How to Buy Bitcoin with PayPal | Beginner’s Guide
In today’s guide, we will be tacking some of the methods you can use to buy Bitcoin with PayPal.
You should keep in mind that there is no direct way of buying Bitcoins using PayPal, but if you still want to go through with it, there are a few indirect ways that can help you get those BTC with PayPal funds.
Also, there are several online platforms that accept to fund your account via PayPal and then you can use these funds to buy Bitcoin.
How to Buy Bitcoin with PayPal
LocalBitcoins is a well-known marketplace where you can purchase Bitcoin by using all types of payment methods you can think of, including PayPal. The site allows users to post their sell or buy orders, and other users can search and contact the one that posted the order. The two parties can then establish or negotiate the terms of the trade, including the price and method of payment.
But there are aspects that you need to be mindful of when selecting a seller. You will have to look into the seller’s feedback. The higher the feedback score, the better. You should also check his total trade volume. This information will help you evaluate the credibility of the seller.
Although many sellers on LocalBitcoins will accept PayPal, they might add an extra fee because of Paypal’s chargeback policy.
Another Bitcoin marketplace that is quite popular is Paxful. Here you can buy Bitcoin with PayPal, Payoneer, Skrill, Gift cards and many other methods. Paxful also features an escrow service for sellers, and buyers will be required to have a verified USA PayPal account.
PayPal verified accounts need to be linked to a bank, debit card and have an uploaded ID.
Wirexapp is an online platform where users can buy Bitcoins with PayPal on a constant basis. The first time you execute a purchase through these methods, you will have to wait for 1-2 days, but starting with your second purchase, the entire process will be instant.
PayPal purchases are only available to users residing in these countries:
Bahamas, Bahrain, Botswana*, Bulgaria, Chile, Croatia, Estonia, Georgia, Gibraltar, Honduras*, Iceland, Indonesia, Italy, Jordan, Kazakhstan, Latvia, Lesotho, Liechtenstein, Lithuania, Luxembourg, Malaysia, Malta, Mauritius, Moldova, Morocco, Mozambique*, Oman, Philippines, Romania, San Marino, Saudi Arabia, Senegal*, Serbia, Slovakia, Slovenia, United Arab Emirates, and Uruguay.
You will be required to have your account verified. After completing this process, you will receive a free virtual Visa card.
You will have to deposit a small amount of money to your virtual Visa card from Wirexapp. Then, go to your account and add the card to your PayPal account.
PayPal will require that you confirm this new card by starting a series of transactions to verify the said card. This is where the small amount of money you deposited will be used (this will be reversed later). After you have completed your confirmation you can then start buying Bitcoins using your PayPal money. You can do this by withdrawing funds from your PayPal account that you have now linked to your Wirexapp debit card.
The withdrawal process can require anywhere in between 1-7 days to be completed. After the funds will be deposited in your debit card, you can use Wirexapp interface to make your buy.
Unlike other methods, this one will have fewer fees for Bitcoin purchases.
xCoins is not an exchange, and it is not a matching marketplace. It does not actually sell Bitcoins directly, instead, it lends Bitcoins with the option to buy.
To be able to use xCoins and its service, you will be required to register for an account. Not all users will be able to use this platform, as it depends on your country’s jurisdiction on crypto. Most countries outside of North America and Europe aren’t supported.
After you have created an account, you can tender an offer to buy Bitcoins, and xCoins will automatically match with a seller that is willing to fill the order’s demands.
xCoins is a different peer-to-peer marketplace, as it acts as an intermediary between the seller and buyer.
After you have verified the offer you have been matched with, if you agree with it, you will have to pay the lender (seller). The seller will get the money he requested for his Bitcoins, plus the platform fee. After the trade has been effectuated, the Bitcoins will be deposited into the wallet of the borrower (buyer).
Even if this method side-steps PayPal’s crypto ban, it does come with its disadvantages. Transaction times can take more than half an hour, and the prices are most likely to be higher than those on exchanges.
It isn’t a cryptocurrency (Bitcoin) exchange. VirWox is, in fact, a virtual world exchange. It’s primarily used as a market for Second Life Lindens, a currency used in the virtual world of an online game called Second Life. In short, it’s an ecosystem used to purchase in-game collectibles, such as items and skins.
To get started, go to the official VirWox homepage and create a new account. Enter the required details and, soon after, check your email. The next step involves you having to change the temporary email set by the service. Once this is done, select the “Deposit” option from the left sidebar. Select the “deposit with PayPal” option, enter the amount you want to deposit, and then click “Checkout with PayPal.” Follow through by logging into your PayPal account and respect the directions provided by PayPal.
The next step requires you to trade the USD or EUR for Second Life Lindens by entering the amount of USD you want to sell. Once you have a balance in SLL, go to the service’s exchange from the left sidebar and click the “BTC/SLL” option. All that’s left to do now is trade the SLLs for BTCs. Finalize the process by withdrawing the newly acquired BTCs and transferring them to your personal wallet. Please note that transfers can take up two days and that, generally, VirWox will place a 10% transaction fee.
This has been our guide on how to buy Bitcoin with Paypal. While this method is a bit more difficult to apply because of PayPal’s ban on crypto, you can make your purchases through the methods we presented above. Of course, we’ve also presented other ways of purchasing BTC; you can check, for example, our article on how to buy Bitcoin with prepaid card.
Featured image: bitcoinchaser.com
Note: This post was originally published on 27 November 2018 and has been totally updated for the completeness and veracity of the content on 7 December 2019.