5 Ways to Buy Bitcoin With PayPal
Reading Time: 4 minutesBuying Bitcoin doesn’t have to be difficult.
If you want to buy Bitcoin, there are numerous avenues you can take through a wide range of platforms. If you’re particularly fond of PayPal, there are ways through which you can grab yourself some BTC using this world-renowned payment processor. So, let’s discuss where and how you can buy Bitcoins using PayPal.
1. The PayPal App
If you don’t want to go through the bother of downloading a separate cryptocurrency app or opening a new exchange account to buy Bitcoin, you can do so via the official PayPal app or the PayPal website. Note that your ability to buy Bitcoin using PayPal may vary depending on your location.
If you’re using the PayPal app, head to the Finances section at the bottom of the screen. Here, you’ll see the option to buy Bitcoin. You can then view the current price of Bitcoin and its price fluctuations between the past day and its launch in 2009. PayPal also provides a brief explanation of what Bitcoin is and how it works.
You can either select one of the pre-suggested amounts when you purchase Bitcoin on PayPal or enter your desired amount manually.
Note that before you buy Bitcoin, PayPal will likely ask you to confirm your US taxpayer status. But don’t worry if you’re not a US citizen or taxpayer—you can still buy Bitcoin via the PayPal app if you live elsewhere. After this, PayPal will provide you with a few risks to note and accept before proceeding with your purchase.
PayPal also allows users to buy Bitcoin Cash, Litecoin, and Ethereum.
2. Coinbase
Coinbase is one of the most popular crypto exchanges, so it’s no surprise that you can buy Bitcoin using PayPal on this platform.
To buy Bitcoin on Coinbase, you need to create an account. This also requires you to verify your identity so that Coinbase knows exactly who you are. Many reputable exchanges follow the KYC (Know Your Customer) guidelines, which require financial services to verify the identity of all their users to better protect against fraud, money laundering, and other monetary crimes. You can use your passport, driving license, or similar document to verify your identity on Coinbase, and this process often doesn’t take too long.
It’s also worth noting that you’ll need to head into your settings to add PayPal as a new payment method before you buy Bitcoin. To do this, head to Settings > Payment Methods > Add a payment method > PayPal.
Once you’ve linked your PayPal and Coinbase accounts, you can buy Bitcoin quickly and easily by heading to the Buy & Sell option at the top of the page. Here, you’ll be provided with a window to select the kind of crypto you want to buy and in what quantity.
3. Bitstamp
Bitstamp is another well-known crypto exchange that is based in Luxembourg. Bitstamp allows you to buy Bitcoin (and a range of other cryptos) using PayPal, but there are some preliminary steps to take. First, as is the case with any exchange, you must create an account and verify your identity on Bitstamp before conducting any transactions.
Once you’ve completed these steps, you’ll need to add a payment method.
First, click on the account avatar logo at the top right of the web page, and then head to Settings. From here, go to Payment Methods, and click on the Deposit option. Here, you can opt to Buy with PayPal. Alternatively, you can click on the Direct Crypto Purchase option to buy Bitcoin using PayPal.
4. CEX.io
CEX.io is a London-based crypto exchange accessible in a range of countries around the world. Using CEX.io, you can buy a wide range of cryptocurrencies, including Bitcoin, using your PayPal account.
As you may have already guessed, you’ll need to create a CEX.io account and verify your identity before making any purchases. But once you’ve done this, the process is pretty straightforward. First, head to your Wallet page and click the Buy option. Then, in the Alternative Payments section, click on PayPal. From here, you’ll be able to select the desired amount of Bitcoin you want to buy using your PayPal account.
5. eToro
eToro began as a traditional exchange platform but adopted cryptocurrencies in 2014, seven years after it was founded. Using eToro, you can buy Bitcoin using PayPal.
Firstly, create an eToro account and verify your identity. Then, head to your account page. This is where you’ll need to deposit crypto using PayPal, as eToro doesn’t allow instant payments. You can link your PayPal account by clicking the Deposit and then PayPal options.
Once you’ve deposited a sum of money into your eToro account, you can buy Bitcoin easily by either clicking on the Cryptocurrencies option on the homepage or searching for Bitcoin via the search bar.
6. LocalBitcoins
LocalBitcoins is a peer-to-peer (P2P) exchange that facilitates the trade of Bitcoin. This platform works slightly differently from the others listed here because you buy Bitcoin directly from another user, not from the exchange itself. Think of using LocalBitcoins as somewhat similar to eBay in that you’re dealing directly with a seller.
Certain sellers on LocalBitcoins accept PayPal as a payment method, and others don’t. If you head to Buy Bitcoin with PayPal on LocalBitcoins, you’ll be provided with a list of sellers that do accept PayPal.
After creating an account and verifying your identity, you’re free to purchase crypto on LocalBitcoins. Choose the user that you want to buy from, and then enter how much you’d like to buy. Make sure you note the various factors surrounding the seller, including the typical response time, number of past trades, trade limit, Bitcoin price, and feedback rating. Doing this will ensure you’re not dealing with a sketchy, absent, or unprofessional seller.
Buying Bitcoin with PayPal Couldn’t Be Easier
PayPal is now a widely adopted payment option in the crypto industry, so you’ve got plenty of platforms to choose from if you’d like to use this method to buy Bitcoin. Consider one of the reputable services above if you want to streamline your crypto purchases using the world’s most popular payment processor.
Reference: https://www.makeuseof.com/ways-to-buy-bitcoin-with-paypal/
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