If you have tried pitching PayPal to Bitcoin (i.e.) buying Bitcoin with Paypal, you would agree that it is quite hard and confusing. In as much as Paypal has been very favorable of Bitcoin in recent years, those who have tried using it would agree that it’s still an issue in finding the best places to buy bitcoins with PayPal in 2020. Most times, this is mainly due to chargeback issues.
Given the delays and difficulties experienced with exchanges, some peer-to-peer marketplaces have started accepting PayPal, and Paypal on the other hand started allowing merchants to accept bitcoin beginning in 2015. But be it as it may some users actually thought that PayPal to bitcoin would actually be easy, but the reverse has been known to be the case. Thankfully today, we will be showing you how you can quickly and easily buy bitcoin with PayPal.
Paypal to Bitcoin
Paypal is undoubted, the world’s most popular online payment system, and by allowing a trusted third party handle their financial information, Paypal users stand to benefit from faster, more secure, more convenient transactions online. Most users even use PayPal so frequently, so much so that they build up significant balances in their accounts.
However, those who try to buy bitcoin with PayPal often encounter difficulties and even when exchanges accept PayPal for funding; they tend to impose delays of several days or more before making bitcoin available. However, based on the outlined issues, we will be showing you ways you can easily buy bitcoin with PayPal without much stress.
Payment Platforms That Accepts Paypal to Bitcoin
Here, we have outlines three marketplaces where you can easily buy bitcoin using PayPal. They include eToro, LocalBitcoins, and xCoins, even though all three comes with their advantages and disadvantages, they are still easily accessible and preferred to other payment services out there.
Buy Bitcoin with PayPal via eToro
One of the easiest ways of buying Bitcoin with PayPal happens to be through eToro, even though it is only for a limited purpose. This is because while the platform allows you to buy bitcoins with PayPal, you will not be able to withdraw or send your bitcoins to other people, you only change them back to fiat currency (i.e. dollars or euros).
eToro enables you to speculate on Bitcoin’s price instead of buying the actual coin. In case you are just looking to benefit from the price swings, and do not need the actual bitcoins, this will probably be the easiest and cheapest way to go. If on the other hand, you need the actual bitcoins to buy stuff or send them to another person, then you may have buy elsewhere.
Note that if you use eToro, you don’t actually need a Bitcoin wallet, because they don’t supply you with the actual coins.
Has relatively low fees, and is a variety of payment methods accepted.
Not available globally, and profits can be withdrawn in fiat currency (i.e. USD, EUR, etc.)
Buy Bitcoin with PayPal via LocalBitcoins
LocalBitcoins is a marketplace where buyers and sellers connect directly. When you use the LocalBitcoins marketplace, you are dealing with an actual person, which implies that the seller’s credibility is somewhat assured.
When it comes to the fees, sellers usually charge a premium since they are taking a big risk of buyer chargebacks. However, one outstanding benefit of buying from LocalBitcoins is that you will always get your Bitcoins faster.
How to Use LocalBitcoins
Below is how to use LocalBitcoins to buy bitcoin with PayPal.
- Key in your search parameters, by going over to LocalBitcoins and entering how many bitcoins you want to buy and from which country.
- Choose your seller from the list of sellers available. You can browse through sellers one by one and believe you should do this if you value your money.
- Complete the trade. But ensure you read through the terms of the trade for the specific seller located on the right side.
- After you have gone over all of the information and you are sure it suits you, simply enter how many bitcoins you want to buy and tap “Send Trade Request”.
Note that it is important that you conduct all communications within LocalBitcoins and preferably use their escrow services (which are triggered automatically for all online sales).
Buy Bitcoin with PayPal via xCoins
xCoins is one of the lending services, and instead of selling you Bitcoins, they loan you Bitcoins (to a certain level). If this is actually a loan or a sale, it is not really clear.
Here, the buyer comes to the site and say you want to “loan” some Bitcoins. After a short ID verification process, you will be asked to deposit the USD equivalent of how much you want to borrow + credit card / Paypal processing fees + a fixed amount that acts as the interest rate on the loan.
How to Use xCoins
Here are the steps you can use to buy on xCoins:
- Sign up to the site
- Select the amount you want to buy
- Accept the loan agreement
- Confirm your identity
- Then make a payment
Note; this platform matches lenders with buyers. The fees are relatively high.