Interested in knowing how to buy Bitcoin with PayPal?
Are you a fan of using PayPal and finding a way to buy Bitcoins using PayPal? Well, search no further, for I will share some of the most reliable sites where you can buy Bitcoins using PayPal.
As a worldwide payment system, PayPal is one of the most popular ways to send money across the globe. PayPal supports both online money transfers and payment processing and is a convenient way for people to make purchases online.
Can I Use PayPal To Buy Bitcoin?
Yes, although you cannot purchase Bitcoin directly from PayPal since Bitcoin transactions are not reversible. You can still use a reliable trading platform or marketplace that allows you to purchase Bitcoin using PayPal.
6 Ways to Buy Bitcoin with PayPal Instantly
There are 6 main platforms that you can use to buy bitcoin with PayPal, instantly and securely.
Etoro is a platform that allows you to buy Bitcoin through PayPal but will not allow you to withdraw or send Bitcoin to other people. It’s one of the easiest ways to buy Bitcoin with PayPal but only for a limited purpose. Etoro offers various payment modes with a low fee. Etoro is better suited for you if you want to trade with Bitcoin’s rather than buying the actual coin for use. If you’re looking to profit from price swings and don’t require the actual bitcoins, Etoro is probably the easiest and cheapest way to go.
To need the actual bitcoins to buy stuff or send them to another person, keep reading.
How to Open a New Account on eToro:
Please follow the steps below to open a new trading account.
- On the www.eToro.com page, find and click on the button marked “Join Now” or “Trade Now.”
- On the following web page, you will see an electronic form where you will enter all the personal data required to open a new trading account.
- Please fill in all the relevant information requested in this form. Logging in via Facebook or Gmail are additional options.
- Upon completing your review of all the terms, please indicate your agreement with them by checking the appropriate box.
- Submit your information by clicking the “sign-up” button.
- Then you link your PayPal account with your eToro account, and you can get started.
Any EU regulatory framework does not supervise cryptocurrency trading; your capital is at risk. It would help if you considered whether you could afford to take the high risk of losing your money before using Etoro.
Paxful is a peer-to-peer exchange based in the United States and was founded in 2015 as a prominent decentralized exchange. Paxful is a marketplace for many bitcoin sellers who make a living selling Bitcoin and a good place for you if you want to buy Bitcoin directly from another merchant. Paxful is considered similar to eBay, where it acts as a mediator for traders and buyers. It has a high exchange rate; there is a high chance of getting scammed. Paxful is a very similar platform to LocalBitcoins. The process of buying Bitcoins at Paxful is pretty simple:
Any user can register with paxful regardless of the country they belong to. Moreover, some sellers decide on the countries they are willing to trade. However, Paxful offers payment methods that are accepted worldwide, which is an advantage for the users.
How to Use Buy Bitcoin using Paxful
- Create an account.
- Choose a payment method for buying and the desired amount.
- Choose your seller. You can either choose manually or let Paxful decide the best seller for you. Once the trade initiates, you will be sent to an online chat with the seller, where you can finalize the deal. The seller’s bitcoins will be sent into escrow, and once you mark that you’ve sent your payment, they will be released into your account. If the transaction is not finalized within a certain time frame(usually 30 minutes, the deal will be automatically canceled
3. Local Bitcoins
It is available in 248 countries. It has a wide variety of sellers from around the world.
As a buyer, you can select a seller of your choice based on the sellers’ list of advertisements displayed on the site. You can meet the person for further trading (face-to-face, in-person trading). The site acts as an escrow system and upholds the security and privacy of its users.
With LocalBitcoins, you’re dealing with an actual person, which means that the seller’s credibility is another thing to watch out for before initiating a trade (there is a high chance of getting scammed by sellers). As for fees, sellers will usually charge a premium since they’re taking a big risk of buyer chargebacks. The upside is that you will usually get your Bitcoins faster.
How to buy Bitcoin using PayPal on Local bitcoins
LocalBitcoins has simple and easy to use website (https://localbitcoins.com/). It takes 20 sec to sign up with your email address. The process of buying Bitcoins with PayPal are;
- Create an account using your email address.
- As a buyer, you can choose any seller of your choice from the list of sellers displayed on the page, or you can add the amount and enter PayPal as a payment method; the List of sellers who are ready to accept PayPal will be displaced.
- Choose an appropriate seller and carry out further trade.
- You will be brought to the page where you have to enter the amount for purchasing the Bitcoins. You can see the limits and trading terms, as mentioned by the seller. Some sellers might ask for ID verification along with the verification of your phone number.
- There is a feedback section on the seller’s profile, which will help buyers opt for an optimal seller. A buyer should check for the seller’s trading history with feedback from other users. The fee applied by the site is slightly high compared to other sites. LocalBitcoins does not impose any fee on buyers, but sellers have to pay 1%.
Bitcoin network fee is usually applied to all the transactions. Some sellers charge high to cover up the fee levied on them by the site.
Xcoins is the fastest & proven method for buying Bitcoin with pay pal. It has been around for a relatively long time. The business model is unclear; fees are high. Xcoin is better described as a Bitcoin lending service. Instead of selling Bitcoins to you, they are loaning you Bitcoins.
How to buy Bitcoin using PayPal on xcoins
- Please create an account using their site (https://www.xcoins.com/)
- Indicate interest of loan (Bitcoin amount specified).
- Xcoin automatically matches you to those who want to lend Bitcoins.
- Borrowers and lenders have no interaction whatsoever. All that needs to happen is for a borrowing request to be made, and Xcoin automatically matches the request with a lender.
- After a short ID verification process, the borrower pays the lender the agreed sum, PayPal processing fees plus interest on loan using a PayPal.
- Once payment is confirmed, the Bitcoin is transferred from the lender’s wallet to the borrower’s wallet.
Wirex was previously known as E-Coin. It is a London-based company that was launched in the year 2015. It’s a crypto-friendly account with competitive fees (about 2.5%) and a good user interface.
Wirex serves various countries in different parts of the world except for the US. Wirex is a unique company that offers cryptocurrency and traditional currency opportunities on one card. It is one of the few companies in the space to have a UK Financial Conduct Authority e-money license. I2-Factor Authentication (2FA) and sophisticated Device Authorisation ensures that only you can access your account.
How to Buy Bitcoin on Wirex Using PayPal
Wirex has a simple and user-friendly platform (https://wirexapp.com/en). It has a 2-Factor Authentication (2FA) and sophisticated Device Authorisation that ensures only you can access your account.
- Register/create a Wirex account.
- At first, registering, you have to choose the type of the card (physical or virtual) by clicking on ‘generate a new card.’
- Link the card to your PayPal account and verify it. Verifying your card requires you to deposit at least $3 in your PayPal account so that PayPal will be able to charge you.
- You can then see a 4-digit PIN next to your transaction on your Wirex account, which will be your verification PIN for your card. You have to deposit funds into your PayPal account, and later you can withdraw the funds from your PayPal account into your Wirex account.
- Buy Bitcoins from your Wirex card. You will have to wait for a few days to receive your Bitcoins.
The fee charged by Wirex is competitive. You are not charged for card Activation or adding a card holder’s name. However, delivery of a physical card usually costs between $50 for DHL and $17 for Royal Mail. Virtual cards cost only $3. Fees are not applied to transactions that are made using Wirex
Cancoin is a new peer-to-peer (P2P) Bitcoin exchange based in Canada, aimed at professional over-the-counter (OTC) traders. Cancoin is designed to tap into the OTC market by effectively creating a more advanced alternative to LocalBitcoins. The new exchange uses multi-signature wallets to protect user funds at all times. The price of every listing in the Marketplace, whether it is a buy or sell listing, is run by the Cancoin Price Engine. Currently, Cancoin serves in the US and Canada.
How to buy bitcoin with PayPal using cancoin
Buying Bitcoins on the Cancoin website is a tedious process.
- Create your account using your email address with a password.
- Before buying Bitcoins, you have to generate a secure multi-signature wallet by clicking on the option ‘generate a wallet.’
- After setting up these things (wallet), you can buy Bitcoins from the site’s marketplace, where you can view the list of various sellers with their offers.
- Choose a seller and negotiate further on the site’s inbuilt chat feature.
- Enter the amount for purchasing Bitcoins from the seller of your choice. There is a time limit to carry out the transaction once placed. After placing an order from the buyer, the seller has to transfer the Bitcoins to the site’s multi-signature wallet. After verifying Bitcoins’ presence in the multi-signature wallet, you pay the seller your PayPal to complete the transaction. The funds are released only when your 2-of-3 signatures are obtained.
To Wrap It Up
In this article, you can see that various platforms allow users to buy Bitcoins through PayPal in a secured manner by reducing the risk of chargebacks. Buying bitcoin with PayPal might be a riskier means of purchasing bitcoin, but it is easy to do. Some platforms sell Bitcoins at a premium while others at market rate. If you want to buy bitcoin and have a PayPal, compare the features of the different trading platforms listed above and choose what is best for you.