These days there is a multitude of ways people can purchase cryptocurrency and the payment platform PayPal is a popular choice. While there is no direct method of using PayPal to buy Bitcoin since Bitcoin transactions are not reversible, what one can do is find a reliable trading platform or marketplace that allows you to purchase Bitcoin using PayPal. This is a simple guide and list of exchanges that support PayPal payments so you can get started buying crypto with the service.
Where can you buy Bitcoin with PayPal?
It is important to remember that the majority of cryptocurrency exchanges do not accept PayPal. Even a majority of the exchanges that allow you to deposit using Fiat currency don’t support it. The main reason for this is the way that PayPal chargeback policy works. There is no way to prove that the buyer didn’t receive the Bitcoin. This is why exchanges are worried about including PayPal within their available payment methods. However,
that doesn’t mean that one can’t do it because there are a few different ways you can. These include trading platforms, marketplaces, and peer-to-peer lending platforms.
How can you buy Bitcoin with PayPal?
There are various platforms from where you can buy Bitcoin with PayPal.
The Etoro platform is regarded as one of the easiest ways to buy Bitcoin with PayPal. This is how you can buy Bitcoin with PayPal on Etoro.
- Create an account with Etoro.
- Verify your account.
- Connect your PayPal account and fund your trading portfolio.
- Go to “Bitcoin” and select the amount you want to buy.
- Bitcoins are added to your Etoro portfolio.
- A diverse selection of markets.
- Excellent reputation.
- User-friendly interface.
- Great customer support.
- Low fees.
- Bitcoins can only be withdrawn in the form of Fiat currency.
Paxful is a peer-to-peer marketplace that works similarly to LocalBitcoins and has an escrow system for buyers and sellers to trade securely. To use this platform to buy Bitcoin follow these steps:
- Create an account with Paxful.
- Choose Paypal as the desired payment method and select the amount.
- Choose your seller.
- Initiate the trade
- Proceed to a chat where the trade agreement processes into and escrow.
- Bitcoins are sent from escrow into the buyer’s Paxful wallet.
- Escrow system.
- Diverse payment methods.
- Simple user interface (UI).
- Wide variety of sellers.
- Buyers and sellers are at risk of being scammed.
It is a peer-to-peer lending platform on which buyers can buy Bitcoins from sellers. In XCoins Bitcoins are only loaned out and not sold off. These are the steps to loan Bitcoins on this platform:
- Create an account with XCoins.
- Verify your identity.
- Select the amount.
- Review the total cost of the transaction.
- Agree to the terms of the loan.
- Enter your PayPal account details and make payment.
- Receive the Bitcoins.
- Simple to get started.
- A fast way to acquire Bitcoins.
- Great for making extra money on the side.
- High fees are incurred.
- Low transaction limit for new users.
LocalBitcoins are a peer-to-peer exchange that allows people to buy Bitcoins with PayPal and many other payment methods. To use this marketplace to buy Bitcoins, follow these steps:
- Create an account with LocalBitcoins.
- Sign up and verify your profile.
- Enter your search parameters.
- Find a seller.
- Make your payment using PayPal.
- Receive your Bitcoins.
- Available in every country.
- Diverse selection of buyers and sellers.
- Many payment methods.
- Buyers get their Bitcoins fast.
- Lack of cryptocurrency diversity.
- Both sellers and buyers can be scammed.
It is a debit card that automatically converts multiple crypto and fiat currencies at the point of sale, letting you seamlessly spend money from your Wirex account in real life, anytime, anywhere. You can buy Bitcoins on Wirex in the following ways:
- Create an account with Wirex.
- Verify the account and you will get a free Virtual Visa Card.
- Add a small amount to your Virtual Visa Card and then add the card to your PayPal account.
- Deposit money from PayPal to your Wirex account.
- Purchase Bitcoins.
- Multiple funding methods.
- Purchase Bitcoin at market rate.
- Wallet and exchange.
- Initial lag time.
- Not supported in all countries.
Theft, Scams and Storage
People should be aware of the scams and hacks related to buying Bitcoin using PayPal. You should know how to store your Bitcoins after buying so that they remain safe. Make sure you get yourself a Bitcoin wallet that will securely store your Bitcoins. Besides storage, there are many scam exchanges out to steal your credit card information and Bitcoins. Follow these two basic principles to avoid theft, scams and other loss of funds.
- Do research before buying on any exchange.
- Don’t store coins on the exchange.
As you now know, trying to buy Bitcoin with PayPal isn’t as easy as other payment methods like debit/credit card or bank account. However, it is most certainly possible. Each of the exchanges mentioned has its pros and cons. If you are looking for an exchange with the lowest fees then just go for LocalBitcoins. Use the gathered information to make the choice that is best for you. Make sure you only open trades with reputable traders.