Buy Bitcoin With PayPal in Canada
This comprehensive guide will help you explore the best and most reliable methods of buying Bitcoin with PayPal in Canada through leading exchanges, brokers, and apps. The platforms covered in this post have been cherry-picked based on multiple parameters, including but not limited to fees, user interfaces, reputation among the Canadian customer base, and more.
To save you time, the top three providers for buying Bitcoin with PayPal in Canada are Paxful, LocalBitcoins, and Hodl Hodl.
Top Bitcoin Brokers That Accept PayPal in Canada
Paxful - The Overall Best Platform to Buy Bitcoin With PayPal in Canada
Established in 2015 by a team of developers, the goal of this platform was to make it easy to acquire Bitcoins. With more than 350 payment methods (including PayPal), 10 million users, and a load of top-notch features, Paxful is leading the way and can be considered the overall best platform to buy Bitcoin with PayPal in Canada.
|💰 Trade Values:||Cryptocurrencies (Bitcoin, Tether, and Ethereum)|
|📊 Software:||Web Application and Mobile Application|
|🏆 Demo Account Available:||No|
|📺 Ease of Use:||Very Good|
|⭐ Our Rating:||5.0 / 5.0|
|📱 App Available:||iOS & Android|
|🧩 Regulation:||Not Regulated|
|💰 Fees:||0.5% to 1%|
|🔁 CFDs Available:||No|
|⚽ Social Trading:||No|
Best Ways to Buy Bitcoin With PayPal in Canada
Only P2P (peer-to-peer) platforms in Canada are currently accepting PayPal as the deposit method. We couldn’t trace the exchanges or brokers offering the option to buy Bitcoin using PayPal in Canada. Furthermore, you cannot buy Bitcoin directly from the PayPal app as this feature is limited to the US and US territories only.
Best Brokers to Buy Bitcoin With PayPal in Canada
Best CFD Brokers to Buy Bitcoin With PayPal
An alternative way to invest in Bitcoins is with CFDs (Contract For Differences) issued by brokers. These are derivative products, so you won’t own the underlying asset while still investing in the coin. This also means you cannot withdraw, transfer, or spend your crypto.
However, the CFD brokers in Canada like easyMarkets and FP Markets do not accept PayPal as the deposit method.
Best Bitcoin Exchanges to Buy Bitcoin with PayPal in Canada
Bitcoin exchanges are platforms that can be used to buy and sell Bitcoin using FIAT currencies or altcoins. The platform acts as an intermediary to manage the process of buying and selling cryptocurrencies like Bitcoin.
However, the cryptocurrency exchanges in Canada like Coinberry, VirgoCX, Coinsquare, and others don’t accept PayPal as the deposit method to buy Bitcoin or any other cryptocurrency.
How to Buy Bitcoin With PayPal on an Exchange in Canada
Bitcoin is the most popular cryptocurrency, so you will readily find it on almost any crypto exchange in Canada. To buy Bitcoin with PayPal on these exchanges, you will need to register for a new account and complete the KYC verification process to start depositing funds.
Note that not all Bitcoin exchanges accept PayPal as a deposit method, so you will need to confirm the accepted payment methods before creating an account. Once the account is created, you will need to navigate to the deposit page and select PayPal as the payment method.
How to Find Bitcoin on an Exchange: To find Bitcoin on an exchange, you need to navigate to the trade section of the platform. Since Bitcoin is the most popular cryptocurrency, it might automatically appear, or you will need to search it using a search bar.
Altcoins and Bitcoin
Some altcoins cannot be purchased directly using fiat currency in your account, but you can buy them with Bitcoin. Simply buy the Bitcoin by following the steps outlined in the process above and search for the altcoin you wish to acquire. Next, click on the buy button and choose the amount of Bitcoin you would like to trade for the altcoin.
Likewise, you can buy Bitcoin with other cryptocurrencies that you are holding without the need for PayPal. To complete this process use the search bar to find Bitcoin on the trading platform. Select the buy button and choose the cryptocurrency you would like to trade for Bitcoins. Note that the available cryptocurrencies for trading with Bitcoin will differ between exchanges.
Coinbase - Low Minimums Are Perfect for Beginners
Coinbase allows customers to get started with as little as $2 to start trading. This is perfect for beginners interested in figuring out if cryptocurrency trading is the right game for them without making a big investment. Also, the platform provides over 200 cryptocurrencies to choose from, which is more than most.
The platform has a simple user interface and makes the process of exchange between cryptocurrencies convenient. Therefore, new users will not have a long learning curve on their first day. However, Coinbase has relatively higher fees than most, ranging from 0% to 0.6%, depending upon the pricing tier.
Can I Use Decentralised Exchanges With PayPal?
First appearing in 2014, decentralized exchanges opened the gates for users to trade cryptocurrencies in a peer-to-peer and non-custodial model without the involvement of any third party. There is no need to complete the registration process to use a decentralized exchange - not even an email address is required to interact with them.
All you have to do is connect your decentralized wallet like MetaMask and access a world of opportunities like broadcasting transactions, sending tokens, receiving tokens, and more. Anonymity is one of the core benefits of decentralized exchanges.
Hence, now you can understand why it is not possible to use PayPal directly with a decentralized exchange. You need to store some tokens in your decentralized wallet before you can start using a decentralized exchange. This means you can indirectly use PayPal to buy the crypto and then use the same to fund your wallet before using the decentralized exchanges.
Best Bitcoin P2P Platforms to Buy Bitcoin With PayPal in Canada
The P2P platforms connect users directly to buy and sell cryptocurrencies such as Bitcoin. In the table below, you can see the top 3 Bitcoin P2P platforms:
|Exchange||PayPal Fee (CAD 1000)|
|🥉 Hodl Hodl||$0|
The P2P platforms above were chosen because they have the best reputation in the industry. Also, a wide number of payment methods and coins available on these platforms means you can buy Bitcoin or a range of other popular cryptocurrencies. If you would like to buy some other cryptocurrencies apart from Ethereum, take a look at the guides below:
LocalBitcoins - Has the Highest Trading Volume
LocalBitcoins was founded in Finland in 2012, so it has the best longevity out of any other P2P exchange. During its initial years, the platform acquired the biggest pool of customers with the largest trading volume, which is essential for an exchange of this type.
It offers a variety of payment methods, including PayPal, and there is no transaction fee for buying or selling Bitcoin on the platform. Therefore, you will save a large sum of money compared to other platforms.
However, the drawback of LocalBitcoins is that it only supports Bitcoin. Also, the platform requests a lot of information, which is not ideal for those seeking anonymity.
Buy Bitcoin on LocalBitcoins With PayPal: Step-By-Step Guide
In this section, we summarize the process of buying Bitcoin with PayPal on the LocalBitcoins platform. This will save newcomers time and get you started without getting confused.
Step 1: Sign up for LocalBitcoins account
Step 2: Search for an offer
Step 3: Inspect offer and confirm
Step 4: Make a payment
Best Apps to Buy Bitcoin With PayPal in Canada
Mobile apps allow users to buy and sell cryptocurrency from the convenience of their smartphone. Most apps provide the same functionality as you get on the website using a desktop browser. The table below shows the top 2 mobile apps for buying and selling Bitcoin with PayPal.
|Provider||OS||PayPal Fee (CAD 1000)|
|🥇 Paxful||Web / Android / iOS||$0|
|🥈 LocalBitcoins||Web / Android / iOS||$0|
These providers are the best choice because they have competitive fees, offer a large selection of cryptocurrencies, and are considered safe platforms. Paxful sits top on the shelf because of a large number of payment methods, extensive and diverse users, and top-notch features, including a free Paxful wallet.
Paxful - Top Choice for User-Friendliness
Paxful mobile app has been designed and developed to build an intuitive experience with a short learning curve for beginners. You can expect the same functionalities in the mobile app that are found on the web browser version.
You can also wrap an additional security layer by activating the two-factor authentication. However, Paxful could improve as far as the number of cryptocurrencies available to trade on the platform.
Buy Bitcoin on Paxful App With PayPal in Canada: Step-By-Step Guide
Now, we will share the steps you need to follow to buy Bitcoin on the Paxful App with PayPal. This section is handy for beginners who are trying to figure out how to get started.
Step 1: Download the Paxful app and register an account
Step 2: Find an offer
Step 3: Buy Bitcoin
Step 4: Discuss payment details
Step 5: Send the funds
Buy Bitcoin Directly on the PayPal App in Canada
Customers in countries like the United States can buy Ethereum directly from the PayPal app without the need for exchanges or brokers. However, this privilege is not available to the residents of Canada.
Can You Buy Bitcoin With PayPal Credit in Canada?
You cannot use PayPal credit to buy Bitcoin in Canada.
Fees For Buying Bitcoin on PayPal
Although you cannot buy cryptocurrency directly from PayPal app in Canada, it’s important to be aware of the PayPal fees.
|PURCHASE OR SALE AMOUNT||PAYPAL FEE|
|$1.00 – 4.99||$0.49|
|$5.00 – 24.99||$0.99|
|$25.00 – 74.99||$1.99|
|$75.00 – 200.00||$2.49|
|$200.01 – 1000.00||1.80%|
Where Can You Use PayPal to Buy Bitcoin?
Check to see if the country where you live is accepted for buying cryptocurrencies directly on the app.
|Country||Can PayPal Be Used to Buy Crypto|
What Crypto Can You Buy With PayPal?
Learn about the various coins available for purchase directly within the PayPal app to see if your desired ones are on the list.
Exchange or a Broker: What Are the Differences When Buying Bitcoin With PayPal in Canada?
Exchanges and brokers are excellent methods of buying Bitcoin with PayPal in Canada, but there are important differences. We will explore them in the following section to help you determine if the method matches your requirements.
Buying Bitcoin With PayPal Using Exchange in Canada
Exchanges are centralized platforms where you can use funding methods like PayPal to purchase Bitcoin.
Buying Bitcoin With PayPal Using a CFD Broker in Canada
Bitcoin CFD brokers allow investors to profit from betting on if the price of Bitcoin will increase or decrease over a specified time period. This transaction type does not provide ownership of the asset - it’s purely a speculative transaction.
Is Buying Bitcoin With PayPal Anonymous?
In most cases, buying Bitcoin with PayPal is not anonymous, as you will learn in the following section.
Can You Buy Bitcoin With PayPal Without Verification or KYC in Canada?
The majority of methods for buying Bitcoin with PayPal require verification of your identity. This includes buying from the PayPal app, brokers, and exchanges. However, some exceptions like LocalCoinSwap exists that allow you to buy Bitcoin with PayPal without KYC verification in Canada.
Can You Buy Bitcoin With PayPal Without Registration in Canada?
You will need to register an account with the platforms where you want to buy Bitcoin. For example, platforms like LocalBitcoins have a lengthy registration process and a photo ID verification step before you can buy Bitcoin.
Reason to Buy Bitcoin With PayPal
When choosing a payment processor to buy Bitcoin, you need to consider the top reasons to figure out the best methods. PayPal is a good choice because it is widely available, there is no deposit fee, and the transaction is processed instantly.
Alternative Payment Options to Buy Bitcoin With CAD
You might not have access to a PayPal account or dislike the services, so choosing an alternative will be your next step. In this section, we offer a range of alternatives to provide options for everyone.
Buy Bitcoin With Debit Card, Credit Card, or Amex in Canada
Buying Bitcoin with a debit or credit card also provides instant transaction processing, and they are widely available on most platforms. You can use your debit card to deposit funds on Coinbase and navigate to the spot trading tab to purchase the cryptocurrency of your choice. You can also use Bit2Me to buy cryptocurrencies using a debit card in Canada.
Buy Bitcoin With Bank Transfer in Canada
Many providers allow customers to deposit fiat currency like CAD using online banking, which is a fast and reliable method of transferring funds. NDAX is an example of a crypto trading platform in Canada that supports bank transfers to buy crypto.
Buy Bitcoin With PaySafeCard in Canada
PaySafeCard is a good option to buy Bitcoin if you do not have a bank account and want anonymity. No personal information is attached to PaySafeCard purchases, so you can buy Bitcoin without revealing your identity. For example, PaySafeCard is a popular prepaid card that is offered at crypto trading platforms like Paxful.
Buy Bitcoin With PayPal on Digital Wallets in Canada
Digital wallet services like Neteller, Skrill, and Venmo are convenient and fast methods of depositing money to crypto trading platforms. We couldn’t find cryptocurrency exchanges in Canada accepting digital wallets for making fiat deposits; however, you can use P2P platforms like Paxful that allow you to use your digital wallet like Apply Pay to make the payments.
What to Consider When Buying Bitcoin With PayPal in Canada
Before buying Bitcoin with PayPal, you need to be aware of a few considerations. These ensure you understand the process and what to expect:
Must Support PayPal: Make sure to choose a provider that supports PayPal as a method of adding funds.
Fees: Most providers do not charge a fee for adding money with PayPal. However, a fee might be charged for withdrawals to PayPal. Compare these extra fees to get the best deal.
Taxes: You may have to pay taxes when buying and selling Bitcoin, depending on your location, so research the local laws. In Canada, file your cryptocurrency activity at the end of the tax year by reporting your capital gains and losses via the Schedule 3 form and crypto income via Income Tax Return T1.
Safety: Consider where you will keep the Bitcoin after the purchase. Decide if you want to hold it on the platform or transfer it to your wallet for safekeeping.
Amount: Bitcoin is relatively volatile compared to fiat currency. Therefore decide on the amount of Bitcoin that you are comfortable with buying.
How to Sell Bitcoin Using PayPal in Canada
In this section, we have shared the details of how to sell Bitcoin using PayPal in Canada. The simple process allows users to take money off the platform once they are done trading. In this example, we have used Paxful, but you can expect a similar process with other platforms.
Step 1: Navigate to the sell Bitcoin page
Step 2: Set the filters
Step 3: Find the offer
Step 4: Sell Bitcoin
Step 5: Discuss payment details
Step 6: Send the Bitcoin
Do All Platforms Accept PayPal to Buy Bitcoin in Canada?
We couldn’t find any exchanges accepting PayPal as the deposit method to buy Bitcoin in Canada. However, you can use P2P platforms like Paxful. Check the complete list below.
|Paxful||Yes||Read Paxful Review|
|LocalBitcoins||Yes||Read LocalBitcoins Review|
|Binance||No||Read Binance Review|
|Coinsquare||No||Read Coinsquare Review|
|CoinSmart||No||Read CoinSmart Review|
Should I Buy Bitcoin With PayPal in Canada?
Some peer-to-peer platforms accept PayPal as the deposit method for buying bitcoins and other cryptocurrencies, but it is not a popular option in Canada. It is recommended to opt for other methods that are cheap, for example, bank transfer.
Can I Buy Any Other Cryptocurrencies With PayPal in Canada?
It depends upon the number of cryptocurrencies available on a platform. For example, Paxful allows users to buy and sell cryptocurrencies like Bitcoin, Ethereum, and Tether with PayPal. Whereas LocalBitcoins allow buying and selling Bitcoin only.