No. You can only buy, sell, and hold Bitcoin and other cryptocurrencies with PayPal if you live in the US (excluding Hawaii) or its territories.(1) Trades are only available in USD. PayPal has not announced a timeline for allowing users in Canada to buy and sell crypto.
Compare other ways to buy and sell crypto in Canada
PayPal isn’t the cheapest way to buy and sell cryptocurrency. If you’re going to be trading large amounts, compare other cryptocurrency exchanges and platforms to potentially save on fees.
Here’s how to buy crypto with PayPal if you have a US PayPal account. After logging into your PayPal account online or via mobile app:
Go PayPal’s Finances section. At the bottom of the app’s screen, select on the Finances icon, then select the Crypto tab at the top of the screen. Tap Buy.
Select Bitcoin and choose your amount. PayPal lists all tradable crypto assets, including Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), Litecoin (LTC), and PayPal USD (PYUSD), the platform’s stablecoin. Select Bitcoin and the quantity you want to purchase, then select Buy. First-time purchasers must read PayPal’s terms & conditions and confirm their account.
Enter payment method. You can typically buy crypto through PayPal using a bank account, debit card or your PayPal balance. Review your purchase details and select Buy Now. After the transaction has processed, your account will show your total balance.
In a nutshell: buying Bitcoin or crypto with PayPal US
Pros
Easy to use. Buy crypto with PayPal online or via mobile app in a few simple steps.
Track your portfolio. See your current crypto portfolio’s worth at a glance.
Flexible payment options. Pay using a debit card, bank account or your PayPal account balance.
Instant transactions. Execute immediate transactions to buy and sell crypto with PayPal.
Purchase with crypto. Use crypto to pay for online purchases from PayPal’s partner retailers.
Self-custody option. PayPal lets users withdraw their BTC from the platform’s custody, or you can let PayPal handle the custody of your private keys through Paxos.
Cons
Not available in Canada. PayPal plans to expand crypto trading capability outside the US in the future, but it’s not yet available for Canadian accounts.
Fees. You’ll be charged a fee based on the total purchase amount.
Limited cryptocurrencies. PayPal currently only supports Bitcoin, Bitcoin Cash, Ethereum, Litecoin, and PayPal USD (the platform’s stablecoin).
Exchange rate markup. Like many currency exchange platforms, PayPal deducts a fee worth a small percentage of the true exchange rate between currencies. So, you’ll lose money every time you buy and sell crypto through PayPal.
PayPal US cryptocurrency fees
You’ll pay a transaction fee every time you buy or sell cryptocurrency using your US PayPal account. The fee is lower if you send over $1,000 USD than if you send between $200 and $1000,(2) so consider grouping individual transactions into a single, larger trade.
Buy or Sell amount
Fee
$1 – $4.99 USD
$0.49 USD
$5 – $24.99 USD
$0.99 USD
$25.00 – $74.99 USD
$1.99 USD
$75.00 – $200.00 USD
$2.49 USD
$200.01 – $1,000.00 USD
1.80%
$1,000.01
1.50%
Fees are accurate as of April 12, 2024.
Supported cryptocurrencies
Right now, PayPal US only supports buying and selling 5 cryptocurrencies, although more may be added in the future.
Bitcoin was released in 2009 and it is known as the world’s first cryptocurrency utilizing blockchain technology.
Bitcoin Cash was released in 2017 as a hard-fork (copy) of Bitcoin.
Ethereum was released in 2015 and has since brought thousands of software applications to the blockchain through the use of smart contracts.
Litecoin was released in 2011 and is thought of as the silver to Bitcoin’s gold
PayPal USD was released in 2023 and is a stablecoin fully backed by US dollar deposits, short-term US Treasuries and cash equivalents.
How to sell crypto with a US PayPal account
To sell cryptocurrency using either the PayPal’s mobile or web app:
Select the Finances icon.
Under Crypto, select one of your existing crypto holdings and select Sell.
Confirm your tax information (if it’s your first time selling).
Enter the amount you want to sell and select Next.
If you are sure of the amount you’d like to sell, select Sell Now.
Why don’t more crypto exchanges support PayPal?
PayPal supports chargebacks, which is a problem when purchasing cryptocurrencies, because Bitcoin and other crypto transactions are irreversible.
Someone could theoretically buy Bitcoin with PayPal, complain that they never received the BTC they purchased and ask for a chargeback. In this way, scammers can keep their money and essentially get Bitcoin for free.
Because of the heightened risk of fraud, many crypto trading platforms don’t accept PayPal deposits.
More crypto traders looking for the best crypto exchange in Canada
According to results from the 2023 Finder: Consumer Sentiment Survey Q1 (CSTQ1), approximately 1 in 5 Canadians either invested or traded in cryptocurrency.(3)
However, investor confidence seemed to ebb and flow. On average, just over 1 in 5 investors (21%) considered the first quarter in 2023 (between January and March) to be a “good time to invest in cryptocurrency,” according to results from CSTQ1. Crypto trader confidence dropped slightly between April and June, with an average of 18% of investors who thought it was a “good time to invest in cryptocurrency,” according to Finder: Consumer Sentiment Survey Q2 (CSTQ2).(4)
In general, younger investors and men were more likely to trade in cryptocurrency. According to CSTQ1 results, 26% of Gen Z investors trade crypto, compared to 21% millennial investors, 19% of Gen X investors and 6% of Baby Boomers. On average, 23% of men hold crypto, compared to 15% of women.
Bottom line
You can’t buy Bitcoin (or other cryptocurrencies) with PayPal in Canada, but you can with a US PayPal account. However, percentage fees for transactions at or above $200 can get expensive, and not all retailers accept payment through PayPal.
No. If you live in Canada, you can't buy or sell crypto (like Bitcoin) using your PayPal account.
Currently, there aren't any crypto exchanges that accept PayPal as a payment method. If you want to buy crypto in Canada, you'll need to use an alternative exchange like Kraken or Coinbase or set up your own crypto wallet with your own private keys to hold crypto assets.
Unfortunately, no cryptocurrency exchanges or cryptocurrency wallets in Canada currently accept PayPal as a funding source.
Disclaimer: Cryptocurrencies are speculative, complex and involve significant risks – they are highly
volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of
future performance. Consider your own circumstances, and obtain your own advice, before relying on this information.
You should also verify the nature of any product or service (including its legal status and relevant regulatory
requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may
have holdings in the cryptocurrencies discussed.
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Zak Killermann was a technical publisher at Finder who specialised in currencies and investing. Zak’s expertise was in breaking down technical finance concepts into approachable, digestible nuggets of information.
Finding the right way to sell Bitcoin is just as important as finding the right option to buy it. In this guide, we break down the options available and the factors to consider.
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