Although there are hundreds of ways to buy Bitcoins, the one that stands out the most is Paypal . Either for the comfort of the buyer, because he has accumulated money or simply because it is the only possible way he has to get cryptocurrencies.
The platforms that offer this payment method do not stand out, so buying Bitcoins with PayPal (or any other cryptocurrency) is quite complicated . However, although they are few, they do it well and are accessible to all those buyers who want to use their Paypal money. Below you can find a small guide to buy Bitcoins with paypal without breaking a sweat.
3 ways to buy Bitcoins with Paypal
After having tried these four we can recommend them because they work well. In addition, they are known and safe when investing money in them. Remember that you will need to create a paypal account if you don't have one.
1. eToro
- Minimum deposit of €200 .
- It allows you to buy the most popular cryptocurrency assets in the world such as Bitcoin, Litecoin and Ethereum.
- It has an innovative system to copy successful investors .
- It allows you to buy using Paypal and 9 more options (Credit card, Debit card, Bank transfer, PayPal, Skrill, Neteller, Yandex, WebMoney, UnionPay, MoneyGram)
- Featured cryptocurrencies: ADA, BTC, XLM, XRP and LTC
Disclamer: eToro is a multi-asset platform that allows you to invest long-term in stocks and cryptocurrencies, as well as short-term in assets via CFDs. CFDs are complex instruments and come with a high risk of losing money quickly due to leverage. 79% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money. It is important that you read about the risks here .
2. Paxful
- There is no minimum deposit .
- There are no charges for withdrawing money .
- It has very low rates if it is done with a transfer , but with paypal they increase a little.
- All the major cryptocurrencies and the not so well known ones too. Bitcoin stands out especially.
- Payment methods : Credit card, Debit card, Bank transfer, PayPal, Skrill, Neteller and even with Amazon and iTunes gift cards (yes, indeed you can).
3. Localbitcoins
- There is no minimum deposit you buy directly from the seller. Localbitcoins connects these buyers and sellers.
- Each seller has a level based on ratings . More ratings means more reliability.
- It allows you to buy any other cryptocurrency , but it stands out especially in Bitcoin.
- The design is a bit older but easy to use.
- It offers great privacy and speed in exchanges. You hardly have to give personal information.
- It is secure and offers various forms of authentication .
Is it really safe to buy cryptocurrencies with Paypal?
The answer is yes, you can safely buy cryptocurrencies with PayPal, especially Bitcoins. Although it is true that it is not a method as accepted as payments by debit or credit card, or bank transfers.Buying cryptocurrencies with PayPal is more complicated than other ways mainly because PayPal accepts chargebacks , while bitcoin cannot, which means that the two services are incompatible.
It's hard to stop people paying with bitcoins through PayPal, getting a refund to their account, and then keeping the coins, which means it's hard to protect against bitcoin theft when PayPal is involved .
But that doesn't mean it can't. The normal thing is that a "service" vendor is bought in Paypal, carrying a commission for it, in addition the prices of Bitcoin are usually higher.
Advantages of buying Bitcoins with Paypal
- PayPal is a simple and fast method to buy bitcoins.
- Once you buy bitcoins with PayPal, you can do it anonymously .
- Bitcoin is immune to fiat currency inflation .
- Does not require a credit card .
- PayPal commissions are very low.
- There are no banking institutions involved in the process .
Disadvantages of buying Bitcoins with Paypal
- Not all exchanges accept Paypal payments. There are few websites where you can buy them .
- The bitcoin price fluctuates often.
- The value of bitcoin against fiat currency is not guaranteed.
- It is allowed to make a refund in Paypal , which can complicate the closing of the operation.
- The level of privacy may not be what users expect.
Can you withdraw bitcoins with PayPal?
It is possible that the user will also find PayPal restrictions to deposit and / or withdraw funds . The factors for which there are restrictions may be the following (among others):- The geographic location.
- The age of the account.
- The verification level.
- The amount deposited or withdrawn.
What are the differences between using PayPal money and cryptocurrencies?
PayPal is nothing more than a payment method, while Bitcoin is a digital currency . PayPal allows us to send and store fiat currency (such as GBP or USD) in much the same way as a bank, but with a more specialized approach. Its main service offer is global transfers, practically instantaneous, with hardly any transfer fees.Bitcoin, for its part, is a self-supporting decentralized currency . Like PayPal, it also allows you to make transfers almost instantly and with very low fees, but in the Bitcoin network they use their own digital currency (bitcoin) instead of fiat currency for transaction payments. Since no country has officially recognized bitcoin as a currency, some PayPal features (such as business invoices) are not yet possible with Bitcoin.
What should you keep in mind before buying?
For some platforms, the use of PayPal is not supported in all countries, so we recommend that you check if you will be able to deposit funds with this payment method in the country where you live.On the other hand, despite the fact that Bitcoin is completely anonymous, in order to verify the account of any cryptocurrency broker/exchange and combat fraud, certain information must be provided:
- The payment method: first of all, we have to provide information for a credit/debit card, a bank transfer or PayPal. We should ensure that there are no restrictions on payments through the chosen service.
- Proof of identity: You will need to present a valid photo to prove your identity and usually your passport or driver's license to prove that you are the same person.
- A proof of address – You will need to provide proof of your address, such as a utility bill or bank statement. It is possible to present other documents, in case you do not have access to these, the ones mentioned above. It is recommended that you ensure that you have the correct forms of identification before registering.
- Deciding Between an Exchange or Broker – You will have to decide which platform you want to use to buy bitcoins. It is recommended that you consider what you would like to get out of your investment and find the service that best suits your goals.
Buy a bitcoin with PayPal step by step
Before you start you will need to have a paypal account, sign up here , deposit money and verify your account. Let's start:1. Visit the chosen platform and open an account (free). Once on the website, all you have to do is select the option to register an account.
2. Fill in the personal data. Fill in the details that are required to register a new account: name, email address, a password and country of residence.
3. Create the password. It is very important to have a strong and secure password, especially in an exchange, since the account we are creating will be used to store the Bitcoin. It is recommended to use a combination of letters and numbers. It is important that we remember it. It is possible that, instead of creating a password, the platform has created a random one and sent it to the confirmation email. This email will include a link to change your password. This last step is very important for account security.
4. Activate the account. To activate the account, it will have to be verified through an email that will be in the inbox.
5. Fund the account or make the payment. In most cases, to buy bitcoins, you will need to transfer money to the new account balance. In other cases, a direct payment may be made. There are three methods to pay Bitcoin:
- Wire transfer. You have to get the bank details of the destination site, enter the account details and the amount of money you want to transfer. They usually take between one and five days to complete.
- Card payments. It depends on the platform, but usually you'll need to add your card details to your account or just enter your card details and make a one-time payment. Actually, the process is the same as using a card at any online shopping site.
- PayPal or other. If the platform accepts PayPal, it will be as simple as selecting the option to pay with PayPal. You will be redirected to a page that will allow you to pay from your PayPal to the account you have created on the platform. You will need to make sure that your PayPal account is active, funded and has no restrictions.
7. Withdraw to your wallet (additional). If you are using a brokerage to buy bitcoins, you will need to set up a wallet that they can send your coins to. If you're using an exchange instead, there will be a built-in wallet that you'll use to store and trade coins, but you can create an external wallet that you can transfer coins into for added security. Conversely, if what you are using is a CFD platform, you do not need a wallet as currencies are handled within the platform.
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