Bitcoin (BTC) has really impacted the lives of many people in several countries worldwide. Earlier this year, it was extremely difficult to buy bitcoins using PayPal account. These days, there are several means for people to buy bitcoin, and one of the preferred payment platforms is using PayPal. Various crypto trading services and exchanges require individuals to buy digital currencies with the payment method. Though some platforms like blockchain do not support investors to buy bitcoin with PayPal.
The following article is an easy guide that indicates several platforms where BTC buyers and sellers meet to exchange their BTC with PayPal funds. This article demonstrates a various collection of cryptocurrency websites that accept PayPal as a payment mode so that you can start purchasing bitcoin with the service.
Can I use PayPal to buy Bitcoin?
EToro is the most recommended exchange platform to buy bitcoin with PayPal. In order to buy bitcoin with PayPal, you should take note that it involves a very simple process even though it might be a little risky to buy bitcoin on PayPal funds. There are several platforms to do this.
You need to consider their rates, features, and what makes them differ from each other before you finally make your decision. If you would like to buy BTC from Paypal, you need to compare the features of each bitcoin to PayPal trading platforms available and use the relevant information gotten to get started.
In doing this, it required to search for a reputable exchange platform that allows people to make a deposit using PayPal as their payment method. These platforms will render great assistance and can help you save time. They are easy and convenient to use. They include online trading platforms, escrow marketplaces, and peer-to-peer marketplaces.
A trading platform is an online site where people can buy and sell bitcoin and other cryptocurrencies in an instant. The peer-to-peer marketplace is a platform that connects sellers who are willing to buy. It is good to note that this platform allows people to trade fast and directly with one another. However, some sellers do not accept PayPal as their payment method and this may make you keep searching for a seller that accepts it for deposit payments.
To simply search for sellers that accept PayPal as a payment method, you can log on to the escrow marketplace to get a reliable person-to-person marketplace seller. Some examples of the person-to-person marketplace are Paxful and LocalBitcoins. These platforms allow people to buy cryptocurrencies like bitcoin directly from a dealer.
Where can I buy Bitcoins with PayPal?
There are several platforms where you can buy bitcoin with PayPal, as previously mentioned. These platforms provide various dealers that are readily available to exchange their bitcoin with you for your PayPal funds. Few of these platforms offer bitcoin loan lending service through the use of a credit card connected to your bank, some of which are:
Buy Bitcoin with PayPal using eToro
EToro is actually one of the best sites with relatively low fees. They accept a variety of payment methods for buying and selling bitcoins. The downside of eToro is that it is not available in all countries. You can only withdraw your funds in some fiat currencies such as USD, EUR, and so on.
Although eToro is the simplest way of buying Bitcoin with PayPal, it has limited usage in buying bitcoins.
In addition, when you buy bitcoin with Paypal on the eToro platform, you may not be unable to withdraw your funds or send your bitcoins to other people. You can only change them back to fiat currencies such as US Dollars and Euros.
Extensively, eToro permits you to speculate the Bitcoin’s price rather than to buy the actual coin. Using eToro doesn’t require a Bitcoin wallet as they won’t supply you with the actual coins.
Here are the steps to buy bitcoin from eToro platform:
Step 1: Create a new account with eToro.
Step 2: Verify your account and activate multi fact authentication.
Step 3: Click “deposit” and select “deposit funds” option to begin the exchange process
Step 4: Select PayPal as your preferred payment method.
Step 5: Enter the amount of bitcoin you want to purchase.
Step 6: Now, you’ll need to sign in to your PayPal account to finalize and complete the deposit.
Step 7: Review the transaction details to ensure that there’s no error. After confirming the detail, you can then click on “pay” for the system to start processing your transaction.
Step 8: The moment your eToro is credited, immediately go to the trading page and choose your preferred market limit order. After this, you’ll be required to input the amount of BTC you want to buy.
You expose your capital to a scam when you use PayPal to purchase bitcoin. Above 62% of bitcoin retail investors lose their capital and funds while trading CFDs on this platform. Trading contracts for difference (CFDs) is a way of speculating on financial markets that don’t require the buying and selling of any underlying assets.
One needs to learn how CFD’s works. It’s also best to measure the risks involve and decide whether you can bear the high risk involved when you eventually lose your funds or capital.
If you would want to use the eToro platform, you’ll be required to buy an ID. Buying the ID could still require you to use a verified PayPal account. This platform offers a wide range of supports to assist bitcoin trade with PayPal such as Ethereum and fifteen (15) other cryptocurrencies. You can start your trade fast and have access to high limits.
Buy Bitcoin with PayPal using Localbitcoins
LocalBitcoins is an online marketplace that allows buyers and sellers to connect directly without any form of a hitch. One thing to benefit from Localbitcoins is that you’ll always get your bitcoins instantly after your transaction has been successful. No drawbacks or delay. This is a better way of buying bitcoin than eToro because, with Localbitcoin, you can directly deal with the actual person, that is, the bitcoin buyer or seller.
Thus, this signifies that the seller’s reputation is what you majorly need to watch out for before transacting with them. There are several scammers on LocalBitcoins, so you need to be extra careful if you do not want to end up losing everything. Moreover, you need to first see the exchange rate because BTC offered on this platform are sold at high rates.
The sellers here will always try to exploit you at every slight opportunity either by charging you at a premium rate since they’re the ones taking the risk of buyer chargebacks. LocalBitcoins platform also requires its users to purchase an ID before they can start using their service. This platform is mainly for those set of people that want to withdraw from bitcoin to their personal bitcoin wallet
Here are the steps of buying Bitcoin on a LocalBitcoins platform
Step 1: Sign up for a new account with LocalBitcoins using your preferred username.
Step 2: The next step is to verify your profile in your e-mail.
Step 3: After your account has been verified, input your search parameters, and find interested buyers with the best offer to trade with.
Step 4: Initiate the payment from your PayPal.
Step 5: Wait for a short time for the seller to send your bitcoin to your wallet.
There are some situations in which the seller must have laid down some certain number of requirements and rules governing all trades with him. The seller may as well request you to forward to him a photo ID to confirm that PayPal is truly yours. He may even go as far as asking you to snap and send a selfie image of yourself holding your photo ID for verification.
Buy bitcoin with PayPal through Paxful
Paxful is the smaller, lesser-known version of LocalBitcoins. Paxful is a peer-to-peer marketplace that allows people to buy bitcoin with almost anything. On Paxful, you can buy use other items such as Apple iTunes Gift cards, Google play gift card, Sephora, Amazon gift cards, eBay gift cards, Walmart Gift Cards, Skype credits, and many more.
A very straight forward process is involved but you need to be extra vigilant when using Paxful. There are several people looking for gullible persons to scam. On this platform, you can use PayPal to exchange for bitcoin and get your bitcoin in your wallet instantly.
Paxful features over 300 payment methods available for you to select the best-preferred payment method for you. After you must have completed your transaction exchange successfully, you can then directly spend or insist to send the bitcoin from your Paxful wallet to other wallets.
Here are the steps to buy bitcoin from Paxful using PayPal
Step 1. Log on to Paxful and register a new account.
Step 2. Verify your account from your email.
Step 3. Select “buy bitcoin” and find PayPal.
Step 4. Open a trade with the vendor and complete the terms.
Step 5. Wait to instantly receive your bitcoins directly into your Paxful wallet.
You should note that once the trade has been initiated, the deal will only be finalized when the system forwards you to have an online chat with the seller. More so, each transaction usually comes with a time frame of 30 minutes and if the deal hasn’t been finalized by then, the transaction will be nullified.
Buy bitcoin with PayPal through xCoins.lo
xCoins.lo not xCoins.com has been in the bitcoin lending business for a very long time. It is a strictly proven method of buying bitcoins with PayPal funds. This platform offers a bitcoin lending service to its users with the use of a credit card attached to their bank account.
In addition, this platform will rather lend you bitcoin to a definite extent than to offer bitcoin for sale to you. Their bitcoin is available at pretty high rates as you’ll be charged with PayPal processing fees. More so, your loan will also attract an extra fixed amount which acts as the interest rate on your loan. Using the PayPal payment system is quite confusing and without a credit card, you can’t move further with xCoins.
Here is how to use xCoin exchange to buy bitcoin with PayPal
Step 1: Create an account with xCoin.lo
Step 2: Verify your identity through your e-mail. This is to ensure that the account is not being opened by Autobot.
Step 3: After the verification process, enter the bitcoin rate you want to buy.
Step 4: Review the total amount of bitcoin you want to buy.
Step 5: Click Agree to accept the credit service terms of condition.
Step 6: Then you’ll be redirected to the lender’s PayPal page. Here, you’ll have to enter your PayPal details.
Step 7: Proceed to make payment and receive the bitcoin on your wallet.
Buy bitcoin with PayPal through Wirex debit card
Wirex is a debit card that automatically helps you to convert multiple cryptocurrencies as well as fiat currencies (aid, euro, GBP, USD) at the point of sale. This platform supports multiple account funding methods to buy bitcoins at the market rate. As long as you have funds in your Wirex account, you can transact and instantly exchange bitcoin with the funds you have in your PayPal.
More so, you can fund your Wirex account through the use of a credit or debit card, bank transfer, or other cryptocurrencies. Wirex can also be linked to a third-party service like Paypal, Curve, and Revolut. Therefore, this allows you to buy bitcoin with PayPal funds as well as Curve and Revolut. Wirex accepts all deposits in fiat currencies such as USD, JPY, EURO, MXN, CHF, CAD, SGD, HKD, GBP, and CZK. One major downside of Wirex service is that it is not supported in all countries.
For a successful transaction on Wirex, you need to follow these steps
Step 1: Register a new account with Wirex.
Step 2: Verify your account. Then, you’ll be offered a free virtual visa card in which you are allowed to order for a physical visa card and have it delivered to your doorstep.
Step 3: You will be required to transfer a little sum of money to the virtual visa card. Also, it is very necessary that you link the card your PayPal.
Step 4: Then proceed to buy bitcoin from PayPal funds by depositing the money from your PayPal to your Wirex account. This transaction usually takes about one to seven days for the deposit to complete.
Step 5: After your Wirex virtual Visa card has been credited, you can then make use of the card to buy the bitcoin.
How do I convert PayPal funds to Bitcoin?
There are two methods:
- Through the Skrill payment system
- Through Exmo
Through the Skrill payment system
With the Skrill payment system, you can exchange your PayPal for bitcoin. Skrill payment system also directly allows Visa/Mastercard for transactions and exchanges. Skrill payment system is most ideal if you want to buy BTC for bigger transactions, especially when dealing with cryptocurrency trades.
Skrill which is also known as Moneybookers is the best option most want. It is quite possible but it’s unsafe and inconvenient. Thus, you really need to be very careful during exchange so that you won’t end up getting scammed. EXMO.com is a better alternative to PayPal. Most people want to use their PayPal account for smaller transactions or for buying some items on eBay.
Exmo is an impressively online exchange platform that allows people to transfer your crypto-currency and online funds to a physical bank. It supports a huge variety of widely known digital currencies such as BTC, LTC, ETH, XPR, and many more.
Moreover, it also supports six (6) fiat currencies such as USD, AUD, TRY, UAH, EUR, RUB, PLN, etc. This platform also offers more than 130 trading pairs. Using this platform, users can exchange one digital currency for another type, or sell the cryptocurrency for fiat money.
More so, Exmo also allows withdrawals and deposit through local payment methods for each fiat currency. This online exchange platform also supports a peer-to-peer transaction, online payment service as well as a decentralized cryptocurrency with a fixed supply.
Can you buy Bitcoin at Coinbase with PayPal?
For now, it’s very impossible using PayPal to buy bitcoin from the Coinbase platform. PayPal does not support all transactions whether it involves a selling or withdrawal transaction from a Coinbase account. Thus, Coinbase does not allow users to buy all existing cryptocurrencies (BTC, ETH, LTC, XRP) with your PayPal funds.
At the moment, Coinbase does not support users to buy bitcoin with PayPal. You should know that Coinbase only allows its users to deposit funds by initiating a wire transfer, using a bank account or debit card.
According to some reports, the feature will be made available by November 2020. Coinbase will enable its customers to be able to link their Coinbase account with their PayPal.
Therefore, they will be able to withdraw their funds from their PayPal account or resell their cryptocurrency and refund it with their Paypal account. Thus, this will only be available to some countries.
What Redditors say about PayPal and platforms
The chances of you getting scammed in LocalBitcoins are high and resolving a dispute will take weeks or even months because their support doesn’t respond most of the time.
Paxful escrow will hold the bitcoins from the seller so they can’t just run away from you. If the seller does not release the bitcoin immediately after you confirm your payment, you can file a dispute during the trade so the moderator can release the bitcoins for you.
You’ll have to be a little cautious as some cheaters and scammers have been using PayPal to scam BTC sellers in all P2P trading platforms. Just call PayPal and talk to the debit card specialist. Worked for some in 5min.
Multiple cryptocurrency exchanges have already partnered up with payment providers, banks, and credit/debit card makers to allow you the leisure of buying bitcoin with credit card.
Fintech giant Paypal and its mobile payment service Venmo are ready to delve into the vast and complex world of the cryptocurrency industry, and that’s a piece of news bound to make headlines.
Although not confirmed officially, the rumor, in itself, is possibly the biggest and most crucial pro-crypto news to hit the financial services market in recent history and likely to give Bitcoin the much-needed push to go past the psychologically significant figure of $10,000.
Another problem with Localbitcoins is that the provider is not available everywhere. If you want to buy Bitcoin with PayPal in Germany for example, this is not possible. BitcoinBasis has published a guide about this.