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How to Buy Bitcoin with PayPal
If you are looking to buy bitcoin with PayPal you are in luck. Over the years, PayPal has historically not been supportive of letting users fund Bitcoin purchases. But, recently starting in late 2018 PayPal changed some of their rules and has made it easier to buy bitcoin using PayPal.
Summary of Methods to Buy Bitcoin with PayPal
If you are looking to buy Bitcoin using PayPal there are X methods you can use:
- Buying Bitcoin with PayPal from VirWox. (Best for US Users)
- Buying Bitcoin with PayPal from eToro (Best for Non-US Only).
- Buying Bitcoin with PayPal through Wirex
- Buying Bitcoin with PayPal from LocalBitcoins.com
- Buying Bitcoin with PayPal from Paxful.
VirWox is a virtual currency exchange that specializes in currencies from online games such as ‘Second Life’ – however, they also carry Bitcoin.
As a premium PayPal partner they’ve built a good relationship with PayPal over the years, and while they were told that they couldn’t directly sell Bitcoin for US dollars, they do accept PayPal as a deposit method.
If you want to buy Bitcoin with PayPal on VirWox here are the steps you need to take:
- Register for an account.
- Deposit USD in your account using PayPal.
- Use your USD to buy “Second Life Lindens” (trading pair USD/SLL).
- Then trade your Lindens for Bitcoin (trading pair SLL/BTC).
One of the easiest methods for a user to buy Bitcoin using their PayPal account is through eToro.
eToro’s service is open to customers world-wide, excluding the US (although it is set to open in the US in 2019.
eToro‘s accounts allow you to deposit money from PayPal to purchase cryptocurrency options including Bitcoin. Unlike other services for buying Bitcoin, eToro doesn’t give you access to your Bitcoin. It is held in a trust account to be bought and sold on eToro and so a third-party wallet isn’t needed.
eToro also lets you purchase traditional stocks and foreign currencies in your account as well, and if you don’t want to buy a specific currency you can use their expert created “CopyFunds” in order to build an automated crypto portfolio.
Wirex is a really sneaky way to buy Bitcoin with PayPal.
In order to buy Bitcoin with PayPal through Wirex you simply:
- Request a physical credit card from Wirex.
- Attach the credit card to your PayPal account.
- Add funds to your PayPal account.
- Click to ‘Withdraw’ your PayPal funds and click the option “Withdraw to Card”
- Withdraw the funds to your Wirex card.
- The funds will appear in your Wirex wallet and can be turned into Bitcoin.
Wirex’s cards also offer a special 0.5% cash back as Bitcoin on all purchases, meaning you get a bonus 0.5% when you buy.
LocalBitcoins.com is another great way to buy Bitcoin using your PayPal account.
LocalBitcoins is a peer-to-peer Bitcoin trading market. Kind of like an eBay for Bitcoin. You can find listings from local sellers in your country who are willing to sell Bitcoin using multiple different payment methods. There are always sellers who are open to accepting PayPal for Bitcoin in every region.
The only challenge with using this method is that you will pay a significantly higher price for Bitcoin using this method as local sellers are aiming to make a profit on their trades.
Paxful accepts multiple payment methods for Bitcoin including PayPal, Western Union, Gift Cards, Skrill and many more.
If you want to use PayPal to purchase Bitcoin on Paxful, you simply:
- Create an account.
- Select “Buy Bitcoin” from the top of the screen.
- Search for an offer that accepts PayPal and click to buy.
- You’ll be directed to the PayPal screen to complete your Bitcoin purchase.