Cryptocurrency continues to gradually penetrate people’s daily lives. Some use it not only as an investment vehicle but also as a payment solution. Recently, one of the most popular payment services in the world, PayPal, began to support transactions with digital assets: it allows you to buy, sell, and store them in your wallet. However, there are some limitations that you should be aware of. If you are considering working with Bitcoin through the PayPal service, then this article is for you. If you also work with money exchange – Rates is what you need.
Converting Cryptocurrencies to PayPal: How Does it Work?
The world-famous payment service has added functionality with the Off Ramp option. It allows you to buy cryptocurrency through PayPal: more precisely, convert US dollars in wallets into the desired digital currency. Thanks to this, the platform began to support cryptographic transfers in two directions. Thus, users can not only buy but also sell cryptocurrency through the platform.
Before this, PayPal made it possible to purchase cryptocurrency with fiat assets (On Ramp option). The cryptocurrency wallet MetaMask was the first to integrate it, and the developers of hardware wallets Ledger also announced support.
The new service is available for decentralized applications, NFT marketplaces, and cryptocurrency wallets. However, developers who are interested in this solution can contact the payment service and add On and Off Ramps. The service undertakes to monitor security, provide tools to combat fraudsters, resolve disputes, and refund payments.
Before these options appeared, it was possible to buy crypto via PayPal in the service’s mobile application. Users have access to operations using BTC, ETH, LTC, and BCH.
Buy Bitcoin Directly From PayPal
In 2023, the number of PayPal payment system users exceeded 433 million. Access to this service is available to users from a limited list of countries, and, above all, the USA. They can buy digital assets in an account on the website, through the official mobile application, and also set up regular transactions.
To purchase BTC on the website:
- Click Crypto on your PayPal account dashboard.
- On the landing page, select BTC.
- Click “Buy”. You may have to verify your account.
- Enter the amount you want to purchase.
- Select a Payment Method.
- Select “Buy”.
- No intermediaries needed: all operations are available in the payment service interface
- You can buy BTC on the website and mobile application
- The service is not available in all countries
- High commissions for transactions, including hidden ones
- There is no way to know the commission amount in advance
Buy Bitcoin With PayPal On Coinbase
The Coinbase cryptocurrency exchange supports replenishing deposits using a PayPal wallet. The platform offers a user-friendly interface and is trusted by regulators, making it one of the most secure among crypto exchanges. At the same time, Coinbase offers the least favorable conditions for buying BTC through PayPal.
To purchase cryptocurrency through an electronic wallet of a payment system, you will have to pay a 3.44% commission. If you plan to sell Bitcoin after receiving fiat money to your PayPal wallet, you will have to take into account a commission of 1.49%.
On the other hand, among the exchanges accepted by PayPal, Coinbase is the most trusted by the American government regulator. The exchange is listed on NASDAQ and operates under US rules and legislation. You can operate large amounts of money on it, because the platform offers institutional security tools, including a white list of approved devices, access by IP address, two-factor authentication, etc.
The process of buying BTC through PayPal is simple and fast: the operation takes up to 10 minutes. By the way, not only Bitcoin is available for purchase and sale: you can buy USDT through PayPal, as well as ETH, LTC, DOGE, and other assets.
- Quick transaction to buy Bitcoin
- Reliable transparent exchange
- Protected operations
- Simple interface, suitable for beginners
- Large commissions
Buy Bitcoin With PayPal on Paxful
The well-known direct trading platform is completely open for BTC purchase transactions using USD in a PayPal account. In addition to this payment system, Paxful supports more than 350 payment options. A big advantage is the ability to purchase a digital asset anonymously without verification or specifying other personal data.
The platform always has current offers from users who offer various limits and exchange rates. Paxful itself does not charge commissions for BTC purchase transactions. The exchange rate is fixed by the trader himself. In addition, he selects a markup based on the payment method, currency, order amount, and confirmation status. But you should be careful because there are always scammers on such sites.
How to buy cryptocurrency on Paxful? First, you need to register for free, enter and confirm your email or phone number, and create a password. After authorization, just find the “Buy” section and then select “Bitcoin”. Using filters, you can find a purchase via PayPal and view current options. The further algorithm of actions is clear and does not require detailed explanations.
- Anonymous direct P2P transactions
- The platform does not charge any commissions
- You can find favorable conditions
- In some cases, you will have to undergo KYC (this depends on the requirements of the suppliers)
- High risk of fraud
Wrapping It Up
PayPal is a fairly convenient tool for working with cryptocurrency. You can interact directly through the service or through the crypto exchanges Binance and Coinbase. If you regularly carry out currency exchange transactions and are interested in currency exchange rates in Ukrainian financial institutions. We recommend using the Rates service. It is available around the clock to users from different parts of the world, be it Seattle or Toronto.