How to Buy Bitcoin with PayPal in 2020: Detailed Instruction from Safetrading
When Bitcoin emerged in 2009, it was almost impossible to buy it because there were almost no cryptocurrency exchanges.
A lot of users who start trading or HODLing may ask:
Can I buy Bitcoin with PayPal?
Today there are so many services where users can buy crypto: PayPal Bitcoin wallets, crypto exchanges, different online exchanging services, and buying Bitcoin with PayPal is possible as well.
And today we are going to talk about the ways to buy Bitcoin with PayPal and show all the advantages and disadvantages of every method.
Why Is PayPal Not A Very Popular Method of Buying Crypto?
Many people think that they can buy Bitcoin using cards or ATMs only, so the first question they ask when you tell them there are other options is:
Can I use PayPal to buy Bitcoin?
The first thing you need to remember that not every service accepts payment through PayPal. Even almost all the exchanges that allow their users to deposit fiat currencies don’t use it.
The main reason is the repayment policy. The thing is that when people pay with the help of PayPal they are allowed to pay for “Goods and Services”.
To describe it shorter and easily, if they are unsatisfied with the services, they can ask for the money back.
As you know, cryptocurrency can’t be physically owned. That is why if the buyer wants to get the money back, the seller needs to prove that he delivered the service. And how are you able to prove that you have delivered crypto to him?
That is why most of the exchanges don’t work with PayPal. Nevertheless, there are some services that can help you with buying Bitcoin with PayPal.
Let’s check them!
This is a popular exchanging service that works with more than 200 countries. This website offers its users the possibility to post advertising where they mention the exchange rate and ways of payment.
That is why here you can find plenty of different payment services - credit cards, SWIFT, Moneygram, and PayPal as well!
As you see here everything is very easy - it is like to buy Bitcoin from your friend. You can choose the currency of exchange, your country - Germany, Nigeria, whatever, and the payment method(s) you want to use and the website will show you all the possible options.
If you want to use PayPal to buy Bitcoin, you can view the offers from all the countries.
The next questions - is the seller or buyer you are going to work with legit and reliable?
When you choose the person to work with and mention the amount of BTC you want to buy Bitcoin online with PayPal, and another party accepts your offer, the assets are blocked by the system to protect both sides from being scammed!
As soon as the PayPal payment is received, you need to inform the seller. The seller will tell the LocalBitcoins team that he received your payment and this team will transfer the specified amount.
When we discussed different payment methods that allow you to buy Bitcoin online, we talked about fees. That is why, if you are going to use PayPal, remember that its fees are quite high as well.
One more moment - anonymity. With PayPal, you can’t expect it because almost all the sellers or buyers will ask you to verify the phone number, email, etc.
eToro is a well-known platform where users can trade different financial assets, and Bitcoin is one of them.
eToro works for users for more than 13 years and is respected by a lot of traders.
If you want to know how to buy Bitcoin with PayPal using eToro, you need to know that crypto is traded there in the form of CFD, so you don’t own the asset.
And how to buy Bitcoin without ID there if you can’t own it?
Keep calm, we will tell you everything.
First, you need to buy Bitcoin with PayPal using eToro - it is very easy. Then, when your assets are on your account, you can open a deal on price increasing or decreasing. After you close the deal, all the assets you own will be converted to real money and you can send them to your PayPal account.
Yeah - Bitcoin exchange with PayPal!
Coinbase allows its users to make withdrawals through PayPal.
I think this way will be the most secure and cheap if we consider fees.
If you have an account on Coinbase, it will be even better. If no - go there and open it, and remember that you need to pass the verification.
Then you need to activate PayPal as the payment method on your settings.
If you are not going to sell more than $10,000 per day, you will have almost no limits.
The only this we need to discuss is the list of supported countries. Now Coinbase works with almost all the European countries but it is better to check if your country is present on the list before you buy Bitcoin with PayPal Coinbase.
I see that this method is popular among users who want to know where to buy Bitcoin with PayPal 2020 but for me, it seems a bit strange (and this service is closed right now).
Nevertheless, let’s discuss it - maybe you will like it.
First things first - if you want to use VirWox to buy Bitcoin with PayPal without ID, it will be impossible.
VirWox is the service that exchanges the virtual currency, and Bitcoins as well.
The first thing you need to do is to open an account - to do this you will need to write the nickname, email, and password.
Then you will need to transfer the funds you want to exchange to Bitcoin from your PayPal account to VirWox with the help of the section “Deposit”.
Then, with the help of the section “Exchange”, you need to buy the asset named SLL. As soon as your account will have those SLL, use the “BTC/SLL” to get Bitcoins.
Then, using the section “Withdraw”, mention the amount of BTC you want to transfer to and your Bitcoin wallet address as well.
Remember that to withdraw any amount of BTC you will need to pay 0.01 BTC as a fee.
Not bad, right?
That is why I don’t like this method of VirWox PayPal payments - you pay fees not one time and they are quite high. By the way, buy Bitcoins instantly is impossible here.
Okay, today we went through almost all the possible ways of buying Bitcoin with PayPal using PayPal Bitcoin exchanges and different online exchanging services and explained to you how to buy Bitcoin through PayPal.
If you asked me which service is the best to buy Bitcoin PayPal, I would tell you that I like the first one - LocalBitcoins.
Because it is really safe, it allows you to buy Bitcoin instantly with PayPal, and you won’t be scammed and because fees are common, not as at VirWox.
Why not Coinbase?
Because now this cryptocurrency exchange offers to sell BTC only, so you can’t deposit to your Coinbase account with the help of PayPal.
If you want to use another service and we didn’t discuss it in this article, I will advise you to pay attention to fees. Because sometimes everything seems very easy and fast but then you will pay unbelievable fees.
I think that soon the situation with PayPal will be better. Now the crypto market is expanding and it starts to cover a lot of aspects of our life.
We will see!
And for now, I wish you successful transactions and low fees!