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If you are a Canadian investor looking to buy Bitcoin with PayPal, you will have to wait until the feature is available.
Currently, only a U.S. PayPal account can purchase Bitcoin and other cryptos on the platform.
Can I Buy Bitcoin With PayPal in Canada?
Unfortunately, you cannot buy Bitcoin with PayPal in Canada. PayPal intends to bring this feature to accounts outside of the U.S.
While you can’t use PayPal to buy crypto in Canada yet, you can use a crypto exchange that is supported in Canada. Examples of cryptocurrency exchanges you can use in Canada include Coinbase, KuCoin, and Kraken. Additionally, you can also set up your own crypto wallet to hold your crypto assets, so you own the private keys.
How to Buy Bitcoin With US Paypal Account
If you want to buy Bitcoin or other cryptocurrencies on your Paypal account, follow these simple steps.
- Make sure your bank account is connected to your PayPal app. You can use a credit or debit card as your payment method. Additionally, you can use your PayPal balance on your personal PayPal account to buy Bitcoin.
- Navigate to the crypto section found on the homepage of PayPal.
- Choose which crypto you’d like to buy.
- Enter the number of coins you’d like to purchase.
- Click buy. Keep in mind that PayPal fees and other transaction fees may apply.
Aside from the transaction fee that comes with buying Bitcoin with PayPal, you will not own your private keys. PayPal users can use fiat currency to buy crypto and then send it to a different wallet where they own the private keys.
Crypto wallets are easy to find and work worldwide since they do not require a bank account. Therefore, if you want to send crypto to somebody across the world, all you need is their wallet address.
How to Sell Bitcoin With PayPal in the U.S.
- Go to the crypto section found on the PayPal homepage.
- Choose which of your crypto holdings you would like to sell.
- Click the sell button, and enter the amount of it you would like to sell. You can only sell cryptocurrencies that you purchased on PayPal.
- Look at the transaction overview to ensure everything is good, and then click sell now to complete the process.
PayPal Crypto Fees
The cryptocurrency trading fees on PayPal are relatively straightforward, so I will list them below. Keep in mind that there are just PayPal fees, and other gas fees may apply depending on which crypto coin you are transacting.
Purchase amount: $1-$24.99- $0.50
Purchase amount: $25-$100- 2.30%
Purchase amount: $100.01-$200- 2%
Purchase amount: $200.01-$1,000- 1.80%
Purchase amount: Over $1,000- 1.50%
As you can see, it is beneficial to transact larger amounts of Bitcoin and other cryptos to reduce the total transaction fees.
Pros and Cons of Using PayPal to Buy Bitcoin
Pros
- PayPal is convenient, and various online stores using PayPal accept Bitcoin. Many businesses accepting PayPal may also accept Paypal Bitcoin payments.
- The transaction times for crypto trading on PayPal are lightning-fast and go through instantaneously.
- Since PayPal keeps a payment method on hand, you can easily buy crypto on PayPal using multiple forms of payment.
Cons
- The crypto trading fees on PayPal may be higher than using a different cryptocurrency exchange.
- You do not own the private keys when you buy Bitcoin with PayPal, meaning you do not fully control your crypto assets.
- Not available in Canada.
- PayPal support only Bitcoin, Bitcoin Cash, Litecoin, and Ethereum.
- Exchange markups mean that you will get a slightly unfavorable price when you buy Bitcoin with PayPal.
How to Buy Bitcoin in Canada
You cannot buy Bitcoin with PayPal in Canada, but there are other ways that Canadian investors can get their hands on cryptocurrencies. Canadian investors can use a crypto exchange that supports Bitcoin, such as Coinbase, Kraken, or KuCoin.
- Coinbase
Coinbase is one of the most popular cryptocurrency exchanges in the world, making it a safe way to buy Bitcoin in Canada.
- KuCoin
KuCoin is an advanced crypto trading platform that is available for Canadian accounts to utilize to buy Bitcoin and other cryptocurrencies.
- Kraken
Kraken is a centralized cryptocurrency exchange that allows Canadian citizens to purchase Bitcoin using fiat currency like Canadian dollars.
The PayPal Crypto Wallet
It is possible to buy crypto and store it in your PayPal account crypto wallet. However, there is a saying that goes, “not your keys, not your coins.” Therefore, if the PayPal crypto platform goes bust, you do not own the private keys to retrieve your crypto.
Therefore, the safest way to store your crypto is in a separate wallet where you own the coins or even a cold storage wallet. When you hold the keys to your crypto, there is practically no chance of you losing the coins unless you are a victim of a crypto hack.
Otherwise, you can technically lose your crypto if you type in the wrong address, but this is just a user error that you can avoid.
Buy Bitcoin With PayPal Canada | Bottom Line
Unfortunately, you cannot buy Bitcoin with PayPal in Canada just yet. However, you can use a cryptocurrency exchange to buy and sell Bitcoin in Canada.
Examples of these cryptocurrency exchanges include Coinbase, Kraken, and KuCoin. Coinbase is the most popular and is a great choice, especially since it is supported in Canada.
The pros of buying Bitcoin with PayPal include ease of use, quick transaction speeds, and the ability to use multiple payment methods.
The cons of using PayPal to buy Bitcoin include high fees, limited coin support, and less than favorable pricing when you buy crypto due to exchange markups.
It is essential that Canadian crypto investors perform their own due diligence to avoid losing their coins. One of the best things you can do as a crypto investor is set up a wallet that gives you access to your private keys. If you have access to your private keys, your crypto is much safer than leaving it on PayPal or a cryptocurrency exchange.
