The popularization of cryptocurrency trading has made it easier than ever to buy cryptocurrencies using various methods. While using a credit or debit card is still the preferred approach for many traders, the option to buy bitcoin using PayPal is becoming more common with many top brokers and exchanges.
In this guide, we'll cover everything you need to know about how to buy bitcoin using PayPal, including an overview of the best cryptocurrency trading platforms and show you how to invest with low fees today.
Where to buy bitcoin using PayPal
If you want to buy Bitcoin with PayPal, your priority should be to find a reputable platform that facilitates . There are many platforms offering this functionality, which means it can be difficult to narrow down your choice to one that fits your needs.
To help streamline this decision-making process, presented below are reviews of the four best platforms , which allow users to purchase Bitcoin through PayPal:
1. eToro - The best platform for buying Bitcoin via PayPal
Our number one choice for the best cryptocurrency exchanges offering PayPal functionality is eToro. eToro enjoys an excellent reputation in the trading industry, with more than 24 million users in 140 different countries. eToro's excellent reputation is largely due to the platform's high degree of security, backed by regulations from top entities such as the FCA, ASIC, CySEC, FinCEN and FINRA.
Users of eToro can invest in Bitcoin and a wide range of altcoins via eToro's browser-based platform or dedicated mobile app, available on iOS or Android. As for fees, eToro ensures that the amount you pay is completely transparent, charging a fixed fee of 1% when opening or closing a trade, plus a raw spread. eToro previously used a fixed spread approach, so this new pricing structure seems to work much cheaper for most cryptocurrencies.
eToro is ideal if you are interested in buying Bitcoin using PayPal, as the platform offers free USD deposits with a minimum threshold of only $10. Deposits in currencies other than USD are charged a small currency conversion fee of 0.5%, although this can be avoided by converting to USD within the PayPal platform before making the deposit. In addition to PayPal, eToro also allows you to Bitcoin purchase by credit card With a $0 deposit fee.
Finally, eToro also offers a number of exciting trading features to help optimize results, including the super popular "CopyTrader" feature. This feature allows users to instantly copy the trades of other successful eToro traders - thereby automating the trading process. eToro even has a dedicated "Academy" service, which includes courses, tutorials and podcasts to facilitate the learning process.
2. Crypto.com - a great place to buy bitcoin via PayPal with low fees
Another option, if you are wondering how to buy bitcoin using PayPal, is Crypto.com. Crypto.com offers one of the best cryptocurrency applications on the market, as well as an online exchange platform that will appeal to advanced traders. On this platform you can trade more than 250 cryptocurrencies, including BTC and many other altcoins. Since Crypto.com accepts FIAT deposits, PayPal users can send USD via bank transfer.
Alternatively, Crypto.com allows users to reload the balance of their Crypto Visa Card directly through PayPal. Although this involves a 2.1% reload fee, the funds will appear immediately, so you can start generating rewards for your spending. As for buying bitcoins, Crypto.com charges 0.4% when you trade them through the exchange. You can reduce this fee by 10% if you pay in Conos, Crypto.com's native token.
Crypto.com also has many useful features for traders, including "Crypto Earn," which allows you to generate profits from your cryptocurrency holdings. This feature acts as one of the best cryptocurrency savings accounts, as you can get up to 14.5% per year for some coins.
Finally, Crypto.com even offers a free cryptocurrency wallet app where you can store your assets, equipped with two-factor authentication and supporting more than 100 digital currencies.
3. Binance - a highly regarded cryptocurrency exchange with a huge selection of assets
Binance is ideal if you want to buy Bitcoin or any of the top altcoins, as the platform offers an impressive number of more than 500 cryptocurrencies that you can trade. The selection includes DeFi tokens and trading pairs between cryptocurrencies, which will appeal to experienced cryptocurrency traders.
Although Binance primarily serves as a cryptocurrency exchange, users can fund their trading balance with FIAT currency. However, the only way to purchase Bitcoin using PayPal is to use the P2P trading service on Binance, as long as another user offers this option.
In terms of fees, Binance will appeal to investors who want to minimize costs, as the platform only charges 0.1% per transaction. However, Binance users who prefer to buy cryptocurrencies outright, without using an exchange, will be charged a higher fee of 0.5%.
Finally, Binance is also popular among traders because of the platform's various additional features - including a marketplace where users can invest in the best NFTs to buy with low trading fees!
4. Coinbase - Huge cryptocurrency exchange that allows direct bitcoin purchases via PayPal
For investors who are wondering how to buy bitcoin instantly using PayPal, Coinbase offers a streamlined way to do so. Coinbase is one of the world's largest cryptocurrency exchanges and offers more than 95 cryptocurrencies that can be traded.
Importantly, once you've passed Coinbase's verification process, you can link your PayPal account directly to your Coinbase account. Only US users can buy cryptocurrencies through Coinbase using PayPal, although all other customers can withdraw money using this service.
Coinbase currently allows withdrawals in USD, EUR and GBP, with high daily limits that will appeal to advanced traders. As for transaction fees, Coinbase charges 0.6% to the receiving party and 0.4% to the executing party when using the Coinbase Pro exchange service.
However, users who want to buy cryptocurrencies instantly through the Coinbase App have to pay a transaction fee depending on the size of the transaction and the payment method, as well as a spread - which means this approach can be costly.
Why buy bitcoin using PayPal?
When you think about how to buy bitcoin using PayPal, you probably realize the various benefits of such a solution.
This is understandable given that PayPal currently has more than 390 million active users worldwide. With this in mind, here are the top five advantages of using PayPal to buy Bitcoin:
Quick deposits and withdrawals
One of the main reasons traders choose to use PayPal is the platform's ability to make quick deposits and withdrawals.
Assuming you have an account on a trading platform that accepts PayPal (such as eToro), you can easily link your PayPal account to your trading balance and make instant deposits. The entire process is simplified and usually takes only a few minutes.
If you want to transfer Bitcoins to PayPal, this can usually only be done by closing a position on the trading platform and then withdrawing the funds to your PayPal account. However, the withdrawal time from PayPal is usually much shorter than with other payment methods.
For example, eToro offers PayPal withdrawals within two business days, while bank transfers or credit/debit card withdrawals can take up to ten business days.