Take a fresh look at your lifestyle.

How to buy Bitcoin (BTC) with PayPal?


Buy bitcoin with PayPal it is not particularly easy. In reality, it is PayPal Holdings Inc. that considers it negative that people use its services to buy cryptocurrencies.

After an initial phase, in the now distant 2014, when the company decided to collaborate with companies like BitPay or Coinbase to allow online retailers in particular to accept bitcoin payments, in recent years the company has consistently hindered the use of your payment services to buy bitcoin.

For example, in 2018 made possible link a PayPal account to a Coinbase account, but only for withdrawals of fiat money from the exchange, and not for the purchase of cryptocurrencies using the Paypal account.

Like the Coinbase policies set clearly:

“Customers can only use PayPal to withdraw or sell, and the availability of transactions depends on the region. Coinbase does not support the ability to purchase cryptocurrencies with your PayPal account. "

However, there are some online services that allow you to pay for bitcoin purchases through PayPal, although very few are available. One of them, VirWoX, which used to offer this possibility in the past, it has closed

To date, the fastest way to do this is through LocalBitcoins, which still allows Paypal payments.

LocalBitcoins is a platform that connects individual bitcoin sellers with individual buyers, and they can make payments in different fiat currencies using different gateways, including PayPal.

However, since the introduction of the identity verification compulsory For all buyers and sellers, trading volumes have decreased. However, it is still a valid way to buy bitcoin by paying through PayPal.

Another system is to use Wirex. It really is officially possible to connect a Wirex card to a Paypal account, to use it both to buy bitcoin and to withdraw euros, but as the company expressly declares “Future updates of this service may affect compatibility”.

In other words, the company cannot guarantee that this feature will remain active in the future, because PayPal could always decide not to allow the connection with the Wirex card anymore, especially in light of the reluctance to allow customers to use their accounts to buy cryptocurrencies. .

Even in Paxful, it is possible to use PayPal as a payment method. Paxful is a platform similar to LocalBitcoins, and although its trading volumes are still lower than those of its main competitor, they have been growing lately, perhaps due to the fact that LocalBitcoins are declining after the introduction of mandatory KYC.

According to what is indicated in the official website of Paxful, this platform greatly simplifies the process of buying BTC with PayPal, allowing you to acquire bitcoin in less than an hour.

These methods allow you to acquire BTC which can then be stored in a proprietary, non-custodial cryptocurrency wallet.

However, there are also other platforms that allow you to buy bitcoin by paying with PayPal, but that do not necessarily allow the withdrawal of BTC to send them to a non-custodial wallet.

One of these platforms is eToro, which allows you to make deposits in fiat currencies even using a PayPal account.

Once the deposit has been made, the fiat currencies can be used to buy bitcoin, but eToro is primarily a trading platform for trading derivatives like CFDs, rather than a real exchange where it is possible to buy BTC and then withdraw them.

However, eToro also allows to buy BTC and withdraw them to a proprietary wallet, although this is not the main functionality of the platform.

There are other similar trading platforms, such as Investous, IQ option or Trade, but they generally allow the purchase of bitcoin-based CFDs, and not the cryptocurrency directly.

Another way, although a little more complex, is to use wallets that allow it, such as Square or Revolut, either by connecting them to a PayPal account or simply sending funds from the PayPal account to the wallet, and then using them to buy bitcoin.

Since Paypal does not have a very good tolerance for users who use their accounts to buy or sell cryptocurrencies, transferring funds to other services that allow it, and then proceeding to purchase BTC through these other services, probably protects against disputes . Therefore, instead of buying bitcoin paying with PayPal, it would be advisable make the purchase using wallets like Square that allow paying in fiat currency without problems, although only after moving PayPal fiat money to the wallet that allows it.

Leave A Reply

Your email address will not be published.