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How to buy bitcoin with PayPal in Canada
There are many ways to buy Bitcoin, and with PayPal joining the industry buying and selling cryptocurrencies just got a little easier. PayPal has partnered with the Paxos Crypto Brokerage to offer cryptocurrency access through PayPal accounts.
How to buy Bitcoin with PayPal
Buying and selling cryptocurrencies through PayPal can be done through the PayPal app or by accessing your account online after you log in:
- Click on the cryptocurrency section of your account. This section can be found from the homepage. Alternatively, you can visit paypal.com/myaccount/crypto/ to access this page.
- Select the cryptocurrency you want to buy. Your options include Bitcoin, Ethereum, Bitcoin Cash and Litecoin. For other cryptocurrencies, you’ll need to compare alternative ways to buy.
- Click buy. If this is your first purchase you’ll need to confirm your account.
- Choose purchase amount and payment method. You can typically use bank accounts, debit cards or your PayPal balance to buy cryptocurrencies.
- Review and buy. Look over the details of your purchase and click Buy Now to make your purchase.
After buying cryptocurrency through PayPal you’ll be able to see your total balances in your account. Because PayPal stores your crypto for you, if you want more control over your private keys you’ll need to use a different method to buy cryptocurrency.
In a nutshell
Pros
- Easy to use. Buy cryptocurrencies through the PayPal app or through the website in a few clicks.
- Track your portfolio. See your current crypto-portfolio’s worth in a glance.
- Flexible payment options. Pay with a debit card, from your bank account or using your existing PayPal account balance.
- Instant transactions. Buying and selling crypto through PayPal is instantaneous.
Cons
- Fees. You’ll be charged a fee based on the total amount of your purchase.
- You don’t control your private keys. PayPal doesn’t give you access to your cryptocurrency keys, so you won’t be able to store your purchase in an external wallet.
- Limited options. PayPal currently only supports Bitcoin, Ethereum, Bitcoin Cash and Litecoin.
- Exchange markups. Currency conversion rates will apply to your purchase, so you’ll be buying and selling cryptocurrencies at a slight price disadvantage.
PayPal cryptocurrency fees
Transaction fees are applied to your purchase when you buy or sell.
Fees accurate as of Nov 9, 2020.
| Buy or Sell amount | Fee | Fee estimates |
|---|---|---|
| $1 – $24.99 | $0.50 | $0.50 |
| $25 – $100 | 2.30% | $0.575 – $2.30 |
| $100.01 – $200 | 2% | $2 – $4 |
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