To buy bitcoin with Paypal there are several possibilities, each with its own strengths and weaknesses. We will go here to list the modalities, also highlighting the costs, commissions and the minimum amount required to be able to buy or negotiate bitcoin with Paypal. The three modes that we present are: trading platforms, VirWox and LocalBitcoins.
Below we provide a list of the best platforms to buy Bitcoin via Paypal, chosen on the basis of popularity, regulation and security.
Buying Bitcoins With Paypal on a Trading Platform
The first mode is very convenient, is to buy Bitcoin through a trading platform. There are in fact exchange platforms that accept Paypal as a means of payment, as well as crypto-currency CFD trading platforms that allow you to trade up and down on its price.
A well-known trading platform, which accepts Paypal, is Plus500, which we include in the following list, more complete.
To proceed, you can open an account and then make a deposit by choosing the payment method “Paypal”. Once you have transferred the desired amount, you can proceed with the purchase.
Among the main advantages of CFD trading platforms, there is the possibility to trade both upwards and downwards. You will have the possibility to look for profits both on the increases of the bitcoin and on its decreases. This is very useful when you think that the price of the BTC should go down rather than up.
Finally, with the trading platforms just mentioned, you do not need to use crypto currency portfolios.
How to Buy BTC With Paypal on 24option
The bitcoin platform, on the other hand, offers 24-hour customer service and the possibility of starting trading in crypto currencies for as little as 100 euros. For more information, please refer to our 24option guide.
Once you have arrived on the page dedicated to deposits, you can choose Paypal as the method of deposit.
How to Buy Bitcoin With Paypal on eToro
Another great advantage is to have the ability to chat with other users and ask for advice. This can be done for example with the eToro platform, a social trading platform, because in addition to trading you can also “make social” in the same way as you socialize on Facebook, for example. The same platform also allows you to automatically copy the best traders, which you can select from special performance charts. For example, you can see a trader how much he has earned in a certain period of time and, if you like how he works, automatically copy it with a click. For more information visit our eToro guide.
To proceed with the purchase of Bitcoin on eToro through Paypal, you need to open an account and then choose Paypal among the available payment methods, as shown in the picture.
Buy Bitcoin With Paypal on LocalBitcoins
LocalBitcoins is a very free site, on which however it is necessary to move with a certain caution because the negotiations are free and not regulated, so you must be 100% sure of the reliability of the counterparty. On LocalBitcoins you can buy and sell cryptocurrencies by doing a search in a simple way.
On LocalBitcoins there are dozens, hundreds of people ready to sell and buy. Every seller has his own conditions of sale. Among others, there are some very common that are to have a PayPal account verified to match the same name on LocalBitcoins, send the payment in exchange for bitcoins purchased through the function “Send money to friends and family” (to avoid the commission of 5%).
This is how it works: the seller deposits the amount of bitcoins you want to buy directly on the platform and, once the payment is verified, the amount of money is transferred to your wallet.
Although there are conditions, it is essential to analyze the evaluations, i.e. the feedback, on the sellers before proceeding with the business. LocalBitcoins is not responsible for any scams, but simply acts as a virtual place of exchange.
For those who advertise as buyers and sellers there is a commission of 1% calculated on the amount purchased. If the transfer takes place from one portfolio to another, however, the commission varies from 0.0001 and 0.0010 BTC.
How to Buy Bitcoin With Paypal on VirWoX
VirWox is an exchange that was initially aimed at Second Life players who wanted to buy the virtual currency “SLL”. Today, it is also used to buy Bitcoin through the Paypal balance.
To purchase Bitcoin with Paypal through VirWox you must register by entering your real data. Then, you must make the deposit through Paypal. For new accounts there is a limit of 90 euros. With the money deposited through Paypal you can buy the SLLs, necessary to be able to buy Bitcoins with them later.
Once the purchase procedure has been completed, the Bitcoins will become available on the balance and with the “withdrawal” function you can withdraw them by adding the address of your wallet.
This system is quite fast and secure, even if the commissions are quite high: 0.35 € plus 3.4% of the value of the deposit.
Buy Bitcoin with Paypal on Cryptonit
Cryptonit is also an exchange, i.e. a cryptocurrency exchange platform, which allows you to buy bitcoins with your Paypal balance.
The first thing to do to use this system is to register and verify your identity. In fact, an identity document is required (e.g. ID card or driver’s license), to be scanned together with a receipt certifying your address. This is therefore not a way to buy bitcoins anonymously.
Also on Cryptonit you have to consider the commissions, equal to 9.8% of the value deposited plus 2% if the money is withdrawn from the Paypal account (minimum 1 euro).
Conclusion: Should I buy Bitcoin with Paypal?
As you can see, if you want to use Paypal to buy Bitcoin you can not say that it is a convenient choice. That said, if using Paypal is essential or important for you, then you might consider negotiating on its price, rather than buying it.
In fact, CFD trading platforms, allow you to get economic results based on changes in the price of the bitcoin, without buying it. Some of these platforms allow you to use Paypal for deposits. Of these, the most famous is certainly the 24option trading platform.