Paypal is a market leader when it comes to e-commerce and online payment services. It has been around for many years and offers its clients full security and transparency when it comes to their finances.
|Broker||Bonus||Min Deposit||Coins Available||Open Account|
|Accepts Paypal||£200||Bitcoin, Ethereum, Litecoin, Ripple, Dash||BUY BITCOIN|
|30% Bonus||£100||Ethereum, Bitcoin, Ripple, Litecoin||BUY BITCOIN|
With bitcoin making a name for itself recently, it is not surprising that we are beginning to see Paypal and bitcoin partner up.
Whether its buying bitcoin using Paypal or sending your fiat currency back into your Paypal account, it now is a viable option.
Buying bitcoin with Paypal through etoro
Buying Bitcoin with Paypal through Coinbase
Paypal and Coinbase have had a rocky relationship. When cryptocurrencies first came about, Paypal was very much involved in the purchase of bitcoin and other cryptocurrencies. However as there was more controversy surrounding bitcoin, including its legality and its ability to hide criminal activity, Paypal took a step back.
Currently you can only buy bitcoin with paypal instantly using Coinbase if you are a US citizen. It appears to be going well and Paypal plans to roll this out to other territories.
If you are not a US citizen, although you can link your Paypal account to Coinbase, you cannot actually buy bitcoin with Paypal, or litecoin or Ethereum for that matter. The only way you can can use Paypal is to exchange your bitcoin for a fiat currency and send it to your Paypal account.
This procedure is fairly simple, but once you have it converted back into fiat currency, it is just as easy to transfer back to your bank account.
Newbies and their ‘paypal bitcoin’ questions
If you are new to the world of crypto but are a fan of using your Paypal account, there may be various questions are want answering. Below we will use one sentence answers to clarify a few questions newbies often have.
Exchanges that allow you to buy bitcoin with paypal
Before you begin, you must create a crypto wallet that will store your bitcoins once you have purchased them. You can do this by using the wallets the exchanges offer, or you can get specialized wallets that offer more features.
There are many reliable companies offering e-wallets, you just need to do a bit of research to find the one matching your needs. Or check out our wallet page!
We will now highlight a few exchanges that allow the purchase of bitcoin using paypal.
1) Buy Bitcoin with PayPal Through Local Bitcoins
|It has variety of sellers from all around the world||High fees and increased counterparty risk|
You can buy bitcoins from Local Bitcoins using your PayPal account. The company offers a platform to buyers and sellers to meet and trade. In order to buy bitcoins from Local Bitcoins platform, you need to locate a seller willing to sell you bitcoin by accepting payments from your PayPal account.
Sellers can charge a premium for using paypal because the chargeback issue lies with him. The good point is that bitcoins will be transferred to your account instantly.
There is also a sense of community with local bitcoins. This is because you can go back to old sellers you have purchased bitcoin from in the past and buy from them again. This is where trust is gained and ultimately what the blockchain is all about – a decentralized network that is based on trust.
2) Buy Bitcoin with PayPal Through Wirex
|It charges reasonable fee||It takes several days to process the transactions|
Wirex is known for offering its customers a facility of both physical and virtual bitcoin cards. The card works the same as that of any ordinary debit card and can be used with a PayPal account. To buy Bitcoins from Wirex, you need to undergo the following steps:
- Order your virtual or physical debit card at Wirex.
- Link your card with your PayPal account by verifying it.
- You need to have at least $3 available on your card so that PayPal can charge you the verification fee.
- You will then be allotted a four-digit code, it is used as a verification pin in PayPal.
- Fund your PayPal account.
- Transfer fund from PayPal to Wirex.
- Purchase Bitcoins as you have the balance available in your Wirex card.
Please note that the whole process from requesting a Wirex card to PayPal account verification can take up to seven days. Patience is a virtue…
3) Buy Bitcoin with PayPal Through Paxful
|Wide variety of sellers from around the world||High exchange rate and increased risk of scammers|
Paxful can be considered as a subsidiary or sister company of Wirex. Its operations are limited compared to Wirex. It offers a platform where you can buy bitcoin with PayPal as well as various other things including amazon gifts cards, and Skype credits. Buying Bitcoins at Paxful is also very easy.
All you need to do is:
- Open an account with Paxful.
- Select your payment method.
- Enter the amount of bitcoin you buy using paypal.
- Select the seller either manually or let Paxful choose it for you.
As soon as the trade is initiated, you and seller will be brought into contact to get your deal done. Bitcoins of the seller will be kept in escrow until your payment is made. After receiving the payment and approval from the sender you’ll receive your bitcoins there and then.
Please be aware, the deal has a time limit – 30 minutes. If it is not done during this time, it will be cancelled automatically.
Bitcoin VS PayPal
Bitcoin is a cryptocurrency whereas Paypal is a method used for transferring fiat currency from one account to other accounts. Bitcoin is stored on blockchain e-wallets whereas PayPal is not a currency itself rather it’s the name of an exchange.