When it comes to the safest and cheapest way to buying Bitcoin using Paypal, look no further than the recommended providers in the table below. There are essentially two ways you can buy Bitcoin with Paypal; either as a CFD or by directly owning the Bitcoin. Below we will discuss these two options.
|Broker||Rating||Bonus||Min Deposit||Coins Available||Open Account|
|Accepts Paypal||£100||Bitcoin, Ethereum, Litecoin, Ripple, Dash||Buy Crypto|
|No Transaction Limits!||£100||200+ Coins||Buy Crypto|
Buy Bitcoin CFD with Paypal – eToro
We would advise sticking with regulated brokers when starting out. The process is very easy and user friendly, as shown below:
- Once you have created an account, which takes no time at all, you need to click ‘Deposit Funds’.
- You will then find a drop down menu under ‘PAYMENT METHOD’, choose Paypal.
- You can then decide how much you want to deposit. Click ‘Submit’ and you are done.
- You should now find that you have funded your account.
The procedure to buying Bitcoin as CFD is considerably easier than some of the exchanges mentioned below. An example is Coinbase, arguably the biggest cryptocurrency exchange, only actually allows US citizens to use Paypal when buying Bitcoin.
Below, we highlight the better exchanges that allow for the purchase of Bitcoin online when it comes to using Paypal.
Buying Bitcoin with PayPal – LocalBitcoins
This would be one of my first options if I wanted to buy Bitcoins instantly, with my Paypal money.
In this digital currency purchase/selling website, you only need to do a small search and you’ll find dozens of sellers who’ll accept this payment method and with whom you don’t have to pay commissions.
Each seller will ask you to adjust your terms of sale. Generally, they’ll ask for you to have a verified Paypal account and to be of a certain age, but let’s see an example of what users are asked for:
- You must have a verified Paypal account and your real name must match your LocalBitcoins name.
- From PayPal, you need to send money to your email through the “Send money to friends and family” mode.
- Sending money to family and friends is free. If you don’t have that option, commission will be of 5%.
This is a very secure system, since the seller first deposits the number of BTC you want to buy in the exchange platform, and then as soon as payment is verified, that amount is transferred to your wallet. So there’s no way for either of the parties to not comply with the deal, although it’s always advisable to check the seller’s reviews.
How to buy Bitcoin with Paypal – VirWoX
If you want to convert your Paypal money into Bitcoins this is one of the fastest ways to achieve that, in fact it can be done instantaneously. Commissions aren’t huge and your transactions’ safety is very high.
This exchange has been in operation for 10 years, and is mainly aimed at people who play Second Life and who want to buy the virtual currency “SLL”. And it’s precisely thanks to that, that we can buy Bitcoin with our Paypal balance.
The method is very simple:
1. It’s as easy as signing up for VirWoX (Invitation):
When you put in your data, leave the option “Avatar connection” as it is, unless you actually have one in the game.
2. Make a deposit using your Paypal account (as it is a new account, you’ll have a 90 € limit).
4. Once you have SLLs, you can send the market order and buy Bitcoin!
5. Once the purchase order is executed, you’ll see the Bitcoins in your balance. Then go to the Withdraw option, put in the amount you wish to withdraw and add your wallet’s address.
As for the deposit fees, you’ll pay € 0.35 plus 3.4% of the deposited amount. When changing SLL for BTC you can follow this commissions table to guide you, it’ll depend on the amount and type of order you bid on (Market or Limited).
In addition to Paypal, they also accept other payment methods such as Paysefcard, Neteller, OKPay and credit card.
Commissions vary based on the amount of dollars or currencies we move.
Use PayPal to buy Bitcoin in CRYPTONIT
It’s an exchange platform that’s been in operation since 2013, with which you’ll be able to exchange your Paypal balance for Bitcoins very quickly and with zero complications.
The first time, and in order to verify your account, you’ll be asked to show your ID or Driving License, along with a receipt that shows your address. These verifications will take some time, but they’re a necessary safety measure.
As in other exchange platforms, you’ll use your PayPal account to make a deposit in euros or dollars, to then buy BTC.
In this case, commissions are a bit higher:
- 9.8% of the amount you deposit (minimum 2 €).
- 2% if you withdraw the money into your Paypal account (minimum 1 €).
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Sending credit from PayPal to Bitcoins with Wirex App
The well-known e-coin.io has released a debit card that you can have both in physical and virtual format. Once you’ve registered in Wirex, you’ll find an option with which you can buy Bitcoins with your Paypal balance. This is how you recharge this debit card, which you can also use to pay anywhere that accepts Visa and MasterCard.
So this is another option to transfer your PayPal credit into Bitcoins to then use it wherever you want.
If for example you decide that you want the virtual model, you only need to add $3 to your account, go to the create virtual card option, and within seconds you’ll get a confirmation email. Once it’s activated, you only need to link it to your Paypal account and transfer the funds to your new card.
Buying Bitcoins in Paxful
It’s very similar to LocalBitcoins, it’s another purchase/selling platform aimed at exchanging Bitcoins between users, where you only have to worry about finding the lowest exchange rates and the most reliable user.
In this case the sellers are those who have to pay a 1% commission as payment to the platform that facilitates this exchange.
As on other P2P platforms, it’s a question of finding the users who sell at the best price and see if you can comply with the sales rules they ask for. Usually they are for you to have a verified USA PayPal account or a picture of holding your ID, but if you have a good user reputation, requirements are lower.
Before buying anything, it’s advisable for you to to make sure that the user has good reviews from other buyers.
This purchase is totally safe
- You begin your purchase and send the payment. Then the seller’s Bitcoins remain on the platform and can’t be removed.
- Once payment is confirmed, the Bitcoins will be released and will go directly into your wallet. Then you can send them to any Bitcoin address you want.
Paying with PayPal is just one way to do it, if you ever need to change your Amazon or eBay gift cards for Bitcoins, or you want to buy them with Western Union, Payeer, MoneyGram or Skrill, check the payment options they allow and you’ll be pleasantly surprised.
Acquiring Bitcoins using Paypal is very practical and a great solution for many users who only have that option. Of course it isn’t the cheapest alternative, but if you need to do it that way, I recommend following these tips:
- In addition to checking commission fees, also check the Bitcoins’ purchase price.
- The platforms I suggest are safe, but it is advisable for you to change your deposit to Bitcoins and transfer them as soon as possible to your wallet. That way, only you will have control over your funds.
Your purchase is safe
When you buy Bitcoins with Paypal, you always have an advantage over the seller, and that’s one of the reasons why Paypal doesn’t want you to use their platform to do digital currency transactions.
Imagine that you’re buying your Bitcoins and decide to make a complaint stating that you never received them. If the seller didn’t ask for enough proof for that transaction, it’ll be much more difficult for them to prove that they did send them, and you could end up with the Bitcoins and the money you paid for them.