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Whether you are looking to make a larger investment or just want to get into cryptocurrency, you can buy Bitcoin, Ethereum, Bitcoin Cash, and Litecoin through PayPal. And, soon, you’ll be able to pay various merchants using your cryptocurrency pool, which PayPal will automatically convert into dollars for you at the time of purchase.
This “Order with Crypto” feature is new, but amassing your cryptocurrency horde on PayPal was a possibility since November of last year. PayPal makes it much easier to purchase cryptocurrency on its service, but there are a few caveats you’ll want to consider. before you start using it to facilitate all your transactions.
First, let’s go over the basics: Make sure you are using the most recent version of the PayPal mobile app or, if you prefer to use your browser, just click PayPal website. In either one you will see a large button that says “Crypto” on it. Click or tap on it.
ANDYou will need to agree to a PayPal policy to start engaging in cryptocurrency transactions, but youYou won’t have to do anything drastic, like submitting a photo of your driver’s license. In fact, PayPal’s process allows you to purchase in less than a minute.. It’s also fast.
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PayPal only offers four cryptocurrencies for purchase, as indicated. And you will be subject to transaction fees varies depending on the amount of cryptocurrency you buy every time you make a purchase:
You will also be charged a cryptocurrency ‘spread’, as PayPal describes:
“PayPal makes money when you buy and sell crypto assets. PayPal will charge a spread (or margin) between the market price we receive from our trading service provider and the exchange rate between the USD and the crypto assets displayed to you. PayPal charges a spread on every Crypto Asset transaction, including sales at Checkout with Crypto. The amount paid by PayPal and the exchange rate provided may be different from what you would pay on other cryptocurrency platforms. You will also be charged a fee when you buy or sell crypto assets. More information about prices and charges can be found on the PayPal Fees page, the PayPal Cash Long Form Disclosure, and the PayPal Cash Plus Long Form Disclosure. PayPal does not charge a fee for selling crypto assets when you checkout with Crypto. “
You’ll see an estimate of these fees before you make a purchase, so you should have a pretty good idea of how much real money you’re going to spend.
When you use PayPal for crypto, you get stuck with PayPal
The greatest speed of the seemingly easy PayPal implementation is that once it’s done, your cryptocurrency purchases are locked in its system. You cannot transfer your assets to another service or wallet (or import more in), nor any other protection you can use (such as a private key) to access your cryptocurrency in the event of a problem with PayPal. You can’t even pay your friends in cryptocurrency, just the supported merchants.
Everything you do is directly linked to your PayPal account, which means you’ll want to have strong security in place (including two-factor authentication) to protect your investment. And you’ll want to make sure you never do anything on PayPal. that goes against its policies. I don’t know what will happen to your cryptocurrency if this happens, but that’s not really a problem you run into on a service that only makes buying and selling cryptocurrency easier.
In other words, you get the convenience of PayPal, but you are also stuck up with PayPal if you take this route to buy your Bitcoins (or whatever). Honestly, if you’re looking to get serious about cryptocurrency, you might want to consider an entirely different provider, especially one that gives you the ability to buy and sell a much larger list of cryptocurrencies. PayPal’s version is a lot like the Robinhood of crypto, but easier. Use it to get your feet wet, Of course, but you’ll want to move on to something a little more advanced as soon as possible. And that will mean liquidating your PayPal assets; hoping you catch your favorite cryptocurrency on a rally.
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