buy crypto with PayPal. It’s easy to navigateeven if you’re new to digital payments. The interface is straightforwardand the app offers a seamless experience for managing your finances.

Setting up a PayPal account is a breeze. You only need an email addressbank accountand mobile number for verification. Once your account is verifiedyou can use PayPal for various transactionsincluding buying cryptocurrencies.

Linking your PayPal account to various cryptocurrency exchanges further simplifies the purchasing process. Exchanges like Kraken and Coinbase let you connect your PayPal accountreducing the steps required to buy crypto and making it an efficient option.

AdditionallyPayPal provides a single platform to manage both traditional currencies and cryptocurrencies. This means you can handle your regular financial transactions and crypto investments simultaneously. The convenience of having everything under one roof makes it easier to keep track of your funds and simplifies financial management.

Security Features of PayPal

When you buy crypto with PayPalyou benefit from robust security measures to protect your transactions and financial data. PayPal employs advanced encryption technology to safeguard your information. This includes using Transport Layer Security (TLS) to ensure data is securely transmitted between your device and PayPal’s servers.

2FA adds another layer of security to your PayPal account. This feature requires not only your password but also a unique code sent to your mobile device. Soeven if someone has your passwordthey can’t access your account without the secondary authentication code.

MoreoverPayPal continuously monitors transactions for suspicious activity. Their fraud detection systems use sophisticated algorithms to detect unusual patterns and potential fraud. If suspicious activity is detectedPayPal will notify you immediately and take steps to secure your account.

These comprehensive security features make using PayPal for crypto transactions a safe and reliable choice. They ensure that your financial data remains protected and your transactions are secure.

Fast Transactions

Using PayPal to purchase cryptocurrencies offers fast and efficient transactions. When you buy crypto with PayPalthe transaction is completed almost instantly. This can be beneficial in the crypto trading environmentwhere prices fluctuate rapidly.

PayPal’s integration with various cryptocurrency exchanges allows for more seamless and quick transfers between fiat currency and crypto. As a resultyou can easily convert your traditional currency into cryptocurrency and vice versa.

Once you purchase cryptocurrencyit's accessible in your PayPal account. You can viewmanageand use your crypto funds immediatelywhich is crucial for making timely investment decisions.

PayPal also provides real-time transaction updatesensuring you are always informed about how you spend funds. This gives you transparency and helps you track both regular and crypto purchases.

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Conclusions

Wrapping upyou can easily buy crypto with PayPal with the integration of PayPal’s crypto feature. The feature lets you hold and manage major cryptocurrencies like BitcoinEthereumLitecoinand Bitcoin Cash directly within the application.

MoreoverPayPal’s integration with popular exchanges like KrakenCoinbaseand CEX.IO expands your options for purchasing and trading cryptocurrencies. These exchanges accept PayPalproviding additional flexibility and convenience for crypto transactions.

Using PayPal for crypto purchases also means you benefit from fast transaction timeswhich is crucial in the volatile crypto market. The platform’s user-friendly interface makes it accessible for beginnerswhile its extensive reach allows users from many countries to participate in the crypto economy.

Sowhether you’re a newcomer or a seasoned traderPayPal’s crypto feature can really simplify the process of buying and managing digital assets. Following the steps outlined in this guideyou can confidently buy crypto with PayPal and take advantage of this innovative payment method for your crypto journey.

The content published on this website is not aimed to give any kind of financialinvestmenttradingor any other form of advice. BitDegree.org does not endorse or suggest you to buysell or hold any kind of cryptocurrency. Before making financial investment decisionsdo consult your financial advisor.

Scientific References

1. L. AnteI. FiedlerJ.M. Willruthet al: ‘A Systematic Literature Review of Empirical Research on Stablecoins’;

2. S. Gomzin: 'Crypto Payments'.