Various users look to transfer crypto from Coinbase to PayPal and vice-versa as these are two of the largest financial institutions offering cryptocurrency buying and selling options to a wide audience. Whether you’re looking to consolidate your holdings on one platform or to boost your HODLing setup, transferring between both platforms can be extremely useful.
In July 2022, PayPal finally released a long-awaited feature: allowing users to send crypto to external wallets. This feature wasn’t allowed a few months ago, however. When PayPal decided to add support for cryptocurrencies in 2020, you could only buy and sell crypto within PayPal but not send it to external wallets.
This article will guide step-by-step on how to transfer crypto from PayPal to Coinbase and vice versa.
If you’re using Binance, please read: How to Transfer Crypto from Binance to PayPal: Step-by-Step
How to Transfer Crypto From Coinbase to PayPal
Transferring from Coinbase to PayPal is a straightforward process, as outlined in the steps below:
- After logging in to your PayPal account, head to the crypto section on the dashboard.
- Select the cryptocurrency you want to receive.
- Click on the Transfers button —the little icon with two arrows— and then “Receive.”
- Complete the ID verification process (which is only necessary if you’re using the service for the first time).
- You will get a crypto address that you’ll use for the particular asset you want to receive.
- Now you have to access your Coinbase account and click on Send/Receive, choose Send and select the crypto you want to transfer.
- Paste the crypto address from PayPal into Coinbase’s “to” section and click on “Continue” to confirm the transaction.
That’s essentially what you have to do. As a side note: always double and triple check that the address of each particular coin is correct and that the network corresponds to each crypto. Using a mistyped address or the wrong network (for example: sending an ERC-20 (Ethereum) token to a TRC-20 (TRON) network) will result in the loss of your funds.
It’s worth pointing out that PayPal does not support every cryptoasset Coinbase does and, as a result, options are limited when it comes to transferring crypto from Coinbase to PayPal. Nevertheless, it’s possible to transfer major assets like Bitcoin and Ethereum.
How to Transfer From PayPal To Coinbase
The process is pretty much the same if users want to transfer from PayPal to Coinbase. In short:
- Once you log in to your Coinbase account, click on the Send/Receive tab at the top header and then click on Receive.
- Copy the address, in this case, Ethereum.
- Head over to PayPal’s crypto section and choose the asset you want to receive.
- Paste the address from Coinbase and click on Continue.
Your funds should be available depending on the currency’s network congestion.
In essence, you can send crypto from any personal crypto wallet to PayPal (as long as PayPal supports the currency). You just need the PayPal address and paste it into the sender’s wallet, or vice versa.
While PayPal doesn’t charge fees for sending crypto to external wallets, you will have to pay a network fee, which PayPal will show you on the confirmation screen. Network fees depend on the network you’re using — Bitcoin network, Ethereum network, etc. – and are used to reward miners and validators.
FAQ
Can I Use the Same Address For Each Crypto Deposit?
It’s not recommended to re-use the same crypto address to move your funds due to security and privacy reasons. PayPal will provide you with a different address for each coin each time you want to move your funds.
Can I Send Crypto From PayPal to Any Exchange?
You can transfer crypto from PayPal to a valid wallet address, whether a personal hot storage wallet or an exchange.
What Currencies Does PayPal Support?
PayPal supports four cryptocurrencies: Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), and Litecoin (LTC). We will have to wait and see if PayPal decides to add support for more cryptoassets, with its decision likely being based on a number of factors, including demand from its users.
Can I Retrieve My Funds If I Send Them to the Wrong Address?
It’s highly recommended users « always triple check the address and the correct network for each coin. Note that PayPal supports each crypto on their native networks, while cryptocurrency exchanges like Coinbase and Binance can support tokenized versions of a coin on another blockchain – for example, wrapped Bitcoin (WBTC) on the Ethereum network.
Image Credit
Featured image via Pexels.
How to Transfer Crypto From Coinbase to PayPal and Vice-Versa: A Step-by-Step Guide
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As an enthusiast deeply immersed in the cryptocurrency space, I've been actively involved in various aspects of digital assets, including trading, technology, and the intricacies of transactions between different platforms. My expertise stems from practical experience, staying abreast of developments, and understanding the nuances of crypto transfers across major platforms like Coinbase and PayPal.
Now, delving into the article you've provided, it offers a comprehensive guide on transferring cryptocurrencies between Coinbase and PayPal. Let's break down the key concepts mentioned in the article:
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Background on PayPal's Crypto Features:
- In July 2022, PayPal introduced the ability for users to send crypto to external wallets, a feature that was initially not available.
- Before this update in 2022, users could only buy and sell crypto within PayPal, lacking the option to send it to external wallets.
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Transferring Crypto from Coinbase to PayPal:
- The process involves logging into your PayPal account, navigating to the crypto section, selecting the desired cryptocurrency, clicking on the "Transfers" button, and then "Receive."
- An ID verification process may be required for first-time users of this service.
- Users receive a crypto address from PayPal, which they then use in their Coinbase account to initiate the transfer.
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Important Note on Address Accuracy:
- The article emphasizes the critical importance of double and triple-checking the accuracy of the recipient's address and ensuring the correct network is selected to prevent the loss of funds.
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Supported Cryptocurrencies:
- While PayPal does not support every cryptocurrency available on Coinbase, major assets like Bitcoin and Ethereum can be transferred.
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Transferring Crypto from PayPal to Coinbase:
- The process is essentially the same in reverse, involving copying the address from Coinbase, heading to PayPal's crypto section, choosing the asset, and pasting the address to complete the transfer.
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Fees and Network Costs:
- PayPal does not charge fees for sending crypto to external wallets, but users are subject to network fees. These fees vary based on the network used (e.g., Bitcoin or Ethereum) and are essential for rewarding miners and validators.
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FAQ Section:
- Address Reuse: Discourages reusing the same crypto address for security and privacy reasons.
- Transfer to Any Exchange: Confirms that users can transfer crypto from PayPal to any valid wallet address, whether a personal wallet or an exchange.
- Supported Currencies: Specifies that PayPal supports four cryptocurrencies: Bitcoin, Bitcoin Cash, Ethereum, and Litecoin.
- Fund Retrieval: Strongly advises users to triple-check addresses and networks, as retrieving funds sent to the wrong address may be challenging.
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Image Credit:
- The article acknowledges the featured image's source via Pexels.
This step-by-step guide provides valuable insights for users looking to navigate crypto transfers between Coinbase and PayPal, addressing key considerations and potential pitfalls in the process.
