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Buy Dogecoin with Paypal

Last updated 9th May 2022
Disclosure

With the hype surrounding Dogecoin(DOGE), no one wants to miss out on the action. DOGE has experienced substantial growth in 2021, spurred on by the Twitterverse and its vibrant community.

Learn how to pay for Dogecoin with PayPal. We examine the best brokers, ways to make a deposit, withdrawal, and much more.

Top Dogecoin brokers that accept PayPal

Finding a credible broker that accepts PayPal may be challenging. In a subsequent section, we provide you with several factors to consider before settling on a broker. For now, here is a list of our top picks to start you off quickly.

1
eToro
Minimum Deposit
$200
Exclusive Promotion
User Score
10
More than 3,000 assets, including currencies, stocks, cryptocurrencies, ETFs, indices and commodities
Buy crypto, or trade cryptocurrencies via CFDs
This ad promotes virtual cryptocurrency investing within the EU (by eToro Europe Ltd. and eToro UK Ltd.) & USA (by eToro USA LLC); which is highly volatile, unregulated in most EU countries, no EU protections & not supervised by the EU regulatory framework. Investments are subject to market risk, including the loss of principal.
2
Coinbase
Minimum Deposit
$50
Exclusive Promotion
User Score
6
Trade and invest in over 25 cryptocurrencies
Extremely simple user interface
Over 68 million customers

What is a PayPal Dogecoin broker?

A Dogecoin broker facilitates the purchase of Dogecoin with PayPal. An investor can send fiat directly to the broker using PayPal as a funding option.

In its simplest form, a PayPal Dogecoin broker facilitates the buying, selling, and storing of Dogecoin. Some brokers may also allow trading of Dogecoin. In this case, the investor does not have to own Dogecoin. They can speculate on its price movements, either going long or short. Some of the more popular trading instruments are CFDs and margin trading.

What crypto platforms accept PayPal?

PayPal may not be as widely adopted as other payment options like bank transfers. However, a considerable number of tier one brokers and exchanges have integrated PayPal.

PayPal has also expanded its offering from just an online payment service to now facilitating buying and selling of 4 cryptocurrencies. Unfortunately, investors cannot buy Dogecoin on the platform directly.

Buyers can buy and sell Dogecoin using the following crypto platforms:

P2P marketplaces

P2P platforms link vendors and buyers of crypto. To buy Dogecoin with PayPal on a P2P marketplace, use the filter option to specify Dogecoin and Paypal. This will show you the offers available, with their specific rates. LocalBitcoins is an example of a P2P marketplace that allows its users to buy Dogecoin with PayPal.

Crypto exchanges

These are custodial platforms that facilitate buying and selling of crypto. They hold funds and crypto, unlike P2P platforms. Binance, Gemini, and Coinbase are some of the top exchanges where you can buy Dogecoin.

Some will not allow the direct purchase of Dogecoin with PayPal. You have to first buy mainstream crypto before exchanging with Dogecoin.

Brokers

Brokers facilitate buying, selling, trading, and storing crypto. They provide the option of trading Dogecoin without owning it. CFDs, margins, and futures are some of the trading instruments you can use to take advantage of price movements. Note that brokers may still offer other assets such as bonds and stock.

You can buy Dogecoin directly with PayPal. Some of the brokers that allow you to buy Dogecoin with PayPal include eToro and Avatrade.

Buying, selling, and trading of Dogecoin via a broker may have several advantages, including:

  • A variety of order types

  • No need for a crypto wallet

  • Safety and security

  • Trade Dogecoin with CFDs and utilize leverages.

  • Short selling in favorable market condition

How to buy Dogecoin with PayPal

Crypto exchanges provide the best way to buy Dogecoin with PayPal. Most are simple to use and will allow you to transfer your Dogecoin to an external wallet.

Here is a detailed step by step guide:

  • Find a suitable account: Check into whether you can buy Dogecoin with PayPal. Other vital considerations are reputation, customer service, fees, security for your data, and assets. Verify that you can withdraw your Dogecoin after purchase: This is critical for long-term holders.

  • Sign up and fund the account: The prerequisite to this step is having an active PayPal account. The account should have funds. Deposit funds to your PayPal wallet using bank transfers or debit cards. Most crypto platforms will require the email/phone and password combination to open an account. To deposit, buy and sell crypto, you will have to complete identity verification. The process will require submitting a government-issued ID, address, full legal name, and a photo. The exchange will verify your details and authorize you to fund the account. Select PayPal as the funding option and enter the amount. You will be redirected to the PayPal login page. Log in and authorize the fund’s transfer.

  • Make the purchase: Select DOGE from the list of cryptocurrencies. Enter the amount you want to spend and click buy. Another option is to use funds to buy cryptocurrencies like USDT or Litecoin. You can transfer these tokens to a crypto wallet where you can swap for Dogecoin.

  • Secure storage: We recommend storing your DOGE tokens away from the exchange. For long-term holders, we recommend a hardware wallet. For those who prefer frequent buying and selling, get a hot wallet.

How to deposit and withdraw via PayPal

Deposit

Here is a step-by-step process for linking your PayPal to the exchange and making a deposit.

  • Open a PayPal account and fund it.

  • Log into your broker’s account.

  • Select PayPal as a payment option.

  • You will be redirected to the PayPal page and prompted to log in.

  • Transfer cash from your PayPal to the broker.

Some important things to note when depositing using PayPal.

  • We recommend using similar emails for the exchange and PayPal account.

  • We advise that the PayPal and exchange country settings be similar.

Withdraw

You need to have funds in your account from selling your crypto assets. Some exchanges and brokers will require a minimum amount before withdrawals.

  • Link the exchange account with your PayPal.

  • Specify the currency and amount to withdraw, e.g., USD and $1000.

  • Select PayPal as the cash-out option

  • Confirm the withdrawal.

  • Confirm funds in your PayPal account.

What should I look for in a PayPal Dogecoin broker?

Apart from an exchange/broker accepting PayPal, there are several factors to consider. Weigh a broker/exchange against these considerations before depositing your money.

  • Fees: Some of the fees you can encounter include processing fees on PayPal, deposit, withdrawal, convenience, and trading fees on the exchange. Charges may vary, with some platforms offering free PayPal deposits. Check the fees by searching “Exchange name fee schedule” on Google, e.g., Coinbase fee schedule.

  • Ease of use: Linking your PayPal to the exchange should be simple. Crypto platforms strive to make standard processes as seamless as possible. An intuitive user interface makes everything less complicated.

  • Transaction limits: All exchanges and brokers have transaction limits. We recommend crypto platforms with a low minimum deposit, which are beneficial for small deposits. High limits allow investors to cash out easily without experiencing multiple fees, especially for large investors.

  • Variety of trading options: If you want to trade in Dogecoin, select a broker that offers different trading options. Many traders love to leverage Dogecoin to try to make profits, due to the significant fluctuation in prices.

  • Risk management: The volatility of cryptos is well documented. Dogecoin is no different. Traders should engage in platforms that provide automatic risk management tools like Stop Loss orders and Trailing Loss.

  • Customer service: Find a broker that provides diverse customer support channels. Response times should also be within acceptable timelines. Some common support channels to look for include phone, live chat, Facebook, and email.

  • Regulatory approval: Ascertain whether the crypto platform is regulated. We recommend using approved brokers to avoid losing money.

  • Reputation: We recommend checking online review sites and forums to get verified user experiences. Check for pointers on customer service, fees, ease of use, and security.

Should I buy Dogecoin using PayPal

Pros

Instant transactions: Funding and withdrawing are instant with PayPal on some exchanges such as Coinbase and eToro.
Buy with fiat: Using PayPal is a way to purchase Dogecoin with fiat currency directly via some exchanges/brokers.
Ease of use: It is easy to link PayPal with exchanges making it attractive even for beginners
Secure: PayPal is a highly secure online platform with over 300 million users.

Cons

Conversion fee: PayPal charges fees for conversion of currency.
Higher fees: Exchanges/brokers subject PayPal transactions to higher fees than SEPA and ACH payments.
Limits: Some exchanges put a cap on PayPal transaction limits. For instance, Coinbase institutes a cash-out rolling limit of $25,000.
No privacy: PayPal transactions on crypto platforms can be traced back to you.
Limited adoption: Not all crypto platforms accept PayPal as a payment option. For instance, Coinmama.

Is using PayPal the best method to buy Dogecoin?

PayPal certainly offers a fast and convenient option for depositing and withdrawing funds only comparable to credit and debit cards. With PayPal, you can be sure your funds are secure.

On the downside, PayPal may not be ideal for those funding their PayPal account from other sources. Loading funds may attract a small fee, and charges may apply when sending funds to a crypto exchange. It is therefore not ideal for those making small investments due to these multiple fees.

What are the alternative payment methods with which to buy Dogecoin?

Other e-wallets: Skrill, Neteller, and Venmo are e-wallets that can be integrated as payment options. Although not as widespread as PayPal, these options also provide a quick way to transfer funds to a crypto platform.

Bank transfers: Widespread and available in a majority of fiat to crypto platforms. They are convenient for small and large deposits. Here are some examples of bank transfer services globally:

  • ACH - USA

  • Direct entry - Australia

  • SEPA - Europe

  • Faster payments - UK

Cryptocurrencies: Cryptocurrencies like Bitcoin and Litecoin can be used to buy Dogecoins. Instead of fiat currencies like USD and GBP, you can specify a Bitcoin-Dogecoin swap. Most advanced traders find this method cost-effective, picking coins like Ripple, which have low network fees.

Credit cards: 3D secure credit cards are increasingly becoming a popular option. Banks advance a line of credit for the cardholder, which they can utilize to buy Dogecoin. Banks also impose limits on the credit they advance, limiting the number of Dogecoin you can buy.

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Wire transfers: There are international and domestic wire transfers, and these typically have higher deposit limits.

Conclusion

Dogecoin is a meme coin that has seen some exciting growth. However, the number of crypto platforms that accept PayPal for the purchase of Dogecoin is limited. Other payment alternatives to consider include bank transfers and other cryptocurrencies.

PayPal provides a safe and convenient way of purchasing Dogecoin. Deposits and withdrawals are instant on some exchanges, which can help take advantage of volatile prices.

Using PayPal however, comes with higher costs. Lack of support by some major exchanges like Coinmama is a concern. Use PayPal if you have funds in your wallet. Funding it from other sources just makes the purchase process more complicated and expensive.

FAQs

Can I buy Dogecoin anonymously with PayPal?

No. Remember PayPal requires KYC verification. Funding of PayPal accounts is mostly from bank transfers which bear your full details. Transactions can therefore be traced back to you easily.

How fast is buying Dogecoin with PayPal?

Buying Dogecoin with PayPal is instant on exchanges like eToro and Coinbase.

Do I need a crypto wallet?

Certainly, if you have bought Dogecoin on a crypto exchange, you need to transfer it out. Hot (online) and cold (offline) wallets are excellent options. Cold wallets are preferable for long-term holding.

There is no need for a crypto wallet if you decide to trade Dogecoin. Some platforms do not allow the transfer of DOGE tokens off their platform.

Are there low fees when using PayPal to buy Dogecoin?

This mostly depends on the exchange. On average, funding your account with PayPal attracts higher fees.

Can I hold cryptocurrency in my PayPal account?

No, you cannot hold Dogecoin on your PayPal account; instead, store them in a crypto wallet.

Can I buy other cryptos using PayPal?

Yes, you can use your PayPal to purchase other cryptocurrencies. Prime examples are Bitcoin and Litecoin.

Can I buy Dogecoin with PayPal instantly?

Yes, some exchanges allow instant purchases.

Is PayPal the easiest way to buy Dogecoin?

Using Paypal is a super quick and convenient way of buying Dogecoin. However, expect higher fees compared to other alternatives like bank transfers.

Does Coinbase accept PayPal?

Yes, Coinbase accepts PayPal.

Amala Pillai

Amala Pillai

Amala is custom content and news editor based in London. She is a former financial journalist based in Singapore with 7 years of experience covering a range of business and financial topics. Now she focuses on crypto and macro-economics. She has also covered feature profiles, tech, business politics and ESG— she was the Environment Editor for the Solutions Newspaper, 2016 and worked in an editorial capacity at both News corp (Dow Jones) and JBN. She also has experience as a content creator, strategist and brand editor for various financial institutions and banks.