Crypto fever is sweeping the world, and the recent skyrocket of popular meme-inspired currency Dogecoin has created major FOMO (fear of missing out) even for those normally intimidated by complex technology. Well, I’m here to tell you that buying Dogecoin is now easier than ever thanks to PayPal.
While PayPal doesn’t directly support Dogecoin trades on its platform yet, you can connect your PayPal account to leading crypto brokerages that allow you to use your PayPal balance to buy DOGE. As your friendly neighborhood crypto enthusiast, I’ll guide you through the quick 3-step process in plain English. Read on to join the Doge revolution!
Overview: PayPal’s Growing Crypto Business
PayPal sent shockwaves through the crypto industry in October 2020 when it announced users could start buying, selling, and holding Bitcoin, Ethereum, Bitcoin Cash and Litecoin directly through PayPal as well as its mobile money app Venmo beginning in early 2021.
This was an incredibly big deal as it exposed crypto to PayPal’s near 350 million users worldwide almost overnight. According to data from Topline Strategy, PayPal led U.S. crypto app downloads in 2021, even beating out popular exchanges like Coinbase.
Demand has been so high that there are reports of waitlists just to get access to PayPal’s crypto features, which are currently only available to U.S. customers.
Why PayPal is a Gamechanger for Crypto Investing
Allowing users to engage with crypto via PayPal offers several unique advantages:
Fiat On-Ramps – PayPal reduces barriers to crypto investing for new users by handling the fiat currency conversion within their app. No more confusing wire transfers to exchanges!
Enhanced Security – Long-time PayPal members benefit from the platform’s fraud protections and ability to dispute charges. This provides peace of mind against crypto hackers and scams.
Regulatory Standing – PayPal has worked closed with regulators to ensure proper oversight of its crypto business, reducing risk.
Mainstream Reach – By exposing millions of account holders to crypto, PayPal could be the driving force for truly mass scale adoption.
LIMITED COIN CHOICE…FOR NOW – The downside is that PayPal only supports trading and holding of Bitcoin, Ethereum, Bitcoin Cash and Litecoin at the moment.
Buying Dogecoin with PayPal in 3 Easy Steps
But here’s the exciting part – just because you can’t directly buy Dogecoin on PayPal now doesn’t mean you can’t fund your DOGE purchases using your PayPal balance. Let’s look at how:
Step 1) Add Money to PayPal
First, we need to make sure there’s money ready to go in your PayPal account. Cash balances in PayPal are FDIC insured in the U.S. up to the maximum allowed by law.
You can add funds via:
Bank account transfer – free but takes 4-5 business days to complete after linking accounts.
Debit card transfer – available instantly for a fee (around 3% of the transaction value). Make sure your daily/monthly card limits can accommodate the amount!
Direct deposit/paycheck – If enabled with your employer, a portion of your pay can automatically flow into PayPal each pay period. No fees.
For buying crypto intent, I recommend keeping a cash balance ready to go in PayPal to capitalize on sudden price swings!
Step 2) Select a Brokerage Platform
While we wait in hopes of future direct Doge integration, PayPal has partnered with legitimate crypto brokerages that allow linking your PayPal account to fund buys.
I’ve used several personally over the past year and recommend any of the following based on your priorities:
| Platform | Fees | Coins | Ease of Use | Security |
|---|---|---|---|---|
| eToro | 1.5%-5% spreads | 15+ | Very simple trading | Strong |
| Crypto.com | 0.4%-2.99% | 70+ | Full crypto services | Robust 2FA |
| Coinbase | 0.5%-4.5% | 100+ | More advanced tools | Insurance available for assets |
| Bitpanda | 1.49%-2.99% | 30+ | Easy for beginners | 95% cold storage |
These brokerages allow fast signup requiring only name, DOB, and email to get started. You‘ll need to provide additional verification down the road. Now let‘s get to the fun part…
Step 3) Buy DOGE With PayPal Payment
Alright, final step – let‘s walk through executing a sample DOGE buy order! I‘ll demonstrate with eToro since it has the simplest buying process:
Search "Dogecoin" or "DOGE" on eToro to pull up the DOGE trading screen
Click "Trade" and type either the amount in DOGE or dollar value you want to purchase
A preview will show total amount and processing fees. Verify details look correct.
Select PayPal as payment method and authorize eToro‘s connection
Check everything over then click "Open Trade" – you now own DOGE!
Once completed, you‘ll see your new DOGE balance reflected in your eToro portfolio. Congrats, you did it!
Example of buying interface flow on eToro. Source: Pexels free stock images
If you have any trouble, the brokerages have 24/7 customer support via online chat or phone to walk you through.
That‘s all there is to it! Just decide how much DOGE you want to buy, select a brokerage partner to enable PayPal payment, and enjoy your hot new crypto holdings!
Key Takeaways: Invest Smart with DOGE
While using PayPal to buy Dogecoin takes a couple extra steps compared to supported coins, it opens the door for you to now own this wildly popular token. Just make sure to:
- Review all platforms fees carefully so you know the true cost basis. These can add up with active trading.
- Don‘t leave coins on exchanges long term due to security risks – transfer them to a crypto wallet.
- Given the high volatility, only invest what you can afford to lose and balance with less risky assets.
I hope you‘ve found this guide helpful on your journey into crypto. Feel free to reach out with any other questions – now go have some fun with Dogecoin!
