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How to Buy Bitcoin With Paypal

How to Buy Bitcoin With Paypal

 

I think that buying bitcoin with PayPal is a fantastic idea. It allows you to buy digital cryptocurrency without having to give out your bank details or your credit card details. The only problem is that it currently poses a bit of a risk to sellers, and they often put up their fees or exchange rates in order to cushion the risk a little. Here are a few good websites that allow you to buy bitcoin with PayPal. Here is how you buy bitcoin with PayPal.

LocalBitcoins

LocalBitcoins.com logo
How To Create And Set Up A LocalBitcoins Account
Exchange Rate – Terrible because it is set by users
Fees – Rather low
Available worldwide – Yes
Buying Limits – Depend upon each seller
Reputation – Only as good as the seller you buy from.

Notes On How To Buy Bitcoin With PayPal Using Local Bitcoins

I like Local Bitcoins. There are some sellers who do not insist that you give them ID or a real phone number, and there are quite a few people willing to sell bitcoin to you.

I got 0.00364741 bitcoin for £30 GBP. That is 0.00364741 BTC for $38.46. At this rate, it would cost me $10,506 to buy one full bitcoin. The current rate on Google for one full bitcoin is $4073.23

The rate for the bitcoin was so high because I picked a seller who was not only willing to take PayPal, but was also willing to sell to me without asking for ID and such. You can get some good prices when buying bitcoin, but it is harder to get a good price if you insist on using PayPal only.

Virwox

Virwox logo
How To Create And Set Up A VirwWox Account

Exchange Rate – Average because you have to exchange more than once
Fees – An ugly type of high
Available worldwide – Yes
Buying Limits – $99 per day at first
Reputation – passable/average

Notes On How To Buy Bitcoin With PayPal Using Virwox

I like the company and they do not ask you to send in your identification, so I can forgive their stupidly high fees. Their fees and their exchange rate mean that you will be paying over the odds for your bitcoin if you use PayPal, but that is the sacrifice you make when you use PayPal to buy bitcoin.

I spent $99 at Virwox and got back 0.019 BTC back. At this rate, it would cost me $5112 to buy one full bitcoin. The current rate on Google for one full bitcoin is $4073.23.

E-Coin (Wirex)

 E-Coin (Wirex) home page

Exchange Rate – Around 2%+ higher than most
Fees – rather low
Available worldwide – Mostly for Europe and other places, but not the USA
Buying Limits – Varies from account to account
Reputation – passable/average

Notes On How To Buy Bitcoin With PayPal Using Wirex

I am not a fan of this website because they want my ID, my address and things of that nature. That is not a terrible thing, but I don’t feel like I trust the website or the company enough to give them my details just yet.

There are quite a few countries that the website caters to, but they do not allow people from the US to buy.

I have to sign in via VPN to get an account, but they wont accept me because I have a US address on my identification. In the end, I didn’t sign up for an account with this company.

Paxful

Paxful logo
How To Create And Set Up A Paxful Account

Exchange Rate – Really rather high
Fees – Nice and low
Available worldwide – Yes
Buying Limits – Depends upon which seller you use
Reputation – passable/average

Notes On How To Buy Bitcoin With PayPal Using Paxful

Sign in with Microsoft Edge because I tried with Microsoft Internet Explorer and the Captcha puzzle didn’t appear. When I used Microsoft Edge, I was able to complete the sign-in process.

It is great that some sellers do not demand ID when you make a purchase. If you are not a fan on giving away your ID to strangers and/or websites that you do not trust, then Paxful has a few suitable choices for you.

You can sell with Paxful too, and there are plenty of ways to receive payment. Paxful is good if you wish to deal in smaller amounts of bitcoin, and there are plenty of ways to pay and to be paid.

Cryptonit

 cryptonit logo

How To Create And Set Up A LocalBitcoins Account

Exchange Rate – High, but not terrible
Fees – The nasty side of high
Available worldwide – Yes
Buying Limits – $300 per day
Reputation – passable/average

Notes On How To Buy Bitcoin With PayPal Using Cryptonit

Use Microsoft Edge or something similar when signing in because it wouldn’t send a recovery password to me when I used Internet Explorer.

They want you to send in your government ID via an image that you upload. It is not something I fancied doing because I don’t like handing out my information so easily to a company I am not 100% sure I trust.

There are quite a few articles online that say Cryptonit is fishy, but I think we should give it a little time first. If it goes bust because it is acting incorrectly, then we don’t suffer. If they turn out to be a great bitcoin seller, then we can use them in the future when we are sure we can trust them.

Coinbase

Coinbase home page

Exchange Rate – Pretty low
Fees – Also pretty low
Available worldwide – 33 countries so far
Buying Limits – $250 per week
Reputation – good so far

Notes On How To Buy Bitcoin With PayPal Using Coinbase

I happen to like Coinbase because it feels mainstream, the GUI works well, and its whole design and ease-of-use makes me feel like I can trust it. They do accept PayPal at the moment, but they keep flip flopping on the subject.

Their website is updated more often than their FAQ because there are sections on their FAQ page that mention functions they do not even have anymore.

In order to use people, you will have to verify your cellphone number and your identity. There is also a chance that your current location will bar you from using certain payment methods. Again, don’t refer to their FAQ section to find out which because it is out of date.

You are going to have to create your account, confirm your cellphone number, and then upload a form of photo ID. They also insist that you upload your ID with the Chrome browser, which is inconvenient. You are then able to choose a payment method. Once it is all confirmed, which took me 3 days, you are able to start buying bitcoin, Ethereum, and a few others.

Conclusion – It Is Costly When You Pay With PayPal

As I mentioned in the introduction, I think paying for bitcoin with PayPal is a great way to buy bitcoin. The trouble is that currently there are numerous online bitcoin traders and exchangers who are unwilling to use PayPal. Plus, there are websites such as the ones listed on this article that allow PayPal, but the buyer has to accept a crappy exchange rate or a high fee.

The reason is not that PayPal users are scamming traders. There is a theory that you can buy bitcoin and then file a claim with PayPal and get your money back. The fact is that you cannot because all the trader has to do is prove that he or she sent the bitcoin in exchange for the money being spent, and PayPal will drop the case. Nevertheless, there are some websites and some traders who do not fancy going through the time and effort it takes to fight PayPal charge-back cases, so they simply refuse to use PayPal. I hope this trend changes soon because I would prefer to buy all of my bitcoin with PayPal. I like the idea that Local Bitcoins has where the bitcoins are held in their escrow function until payment is complete and sent.

About The Author

Ash The Great

After a varied career in different industries from the hospitality industry to the financial consultancy industry, Ash now spends his days working as a professional writer.

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