These days there are myriad ways people can purchase cryptocurrencies, and the payment platform Paypal is a popular choice. Multiple crypto brokerage services and exchanges allow people to buy digital currencies with the payment option. The following post is a simple guide and list of exchanges that support Paypal payments so you can get started buying crypto with the service. Keep reading to find out how to deposit Bitcoin with PayPal.
The cryptocurrency ecosystem is 11 years old and there are more ways than ever to purchase and obtain cryptocurrencies in 2020. Some trading platforms allow users to pay with debit and credit cards and with bank transfers as well. But there’s also a slew of businesses that allow people to purchase bitcoin and other cryptos with the Paypal payment processor. Bitcoin betting is extremely popular at the moment which is why buying Bitcoin through PayPal is extremely important. You can check this Bitcoin dictionary for more information about Bitcoin and other cryptocurrencies.
Using an Exchange
In order to make your first cryptocurrency purchase by leveraging Paypal, you obviously need a Paypal account. You also need to register with a trading platform or brokerage service that sells digital currencies like BTC, BCH, and ETH with Paypal. There’s a good number of services that allow users to pay for their cryptos with the payment provider. Lastly, you will also need a cryptocurrency wallet that supports the digital asset you want to purchase. Bitcoin.com’s wallet is an excellent noncustodial wallet solution that allows you to store, send, and receive both BTC and BCH.
Most Popular Options
A lot of individuals use the exchange Coinbase ever since they added the ability for customers to link their Paypal and Coinbase accounts. Depending on where you live you can purchase or sell Coinbase listed digital assets using the Paypal system. If you want to use Coinbase in order to utilize Paypal, then you must complete all of the identity verification procedures issued by the San Francisco firm. After your identity is confirmed with Coinbase, go to the “settings” section and then “linked accounts.”
Simply click the “new account” tab and choose Paypal and the Coinbase dashboard will prompt you to log in to Paypal. After all these steps are complete, you can then purchase and sell digital assets with Paypal using the exchange. However, you can only link your Paypal account to one Coinbase account, the company’s guidelines note.
The cheapest way to buy Bitcoin with PayPal is using eToro.com. You can create an account for free and buy various types of cryptocurrencies at low fees, including Bitcoin. Since November 2018, eToro offers an eToro crypto wallet, you can use the wallet to send, receive and store your purchased cryptocurrencies.
- Register an eToro account for free
- Click on Deposit money
- Verify your identity
- Enter the amount you want to deposit and select your currency
- Choose payment method PayPal
- Besides Bitcoin, you can also purchase Ethereum, Ripple, Ethereum Classic, Bitcoin Cash, Dash, Litecoin, NEO, Stellar and EOS with PayPal
This is currently the easiest method to buy Bitcoins with PayPal. All other methods are much more expensive or require more effort.
Paxful is an open p2p-marketplace where you can buy or sell Bitcoin with multiple payment methods. Like gift cards, PayPal or other cryptocurrencies. You trade directly with a person on this marketplace, so you have to check whether this person can be trusted. Always check a trader’s reputation points and read reviews about this person. Generally, high fees are asked by the traders, which means you pay a higher Bitcoin price. On top of that, you also pay a fee to Paxful.
- Visit https://paxful.com and register an account.
- Click on Buy Bitcoin.
- Select the amount, with which currency you want to pay (euro) and which payment method (PayPal) you want to use.
- Find a trader with a good reputation and an acceptable Bitcoin price.
- Click on Buy.
- Read the terms and conditions of the user carefully and see the fee you have to pay.
- Click on Buy Now.
- You have 30 minutes to transfer the money. Click on Paid when you paid the asked amount.
How to Deposit Bitcoin with PayPal? – Alternative Methods
LocalBitcoins is also a p2p-marketplace just like Paxful. A lot of people switched to Paxful, because LocalBitcoins is asking a higher fee, doesn’t accept cash and has a strict KYC. Also the website is always very slow and has problems. Read more about this company in our LocalBitcoins review.
- Visit https://localbitcoins.com/ and register an account.
- Click on Buy Bitcoins.
- Search for sellers who accept PayPal.
- Find a seller with a good reputation and an acceptable Bitcoin price.
- Click on Buy.
- You have 90 minutes to transfer the money.
Visit the PayBis.com website and easily convert your PayPal money into Bitcoins. You pay a high fee of 12% to PayBis and there is also a 4% PayPal fee charged.
Unfortunately, European companies are not so keen on payments with PayPal and they do not support it (anymore). In the past, it was allowed, but PayPal changed the rules. Payment with PayPal has a greater risk for the company than for a consumer. After all, the consumer is protected by the PayPal insurance, and some people made abuse of this.