Nowadays, PayPal makes it easier than ever to send money to your friends and family or pay for a good or service. Recently, the online payment processor has entered into the crypto market.
While this opens a massive market in the United States, what does this mean for PayPal, crypto, and Canada?
If you want to buy crypto using PayPal and you live in Canada, you’ve got a tough task ahead of you. Unfortunately, Canadians cannot purchase crypto through PayPal.
While it may become an option in the future, currently it is not. Fortunately, there are other ways you can get your hands on some crypto.
Keep reading below and we’ll tell you everything you need to know about Paypal and cryptocurrency in Canada.
The short answer is no, you cannot purchase cryptocurrency with PayPal if you reside in Canada.
However, if you’re in the United States, you can. But before you reach out to your US buddies, you should also note that PayPal only supports a handful of cryptocurrencies and has higher fees than you’re likely to find with other, in-country exchanges.
Fortunately, there are plenty of alternatives in Canada. You can purchase Bitcoin using fiat currencies such as CAD through a platform like Changelly, or you can head to a popular exchange like BitBuy or WealthSimple.
Another option is to simply wait things out, as PayPal has hinted at offering this functionality in other countries at some point in the future. Of course, you’re still likely to pay high fees, so it might not be worth the wait.
PayPal offers a limited selection when it comes to crypto. Your only options are Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), and Litecoin (LTC).
If you want something other than these four, you’ll have to look elsewhere, which is probably what you should do regardless.
If you are in a country that Paypal offers crypto and do plan to purchase crypto, expect to pay hefty fees, especially when compared with other exchanges. Here’s what PayPal charges:
- $0.50 for purchases between $1 – $24.99
- 2.30% for purchases between $25 – $100
- 2% for purchases between $100.01 – $200
- 1.80% for purchases between $200.01 – $1,000
- 1.50% for purchases of more than $1,000
Obviously, it makes sense to purchase more crypto at a time through PayPal to avoid paying more in fees. However, if your primary goal is not to pay high fees at all, then we recommend using an alternative crypto exchange or platform.
PayPal has announced that it will let its users purchase goods and services using crypto through the PayPal checkout process. So if you have Bitcoin, Ethereum, Bitcoin Cash, or Litecoin in your PayPal wallet, you can purchase items using PayPal.
The service takes the current value of the crypto, exchanges it instantly into fiat, and uses PayPal’s payment processing to issue payments. Users will be able to use crypto to pay at any merchant that accepts PayPal as a form of payment.
Since you can’t use PayPal to purchase cryptocurrency in Canada, here are a few other options to consider.
Compared to PayPal, BitBuy is a veritable bargain. The platform’s trading fees start at 0.1%, well below anything PayPal has to offer.
There are more than 30 different cryptocurrencies available using BitBuy and you’ll have access to a user-friendly site with the support you need if you run into problems.
BitBuy is considered as one of the best cryptocurrency platforms in Canada, boasting more than 400,000 users. Plus, it’s a Registered Marketplace and Investment Dealer, which means your digital assets are safe and secure.
Not only that, but with hundreds of thousands of users, you’ll have the liquidity you need for exchanges and orders of any size.
Another exchange you can use to get your hands on cryptocurrency in Canada is WealthSimple. You can choose from 35 different digital assets from this Toronto-based exchange, which has more than one million users.
While the trading fees available on WealthSimple aren’t as cheap as they are through BitBuy, they still make PayPal look greedy. Most users experience trading fees that fall somewhere between 0.5% and 2%.
Like BitBuy, WealthSimple users also have access to high-quality customer support when issues arise.
One cool feature that WealthSimple offers is the ability to trade stocks right on the platform.
As a result, users have the ability to move their funds quickly and easily between their stock portfolio and their crypto portfolio.
Additionally, WealthSimple is a reputable and reliable exchange that will keep your digital assets secure.
Changelly is a crypto-to-crypto platform that allows users to get their hands on the digital assets they want.
However, Changelly is different than other exchanges. It’s more of a middleman that offers an exchange service. The platform doesn’t hold any assets or funds for its users.
Simply select the crypto you want and the payment method you want to use, then let Changelly do the work for you. In a matter of seconds you’ll have several options along with the best available rates for the transaction.
If you don’t have crypto, you can also purchase digital assets with fiat currencies like USD, CAD, EUR, and more.
Unfortunately, you can’t go through PayPal to get crypto in Canada. However, you can use it to purchase Bitcoin, Bitcoin Cash, Ethereum, and Litecoin in the United States.
That’s not necessarily the worse thing, though. PayPal has very high fees associated with purchasing cryptocurrency. You can find much cheaper options through alternative crypto exchanges.
With that in mind, it may not be a bad idea to consider other options. Platforms like Changelly let you use fiat currency to purchase cryptocurrency, while exchanges like BitBuy and WealthSimple give you much better trading fees, are easy to use, and offer high-tier security.