PayPal is one of the most popular online financial services and is used by a really solid percentage of people. This makes it great that the site now also offers the ability to buy Bitcoins. With PayPal, you can buy bitcoin really instantly – but you’ll need to open an account first. Through this, you will then be able to trade on other well-known platforms in addition to buying directly on the site. In this article, we’ll explain how to do it.
Where can I buy Bitcoin via PayPal?
Although you can buy Bitcoin directly through PayPal, it’s not the most convenient way. But you can use PayPal to shop on other sites:
The easiest way to do this is through the well-known eToro. The downside, however, is that even if you can buy bitcoin through eToro using PayPal, it will cost you an unnecessary amount of time and effort. Quite simply, this site is better at speculating on price than actual shopping.
Benefits: Pretty low fees and a large number of accepted payment methods
Disadvantages: Not available globally and complicated to withdraw funds from wallet
LocalBitcoins is where sellers and buyers meet directly. When trading on this site, you are simply interacting with a real person. The downside is that sellers are likely to want a premium because they are taking a considerable risk of chargebacks from buyers. On the other hand, it will make your transaction faster.
Disadvantages: High fees and higher chances of being scammed
xCoins describe themselves as a Bitcoin lending service. Rather than selling Bitcoins, they lend them out, but it’s unclear how that actually works. The way they work is that you request a loan and wait for that request to be approved. You then receive a request to deposit as many US dollars as you want to borrow. This extra amount will include fees.
Benefits: A proven site that has been with us for a long time
Disadvantages: High fees and incompletely clear business model
Paxful is very similar to LocaBitcoins. It is also a platform where people trade directly with other people (called peer-to-peer). On Paxful, you can buy Bitcoins with almost anything, whether it’s gift cards for Skype or Amazon coins. Shopping itself is simple, you just need to have your own account, choose a payment method and select a retailer.
Once the deal is approved, you will have the option to contact the seller directly to close the deal. This entire process should take no more than 30 minutes or the deal will be cancelled by the site.
Disadvantages: High fees, chance of being scammed
Can I buy bitcoin directly from PayPal
Yes, you can also buy Bitcoin directly from PayPal, but that’s only true if you’re located in the United States. The service has been available there since October 2020 (and three other cryptocurrencies can be purchased through it) thanks to a partnership with Paxos. Therefore, you can pay with BitCoin at retailers that support PayPal. Unfortunately, users cannot send tokens to other addresses. The advantage, on the other hand, is that transactions via PayPal can be considered secure.
Is PayPal a good place to buy Bitcoins?
PayPal has its advantages and disadvantages when used with cryptocurrencies, and in short, it depends on what you carry. The main disadvantage is simply that Bitcoin purchased on PayPal can only be changed back into fiat currency or purchased with it, putting it into your own crypto wallet is impossible. Furthermore, you can’t send it between other PayPal accounts either. The advantage is that you really don’t have to worry about your money, because PayPal is famous for its security. PayPal is definitely not a bad place to buy BitCoin, but it’s not really made for investors who are used to trading their tokens every two hours.
How to buy Bitcoin directly on PayPal?
- Create a PayPal account.
- Select “buy bitcoin” on the homepage, you can also choose from Ethereum, Bitcoin Cash and Litecoin cryptocurrencies.
- Select the amount of cryptocurrency you want to purchase (the minimum is the equivalent of one US dollar).
- Please provide the required information and confirm the terms of service
- Check the completed information and purchase bitcoin!
How do I get Bitcoin from my PayPal account
To withdraw Bitcoin or any other cryptocurrency from your PayPal, you must sell the token. You can then send the traditional money to your account.
PayPal offers a quick way to buy bitcoin, but it comes with quite a few drawbacks. So it’s good to know about them so you can consider if you’re willing to tolerate them. The main advantage with PayPal is that it is a secure and proven site.