Buying Bitcoin with PayPal (Beginner’s Guide)
By: Ofir Beigel | Final updated: 12/22/22
Until recently, there were limited options to purchase Bitcoin with PayPal, mainly due to chargeback problems (here’s a brusk video illustrating this). However, recently PayPal has get more than favorable of Bitcoin. In this mail service I will cover several credible places to purchase bitcoins with PayPal in 2023.
How do I Buy Bitcoin with PayPal Summary
While ownership Bitcoin directly through PayPal is possible, notwithstanding better alternatives be for those who wish to use PayPal as a payment method just. The
best alternative for ownership Bitcoin with PayPal is via Bitstamp or CEX.IO. Another option would exist eToro, which is more recommended for users who mainly wish to speculate on price rather than owning bodily coins.
Finally, you lot tin use Paypal via LocalBitcoins, although this method requires y'all to notice an individual seller you can trust.
This advertizement promotes virtual cryptocurrency investing within the European union (by eToro Europe Ltd.), UK (eToro UK Ltd.) & USA (past eToro USA LLC); which is highly volatile, unregulated in some Eu countries and the Great britain, no EU or United kingdom consumer protections & not supervised past the European union or UK regulatory framework. eToro USA LLC; Investments are subject to market hazard, including the loss of chief.
79% of retail investor accounts lose coin when trading CFDs with this provider.
You lot should consider whether you tin afford to take the high adventure of losing your money.
CFDs are not available to U.s.a. customers.
If y'all want a more detailed explanation about each method keep on reading. Hither’s what I’ll cover:
- Buying Bitcoins Straight through PayPal
- Buying Bitcoins with PayPal using Bitstamp
- Ownership Bitcoins with PayPal using CEX.IO
- Buying Bitcoins with PayPal using eToro
- Buying Bitcoins with PayPal using Coinbase
- Buying Bitcoins with PayPal using LocalBitcoins
- Buying Bitcoins with PayPal using Paxful
- Frequently Asked Questions
1. Buy Bitcoin directly through PayPal
Low risk, very
loftier maximum limits
Only the US is currently supported for withdrawals
In Oct 2020, PayPal rolled out directly purchases of Bitcoin (and 3 other cryptocurrencies) within the PayPal digital wallet, through a partnership with Paxos.
This allows users to hold and sell Bitcoins purchased through the service, too equally utilise them to pay PayPal-supported merchants. As of June 2022, PayPal too allows users to withdraw their coins into 3rd-party wallets for personal storage or wider apply throughout the ecosystem. It’s worth mentioning that this option is currently simply bachelor for Usa users, with more countries due to be added over time.
Maximum limits are $10,000 per week with no almanac limit, while fees vary between 1.v% and 2.3%, depending on the size of the purchase.
How to Buy Bitcoin Directly on PayPal
- Sign up for an business relationship, if you don’t already utilise PayPal
- Click on “Buy and Sell” under the “Your crypto” section (available just to supported locations)
- Click on “Bitcoin” and “Buy”
- Enter the amount of Bitcoin y'all want to buy
- Select your payment method and click “Next”
- Check the conversion rate and transaction fee.
That’south it! Click ‘Buy at present’ to confirm the purchase and the coins should be available in your PayPal digital wallet.
2. Buy Bitcoin with PayPal through Bitstamp
Very well-established, highly trustworthy
Cannot withdraw back to PayPal (withal), lower limits than other platforms
Bitstamp is one of the oldest and best-respected cryptocurrency exchanges today, being in performance since 2011.
The platform supports PayPal for Bitcoin purchases if yous’re a resident in the US or EU, and pay with EUR, USD, and GBP.
There’south a limit of upwards to $2,500 daily and a cap of $20,000 per month. Fees on PayPal purchases are 5% of the total buy amount, which is high (simply not uncommon) for the payment method.
It should be noted that every bit of writing, users cannot withdraw money directly back to their PayPal account upon selling their Bitcoin – they will have to opt for an alternative fiat withdrawal method.
Click here to read a total review of Bitstamp and its services.
How to Buy Bitcoin with PayPal through Bitstamp
- Select Bitcoin from the assets page, and then click Purchase with PayPal. Alternatively, y'all can click “Direct Crypto Purchase” on the Deposit page.
- Enter the fiat amount y'all wish to spend, then click on “Buy with PayPal”.
- Y'all’ll exist directed to the PayPal login screen, where you lot tin can link your PayPal business relationship with Bitstamp.
- Ensure that the name associated with your PayPal account is the same every bit the one y'all’ve used to register your Bitstamp business relationship.
- Confirm the transaction. Your accounts will be successfully connected, and the purchase can be completed.
3. Purchase Bitcoin with PayPal through CEX.io
Established & regulated substitution, neat reputation
Lower daily limits than other options, not available worldwide
CEX.io is a well-established exchange that has been around since 2013. It’s known to exist highly reliable and is well-regulated, but is too every bit well known for relatively high fees.
On the plus side, CEX.io offers Bitcoin purchases via PayPal at competitive pricing. This can be done via CEX.io’s “Buy” pick within the wallet app, or on the commutation using the “Instant Purchase” feature.
PayPal purchases on CEX.io are limited at a maximum of $1,000 daily, or a minimum of $twenty. Fees include a lowered 1.49% service charge for GBP deposits fabricated past Uk residents, or 2.99% to 3.99% plus a variable service fee for other countries, depending on the country.
A list of countries supported for PayPal purchases on CEX.io tin can be plant at the bottom of this folio.
Click here to read a full review of CEX.io and its services.
How to Buy Bitcoin with PayPal through CEX.io
- Navigate to the CEX.io Instant Buy service.
- Select BTC in the “Purchase” dropdown card, then select the fiat currency yous wish to buy information technology with.
- Enter the amount of Bitcoin that you wish to buy, or select one of the pre-calculated suggestions.
- Click “Purchase” and select PayPal equally your payment method and click “Log in with Paypal” to link your PayPal account.
- Select PayPal as your payment method again, then click “Buy with PayPal”.
- Complete the purchase within the PayPal account window.
All done! When the transaction is completed, you’ll be able to see the updated Bitcoin residuum in your CEX.io account.
Visit Cex.ioRead review
4. Purchase Bitcoin with PayPal through eToro
Relatively low fees, a variety of payment methods accepted
Not available worldwide,
withdrawing profits in crypto is complicated
One of the easiest alternative means to buy Bitcoin with PayPal would be through eToro, just only for a limited purpose. While the platform will allow yous to buy bitcoins with PayPal,
withdrawing them to your wallet will accept an extensive amount of time and steps.
In other words, eToro is meliorate suited to speculate on Bitcoin’s toll rather than for buying the actual coin for using it. If you lot’re just looking to turn a profit from price swings and don’t crave the actual bitcoins, this is probably the easiest and cheapest way to go. If, however, you need the bodily bitcoins to buy stuff or ship them to another person, keep reading for an culling selection.
Continue in heed that if you use eToro for speculation, you don’t actually need a Bitcoin wallet. You can read my full eToro review here.
Cryptocurrencies can widely fluctuate in cost and are not appropriate for all investors. Cryptocurrency trading is not supervised by any EU regulatory framework, your capital is at take chances.
This ad promotes virtual cryptocurrency investing within the European union (by eToro Europe Ltd.), UK (eToro UK Ltd.) & USA (past eToro USA LLC); which is highly volatile, unregulated in some Eu countries and the Britain, no EU or Uk consumer protections & not supervised past the Eu or Britain regulatory framework. eToro The states LLC; Investments are field of study to market chance, including the loss of principal.
79% of retail investor accounts lose coin when trading CFDs with this provider.
You should consider whether y'all tin afford to take the high risk of losing your money.
CFDs are non available to Usa customers.
5. Buy Bitcoin with PayPal through Coinbase
Well-trusted platform, high limits
Cannot purchase from PayPal balance directly, United states of america customers merely
Coinbase, 1 of the earth’south most trusted cryptocurrency exchanges, began accepting PayPal as a means of payment in 2022. Unfortunately, every bit of writing, Coinbase doesn’t allow users to purchase directly using their PayPal balance, but rather through a debit card or bank business relationship that is linked to their PayPal account. This is somewhat restrictive. On the bright side, the maximum daily limits are prissy and high at $25,000 per 24-hour interval.
Fees for using PayPal to make a debit card buy on Coinbase are 4% of each trade, while bank deposits via PayPal cost 2.5%.
Coinbase users may as well withdraw fiat from Coinbase to their PayPal account. Yous can read my full Coinbase review here.
6. Purchase Bitcoin with PayPal through LocalBitcoins
A wide variety of sellers from effectually the world
Poor exchange rates, boosted risk of dealing directly with individuals
LocalBitcoins, dissimilar eToro, is a marketplace where buyers and sellers connect direct. When yous use LocalBitcoins, you’re dealing with an actual person, which means that the seller’s credibility is another matter to sentry out for.
As for fees, sellers will usually charge a premium since they’re taking a big risk of buyer chargebacks. The upside is that y'all will usually become your bitcoins faster. Y'all tin can read my total LocalBitcoins review hither.
How to Use LocalBitcoins
Step ane – Enter your search parameters
The beginning pace will be to become to LocalBitcoins and enter how many bitcoins you want to purchase and from which land. Since LocalBitcoins was originally fabricated for people to meet face to face up, there’s no “worldwide” search, which is a shame. You have to go through each country, i at a time.
Step 2 – Choose your seller
On the adjacent screen, you’ll see a list of available sellers, yous tin can now browse them one by one.
Some of the things I’d check before trusting a seller are:
- Feedback score
- How many confirmed trades does this seller have?
- How old is the account?
- How many people trust this seller?
- How many people blocked this seller?
In the terminate there’southward no real measurement to help you evaluate how reliable a seller is. You lot will demand to use common sense after reviewing their complete details.
Step iii – Complete the trade
One time you’ve found your seller, you’ll be taken to the trade screen. At that place you’ll be able to see information about the user’s trade limits, location and payment window (How much fourth dimension you lot have for sending funds and marking the payment done after you initiate a trade).
It’southward as well super important to read the terms of trade for the specific seller located on the right side. Here’s an example:
Some sellers will crave that yous have an initial reputation in guild to buy from them to avert scams or fraud. This ways that you might accept to conduct some small transactions to build your reputation.
Once you went over all of the data and made certain it suits you, just enter how many bitcoins you want to purchase and click “Send trade asking.”
It’south crucial to conduct all communications within LocalBitcoins and preferably use their escrow services (which are triggered automatically for all online sales). While this method is relatively fast, it may accept some time to gain enough reputation and discover a seller.
7. Buy Bitcoin with PayPal through Paxful
Wide variety of sellers from around the globe
Poor exchange rates, additional risk of dealing with private sellers
Paxful is a very like platform to LocalBitcoins. Information technology’s a peer-to-peer marketplace that allows you to purchase Bitcoin with nigh anything (e.thousand., Skype credits, Amazon gift cards). The process of ownership bitcoins at Paxful is pretty simple:
Visit paxfulRead review
How to Use Paxful
- Create an account.
- Verify your identity.
- Choose a payment method for ownership and the desired amount.
- Choose your seller. You tin can either cull manually, or let Paxful determine who is the best seller for you.
Once the trade initiates, you will be sent to an online chat with the seller, where you tin can finalize the deal. The seller’s bitcoins volition be sent into escrow, and one time you mark that you’ve sent your payment, they will be released into your account. Keep in mind that if you don’t finalize the deal within a certain timeframe (usually thirty minutes), the deal will be automatically canceled.
You tin can read my
full Paxful review here
8. Frequently Asked Questions
Can I Purchase Bitcoin with Paypal on Coinbase?
Yes. Though it requires a debit card or a banking company transfer, Coinbase allows you lot to buy Bitcoin, as well as sell and withdraw the residual to your Paypal business relationship.
Can I buy whatsoever other crypto with PayPal?
You can also utilise LocalMonero or LocalCryptos to buy Monero or Ethereum with PayPal however the aforementioned rules and downsides apply – yous’ll probably pay high fees and it may be hard to observe credible sellers.
I found an additional method non listed hither, is it legit?
From time to time, I encounter many new sites that permit you lot to use PayPal for Bitcoin purchases. Personally, I’m very skeptical of such sites and advise you to treat them with caution. Reputation goes a long way when it comes to cryptocurrencies, and the methods I’ve described higher up have all been tried and tested past me.
Moreover, the companies that are described in this post accept been around for at to the lowest degree three years and have proven they are here to stay. Having said that, feel gratis to list what y'all’ve found in the comment section below and we’ll give you lot our opinion of information technology.
nine. Decision – Tin can I Utilise Paypal to Buy Bitcoin?
There are several means yous can buy Bitcoin with PayPal, the easiest existence through the actual PayPal platform. Some other alternatives besides allow you to buy coins using PayPal as a payment method, such equallyCoinbase
besides a very user-friendly option, but is more suitable for users who are looking to speculate on toll rather than actually withdrawing their coins.
Take yous had any experience with buying Bitcoins with PayPal? If then, I’d dearest to hear about information technology in the comment department below.