How to buy Bitcoin with PayPal

In 2020 PayPal announced that US residents would be able to purchase Bitcoin (BTC) through the PayPal app. Australian residents, however, are not currently eligible.

So while you can't use the PayPal app to buy Bitcoin directly, you can still use it as a payment method to buy Bitcoin on a small number of crypto trading platforms in Australia.

Where to buy Bitcoin with PayPal in Australia

Here's a list of some of the platforms that let you buy Bitcoin with PayPal in Australia.

All of the trading platforms in our list support free PayPal deposits, have been vetted by Finder and are registered with AUSTRAC or ASIC.

• eToro – Good range of coins and excellent social trading features
• Independent Reserve – A dedicated crypto exchange with a spot market
• Revolut – An easy way to get into crypto investing

1. eToro: Good range of coins and excellent social trading features.

Go to site Read review

eToro Crypto

★★★★★
Finder score

80
Supported cryptos

22
Fiat currencies

ASIC-registered

• Why we chose eToro
• Pros & cons
• Fees & deposits

Get a US$50 bonus when you buy at least US$500 in crypto. T&Cs apply.

eToro is an all-in-one trading platform that lets you deposit funds using PayPal with zero deposit fees.

You can then use these funds to instantly buy Bitcoin, a range of other cryptocurrencies or other investments like stocks, commodities and ETFs.

eToro charges a 1% fee for Bitcoin purchases.

Keep in mind that eToro requires you to convert your AUD to USD before you can spend it on the platform. Foreign exchange fees apply.

The minimum deposit amount is $10; the maximum is $10,000 per transaction. You can deposit by PayPal as many times as you like.

eToro charges a fixed $5 fee for AUD withdrawals and the minimum amount is $30.

eToro is popular for its social trading features. You can copy the moves of other traders and stay up-to-date with what other traders are doing via a social network and news feed.

Pros

• Zero fees for depositing funds using PayPal
• Purchase BTC and 75+ cryptocurrencies
• Social trading features like Copy Trading

Cons

• Foreign exchange fees for AUD deposits
• Must convert AUD to USD to trade
• $5 withdrawal fee

Deposit Methods	Bank transfer,Credit card,Debit card,Neteller,PayPal,Skrill,eToro Money
Deposit Fees	Fees vary (conversion fees for non-USD deposits) (US $50 minimum deposit)
Withdrawal Fees	AUD $5 (minimum withdrawal of US $30)
Trading Fees	1% fee for buying or selling cryptocurrencies.

2. Independent Reserve: A dedicated crypto exchange with a spot market

Go to site Read review

Independent Reserve

28
Supported cryptos

3
Fiat currencies

AUSTRAC-registered

• Why we chose Independent Reserve
• Pros & cons
• Fees & deposits

Independent Reserve is a cryptocurrency exchange that lets you deposit AUD using PayPal with zero deposit fees.

You can then use these funds to purchase Bitcoin. Regular trading fees apply and start at 0.5%.

If you deposit funds to buy Bitcoin or crypto using PayPal, you will not be able to withdraw your crypto or fiat funds for 7 days.

If you decide to sell your Bitcoin, you can withdraw AUD back into your bank account.

Independent Reserve says they are looking to add AUD withdrawals to PayPal accounts in the future.

Pros

• Zero fees for PayPal deposits
• Buy Bitcoin instantly using PayPal
• Buy 28 cryptocurrencies using PayPal

Cons

• Must wait 7 days to withdraw crypto or fiat

Deposit Methods	Bank transfer,Credit card,Cryptocurrency,Debit card,PayPal,Osko,PayID,EFT
Deposit Fees	Cryptocurrency: Free None for deposits over AU$100 and above $0.99 for deposits under AU$100 Assisted transfer fee: $20 Debit or credit card: Free PayPal: Free
Withdrawal Fees	EFT bank withdrawals: Free AUD PayID/NPP instant withdrawals: $1.50 Cryptocurrency: Fees vary Assisted transfer fee: $20
Trading Fees	0.02-0.5%

3. Revolut – An easy way to get into crypto investing

Go to site Read review

Revolut Cryptocurrency App

98
Supported cryptos

18
Fiat currencies

• Why we chose Revolut
• Pros & cons
• Fees & deposits

Revolut is better known as a digital banking app, but it also lets you invest in cryptocurrencies including Bitcoin.

You can deposit funds from your PayPal to your Revolut account and then use these to purchase Bitcoin from within the app. There are zero fees for PayPal deposits.

Revolut charges the following fees for cryptocurrency purchases.

• $1.99 for purchases up to AUD $133.56
• 1.49% for purchases over AUD $133.56

Pros

• Free PayPal deposits
• All-in-one currency and digital banking app
• Buy 30+ cryptocurrencies

Cons

• Fees are higher than other options
• Limited range of cryptocurrencies
• No advanced trading features

Deposit Methods	Bank transfer,Debit card,Apple Pay,Google Pay
Deposit Fees	None
Withdrawal Fees	Fees vary
Trading Fees	0.99% (Premium or Metal plans) or 1.49% (Standard or Plus plans) plus spread

Buy Bitcoin with PayPal using a P2P exchange

The following cryptocurrency exchanges let you purchase Bitcoin with PayPal through their P2P trading service.

This means that you are buying Bitcoin directly from another user, a bit like buying something off Ebay or Gumtree. This is less convenient than buying it on the open market because you can only purchase the exact amount the other person is willing to sell, and they set the price.

1 - 2 of 2

Name	Product	Deposit methods	Fiat Currencies	Cryptocurrencies	Offer	Disclaimer	Link
KuCoin KuCoin		Bank transfer, Credit card, Cryptocurrency, Debit card, Neteller, POLi, PayID, Skrill, P2P, TransferWise, Apple Pay, Google Pay, Prepaid card, Revolut	USD, EUR, GBP, RUB, CNY, AUD, KRW, JPY, TRY, VND	745 cryptocurrencies			Go to site Capital at risk View details	Compare	loading Fetching your data...
Bybit Bybit		Bank transfer, Credit card, Cryptocurrency, Debit card, P2P	USD, AUD, CAD, EUR, GBP, NZD, HKD, JPY, SGD, PHP	335 cryptocurrencies		Disclaimer: Highly volatile investment product. Your capital is at risk.	Go to site Capital at risk View details	Compare	loading Fetching your data...

Disclaimer: Star ratings are only displayed for products with 10 or more reviews.

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Beware that P2P platforms have their own unique set of risks.

• P2P communication. Some P2P platforms allow interaction between traders. If you’re communicating directly with another trader, never share personal information – phishing and other scams are common in crypto.
• Incorrectly approved transactions. If you’re selling on a P2P platform, you must release your assets once payment has been received. If you release your funds before receiving payment, they may be irreversibly lost.
• Price volatility. When buying and selling on a P2P trading platform, it is your responsibility to check prices before completing transactions. If the market has moved and you haven’t adjusted your order, your buy or sell order may be filled at an unfavorable price.

Why don’t more exchanges offer PayPal?

This is mainly due to one simple fact: PayPal supports chargebacks, which is a problem when purchasing cryptocurrencies.

This is because Bitcoin and other crypto transactions are irreversible.

As a result, someone could theoretically 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.

Is there any risk buying Bitcoin with PayPal?

There are always risks involved with buying and selling Bitcoin, but none specific to using PayPal as a deposit method.

Once you've purchased your Bitcoin, consider moving it off the platform you bought it on and into a non-custodial wallet to reduce counter-party risks.

Pros and cons of buying crypto with PayPal

Bottom line

You can use your PayPal account to buy Bitcoin and other cryptocurrencies on a small number of trading platforms in Australia. The fees on these platforms are a bit higher than some other exchanges out there, but they by no means break the bank.

You can also use PayPal on a P2P market via an exchange like KuCoin, but these are much more inconvenient than buying Bitcoin from a trading platform normally.

As PayPal looks to explore cryptocurrency further, you may not have to wait long until you can buy Bitcoin from within the PayPal app in Australia.

Compare platforms that accept PayPal

FAQs

• Can I buy Bitcoin with PayPal on Coinbase?

  No, Coinbase does not currently accept PayPal transfers. At the time of writing, the only supported payment methods for Australian buyers are debit card or bank deposit.

• Can I buy Bitcoin through PayPal anonymously?

  Not really. While there are some platforms that allow you to buy cryptocurrency without providing any proof of ID, PayPal isn’t an anonymous payment method. This is due to the fact that you’ll need to fund your PayPal account from a linked bank account or credit card, which will in turn be linked to your identity.

• Is it possible to cash out BTC to PayPal?

  Yes. One option is to sell Bitcoin through a peer-to-peer marketplace that accepts PayPal, such as LocalBitcoins or Paxful, or place a trade on an exchange like VirWox. Another alternative is to use an exchange where you can sell Bitcoin for AUD, then withdraw your dollars to the credit card or bank account linked to your PayPal balance.

• Can I store Bitcoin in my PayPal wallet?

  No, you can’t fund your PayPal wallet with Bitcoin and BTC cannot be stored in your PayPal wallet. Your BTC will instead need to be held in a dedicated cryptocurrency wallet.

• Are there other ways to buy cryptocurrency with Australian dollars?

  Yes, there are several crypto exchanges that offer fiat-to-crypto trading and accept deposits via bank account transfer, BPAY, POLi Payments, credit card, debit card and even cash.

• Can you buy Bitcoin with the PayPal app?

  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 rollout the feature in Australia.