Best Methods To Buy Bitcoin with PayPal
Looking to buy bitcoin with PayPal? we have put together the in-depth guide for you. Buying Bitcoin has become easier and more convenient in recent years. In recent times, there are different payment options available for buying Bitcoin. Different users around the world are looking for the most efficient and easiest way to buy Bitcoin, the cryptocurrency world trading has added different methods for buying. This prevented users from setting up new accounts just to buy Bitcoin.
PayPal is known as the first online service provider payment method available and enthusiasts official cryptocurrencies traders interested in fast relief way to do business may want to buy bitcoins with PayPal. Unfortunately, it is not easy to use PayPal when buying Bitcoin. In fact, it is very complicated.
PayPal is well known as one of the top rated online payment systems in the world, PayPal is very important because it provides it’s users with an interface that is faster, safer, and more convenient to make online transactions so easy. Today, many people use PayPal so often that they accumulate large amounts of credit on their accounts.
The hard thing is that those who try to buy bitcoins with PayPal are often faced with difficulties and different obstacles. Some of the challenges faced are related to delays for several days before the availability of Bitcoin. Whether you want to resell or buy Bitcoin, using PayPal as a transaction platform has been difficult in the past. In fact, for those who want to buy Bitcoin, PayPal often did not seem like a realistic option.
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But in recent times, this is no longer the case as many sites have created a platform that makes it easy to buy Bitcoins with PayPal quickly, if not immediately, with PayPal. An example of one of the platforms that made it possible is XCoins. Users of XCoins do not have to wait several days to approve a stock market transaction but see their Bitcoin wallet balance increase instantly. Rather than sending account details information to a stock exchange, xCoins has created a platform for users which made it easy to buy bitcoins instantly with PayPal without having to wait.
At the moment Paypal is still the best known online payment service provider, this is the main reason why lots of users want to trade Bitcoin with Paypal. This is possible, but not as easy as it looks. In fact, it can be very complicated but with the guidelines provided below, it will show you how to go about it.
Understanding what bitcoin is all about
Bitcoin is known as a cryptocurrency, which is a form of currency that can’t be held on physically based on a technology called blockchain. Bitcoins is not easy to hack the interface based on the technology known as the blockchain, which makes bitcoin safer and more reliable than the traditional currency interface.
Bitcoins and other cryptocurrencies are global and not dependent on a specific country or region. Bitcoin, as explained earlier, can’t be held physically, it is a digital currency, and it can’t be stored like at the bank because it is only available online on the blockchain technology.
The ownership of the coins is unlocked through a software or hardware portfolio. When it involves transacting with bitcoin either you want to receive or send bitcoins a bitcoin wallet is required. Different online provider services are available to help create a portfolio for your bitcoin so as to have easy access, store and use anytime, an example of such a platform is Coinbase.
How PayPal works in relation with bitcoin?
PayPal is known as an online payment service provider. Creating a PayPal account is free and you can use it to send money to and receive money from other PayPal users.
For deposits and withdrawals a PayPal account can be linked to a credit card or bank account, presently PayPal is widely accepted for online payments. Many online shops accept PayPal integration for accepting payments.
PayPal is not a currency, rather through PayPal you can save money in any world currencies you can ever imagine, examples of currencies you can save through PayPal are Yen- Japanese currency, Pound- British currency, Dollar- US currency and so on. PayPal does not support Bitcoin transactions or stores and does not provide a cryptocurrency conversion tool. With PayPal, however, you can buy Bitcoins in some places.
Buying Bitcoins with PayPal using PayPal debit card
The PayPal Prepaid Card is a free debit card that is available only to PayPal users in the United States. Each card receives a unique MasterCard credit card number for purchases and is linked to the credit of the user’s PayPal account. For those seeking the security of large companies like Coinbase but cannot get a credit card, with the PayPal debit card it makes it so easy.
Different options to buy Bitcoins with Paypal
If you want to use your PayPal account to buy a cryptocurrency, you can choose from several options:
The first option is to acquire encryption through a peer-to-peer market such as LocalBitcoins or Paxful. With peer to peer market buyers and sellers can deal directly with one another at ease, and also sellers can set their own exchange rates and payment methods. Some sellers also accept PayPal which is an added advantage.
These are like a stock exchange, but directly connect buyers and sellers without acting as an intermediary. These P2P markets were one of the first ways to exchange currency for Bitcoin. Since sellers choose payment methods, it is possible to find a seller who is willing to accept PayPal payments.
Most exchanges do not accept PayPal payments. With the VirWox platform, it helps traders convert fiat currencies into SLL dollars, which makes it easier to purchase bitcoins.
The Peer-to-peer lending
An example of a peer-to-peer lending platform is xcoins which is created for bitcoin lenders and borrowers. This platform also accepts PayPal as a payment method for traders interested in securing a loan from Bitcoin.
At the peak of Bitcoin in late 2017, major banks have banned the use of their services with many cryptographic exchanges. Prohibitions seem to be the result of fuzzy KYC policies during cryptographic exchanges and not a fundamental problem between established banks and the cryptographic world. While the cryptographic exchange has adopted international standards for customer knowledge, the major banks seem more willing to let their customers interact directly with them. This makes it easy to buy cryptos on a stock exchange like Coinbase with your debit card instead of using PayPal.
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Platforms available to buy Bitcoins with PayPal
There are several ways to convert your PayPal money into Bitcoins without being covered by the PayPal policies. Trading or using the cryptographic Peer to Peer loan is a great idea, but not as popular as cryptographic trading. This can mean higher prices, longer waiting times to close a transaction and less security in the transaction. However, all these platforms deserve to be explored, as they all offer unique features.
Listed below are the platform available to buy Bitcoins with Paypal
This is one of the most popular methods to get Bitcoin with PayPal, but it is also one of the most complicated methods. VirWox is an online trading platform for digital game currencies. It is mainly used for the purchase and sale of Second Life Lindens (SLL).
With the virtual VirWox wallet, you cannot buy BTCs directly with a trust currency. To go about it you must first acquire SLL after which you can now have access to exchange those parts for BTC.
VirWoX was created in 2007, even before Bitcoin exists, as a virtual currency exchange for the currencies used in games. Second Life is the most popular game and users can contact VirWoX to buy and sell Second Life’s Linden or SLL. Bitcoin and PayPal payment methods are supported on this platform. This has led to an interesting opportunity to buy Bitcoins with PayPal.
The process is not too difficult, it’s just a bit complicated and a bit expensive. You start as usual with creating an account which is a very easy process to create. You fill in all the requirements requested and then save. VirWoX will send you an e-mail with a temporary password. You need to sign in with this password within 24 hours to activate your account.
Listed below are guidelines on how to register on VirWox platform:
- First you register for a VirWox account and click on the enable multi-factor authentication.
- Click on the “Deposit” link on the left side of the screen and scroll down the list to select “PayPal Express Checkout”.
- You have to decide on which currency you want to deposit, this platform only accepts currencies in USD, EUR, GBP, and CHF. Currency conversion fees are charged.
- To complete your deposit, you would need to sign into your PayPal account.
- Nest step click on the exchange menu and select USD/SLL.
- Select a market or limit order and enter the SLL amount you would like to buy. Do not forget to take a moment to check all the details of the transaction before you make your purchase.
- When this transaction is complete, return to the “Exchange” section in the left menu and select “BTC / SLL”.
- Final step, you select the limit order and fill in the amount of BTC you wish to buy.
Advantages and disadvantages of using VirWox
Advantages of VirWox
- One of the oldest digital purses in the world.
- These platform is one of the best platform available.
Disadvantages of VirWox
- The fees charges are high for PayPal deposits.
- Low maximum transmission limits.
- Bitcoin cannot be purchased directly, rather you must first buy the SLL.
The WirexApp is one of the best platforms to buy bitcoin with PayPal anytime. The review and the first purchase can take up to 2 weeks, but the purchases are made immediately.
One of the downsides of this platform is that it is not available in the US and it is available in over 130 countries. The first step in buying bitcoins from Wirex is registering an account. Once you have registered, you will receive a virtual card. If you verify your identity by following the steps on the website, you will receive a plastic card. The plastic card will be sent by post to the address of your residence. However, the virtual card and the plastic card work in the same way, so you always use the virtual card. Some countries are on the virtual card waiting list. However, you can skip the wait when you ask your friend to sign in.
The next step after receiving the card is to link it to your PayPal account. You can do this by logging in to your PaPal account, clicking on the Wallet tab and continuing to add the card to the PayPal account. Then you have to check the map. This is possible if you have at least $ 3 on your card. You must first transfer money to your card. In addition, your PayPal account must contain credit.
Listed below are guidelines on how to register on WirexApp platform:
- You’ll need to create a WirexApp account.
- You must present an official ID and proof of residence to verify your account, this process can take about 10 days before you can be verified. Once your account has been confirmed, you will receive a virtual Visa card.
- You can deposit any amount to your Wirex account, this is mainly done so that your PayPal account can be verified.
- Log in to your PayPal account, and then “Add a new card” before proceeding to the final stage.
- For your virtual Wirex Visa card, enter the card information
Two transactions would be made into your account by PayPal after a few days of registration. Once the transactions have been made, you would need to open your PayPal account and fill in the amount of the transaction so that your card can be verified.
When you are done with this step, you can now transfer into your Wirex account from your PayPal account and buy Bitcoin. This is a great way to buy Bitcoin on a regular basis, but you must absorb the exchange rate, which can be up to 15% higher than the market rates.
LocalBitcoins is a peer-to-peer market where you get in touch with buyers and sellers of bitcoins in your area and make the transfer at your leisure. LocalBitcoins is an online service that connects individual buyers and sellers. In this case, you are in contact with Bitcoin sellers who accept PayPal. Due to the personalized nature of the website, it is extremely important to only engage with users who enjoy a high reputation.
You can view a user’s reputation by displaying the percentage in parentheses after their user name. 100% means they are generally trustworthy, while those with a lower score might have a fraud story.
In 2019, LocalBitcoins became a global marketplace where users around the world buy and sell bitcoins. Because you connect with real people, you must take certain precautions, but overall, LocalBitcoins made to make the buying and selling process very safe by using a supplier’s reputation system and a service escrow.
When you buy with PayPal on LocalBitcoins the fee is always on the high side but you can reduce these fees if you pay by cash. To achieve this you need to withdraw from your PayPal account to pay your bitcoins. This step takes time, but if you achieve this you can save about 20% of the cost.
Listed below are guidelines on how to register on LocalBitcoins platform so that you can buy bitcoin with PayPal:
- Open a LocalBitcoins account.
You then have two options:
- Search existing BTC seller ads on the Quick Buy screen. Use the drop-down menu to select PayPal as your preferred payment method, and click “Buy” when you find a matching ad. Then you can view the details of the transaction, enter the USD amount you want to spend or BTC amount you want to buy, and then click “Send a Transaction Request.”
- Enter your own ad. In this way, you can specify the desired payment method, currency and transaction amount. Note that you must verify your identity before you can post an ad for an exchange.
Advantages and disadvantages of using LocalBitcoins
Advantages of LocalBitcoin
- You can buy Bitcoins with USD
- The platform is easy to use
- The freedom to find the desired price
Disadvantages of LocalBitcoin
- Finding a provider that accepts PayPal may take some time.
- The price depends on the offers available on the platform.
Paxful is a platform created where buyers and sellers can trade directly with other people in a peer-to-peer marketplace, and it is supported by PayPal.
Buying Bitcoins with PayPal through Paxful platform has a friendly interface and it is easy and straightforward to use. When you are done creating your paxful account, your payment method to be selected should be PayPal, after which you can now enter the amount of bitcoins you want, just like that you can start trading and choose the seller of your choice.
Once the transaction has started, you will enter into an online conversation with the seller to complete the transaction. The seller’s bitcoins will be transferred to a trust account until you have confirmed the payment. This encourages the seller to verify that he has received the payment and to give you the escrow coins. Paxful is a peer-to-peer platform that accepts any payment methods including PayPal.
Listed below are guidelines on how to register on Paxful platform so that you can buy bitcoin with PayPal:
- Open a Paxful account.
- Next, set your security questions and settings and link your phone number.
- Select the currency you wish to trade with and enter the amount you want to spend. Select “PayPal” as your preferred method of payment and click on “Search”.
- Different offers that match your search options will be pasted. Click “Buy” next to the product that meets all your requirements.
- Then you can view the details of the transaction and enter the USD amount you want to spend or buy BTC amount you want. Click “Buy Now” if you want to proceed with the purchase.
Advantages and Disadvantages of Paxful
Advantages of Paxful
Simple, fast and uncomplicated.
Perhaps one of the most economical ways to buy bitcoins with PayPal.
Freedom to seek the agreement you want.
Disadvantages of Paxful
It may take a while for a suitable seller to be found.
Prices varies on different offers.
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This platform is created to allow traders and investors buy and sell a range of financial products. EToro was created in 2007 and it has gain lot of popularity with over 5 million customers in more than 170 countries. Note that the eToro platform is different from other platforms because you do not own any of the assets you have purchased or sold. Instead, you only speculate on increasing or decreasing the price of the asset.
This platform is regulated by the Financial Conduct Authority which means you have no cause to worry because your money is protected.
eToro may be the easiest way to buy bitcoins with PayPal, but there are some complications due to the fact that eToro is available outside the US. If you are based in the US, you can cancel eToro immediately. Also, note that eToro does not allow traders to send bitcoins from another platform. You can only buy them if you indicate that the value increases. They sell them and then take the profits.
It could change soon because eToro becomes an exchange. When it comes to price changes and you want it to be in your favor, the best way to enjoy this is to purchase your bitcoins with Paypal. If you want to keep Bitcoins for other purposes, eToro is not for you.
Once you’ve created an account, you can instantly deposit with PayPal. You can then bet on the bitcoin price (up or down). If you decide to close the transaction at any time and make a withdrawal, your transaction will be converted into real currency.
You can then simply remove it from your PayPal account. One of the benefits of using the eToro platform to buy bitcoin with PayPal is that you can buy up to 2000 plus USD for bitcoins without using your checking account.
Advantages and Disadvantages of eToro
Advantages of eToro
- Fully regulated in several countries
- Minimal Fees
- High security
- Good limits for first-time buyers
- An immediate deposit via PayPal at Bitcoin
Disadvantages of eToro
- You do not really own Bitcoin
- Recommended only for users who understand what they are doing
xCoins is known as a fully automated peer to peer market and also it is known as the first satisfactory solution platform to buying of bitcoin with PayPal. By connecting those with Bitcoin, xCoins.io enables fast, secure and convenient transactions. With this platform, users can receive Bitcoins with Paypal with ease.
xCoins is a Bitcoin loan platform where you can get a secure Bitcoin loan with PayPal. Instead of buying or selling bitcoins, users offer loans and set an “interest rate.” The sellers “lend” bitcoins and the buyers accept the loan and repay it at once.
xCoins offers Bitcoin a counterparty loan market with this, users can lend out their Bitcoin to does ready to lend and pay interest on it. For the fact that xCoins accept Paypal to repay loans, it has been made possible for those who wish to borrow bitcoins to repay their borrowed bitcoins through PayPal account and also easy and efficient to buy Bitcoins through PayPal.
Listed below are guidelines on how to register on xCoins platform so that you can buy bitcoin with PayPal:
- Open an xCoins account.
- Enable 2-factor authentication and check your username.
- Before you move to the next step and click Get Bitcoin, you first need to enter the amount of bitcoin you wish to buy.
- Take a moment to review the total cost of the transaction and the number of bitcoins received.
- If you are satisfied with the terms, accept the loan agreement and click on “Continue Paying”.
- You will be redirected to the lender’s PayPal page, where you can enter your PayPal account information and complete the payment.
Advantages and disadvantages of using xCoins
Advantages of using xCoins
- Much easier than it seems.
- A quick way to buy BTC.
Disadvantages of using xCoins
- High fees.
- Low transaction limits for new users.
You do NOT need to have a PayPal account to use the system if you are a borrower. We only accept lenders with verified PayPal accounts. You can pay without having an account or signing up for a PayPal account yourself. If PayPal asks you to create an account, please contact our support.
To pay without a PayPal account, select Pay with a debit or credit card, or PayPal Credit on the PayPal payment page. It is the second payment option on the screen.
Advantages and disadvantages of buying Bitcoin with PayPal
The advantages of buying Bitcoin with PayPal
- If you already have a PayPal account, the payment is fast and convenient.
- Secure payment method.
- It allows you to buy crypto with US dollars (USD).
The disadvantages of buying Bitcoin with PayPal
- PayPal is not widely accepted by traditional cryptographic services. Exchanging Bitcoin for a PayPal transaction has been made possible due to the fact that some services online has been created to help out, but note that very few of these services created are as reliable and trustworthy.
- Another downside of buying bitcoin with PayPal is that PayPal fees can be on the high side. Also, it is important to know that fees are charged on each transaction when you use PayPal which is usually higher than the normal bank charges.
- Another downside of PayPal is that it is not private. The belief of most people is that when you buy an encrypted currency like Bitcoin with PayPal it is more private than buying in a traditional bank, but this fact is wrong. PayPal will contact the IRS accounts for activities above a certain threshold and is required by law to submit transaction records for any future investigation. Note that to withhold your bitcoin from tax payment PayPal is not the right option.
Buying Bitcoin with PayPal Alternatives
One of the well-known cheapest ways to buy bitcoin is via PayPal, but note that for a fact PayPal is not an easy way to buy bitcoin this why listed below are other ways you can use to buy bitcoin apart from PayPal. Listed below are alternatives to buying bitcoin with PayPal.
With your credit card or bank account, it is easy to buy bitcoin. This method can be much cheaper than using PayPal.
Another alternative method is using a Bitcoin ATM, this method is also easy and available in most major cities and also used to sell or buy bitcoins.
Another method is to swap other cryptocoins for Bitcoin. Other cryptocurrencies available like ripple or litecoin, can be redeemed and used as exchange.
Can I buy bitcoin with PayPal on the Coinbase platform?
No, the Coinbase platform does not accept PayPal transfers at the moment. At the time of writing, the only supported payment methods for BTC buyers are credit and debit cards.
Can I buy bitcoin through PayPal anonymously?
Not really. While there are some platforms that allow you to buy cryptocurrency without providing any proof of ID, PayPal isn’t an anonymous payment method. This is due to the fact that you’ll need to fund your PayPal account from a linked bank account or credit card, which will, in turn, be linked to your identity.
Is it possible to cash out Bitcoin to PayPal?
Yes. One option is to sell bitcoin through a peer-to-peer marketplace that accepts PayPal, such as LocalBitcoins or Paxful, or place a trade on an exchange like VirWox. Another alternative is to use an exchange where you can sell bitcoin for CAD, then withdraw your dollars to the credit card or bank account linked to your PayPal balance.
Can I store bitcoin in my PayPal wallet?
No, you can’t fund your PayPal wallet with bitcoin and BTC cannot be stored in your PayPal wallet. Your BTC will instead need to be held in a dedicated cryptocurrency wallet.
Are there other ways to buy cryptocurrency with Canadian dollars?
Yes, there are several crypto exchanges that offer fiat-to-crypto trading and accept deposits via wire transfer, Interac e-Transfer, credit card, debit card, and even cash.
Buying Bitcoins with PayPal is a sure way to get bitcoins, but the amounts you can initially buy are a bit modest, and the fees you pay will be quite high. If you are sure PayPal is your preferred method of trading with bitcoin, it is always in your best interest to choose the platform that best suits you well.
There a lot of platforms available in recent times to buy Bitcoins with PayPal, you should always do your research well and shop around for the best platform you are sure is good enough for you and easy to use. Some people may prefer xCoins while others find LocalBitcoins easier to use.
Remember to keep in mind that regardless of the platform you are using, you must first verify the account before you can make a purchase. This may mean that an official ID or proof of residence is provided.
Bitcoin is a brilliant invention designed to create a new financial ecosystem from the hands of traditional banks and financial service providers. Now that you know how to buy bitcoins with PayPal, nothing prevents you from joining this new world and explore your chances.