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How to
How to Buy Bitcoin with PayPal?
05/26/2023

How to Buy Bitcoin with PayPal?

05/26/2023
4,5

Are you looking to buy Bitcoin with PayPal? This beginner's guide provides tips, safety advice, and an overview of popular exchanges that accept PayPal, such as Bitsmap, eToro, Coinbase, and more. Find out how to buy Bitcoin with PayPal here!

Bitcoin has become one of the most popular and sought-after cryptocurrencies in recent years. Its increasing demand has made it possible to purchase Bitcoin using various payment methods, including PayPal. This guide is designed for beginners who want to learn how to buy Bitcoin with PayPal safely and securely. It will cover topics such as the safety of buying Bitcoin with PayPal, getting started, and buying BTC with PayPal through different crypto exchanges like Bitstamp, eToro, Coinbase, etc., and more. Moreover, it will also cover the regulations for buying BTC with PayPal in different countries. Before we go over the steps to buy Bitcoin, let us first discuss what PayPal is.

What is PayPal, and how it works in the Crypto industry?

PayPal is a digital payment platform that allows users to make and receive payments in multiple currencies. PayPal has been around for more than 20 years, and it is one of the most popular means of online payment. In recent years, PayPal has been expanding its services to the crypto industry by allowing its users to buy, sell, or hold various cryptocurrencies, including Bitcoin.

How it works in the crypto industry

When you buy Bitcoin with PayPal, the crypto will be held in a digital wallet, which can be accessed through the PayPal app. This gives users the ability to track their activity and manage their funds securely. 

Moreover, PayPal has also partnered with several crypto exchanges and wallets, making it easier to buy Bitcoin with PayPal. Now, let's look at how to do it.

Buy Bitcoin directly through PayPal

Buy Bitcoin with PayPal is straightforward. Here is a step-by-step guide to buying Bitcoin directly using PayPal:

  1. Signup/Login for PayPal Account: In order to purchase Bitcoin using PayPal, you need to create an account on the platform if you don't already have one.
  2. Go to the Buy/Sell section: Once you've logged in, go to the "Buy/Sell" section of the website. Here, you can buy Bitcoin with PayPal. Note: This option available may only be available in certain countries or locations.
  3. Select the Amount to Buy: Once you're in the "Buy/Sell" section, select the amount of Bitcoin you want to buy and enter the amount.
  4. Enter Payment Method: Select PayPal as your payment method and click "Continue".
  5. Check the Fee and Conversion Rate: Check your transaction's fee and conversion rate before you complete it.
  6. Confirm Payment: Confirm your details, check the box agreeing to PayPal's user agreement, and click "Pay Now".

Important to Know: Purchasing Bitcoin by using PayPal directly may involve strict verification like Know Your Customer verification (KYC) and Anti Money Laundering verification (AML) due to the regulations in certain countries. Additionally, depending on how you use the account and how much money is involved, PayPal may charge some additional fees.

Buy Bitcoin with PayPal through Bitstamp

Bitstamp is one of the leading crypto exchanges and one of the oldest in the world. Founded in 2011, Bitstamp has been providing cryptocurrency trading services to millions of customers around the world. It is well-known for its secure platform and wide range of supported currencies, which include Bitcoin, Ethereum, Litecoin, Ripple (XRP), and more.

Now, buying Bitcoin with PayPal through Bitstamp, one of the most popular cryptocurrency exchanges, is possible. Here are the steps to follow:

  1. Create an account on Bitstamp if you don't have one already. This requires providing some personal information and verifying your identity.
  2. Log in to your Bitstamp account and navigate to the "Deposit" page by clicking on Setting. Choose PayPal as your deposit method from the deposit option.
  3. Enter the amount of funds you want to deposit in your Bitstamp account via PayPal. Note that there may be fees associated with the transaction.
  4. Once the funds have been deposited into your Bitstamp account, you can use them to buy Bitcoin or other cryptocurrencies. Navigate to the "Buy/Sell" page and choose Bitcoin as the cryptocurrency you want to buy.
  5. Enter the amount of Bitcoin you want to buy and review the details of the transaction, including the fees and the total cost.
  6. Finally, confirm the transaction and wait for the Bitcoin to be deposited into your Bitstamp account. You can then transfer the Bitcoin to your personal wallet or leave it in your Bitstamp account.

When you buy Bitcoin with PayPal through Bitstamp, it is important to remember that you will be charged a fee for every transaction. The daily limit is 2,500 dollars, and the monthly limit is 20,000 dollars. PayPal charges a fee of 5% of the entire purchase amount, which is considered a relatively high fee for payment methods but is not uncommon.

Buy Bitcoin with PayPal through Coinbase

Coinbase is one of the most popular cryptocurrency exchanges in the world, and it's also a great option for buying Bitcoin with PayPal. In 2022, Coinbase launched its PayPal service, making it easy for customers to buy and sell cryptocurrencies with their PayPal accounts. 

Coinbase offers a wide range of features, making it an attractive choice for users looking to purchase Bitcoin using PayPal. Here are the steps to follow:

  1. Create an account on Coinbase if you don't have one already.
  2. Log in to your Coinbase account and select "PayPal" as your payment method of choice. You will be asked to link your PayPal account to Coinbase.
  3. Please input the quantity of Bitcoin you intend to purchase and go through the transaction details, such as the fees and the overall expenses.
  4. Confirm the purchase and wait for Coinbase to deposit the Bitcoin into your account.

When buying Bitcoin with PayPal through Coinbase, it is important to remember that the cryptocurrency you buy will be stored in your Coinbase wallet and not in your PayPal account. When you use PayPal to make a debit card purchase on Coinbase, you will be charged a fee of 4% of each trade. However, if you choose to make a bank deposit via PayPal, the fee will be 2.5%. Coinbase also has a daily buying limit of $25,000. 

Buy Bitcoin with PayPal through eToro

eToro is a leading social trading platform that was established in 2007. The company has its main office located in Cyprus. Users can trade different types of assets, including cryptocurrencies, on the platform. It also provides an online wallet and trading tools like charting, copy-trading, and copy-portfolio. Now, it is possible to buy Bitcoin with PayPal through eToro. Here are the steps to follow:

  1. Firstly, create an eToro account and verify your identity. This involves providing your personal information and possibly additional verification documentation. Once your account is set up and verified, you can proceed to the next step.
  2. Head to your eToro 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" button located on the left-hand side of the page and then selecting the "PayPal" option.
  3. Once you've linked your PayPal account, you can deposit funds into your eToro account. Choose the amount of money you want to deposit. You'll be redirected to the PayPal login page, where you'll need to enter your PayPal credentials to authorize the payment.
  4. After the funds have been successfully deposited into your eToro account, you can use them to buy Bitcoin. To do this, click on the "Trade Markets" button at the top of the page, then select "Crypto." You'll see a list of available cryptocurrencies, including Bitcoin.
  5. Click on Bitcoin and then click the "Trade" button. You'll be taken to a page where you can enter the amount of Bitcoin you want to buy. You can choose to either enter the amount of Bitcoin you want to buy or the amount of money you want to spend. Once you've entered your preferred amount, click "Open Trade."
  6. Finally! You've just bought Bitcoin with PayPal through eToro. You can view your Bitcoin holdings on your eToro portfolio page.

Buy Bitcoin with PayPal through CEX.io

CEX.io is a UK-based cryptocurrency exchange founded in 2013. It allows users to buy and sell Bitcoins with various payment methods, including credit/debit cards, bank transfers, and PayPal. The process of buying Bitcoin with PayPal via CEX.io is very straightforward and user-friendly. Here is the step-by-step guide to purchasing Bitcoin with PayPal on CEX.io:

  1. Create an account – you need to provide your email address, name, phone number, and a secure password to register an account on CEX.io
  2. Verify your identity – to purchase Bitcoin with PayPal, you must verify your identity by uploading a copy of your government-issued photo ID.
  3. Add your payment method – you will need to link a PayPal account with CEX.io to be able to buy BTC with PayPal
  4. Buy Bitcoin – select the desired amount of BTC and click "buy."
  5. Confirm your transaction – review all details of your order and confirm it
  6. Receive your Bitcoin – after the payment is successful, you will receive your Bitcoin in your CEX.io wallet!

That's it! You have successfully bought Bitcoin with PayPal on CEX.io. Keep in mind that you may need to wait a few minutes for the transaction to be confirmed and the funds to show up in your account. Additionally, make sure that you are aware of the fees CEX.io charges for PayPal transactions and any other exchange-specific limitations and restrictions. 

Please note that when using PayPal to make purchases on CEX.io, the limit is set at a maximum of $1,000 per day and a minimum of $20. The fees charged depend on the country you are in and range from 2.99% to 3.99%, plus a variable service fee. UK residents depositing GBP will enjoy a lower service charge of 1.49%.

Buy Bitcoin with PayPal through Binance

Binance is a leading cryptocurrency exchange, providing users with access to over 600 other cryptocurrencies. It was founded in 2017 and is headquartered in Malta. The exchange offers a range of services, including an online wallet and the ability to buy, sell, and trade cryptocurrencies. 

Binance allows you to buy, sell and trade Bitcoin with PayPal. Here is a step-by-step guide to buying Bitcoin with PayPal on Binance:

  1. Create an account – visit the Binance website and create a new account by providing your email address, name, phone number, and a secure password.
  2. Verify your identity – you may need to verify your identity before you can continue. This includes submitting personal information and documents.
  3. Link PayPal Account as a payment method – once your account is approved, you can link it to your PayPal account as a payment method.
  4. Start buying Bitcoin with PayPal – you are now ready to buy Bitcoin with PayPal. You can do this by selecting the Buy Bitcoin option on the Binance website and entering the amount of Bitcoin you wish to buy.
  5. Confirm and complete the transaction – after confirming all the details, you need to review and confirm the details of your purchase. Once you have confirmed all the details, your Bitcoin will be credited to your Binance wallet.

Buy Bitcoin with PayPal through Paxful

Paxful is another great platform where you can buy Bitcoin with PayPal. Paxful is the preferred platform for buying Bitcoin anonymously with PayPal, even if you don't have an ID or bank account. Paxful is a platform where humans operate; its goal is to provide everybody equal access to the global economy.

In addition, it is a peer-to-peer marketplace that offers over 300 payment methods, including PayPal. Here is the step-by-step guide to buying Bitcoin with PayPal on Paxful:

  1. Create an account – visit the Paxful website and create a new account by providing your email address, name, phone number, and a secure password.
  2. Verify your identity – you may need to verify your identity before you can continue. This includes submitting personal information and documents.
  3. Link PayPal Account as a payment method – once your account is approved, you can link it to your PayPal account as a payment method.
  4. Choose your seller: You can search for a seller who accepts PayPal as a payment method and is willing to sell you Bitcoin.
  5. Start buying Bitcoin with PayPal – you are now ready to buy Bitcoin with PayPal. You can do this by selecting the Buy option on the Paxful website and entering the amount of Bitcoin you wish to buy.
  6. Confirm and complete the transaction – after confirming all the details, you need to review and confirm the details of your purchase. Once you have confirmed all the details, your Bitcoin will be credited to your Paxful wallet.

The Upside of Selling Bitcoin through PayPal

When you sell Bitcoin through PayPal, there are a few benefits that make it worth considering:

  • Instant payments: Payments through PayPal are almost instantaneous, making it a great option for those who need the funds quickly.
  • Secure: PayPal is known for its security measures, making it a great option for those who value safety.
  • Convenience: Since it is a widely accepted payment method, PayPal makes it convenient for buyers and sellers to make transactions.
  • Low-risk Tolerance: PayPal is known for its low-risk tolerance, making it a great option for those who don't have the time or resources to manage the risks associated with cryptocurrency trading.
  • Incentives: PayPal often offers incentives and rewards by partnering with certain retailers, making it a great option for those who want to earn extra points or rewards.

So, if you are considering using PayPal to buy or sell Bitcoin, these benefits can be worthwhile. 

Why you Shouldn't Buy Bitcoin with PayPal

There are a few reasons to think twice before buying Bitcoin on PayPal:

  • High Fees: PayPal charges a high fee to use its services, especially for cryptocurrency buying and selling. Such a fee will eat up profits and make it difficult to make a profit.
  • Limited Services Available: As not all cryptocurrency exchanges accept PayPal as a payment method, there may be limited options for buying Bitcoin on PayPal. Therefore, it is difficult to find a good deal, and you may end up paying a higher amount to Bitcoin than other payment methods.
  • Risk of Fraud: There is a case of fraud when buying Bitcoin on PayPal. Since PayPal transactions can be canceled, some sellers may take advantage of this and disappear after receiving payment. In this case, the buyer may end up with little way to get their money back without losing Bitcoin.
  • Not available in some countries.

Overall, while buying Bitcoin with PayPal can offer some benefits, there are also a few drawbacks to consider. Therefore, it is important to do your research and make an informed decision before buying or selling Bitcoin through PayPal. When done correctly, you can enjoy the convenience of using PayPal to buy and sell Bitcoin and maximize your profits. 

Global Regulations for Buying Bitcoin with PayPal

Users should note some regulatory requirements that apply to Bitcoin and PayPal.

One of the most important regulatory requirements when buying Bitcoin on PayPal is compliance with Anti-Money Laundering (AML) and Customer Information (KYC) regulations. The AML regulations are meant to prevent cryptocurrencies from being used for cheating, such as money laundering and terrorist financing. The KYC regulation requires cryptocurrency exchanges to verify the identity of their users.

Many countries have implemented AML and KYC regulations on cryptocurrency exchanges. In the United States, for example, cryptocurrency exchanges must comply with the Bank Secrets Act (BSA) and register with the Financial Crime Control Network (FinCEN). You must also establish a KYC procedure to verify your customer's identity.

If you use the exchange to purchase Bitcoin on PayPal, you may be asked to provide personal information such as your name, address, and ID to comply with these regulations. Specific requirements may vary by country or exchange.

Furthermore, It is important to note that buying Bitcoin with PayPal may be restricted in certain countries due to global regulations. Governments generally regulate transactions involving cryptocurrencies, such as buying and selling, and impose different rules for each country. 

Before using PayPal to purchase Bitcoin, it is important that you check the regulations of your locality or country. This will help protect you from any potential penalties or legal implications when trading Bitcoin.

Bottom Line

Buying Bitcoin with PayPal is a relatively secure and convenient way to purchase cryptocurrencies. There are a few considerations to keep in mind, such as fees and global regulations, but overall it can be a great option for users looking to buy or sell Bitcoin quickly and easily. With the demand for cryptocurrencies on the rise, more exchanges are beginning to accept PayPal as a payment method. This makes purchasing Bitcoin and other cryptocurrencies easier, allowing users to get into the market quickly and with minimal hassle.

Frequently Asked Questions

Can I buy any other crypto with PayPal?

Yes, buying several other cryptocurrencies with PayPal is possible. Most exchanges that accept PayPal will also accept other cryptocurrencies like Ethereum and Litecoin. Moreover, some exchanges will even let you exchange your crypto for PayPal fiat currencies.

Can I buy Bitcoin with PayPal no ID?

In most cases, you will need to provide some form of identification when buying Bitcoin with PayPal. However, it is possible to buy Bitcoin without ID on some exchanges, although it may take longer and have higher fees. In this regard, it is important to research and compare exchanges carefully to find the one that best suits your needs. But it is recommended to always use an exchange that requires KYC for maximum security. 

What limitations exist for PayPal while buying Bitcoin?

PayPal has certain limitations when it comes to buying Bitcoin. For instance, you can only buy a limited amount of Bitcoin within a given period; you may also have a transaction limit depending on the exchange you are using. Additionally, PayPal requires that all transactions be made in fiat currency, meaning users may have to convert their funds before buying Bitcoin. It is also important to note that PayPal does not support all countries or exchanges, so it is important to research the regulations in your locality. 

Why Is PayPal getting involved in crypto?

PayPal is getting involved in the crypto industry partly due to the increasing demand for digital assets. Additionally, PayPal is a secure platform with a large user base, and its entry into crypto allows users to easily buy and sell digital assets. It also provides a secure way for users to store their funds in the form of crypto wallets. Finally, PayPal's involvement in the crypto industry can help bring more attention to the space and increase its adoption on a global scale. 

I found an additional method not listed here. Is it legit?

Before using any additional method not mentioned in this article, it is important to do your own research and ensure that your platform is reputable and secure. It is also important to check the regulations in your locality, as certain exchanges may not be available in all countries. Additionally, it is recommended to always use an exchange that requires KYC for maximum security.

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The materials found on the Cryptonica website shall not be taken as individual investment recommendations. The financial instruments or operations mentioned therein may not align with your investment profile or objectives. We assume no responsibility for any missing facts or inaccurate information in the texts. Cryptocurrencies are financial assets with high risk and volatility. Therefore, it is crucial that you conduct your own research on financial instruments and make independent decisions. Before engaging in any actions related to cryptocurrency, you shall study, understand, and comply with the laws applicable in your region and country.

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