How to Buy Bitcoin with Paypal
Although you cannot buy Bitcoin directly from Paypal, you can use the service with other platforms to make the purchase.
How To Buy Bitcoin With PayPal?
The challenges that come when you buy Bitcoin with Paypal are well-known: many people have sold their bitcoins on PayPal to buyers who then claimed chargebacks. That has mostly left the seller without their crypto or funds from the sale. The good thing is that many other ways of buying Bitcoin with PayPal now exist.
Although you cannot buy bitcoin directly from PayPal, you can use the service together with a trading platform like Etoro or a peer-to-peer marketplace like Paxful to purchase BTC quickly.
In the last decade, Bitcoin (BTC) has surged in popularity with more investors around the world, aiming to purchase some of the cryptocurrency. Bitcoin is the first immutable peer-to-peer money that is backed by the blockchain and cryptography. The halving event also seems to be attracting investors seeking to diversify their portfolio and those who have developed a fear of missing out (FOMO). Many now seek ways to invest in the Bitcoin rocket before it expectedly explodes into the skies.
Can I use PayPal to buy Bitcoin?
Yes, but there is no direct method of using PayPal to bitcoin. Please note that the transactions are irreversible.
If you have an active PayPal account, the purchase process is quick and easy, and identity verification is not always needed. Furthermore, this method lets you benefit from purchase protection for buyers supported by PayPal. On the downside, PayPal is riskier as a payment method compared to bank accounts and debit cards.
If you decide to use PayPal, you will need to find a reputable exchange that supports PayPal as a funding method. Here are some of the best and outright methods:
eToro to buy Bitcoin
First, sign up to eToro to have an active verified account and then choose PayPal as a payment option. With that done, you will need to deposits the amount that you want to invest and search for bitcoin in eToro’s search bar. Click on buy and then enter the amount that you wish to spend and click on ‘place order.’
eToro ranks as the best site for buying Bitcoin using PayPal due to its low fees and regulation. Additionally, it enables investors to copy successful crypto investors. It is user-friendly and also provides you with a wallet to store the coins that you buy.
The exchange has at least 15 cryptos available and wallets to store whatever coins that you decide to invest in. Many traders, including beginners, prefer eToro since it needs just a $200 minimum deposit for you to start trading the different available markets. It is an excellent method for US residents.
Plus500 to Buy Bitcoin
If you are not in the United States, you can use Plus500 to buy bitcoin and other cryptos with PayPal. Anyone who wants to trade crypto CFDs and speculate on the price without owning the asset, this platform is the best for that, and it supports PayPal deposits.
This service is not available to US customers, but it serves users from Asia, Europe, and the Middle East. Since it is a London Stocks Exchange-listed company that has many licenses, your investment is in safe hands. Plus500 also provides 24/7 customer service and needs a minimum deposit of just $/€/£100.
Plus500 is a great way to use it since it does not charge any fees on PayPal deposits. Moreover, it offers a free demo account to let you learn and familiarize yourself with the real market conditions before investing your money. Also, it has the most popular crypto pairs, and it is regulated by CySEC & FCA, making it a great option to trade Bitcoin CFDs.
Using Paxful to buy Bitcoin on Paypal
For starters, you will need to create a Paxful account and ensure that it is verified. Then, click on ‘Buy Bitcoin’ and search for PayPal. All you will need to do is open a trade with the vendor and complete the terms. Finally, you will receive bitcoins directly into your Paxful wallet, which means that you have succeeded in buying the crypto with PayPal as the payment method.
Others Other sites that let you buy Bitcoin with PayPal include Localbitcoins, Wirex, and Xcoins. You will need to have an active and verified account on any of these platforms to enable you to use them to buy crypto using PayPal. Thus, ensure that you do thorough research to make an informed decision on which platform will suit your investment needs.
Why is it hard to buy Bitcoin with PayPal?
Bitcoin is a decentralized currency that records all its transactions on a blockchain (distributed ledger technology, DLT). On the flip side, PayPal is a centralized and accessible payment method that is majorly linked with other centralized financial institutions. In general, PayPal can readily share users’ information with banks and other financial institutions, while Bitcoin insists on anonymity.
Many ways of buying Bitcoin through PayPal now exist, and they are quick and easy to use without compromising the security of the investment made.