With over 300 million active users and 44% of peer-to-peer money transactions, PayPal is one of the largest online payment platforms in the world. So, when they announced that they will be offering customers a way to buy bitcoin with Paypal—as well as Ethereum, Litecoin, and Bitcoin Cash—the crypto market rose to prices not seen in three years.
If you have an account already you can learn how to buy crypto with PayPal in just a few simple steps. Read on for step-by-step instructions.
How to Buy Crypto with PayPal App
The easiest way to use PayPal for Bitcoin and other crypto is on the app. If you use this app already then simple go to PayPal to login to my account. Otherwise, PayPal sign up is easy if you would like to start an account.
Once you are logged into your account follow these steps to Buy Bitcoin with PayPal.
- PayPal for crypto is now available to U.S. citizens only. So, if you live in the States then you will now see a crypto button at the bottom of your app screen. At the top of the screen you will see that there are currently no fees to buy crypto. What PayPal fees will occur in 2021? We will have to wait and see.
2. Click on the crypto button to be taken to the buy crypto screen. Currently, PayPal allows you to buy Bitcoin, Ethereum, Litecoin, and Bitcoin Cash. More Altcoins may be added as PayPal expands globally in 2021.
3. Below the buy options, you will see short tutorials about how PayPal works when buying and selling crypto. You can also read about the risk involved and the basics like “What is Crypto?”
4. When you are ready, click on the buy button of the coin you want to purchase. If this is your first time buying crypto then you will need to complete one verification step to continue.
5. Read through the PayPal Cryptocurrencies Terms and Conditions then click “Agree and Continue.”
6. Next, choose the amount of crypto you would like to buy. You can use PayPal for Bitcoin to purchase as little as $1.
7. Click on “next” to choose your method of payment for buying crypto with PayPal.
8. Review your order including the coin exchange rate to see how much crypto you will receive. Right now, the PayPal transaction fees for crypto are free until December 31, 2020.
9. Click “Buy Now” to successfully buy Bitcoin with PayPal.
Using Your Crypto PayPal Balance
Now that you know how to buy crypto with PayPal app what do you do with your digital assets? PayPal acts like a cryptocurrency wallet for you to temporarily keep your coins. You can send your crypto to another wallet or use it at millions of online and in-store merchants world-wide. Read our article 10 Ways to Spend Your Cryptocurrency for some great ideas.