In the past, there were no options to buy Bitcoin using PayPal in part due to issues with chargebacks (here’s an example video that illustrates this). But, in recent times PayPal has been gaining favor to Bitcoin. In this article, I will provide a list of reliable locations to purchase bitcoins using PayPal until 2022. How can I Purchase Bitcoin through PayPal Summary Although PayPal allows users to buy Bitcoin through their platform, their capabilities are very limited. There are plans in the works to allow the withdrawal of funds to wallets that are not affiliated with PayPal. There are a variety of companies that accept PayPal as a payment option to purchase Bitcoin. For those who want to store or use their Bitcoin the best method to purchase Bitcoin through PayPal is through Coinbase. Another option is LocalBitcoins but this requires you to locate an online seller that you trust. The most convenient way to buy Bitcoins using PayPal is through the PayPal platform itself or through eToro but this option is preferred by those who prefer to speculate on prices and don’t want access to actual Bitcoins. The Bitcoin equaliser will pave the way for smooth trading,
eToro Disclaimer: The advertisement encourages investing in virtual currencies within the EU (by eToro Europe Ltd.), UK (eToro UK Ltd.), and USA (by eToro USA LLC) that is extremely unstable, not regulated in certain EU countries as well as in the UK and has there are no EU and UK consumer protections, and not under the supervision of authorities within the EU as well as the UK regulations. eToro USA LLC; Investments are subject to the risk of the market and may result in the possibility of losing principal. 68 percent of accounts of retail investors have losses when trading CFDs with this broker. You must think about whether you are able to risk the high chance of losing your funds. CFDs are not accessible for US customers. If you’d like an explanation of the various methods, keep studying. This is what I’ll discuss in detail: buying Bitcoins through PayPal through Coinbase purchasing Bitcoins using PayPal through eToro Bitcoins through PayPal through LocalBitcoins buying Bitcoins through PayPal by using xCoins Bitcoins through PayPal through Paxful Bitcoins via PayPal Commonly Asked Questions Conclusion 1. Purchase Bitcoin using PayPal via Coinbase Pros: Highly trusted platform, with high limits. Cons: You can’t buy through a PayPal account directly Coinbase is among the most trustworthy cryptocurrency exchanges that started the acceptance of PayPal as a form for payments in the year 2022. However, as of this time of writing, Coinbase doesn’t allow users to purchase directly from the funds in their PayPal funds, however, instead of using a debit card or bank account tied with the PayPal account. This can be a bit restricted. But on the plus side, the daily maximum limits are very generous and are the highest at $25,000 daily. Costs associated with making use of PayPal to purchase debit cards on Coinbase are four percent of the trade, whereas bank deposits through PayPal cost 2.5 percent. Coinbase customers are also able to withdraw money from Coinbase into the PayPal account. Read my complete Coinbase review here.
- Purchase Bitcoin through PayPal via eToro Pros: Very cost-effective fees, variety of payment options accepted Cons: Not worldwide available withdrawal of profits using crypto is difficult. The most efficient method of buying Bitcoin through PayPal is via eToro however, it is only for a restricted reason. Although the platform allows users to purchase bitcoins using PayPal however, the process of withdrawing them to your account will take considerable time and steps. Also, eToro is more suited to speculate on the value of Bitcoin, instead of purchasing the actual cryptocurrency to use it. If you’re trying to make money from price fluctuations but do not need the actual bitcoins, this might be the most cost-effective and efficient option. If you require bitcoins to purchase something or to transfer them to a friend be sure to read. Remember that if you’re using eToro to earn money from speculation, you won’t require an actual Bitcoin wallet.
Read my complete eToro analysis here.
IMPORTANT! Cryptocurrencies are subject to a wide range of fluctuations in value and aren’t suitable for all investors.
Trading in cryptocurrency isn’t regulated by any EU regulatory framework, and your capital is in danger. eToro caution: This advert encourages the use of virtual currency in Europe (by eToro European Ltd.), EU (by eToro Europe Ltd.), UK (eToro UK Ltd.), and USA (by eToro USA LLC) and is highly unstable, not regulated in certain EU countries as well as the UK and has without EU nor UK consumer protections and not under the supervision of authorities within the EU as well as the UK regulatory framework. eToro USA LLC; Investments are subject to the risk of the market and may result in the possibility of losing principal. 68 percent of accounts for retail investors are unable to make money trading CFDs with this broker. It is important to be aware of whether you are able to risk the chance of losing your money.
CFDs are not offered to US customers. 3. Buy Bitcoin through PayPal via LocalBitcoins Pros: An extensive selection of sellers from around the globe Cons: Expensive costs, the possibility of being scammed LocalBitcoins is, in contrast to eToro is a marketplace that lets buyers and sellers are able to connect directly.
If you make use of LocalBitcoins you’re dealing with an individual, meaning the credibility of the seller is another aspect to look for. For charges, sellers usually are charged a higher price since they’re taking on a huge chance of charging back buyers.
The benefit is that you’ll typically receive your bitcoins more quickly. You can read my complete LocalBitcoins overview here. How to use LocalBitcoins
Step 1: Type in the search parameters.
The first step is to visit LocalBitcoins and input the number of bitcoins you’d like to purchase and also the country you wish to purchase it from.
Because LocalBitcoins was designed originally to help people meet one-on-one it doesn’t have a “worldwide” search, which is unfortunate. It is necessary to search through each country one at a time.
Step 2: Select your seller.
On your next page, you’ll find the list of sellers and you’ll be able to look them up one at a time. The factors I’d look for before deciding to trust an individual seller are the following: Feedback score How many verified transactions has this seller made? What is the age of the account?
How many people have faith in this seller? How many people have blocked this seller? There is no exact measure that can determine how trustworthy the seller is. It is best to apply common sense after reading his entire profile.
Step 3: Complete the trade After you’ve identified your trader and clicked on the screen for trade.
You’ll be able to view information regarding the limits of trade for each user as well as the location of the transaction and window for payment (How many hours you’ll have to transfer funds and how long you have to mark the transaction as complete when you have initiated an exchange).
It’s also essential to understand the conditions of trade for the particular seller that is located on the right. This is an example: Certain sellers will require you to have a reputation before you buy before you can purchase from them in order to stay clear of fraud or scams.
This means you may need to make a few small transactions to establish your credibility. Once you’ve reviewed all of the details and checked that it’s right for your needs, enter the many bitcoins you’d like to purchase and then select “Send trade request.”
It’s essential to manage every communication within LocalBitcoins and, ideally, utilize their escrow service (which can be automatically activated for all sales made online). Although this process is fairly quick, it could take time to build up credibility and locate a seller.
- Purchase Bitcoin using PayPal via xCoins Benefits:
A tried-and-tested technique that has been in use for quite a long time. Cons: A lack of clarity in the business model, as well as high costs xCoins.io (not in any way to be confused with xCoins.com), is described as a Bitcoin loan service.
Instead of selling Bitcoins to you, they loan Bitcoins to you (to certain extents). The question of whether this is an actual loan or sale is unclear and is subject to the reader to decide.
The way it works is simple:
You (the buyer) go to the site and state that you’d like to “loan” some Bitcoins. After a brief ID verification procedure, you’ll be required to deposit the USD equivalent to the amount you’d like to borrow, plus the processing fees for your credit card or Paypal charges plus a fixed amount that will be used as the rate of interest for the loan.
How to use xCoins Sign-up to the site Select the amount you wish to purchase and agree to the loan contract (see the image in the below image) Confirm your identity payments. Since the platform connects buyers lenders and sellers, fees can be high.
Read my complete xCoins review here. 5. Purchase Bitcoin through PayPal through Paxful.
Pros A wide range of sellers from all over the globe Cons:
A high rate of exchange, the risk of getting scammed, Paxful the same platform as LocalBitcoins. It’s a peer-to-peer marketplace that allows you to purchase Bitcoin with virtually anything (e.g., Skype credits, Amazon gift cards). The process of purchasing bitcoins on Paxful is fairly easy:
How to use Paxful?
Create an account. Select a payment method to buy as well as the amount you wish to purchase. Select your seller. You can choose to do it yourself or let Paxful decide which is the best option for you.
When the transaction is initiated it will take you on a chat online with the seller which is where you will be able to finalize the transaction.
The seller’s bitcoins will then be transferred into escrow and when you’ve confirmed that you’ve received your payment, they’ll be released to your account.
Be aware that if you fail to close the deal within a specified period of time (usually 30-minutes) the contract will be automatically canceled.
- Purchase Bitcoin directly via PayPal Pros Risk-free, with high limit Cons:
You can’t transfer coins to an external wallet, only US is supported at present. in October of 2020. PayPal launched a direct purchase from Bitcoin (and 3 other cryptocurrencies) inside PayPal’s PayPal digital wallet, as part of an agreement with Paxos.
It allows users to store Bitcoins that they purchase via the platform, and also utilize them to pay PayPal-supporting merchants.
As of the writing time, it is not possible to transfer the money to another account or withdraw the funds. However, this might be changed in the near future since PayPal plans to allow withdrawals to third-party wallets some point in the near future.
It’s also important to note that the option is currently only available to US customers, with additional countries to be added in the near future.
Limits are set at $20,000 per month or $50,000 for the year, and the fees range between 1.5 to 2.3 percent, based on the value of the transaction.
How can I Buy Bitcoin directly through PayPal Create an account If you don’t make use of PayPal click on “Buy and Sell” under the “Your crypto” section (available only to locations that are supported) Select “Bitcoin” and “Buy” Enter the amount of Bitcoin you wish to purchase.
Choose the payment method you prefer then select “Next” Check the conversion rate and the transaction fee. It’s that easy! Click “Buy Now” to confirm your purchase, and the bitcoins should be available inside PayPal’s PayPal online wallet.
- Most Frequently Asked Questions Is it possible to Pay for Bitcoin with PayPal on Coinbase?
Yes. Although it requires a debit card or wire transfer from a financial institution, Coinbase allows you to purchase Bitcoin, in addition, to transferring the balance from the Paypal account.
Is there any other cryptocurrency with PayPal?
It is also possible to make use of LocalMonero as well as LocalCryptos to purchase Monero or Ethereum through PayPal but similar rules, as well as drawbacks, are in place – you’ll likely be charged high prices and it’s difficult to find trustworthy sellers.
I have discovered a different alternative that isn’t listed in this article, is it legit?
Sometimes I come across new websites that permit you to make use of PayPal to make Bitcoin purchases. Personally, I’m skeptical of these sites and recommend you treat these sites with care.
Reputation is a major factor in relation to cryptocurrency and the strategies I’ve discussed above have been tested and evaluated by me.
Additionally, the businesses mentioned in this article have been in operation for at least three years, and have proved that they are staying. In that regard please feel free to write down your findings in the comments section below and we’ll offer our thoughts on it. 8.
Conclusion – Can I Use Paypal to Buy Bitcoin?
There are many ways to purchase Bitcoin using PayPal. At the moment, Coinbase and LocalBitcoins are excellent options for those looking to make use of their Bitcoin.
eToro is another good alternative, but it is more suited for those who wish to speculate on prices instead of actually taking their money out.
Have you had any experiences purchasing Bitcoins through PayPal? If yes, I’d like to hear about your experience in the comments section below.
