Are you planning to Buy Bitcoin with Paypal?
If yes, then google has landed on the right place as I will be telling you the best ways to buy Bitcoins using Paypal. Buying bitcoins has never been easy but the good thing is with time the options are increasing. A lot of people tend to use Paypal to buy the bitcoin. Though their is nothing wrong in doing that but it is a bit complicated.
Even though it’s been 7 years that Bitcoins were launched, their is not direct and easy way to buy bitcoin with Paypal.
But do not worry now! As their are a few working methods that you can surely use. And after reading the below given step by step guide 98% readers have successfully bought the bitcoins using their Paypal accounts.
So without much more chit-chat lets jump directly on to the main topic. And if you are new to Bitcoins then must have a look at full Bitcoin Guide with video here.
Different Ways to Buy Bitcoin with Paypal:
As you can see their are a lot of different traders or portals which accept payemnts via Paypal to buy bitcoins. Let’s have a quick look at this and then I will give you a detailed explanation about a few.
|Bitcoin Exchanges||Exchange Rates||Limit on Buying||Ease of Buying||Trust Factor|
|Localbitcoins||Slightly High||Depends on Seller||Easy||High|
|Paxful||Slightly High||Depends on Seller||Easy||Average|
First of all let me tell you that, VirWox is the most trusted and recommendable way.
Virwox is an virtual currency exchange where you can Bitcoins, second life Lindens and much more. It has around 850000 registered users and is a first choice to buy btc with paypal.
You might feel this process a bit lengthy but it will surely work.
This is How we are going to Buy Bitcoin using Paypal:
- Create an account on Virwox
- Deposit money with Paypal account
- Buy SSL
- Buy Bitcoins using the purchased SSL
- Grab your Bitcoins
It’s not that difficult too!
Creating Account & Depositing Money
- First of all Visit Virwox from here and Signup as a New User.
- Click on Not Registered yet?
- Enter your Username and Email Address (You don’t need to change the Avatar though, have a look at below screenshot for reference)
- Now Click Register and Check your Mail box for Email confirmation & Password.
- Just Login back on Virwox with your details and Click on Deposit.
- Just Scroll down a bit to the PayPal express checkout section. Select the amount that you want to buy bitcoins for and Click Checkout with Paypal.
#Tip: You can see the maximum limit for adding money for USD & Euro there itself. Alsom You will be charged for every transaction you make through Virwox so make sure to add the relevant amount.
- As you can see I added $95 in my Virwox account. You have to now enter your Paypal details and proceed.
- After clicking “Pay Now” you will get a confirmation along with the fees charge applied on your transaction.
Till now we are half way through or it would say one-third way. So you have added the money using your Paypal account, lets move forward.
Buy SLL with Deposited Money:
I hope all the above steps are clear and now we will buy the SLL with the money we had deposited.
- On the left side, Click on USD/SLL under Exchange.
- Now click on “Next” after entering the amount you want to sell.
- Do the confirmation by clicking on Place Order.
- That’s it! Your have now sold your USD and Bought SLL.
#Note: You will be charged a commission of 50 SLL + 3.90%.
Buy Bitcoins with SSL
In this final step, We will buy Bitcoins with the SSL we have just bought using the Paypal account.
- Now, under Exchange click on BTC/SLL
- Just click on Next.
- On the next page, Just click on Place order!
- That’s it! Your transaction will be completed within minutes and you will get your BTC with Paypal money. You can see the below screenshot as I got 0.125 BTC with my $95 Paypal money.
#Note: You will be again charged a commission of 50 SLL + 3.90%.
I hope by now you must have got the Bitcoins in your Virwox account. So, now it’s time to move your purchased bitcoins to your Bitcoin wallet.
Withdrawing Bitcoins from Virwox
- Under My account, click on “Withdraw”
- Enter your Bitcoin Wallet Address
- That’s it! You will receive your bitcoins immediately if you are an old user. But if you are a new user then it will be done under 48 hours as these transactions are checked manually to reduce the chances of any fraudulent activity.
Also, you will be charged a handling fee of 0.004 BTC per withdrawal.
Benefits of using Virwox
Till now you must have got your Bitcoins in your Digital wallet. Their are a few benefits of using Virwox as a method of buy BTC with Paypal.
- This method is one of the safest and valid way to buy bitcoins
- Their are a lot of times when this method might fail in between after paying the money through paypal but you didn’t receive your Bitcoins. But the good thing is even if this happens with you, you will get your money back into the Paypal account.
- Even though the process is lengthy, this method will surely serve you the best.
Drawbacks of using Virwox
- The biggest drawback according to me is the charges that are applied per transaction. You will be charged 3 times from the first step to the last step.
- Since their are two transactions going on i.e. USD to SLL and SLL to BTC, you will be charged 50 SLL + 3.90% each time.
- Even for transferring the bitcoins to the wallet address, you will have to pay 0.004 Bitcoins per withdrawal.
At the end of the day, Even if their are alot of charges I would recommend this method as it is the best possible way to Buy Bitcoin with Paypal through exchange.
So, Lets move to other ways that you can use to convert Paypal to Bitcoin instantly but these are not much reliable ways.
You must have heard about Localbitcoins.com as it is very popular among bitcoin enthusiasts. Localbitcoins is a market place where Buyers and sellers meet to trade bitcoins. Here you can find people who are willing to sell their bitcoins. All you need to do is just find a credible person so that you have a minimum risk of loosing your money.
Since it is a peer to peer dealing, you have to be very careful while selecting the Seller or Buyer. However, Localbitcoins have a full dashboard where you can check person’s profile and take the call accordingly.
This method will allow you to instantly Buy Bitcoin with Paypal.
Enter your Requirements
- First of all you have to visit Localbitcoins.com from here
- Enter all the details like the Amount, Country and the Payment Method. (Make sure to check Buy/Sell)
- You will get a list of people eligible for the trade as per your requirements.
Select the Seller
This is a very important part to convert paypal to bitcoins using Localbitcoins. Once you get a list of the probable sellers, just click on the trader name and you can check their profile.
You will get the full information about their trading as well as feedback. Just analyse and select the best according to you. You can also have a word with them via online chat and ask them for any proof or something.
I had once used Localbitcoins to buy some bitcoins. The trade went great, however it all depends upon the trader you select.
Pay the Final Amount
After selecting the seller, just enter the amount for which you want to buy the Bitcoins. You can see the amount of Bitcoins that you will get on entering the amount.
Advantages of using LocalBitcoins
- Buying Bitcoins via localbitcoins is very simple and easy.
- It will not take much time like Virwox method
- You can chat with the seller by taking their contact details
- You can also set your own conditions before trading.
Disadvantages of using Localbitcoins
- Though this method is fast, you have to be very careful while selecting the seller.
- Most of the time, you will be charged more than the fee charges of Virwox
- The reason for such huge charges are the risk while transaction as well as the user commission.
I hope you must have understood how to buy bitcoin with paypal using localbitcoins. Morovere, you can use this method for all over the world including USA, UK, India, Nigeria and many more.
Cryptonit is an exchange portal like Virwox but it requires to complete a verification process inorder to buy bitcoin using Paypal.
This is relatively is new company when compared to Virwox, thus has less trust among bitcoins enthusiasts.
What does Verification Includes:
- You would need a copy of government issued photo id
- Rental Agreement or any utility bill as an address verification document
- You might feel weird but you would need a photo of yourself holding the above mentioned documents. Cryptonit might also setup a Skype video call to go through this step of identity verification.
How To Buy Bitcoins from Cryptonit
- Go to Cryptonit
- Select the currency you wish to Pay in(USD/Euro)
- Enter the Bitcoins you want to buy.
- Click on Next and Pay through your Paypal account.
- That’s it! You will receive your bitcoin instantly after paying the amount.
Why you should go for Cryptonit?
- The charges are pretty lower than Virwix and Local bitcoins
- The customer support is very active and would resolve the issues instantly, if you get any.
Why not to go for Cryptonit?
- This is fairly a new site and does not have much trust among users
- The maximum amount of bitcoins you can buy for the first time is 0.23688, which would be less for a lot of people.
- It requires verification which can take upto 24 hours on an average
Paxful is also a peer to peer bitcoins trading platform. It is like a younger brother of localbitcoins.com which is new and lesser know but has a better customer support.
Here you can buy Bitcoins using Paypal, Amazon card, Skype credits and much more.
Paxful is pretty easier than localbitcoins as you can select the seller yourself or let paxful do the job for you by selecting the best suitable trade for you.
You can also chat online with the seller so that you can agree upon the terms and conditions as well as finalize the deal. The best part with paxful is that the seller’s Bitcoins will be sent into Escrow. And you have to mark that the payment has been transferred inorder to get the bitcoins in your account. Also, If the deal is not finalized within 30 minutes of timeframe, it will be auto-cancelled.
Benefits of visiting Paxful to Buy Bitcoins using Paypal
- Here the good thing is that Paxful can automatically select the best match for you according to the requirements.
- It is preferably a faster method when compared to Virwox or Localbitcoins
- It has a great customer care support that would instantly resolve your issues.
Drawback of using Paxful
- As I already told you about Localbitcoins, this is also a bit risky method to buy bitcoins with your paypal money.
- The commission charges are much higher than Virwox.
- You have to close the deal within 30 minutes.
I hope you must have understood how to Buy bitcoins using Paypal and if you still have any question, just comment below.
Why does not Paypal allow?
Alot of people ask me that why so much of hassle? Why does not paypal allows to directly by bitcoins.
Since their is no direct way to verify the transfer of bitcoins, a alot of Scammers ask for chargeback from Paypal by claiming that they have not received the bitcoins. Being a cusotmer friendly company, paypal has to refund the money even if the user has got the bitcoins. Thus, they get to keep their Bitcoins as well as the refunded money.
Also in many cases, Paypal bans the users for selling bitcoin for paypal money.
Hence, Paypal and Credit card does not allow to directly purchase bitcoins or any crypto currency through them.
Some Common Questions that you might have in mind:
So which is the best method to buy Bitcoins? Is it Virwox?
I would say Yes! Although using Virwox can be a difficult to understand and use. It is the most reliable method to buy bitcoin with paypal.
The chances of loosing your money is negligible in Virwox. While in other methods if things go wrong you might loose your money.
Can I deposit money in Paypal using Bitcoins?
Yes, you can but Paypal does not allow to directly fund your Paypal account with bitcoins. However, if you are a US resident then you can use Coinbase to sell your bitcoin and transfer amount to Paypal.
Can I Buy on Coinbase using Paypal?
No, You can not buy bitcoin using Paypal on Coinbase. You can only sell and transfer money to paypal if you are a US resident.
Is it necessary to Transfer my Bitcoins from Virwox to my Wallet?
Though it is not necessary but it is recommendable to withdraw your Bitcoins from Virwox to your wallet address. This will keep your safe during a theft or hack on virwox.
I would love to answer more questions, if you have any don’t forget to comment below! So, just go try the best method according to you and buy bitcoins with Paypal now.