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PayPal isn’t often the cheapest way to buy and sell cryptocurrency, so if you’re going to be trading large amounts it is worth comparing other options to potentially save money.
There are many ways to buy Bitcoin, and with PayPal joining the industry in the US, buying and selling cryptocurrencies just got a little easier. PayPal has partnered with the Paxos Crypto Brokerage to offer cryptocurrency access through US PayPal accounts.
Buying and selling cryptocurrencies through PayPal can be done through the PayPal app or by accessing your account online after you log in:
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.
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|
|$200.01 – $1,000||1.80%||$3.60 – $18|
Sometimes you can save on fees by buying a bit more cryptocurrency. For instance, you’ll pay less in fees to buy $200 in crypto than you would to buy $199. Consider making one larger purchase to save on fees instead of many smaller purchases, if possible.
Although PayPal may add support for more cryptocurrencies in the future, currently only four are supported.
Because PayPal doesn’t allow you to import or export cryptocurrency private keys, like you can do with a hardware wallet, you’ll only be able to sell crypto bought through PayPal.
To sell cryptocurrency:
It’s possible to buy cryptocurrency if you have a US PayPal account, but should you? The high fees involved and shortage of platforms that accept PayPal payments means that there are other more cost-effective and convenient options available.
For example, rather than funding your PayPal account from your credit card and then using that balance to buy crypto, you could use a platform that allows you to buy crypto directly with your credit card.
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