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How to buy Bitcoin with PayPal in Canada

Learn how to buy bitcoin and other cryptos using a US PayPal account.

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Can you buy bitcoin with PayPal in Canada?

No. Currently, buying, selling, and holding bitcoin and other cryptocurrencies on PayPal is only available in the US (excluding Hawaii) and US territories. All trades must be executed in USD. PayPal plans to extend this ability to users outside the US soon.

Compare other ways to buy and sell cryptocurrency

PayPal isn’t the cheapest way to buy and sell cryptocurrency, so if you’re going to be trading large amounts it is worth comparing other cryptocurrency exchanges and platforms to potentially save money.

Name Product Deposit methods Fiat Currencies Cryptocurrencies
Bitbuy Digital Currency Exchange
Cryptocurrency, Interac e-Transfer, Wire transfer
CAD

16
cryptocurrencies

Get a $20 bonus when you open an account and deposit at least CAD$250. T&Cs apply.
At this Canada-based cryptocurrency exchange, you can fund your account in CAD via Interac eTransfer and bank wire.
Wealthsimple Crypto
Bank transfer (EFT)
CAD

34
cryptocurrencies

Get a $50 cash bonus and commission-free trades when you open a Wealthsimple Trade or Crypto account and deposit and trade at least $150. Sign-up today to take advantage of this offer!
Buy and sell a range of cryptocurrencies instantly with no deposit or withdrawal fees.
NDAX Cryptocurrency Exchange
Bank transfer (ACH)
CAD

24
cryptocurrencies

Get a $10 bonus when you open an account and deposit at least CAD$100. T&Cs apply.
NDAX is a Canada-based digital asset exchange with CAD currency pairs and with options for advanced traders.
Netcoins Exchange
Netcoins Exchange
Cryptocurrency, Interac e-Transfer, Bank Wire, Online Bill Payments
CAD

7
cryptocurrencies

Buy Bitcoin and 5 other cryptocurrencies instantly using this straightforward broker.
CoinSmart Cryptocurrency Exchange
Credit card, Debit card, Interac e-Transfer, Bank Wire, Bank Draft
CAD

10
cryptocurrencies

Get a $20 bonus in BTC when you open an account and deposit at least CAD$100. T&Cs apply.
Buy and sell cryptocurrency quickly and easily, with instant verification and 24/7 customer support, on this Canadian exchange.
Crypto.com App
Credit card, Cryptocurrency, PayPal, TransferWise, SEPA
USD, AUD, CAD, CHF, EUR, GBP, NZD, SGD, JPY, ZAR & 9+ more

214
cryptocurrencies

Buy 200+ cryptocurrencies, earn up to 14.5% p.a. on holdings, pay with your crypto for cashback at stores, get loans and more with this complete crypto-finance platform.
Coinberry Cryptocurrency Exchange
Credit card, Debit card, Interac e-Transfer, Wire transfer
CAD

6
cryptocurrencies

Get a $20 bonus when you buy or sell at least CAD$50 in digital currency. T&Cs apply.
Buy and sell cryptocurrency with Canadian dollars on this beginner-friendly Canadian exchange.
Changelly Crypto-to-Crypto Exchange
Credit card, Cryptocurrency
USD, GBP, EUR, CAD, MXN, HKD, RUB, NZD, SGD, JPY & 40+ more

156
cryptocurrencies

Access competitive crypto-to-crypto exchange rates for 150+ cryptocurrencies on this global exchange.
Gate.io Cryptocurrency Exchange
Cryptocurrency
USD, EUR, GBP, HKD, SGD, AUD, CHF, MXN

964
cryptocurrencies

Finder exclusive: New users get $90 worth of Gate.IO points and an airdrop of $5 in random tokens if trade volume exceeds $100 in their first week. T&Cs apply.
A feature-rich exchange with over 700 tokens including derivatives, yield farming and lending products.
Binance Cryptocurrency Exchange
Bank transfer (ACH)
USD, AUD, GBP, EUR, RUB, TRY, NGN, UAH, PHP, CZK & 20+ more

353
cryptocurrencies

New users earn up to USD $500 in bonus rewards on qualified deposits and trades. Valid until December 31, 2021. T&Cs apply.
Trade an extensive range of reputable coins on this world-renowned exchange, popular for its high liquidity and multi-language support.

US residents: As of September 2019, US-based users can only trade USD on the American dollar onramp of Binance, Binance.US.
UK residents: In addition to normal crypto trading services, Binance offers margin lending. As this is a regulated activity which they are not authorised to offer in the UK, we advise you not to use this service. If you're interested in margin trading, see authorised providers.
CA residents: Binance is not currently available to Ontario-based users.
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How to buy Bitcoin with PayPal

Here’s how to buy crypto with PayPal which can only be done through a US PayPal account. You can do so by using the PayPal app or by accessing your account online after you log in:

  1. 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.
  2. 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.
  3. Click buy. If this is your first purchase you’ll need to confirm your account.
  4. Choose purchase amount and payment method. You can typically use bank accounts, debit cards or your PayPal balance to buy cryptocurrencies.
  5. 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.
  • Not available for Canadian PayPal accounts. PayPal plans to expand this service outside of the US in the future but it’s not yet available for Canadian accounts.

PayPal cryptocurrency fees

Transaction fees are applied to your purchase when you buy or sell.

Buy or Sell amountFeeFee estimates
$1 – $24.99$0.50$0.50
$25 – $1002.30%$0.575 – $2.30
$100.01 – $2002%$2 – $4
$200.01 – $1,0001.80%$3.60 – $18
$1000.01+1.50%$15+

Fees accurate as of November, 2021.
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.

Supported cryptocurrencies

Although PayPal may add support for more cryptocurrencies in the future, currently only four are supported.

How to sell cryptocurrency on PayPal

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:

  1. Click on the cryptocurrency section of your account. This section can be found from the homepage and may have different names, including Curious about crypto?, Learn more about crypto and Buy Bitcoin and more. Alternatively, you can visit paypal.com/myaccount/crypto/ to access this page.
  2. Select the cryptocurrency you want to sell. Your options include Bitcoin, Ethereum, Bitcoin Cash and Litecoin.
  3. Click sell. If this is your sale, you’ll need to confirm some tax information for your account.
  4. Choose sale amount. You can only sell cryptocurrency that you bought through PayPal.
  5. Review and sell. Look over the details of your sale and click Sell Now to complete your sale.

Bottom line

It’s possible to buy bitcoin with PayPal if you have a US PayPal account, but the high fees involved and shortage of platforms that accept PayPal payments means that there are other more cost-effective and convenient options available.

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.

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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