How To Buy Bitcoin With PayPal in 2020 – Easy Guide

How To Buy Bitcoin With PayPal in 2020 – Easy Guide

Often there are unknown services offering buy Bitcoin with PayPal. We strongly recommend that you learn as much information about them as possible before entrusting them with your savings. In this review, we will talk about accessible places you can use to buy BTC via PayPal. You will also learn about alternative payment methods.

How to buy Bitcoin with PayPal account

There is no direct way to buy Bitcoin with PayPal. The account owner can not just log into your account and make a deal. But there are workarounds that we will talk about today. Some are faster, and others are longer but cheaper. Before deciding to buy cryptocurrency with PayPal, you need to find out about all the ways.

Virwox

virwox
virwox

VirWoX is your journey from PayPal to Bitcoin. The site is not a direct conductor to get Bitcoin. Investors will have to go through two stages and pay commission fees twice. But that’s the price for a safe deal.

Pros and cons of VirWox

The service has initially been engaged in the sale of special online currency SLL for a computer game. Recently, developers have added a selling function of Bitcoins. An investor can buy SLL via PayPal wallet. Then, tokens can be easily exchanged for the required amount of BTC.

Buy Bitcoin with PayPal
Buy Bitcoin with PayPal

USD or Euro are suitable for your purpose. The only negative is the double commission, which will take away about 10% of your money when converting. But this is a real way to buy Bitcoin with PayPal.

Payment Methods Accepted

Buying Bitcoin with PayPal begins with a VirWox account replenishment in the following ways:

  • Skrill payment system;
  • Credit or debit card;
  • Coins.
VirWox Available Payment Options
VirWox Available Payment Options

Supported Countries

If you want to use the service from Europe, Africa, Asia, North and South America, then you can do it. Even the inhabitants of the Bahamas Sri Lanka, Malta, Gibraltar, Cuba, Cyprus.

Privacy

A simple password protects accounts that allow you to convert money with PayPal to Bitcoin. The administration does not require a lot of personal data. It means that your PayPal account is more than safe.

VirWox Privacy
VirWox Privacy

There is no section with a clear company policy on the site, and many profiles are blocked without explanation. It suggests that the fight against a scam is underway, but according to an encrypted strategy.

Limits & liquidity

The first transfer the new user will be able to send in a day or two after registration. Selling limit is less than 300 USD per month. But in the future, this amount will increase. The second deal will accept instantly.

Depending on your “account level”, certain limits to deposits using PayPal and Skrill exist. The account level is determined by the number of days since your first successful deposit using PayPal or Skrill, according to the following table:

VirWox Limits
VirWox Limits

Speed

You will wait only for the first time. Further, the rate of the operation increases to instant.

Reputation

The Austrian service allows you to sell Bitcoin to PayPal or get tokens reliably. All negative reviews are associated with a high commission since it exceeds 10%.

Localbitcoins

localbitcoins
localbitcoins

LocalBitcoins is suitable for those investors who are looking for a way, how to buy Bitcoin with PayPal. In this case, you can withdraw real coins to your digital wallet. The percentage remuneration of sellers and service is above average; the reliability of each seller is different. For this, a rating has been created on the site.

Weekly LocalBitcoins Volume
Weekly LocalBitcoins Volume (source: coin.dance)

Platform advantages:

  • Ability to buy Bitcoins with PayPal and for cash;
  • A wide selection of sellers with different ratings and tips;
  • Many sellers in different countries.

Cons of the service:

  • There is a risk of being deceived, as participants in the transaction work directly.

Using the LocalBitcoins and PayPal tutorial:

It is easiest to convert funds with PayPal to Bitcoin directly using the seller-buyer scheme. Sellers put in the price a reward for the risk that they bear. A fraudster may cancel a fiat transaction. The commission also depends on the seller’s rating.

Buy bitcoins using Paypal on Localbitcoin
Buy bitcoins using Paypal on Localbitcoin

Scheme of use PayPal to get BTC:

  1. Enter the amount you need.
  2. Find the seller on the local list. It is not always convenient to do since the search from many platform users needs to be carried out manually (they did not provide a filter on the site).
  3. In the trading window, read all terms of the transaction. Then send a transaction request.

Paxful

Paxful
Paxful

The platform is a lesser-known copy of the previous service with more features. The peer-to-peer transaction partner selection system also does not exclude the risk of fraud. If a user wants to buy Bitcoins with PayPal, Skype credits, Ripple, Amazon gift certificates, he can do it.

Paxful Pick To Pay With Paypal
Paxful Pick To Pay With Paypal

Feature of the service – tokens are received on a particular account of the platform. After that, you confirm the transaction (for example, through PayPal) and get cryptocurrency. If there is no confirmation within half an hour, the purchase is cancelled.

xCoins.io

xcoin
xcoin

The site does not provide the opportunity to buy Bitcoins, and customers receive tokens on credit. Company policy is a little vague. The platform brings together sellers and buyers. After registration, you need to pay for the transaction in fiat currency. But the contract is concluded for lending, not a simple sale.

Accepted Payment Methods on xcoin
Accepted Payment Methods on xcoin

eToro

etoro
etoro

The platform also causes demand among investors, as it does not provide full ownership of tokens. Coins are in the wallet of the service, and users can only bet on the exchange.

Pros:

  • Low tip;
  • The easiest and fastest way to get crypto through a secure payment system;
  • Several deposit methods are available.

Minuses:

  • An investor can withdraw only fiat currency to a personal wallet.
Deposit With Paypal on eToro
Deposit With Paypal on eToro

Coinbase

coinbase
coinbase

Coinbase allows you to buy crypto with PayPal in Europe, most US states. A simple interface and high speed of operations, as well as a reliable reputation of the service, make it one of the most popular options.

Payout Limits with PayPal
Payout Limits with PayPal
Table lists all supported PayPal transactions by region
Table lists all supported PayPal transactions by region

Convert Bitcoin into PayPal

Changex

changex
changex

It is impossible to make a direct deposit of Bitcoin into a PayPal account. To do this, came up with third-party services such as Changex. Online exchanger allows you to convert all registered users quickly.

Exchange Bitcoin to PayPal
Exchange Bitcoin to PayPal

Why PayPal merchants can’t work with Bitcoin?

PayPal executives are confident that any crypto is too volatile to be used as a stable currency. Investors using the service may lose half of their deposits in fiat money equivalent in one night or a week.

Fiat Currency and Bitcoin Volatility Index
Fiat Currency and Bitcoin Volatility Index

What may cause PayPal to intercalate Bitcoin?

The head of PayPal considers this possibility only if a stable cryptocurrency exchange rate is established. At the same time, the director of the payment system does not deny the value of the blockchain. Therefore, it is possible that in the future, the system will add a new function.

Paypal CEO Dan Schulman on Bitcoin

Often Questions

Convert Bitcoin to USD using PayPal

Use third-party web resources for this:

  • Coinbase
  • ChangeX
  • Localbitcoins

Bitcoin from PayPal

It is possible, but not profitable since you need to pay a double commission for a double exchange through third-party sites.

Ways to sell Bitcoin to PayPal

PayPal is integrated into Coinbase, so anyone can sell tokens by paying less than 4% of the commission.

Buy Bitcoin with PayPal

A simple one-step method does not exist.

Send Bitcoin to PayPal

It cannot be done directly. The payment system sees competition in cryptocurrencies but explains its policy with the high volatility of digital tokens. However, each investor can replenish their PayPal account via Coinbase and some other services, for example, https://unichange.me/en/order/bitcoin_paypal_usd. In this case, the deposit is subject to a double commission from both payment systems. But you can quickly cash out USD.

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Vanessa Holder
Vanessa Holder
7 months ago

Thanks for guide. Nice work

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