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There are many different ways to buy cryptocurrency, but using PayPal has long been seen as one of the most difficult and inconvenient methods available. PayPal is only accepted as a form of payment on a limited number of platforms, and often incurs additional fees.
In 2020 PayPal announced that US residents would be able to purchase bitcoin through the PayPal app, Malaysian residents however, are not currently eligible.
That said, it’s still possible to buy bitcoin with PayPal if you want to. Keep reading to find out where and how to do it.
PayPal now offers the ability to purchase bitcoin and several other cryptocurrencies through the PayPal app, however, this feature is not available to residents outside of the US. PayPal has not announced any plans to roll out the feature in Malaysia.
This is mainly due to one simple fact: while PayPal supports chargebacks, bitcoin (and other crypto) transactions are irreversible. As a result, it’s relatively easy for someone to buy bitcoin with PayPal, complain that they never received the BTC they purchased and ask for a chargeback – that way scammers can keep their money and essentially get bitcoin for free.
Because of this heightened risk of fraud, there are only a handful of crypto trading platforms and exchanges that accept PayPal deposits.
There are a few different options to choose from if you want to use your PayPal account to buy cryptocurrency:
If you’re considering buying crypto with PayPal, make sure you’re aware of all fees involved:
Let’s take a closer look at how to buy bitcoin with PayPal on four popular platforms.
It’s possible to buy cryptocurrency with PayPal, 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.
Having said that, there are several trading platforms that support PayPal if you insist on buying using this method. Compare the features and fees of those platforms to find one that’s right for you.
Disclosure: At the time of writing the author holds ADA, ICX, IOTA, POWR and XLM.
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