PayPal for some time now allows you to buy Bitcoins. However, this feature has only been added to users in some countries, including the US and UK, so most users who use it globally cannot enjoy this feature yet.
Buy Bitcoin with Paypal from the app
To those who appear to have been enabled, a new section within the PayPal website or app, specially dedicated to the trading of cryptocurrencies. In fact, it works like a crypto exchange, even if it actually relies on an external exchange. However, the user does not realize that the trades are made on another exchange, because it operates exclusively from the PayPal platform.
The company also released on its official website a guide that shows how to make purchases and sales of cryptocurrencies directly on PayPal.
The process is really simple, because simply access the “Finances” section and then select “Crypto”. At that point, once you enter the Crypto subsection, that’s enough select the cryptocurrency you want to buy click on “Buy” indicating the amount. The funds for the payment of the purchase will be withdrawn, as usual, from your PayPal account.
In addition to Bitcoin, other cryptocurrencies are also available.
It should be remembered that PayPal charges a fee on cryptocurrency purchases, generally higher than that of the main professional crypto exchanges.
Buy Bitcoin by paying with Paypal
Unfortunately, however, the thing is more complex if you are not among the users to whom this feature has been enabled.
In this case it will only be possible use PayPal as a payment method on external platforms that allow the purchase of Bitcoins.
However, there are few crypto exchanges that support direct payment with PayPal, but there is a way around this limit.
In fact, PayPal also offers its users the possibility of get a debit card that runs on the Mastercard network. This card allows you to make payments wherever Mastercard debit cards are accepted, and therefore even on most exchanges.
However, this mode has a limit, since the card can only draw on funds already deposited in your PayPal account, and not from external sources such as other cards or bank accounts. So you can use it only if you have funds already deposited in your PayPal account, and only to spend amounts equal to or lower than the balance of your PayPal account at the time of payment.
However, the PayPal account can be “reloaded” by drawing funds from a bank account or a credit or debit card.
Alternatively, some exchanges, such as Coinbase, allow either to connect a PayPal account as a source from which to draw funds, or to make payments with your PayPal account. Unfortunately, however, there are not many, and these features are often not available all over the world.
It should be borne in mind that commission costs on direct payments made with the PayPal account tend to be higher than those with a credit card, so it is not surprising that many exchanges prefer the latter solution.
