PayPal Crypto Wallet Address: Where to Find It

Published: 14th June, 2024 | Last Updated: 19th June, 2024

Markos Koemtzopoulos

Markos Koemtzopoulos is the founder and main writer of ElementalCrypto. He has been a lecturer at the University of Nicosia on cryptocurrencies and DeFi and has taught two courses on crypto and blockchain technology.

In this post, I will explain how to find your PayPal crypto wallet address and how to receive digital assets. I will also explain how you can send crypto to an external crypto wallet address, which cryptocurrencies you can store on PayPal, and what alternatives there are. 

This article is part of my broader series on how to buy Bitcoin.

Steps to Find Your PayPal Crypto Wallet Address

  1. Open the PayPal app on your phone.
  2. Click on Finances in the bottom menu.
  3. Click on the top legend, which says crypto. This will bring you to the cryptocurrency hub.
  4. The crypto tab will list all the different crypto assets you own. 
  5. Click on the coin that you want to receive more of. 
  6. The next screen will show your crypto balance, i.e., how much you own of that coin. You will also see the coin’s price chart.
  7. Click on the two-directional arrows for crypto transfers. These are at the bottom, next to the buy/sell buttons. 
  8. You will see a pop-up to send or receive. Click on receive. 
  9. A QR code and a long string of characters will appear. This is your PayPal crypto wallet address. Share a screenshot of the QR code with the sender, or copy-paste the address.

Withdrawal Fees

PayPal charges 1% for crypto withdrawals to another wallet. You do not incur any fees for receiving crypto. The sender will incur a blockchain transaction fee, which is usually negligible.  

Why Do You Need a PayPal Crypto Wallet Address? 

Why You Need a PayPal Crypto Wallet Address

A crypto address is just a string of alphanumeric characters on a digital ledger known as a blockchain. It looks something like this. 

Anyone can know your address if you share it with them, just like anyone can know your bank account or your home address if they want to send you money or a package, respectively. 

US customers also have the option of sending crypto to a Venmo account. Venmo users can share their crypto address with PayPal users to receive crypto and vice versa.
In addition, you can make internal transfers to other PayPal users. 

To use your PayPal crypto wallet address, you must find and copy your address to receive money in your PayPal account. 
You can then send the address to anyone who wants crypto. Each coin has a separate address and lives on a separate blockchain. 

For example, you can’t send Ethereum to a Bitcoin address. 
If you try to do that, you will lose your crypto assets. 

Common Mistakes

1. Entering the wrong address type

A common mistake is to think Bitcoin and Bitcoin Cash are identical. They are not. Each of those coins belongs to a separate blockchain, and the two don’t talk to each other. Trying to send Bitcoin to a Bitcoin cash address will result in losing your Bitcoin if you try to do that. 

2. Pasting the wrong address

Ensure you paste the correct address, and don’t leave a space or delete a character. 
I know people who have incurred significant losses by making silly mistakes like that. 
You can also share your address’s QR code to avoid manual copy-pasting errors. 

3. Use your personal PayPal account

You can’t transact in crypto using a business account. Switch to your account; otherwise, you will get an error message.

How to Send Crypto From Your PayPal Wallet

If you want to send crypto to someone else, follow these steps.

  1. Open the PayPal app and navigate to your crypto assets like before
  2. Click on the coin you want to send and 
  3. Click on the transfer button.
  4. Select send. You may need to confirm by entering a PIN sent to you via email or text message. 
  5. Enter the recipient address where you want to send your crypto. Make sure you have entered the right address and chosen the correct network.
  6. Hit send, check the details and fees, and confirm the transaction. 

I Can’t Find My Wallet Address on PayPal. 

PayPal only offers the option to purchase crypto and send it to an external wallet in the United States. You cannot buy digital currencies on PayPal outside the US. 
To buy Crypto on PayPal, you need a verified personal account. PayPal customers who want to purchase crypto must confirm their personal information and identity. PayPal must do this to comply with regulations regarding knowing their customers (KYC) and anti-money laundering (AML).

How Long Do Crypto Transfers Take?

PayPal says that crypto transfers can take up to two hours to process. This is on the higher side. You can expect Bitcoin transactions to be confirmed within the hour, whereas Ethereum often takes a few minutes, depending on network congestion. 

How Much Does It Cost to Send Crypto? 

Payments on PayPal are exorbitant. PayPal charges 1% to make a transfer to a wallet and up to 1.8% to buy crypto. The majority of crypto exchanges do not charge fees for transferring crypto. The only fee standard across all platforms is the blockchain network fee. These fees will be insignificant on Bitcoin, Bitcoin Cash, and Litecoin. For Ethereum, you must transfer a sizeable amount to make it worthwhile. Transfer of less than $1000 to Ethereum addresses is not worth it, as fees can sometimes be as high as $60.

Which Coins Can I Receive in PayPal’s Wallet?

PayPal Wallet

PayPal only supports the following cryptocurrencies:

  • PayPal USD (PYUSD)
  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Litecoin (LTC)
  • Bitcoin Cash (BCH)

Tip: When making external transfers with PYUSD, ensure the exchange or wallet you send it to supports the PYUSD token. Exchanges and wallets that support erc-20 tokens are acceptable. 

Should I Move My Crypto Off PayPal? 

PayPal offers a custodial wallet, meaning you cannot access the private keys of the account where your crypto is stored. Moving your virtual assets to a digital wallet will allow you to self-custody your funds. This means that if PayPal goes down or gets hacked, you still have access to your funds. 

Alternatives to PayPal

PayPal charges very high fees to people who are lazy to explore alternatives. Imagine if every time you send money to someone from your bank account, they charge you 1%. This is unheard of in the crypto world, where you should worry only about network fees.

There are three alternatives to using PayPal to buy and store your crypto.

  1. Cryptocurrency exchanges. These support multiple payment methods, including deposits via debit card, bank transfers, and sometimes even PayPal.
  2. Crypto brokers such as Robinhood and eToro help manage traditional financial products such as stocks, ETFs, and crypto in one place. While brokerages offer a wide range of crypto coins, they are still limited. 
  3. Wallets such as Exodus, MetaMask, and Coinbase Wallet are great options for those who want to store small amounts of crypto to manage on the go. Consider using a cold wallet such as a Ledger or Trezor device to store significant crypto. 
Markos Koemtzopoulos is the founder and main writer of ElementalCrypto. He has been a lecturer at the University of Nicosia on cryptocurrencies and DeFi and has taught two courses on crypto and blockchain technology.

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