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How to Buy Bitcoin With PayPal
PayPal is the most popular electronic wallet, used by millions around the globe. At the same time, Bitcoin still holds the title of the most prominent cryptocurrency, with billions of dollars of market cap. Therefore, it's safe to say that many would feel confident buying Bitcoin with PayPal.
We've created a detailed guide on how to do that using several different platforms, including Coinbase, Paxful, eToro, and more. When you finish reading this all-in-one guide, you'll know how to purchase bitcoins directly on PayPal. Read on!
Buy Bitcoin With PayPal Using Coinbase
Coinbase is one of the most popular cryptocurrency exchanges globally that currently allows buying bitcoins with PayPal for US residents. Although limited at the moment, this feature might become available in other countries in the future.
Like many exchanges, PayPal may require you to complete your identity document verification and confirm your country of residence to buy bitcoins.
Once you log in to your Coinbase account, follow the steps below:
- Go to Settings
- Select Payment Methods
- Click on Link a New Account (for the desktop site) or Add a Payment Method (for the mobile app)
- Log in to your PayPal account
- Once you've linked your PayPal account to the exchange, you can purchase Bitcoin on Coinbase easily. Just find the option to buy BTC and enter the amount you'd like to get with your PayPal. Note that the country of residence on your PayPal account needs to match the one on Coinbase.
Other platforms that accept the popular wallet, such as PayPal casinos, follow the same process.
Buy Bitcoin With PayPal Using Paxful
Paxful is a people-powered platform that helps you purchase and sell BTC and other altcoins directly from other users. It's also possible to buy bitcoins with PayPal at this famous marketplace.
However, this mainly depends on the traders, as not all of them accept the popular payment option. Once you find traders willing to sell BTC and accept PayPal, you need to follow the standard procedure. First, log in to your PayPal account and then confirm the purchase. Keep in mind that some traders might require you to take additional steps to verify your identity.
Buy Bitcoin With PayPal Using LocalBitcoins
LocalBitcoins is another excellent peer-to-peer exchange that offers a convenient way to purchase Bitcoin with PayPal. Unfortunately, some traders on this platform might not accept PayPal, so you'll have to look for those that do.
Buying cryptocurrency with PayPal on LocalBitcoins is similar to Paxful, meaning you need to go through the standard confirmation process to make the purchase. If you can't find an offer willing to accept a PayPal payment, you can always make one as a seller and put PayPal as your preferred payment method.
Buy Bitcoin With PayPal Using xCoins
Founded in Santa Monica, California, xCoins has been offering peer-to-peer Bitcoin exchange services since 2016. Like with LocalBitcoins and Paxful, you'll need to sign up if you're planning to purchase Bitcoin with PayPal.
You'll also have to find a seller willing to accept PayPal payments. Once you come across an offer you like, a chat window will open, where you can directly communicate with the seller and make a payment using your PayPal electronic wallet.
Buy Bitcoin With PayPal Using eToro
eToro is often marketed as a social trading company, as it isn't solely limited to Bitcoin or cryptocurrencies. However, this platform stands out from the pack because it allows you to mimic successful traders and their actions.
Most importantly, it allows you to purchase cryptocurrency with PayPal, and here's how:
- Open an account on eToro by filling out the registration form.
- Navigate to the cryptocurrency page and choose BTC as the crypto you'd like to purchase.
- Now, you can trade BTC at the current price or place an order and let eToro buy it once the crypto reaches your desired price.
- If you select trade, you'll have to make a deposit. At this point, you may have to provide proof of identity to eToro to proceed.
- Select PayPal as a preferred deposit option and complete the process by logging in to your PayPal and confirming the transaction.
Buy Bitcoin Directly on PayPal
If you were wondering how to buy crypto with PayPal directly, you're on the right page. Namely, the well-known e-wallet recently allowed buying crypto through PayPal without the need for a third-party exchange. In addition, PayPal's straightforward and user-friendly interface makes the entire process seem like a breeze, even for those who have no experience purchasing cryptocurrencies.
Still, we'll help you learn the ropes in the step-by-step guide below. Let's take a closer look.
Log in to Paypal
If you already have an account, your first step is to log in to the platform using the official website or the PayPal app if it's available in your country. For now, only US residents can purchase bitcoins via PayPal directly, but this is likely to expand to other countries soon.
If you don't have an account, it's time to open one. This process can take a while, as PayPal might require you to provide several documents to become an official user.
Select "Buy Crypto"
After logging in, click the Buy Crypto option to get to the exchange.
You'll notice that there are several cryptocurrencies to choose from. To buy Bitcoin, make sure to select the right option, but explore other available cryptos if you decide to purchase them or start actively trading digital currencies.
Click on "Buy"
Find and click on the Buy button to start purchasing Bitcoin via PayPal.
Choose How Much to Buy
Enter the amount of BTC you'd like to purchase. Also, pay close attention to the purchasing fees, as PayPal features a somewhat complex system that often changes.
Select the Payment Method
You may purchase Bitcoin with your PayPal fiat funds or choose to fund your account using another payment option, such as a credit card.
Click on "Buy" Again
PayPal will give you an overview of your purchase before you proceed. Analyze it carefully and confirm if everything is in order. Once approved, you'll need to wait several minutes before BTC becomes available in your wallet.
Our Opinion on PayPal to Buy Bitcoin
PayPal is a great e-wallet accepted by a wide range of sellers, including e-commerce sites, the biggest online casinos, and more. Since it became crypto-friendly, it has also turned into an excellent tool for trading Bitcoin and other altcoins, much like any other cryptocurrency exchange.
PayPal's only major downside at the moment is that cryptocurrencies are only available for US users, but that is bound to change in the future. Also, PayPal still doesn't offer an option to withdraw cryptocurrencies to external wallets, meaning you'll only have to keep them in your PayPal wallet.
The biggest advantage of this form of purchase is minimizing the risks, as PayPal is highly regulated and provides another layer of security for those who decide to purchase BTC directly.
If you don't like the idea of buying Bitcoin from PayPal directly, you can always use it as a payment method to purchase BTC on one of the crypto exchanges accepting the popular e-wallet.
Can I use PayPal to buy Bitcoin?
Yes, you can. PayPal is an accepted payment option on many cryptocurrency exchanges, peer-to-peer marketplaces, and more. It's also possible to buy Bitcoin directly from PayPal.
How do I buy Bitcoin with a PayPal balance?
The process on crypto exchanges is similar, as you need to open an account and connect to your PayPal account to make a deposit and buy BTC. However, peer-to-peer marketplaces usually leave sellers to decide whether to accept PayPal as a Bitcoin transaction method.
Is it possible to buy cryptocurrency with PayPal?
Yes, it is. You can buy many other cryptocurrencies with PayPal besides Bitcoin. It's also possible to use PayPal on some platforms that sell NFTs and purchase non-fungible works of art with the popular e-wallet. Even some NFT casinos accept PayPal payments.
What has PayPal said about Bitcoin in the past?
PayPal officials weren't thrilled after Bitcoin underwent its first price spike. After all, the famous crypto was a competitor to PayPal, threatening to overtake the world of online payments. PayPal's former CEO, Bill Harris, even called Bitcoin a massive pump-and-dump scheme. However, as BTC's popularity increased, PayPal's stance on cryptocurrencies changed. Apart from becoming available on many crypto exchanges and marketplaces, PayPal's officials even decided to make the electronic wallet a crypto wallet of its own.
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