With the steady increase in the price, Bitcoin has become an Uncrowned King of Cryptocurrencies.
Since it has come into the limelight, more and more people are willing to invest in Bitcoins and make profits.
But unlike other goods and services which you can’t straight away purchase using Paypal or Credit Card, buying Bitcoin, on the other hand, is a bit tricky task.
Since a lot of our readers were confused about how to buy Bitcoin using Paypal, I thought why not write a detailed article about the same.
Buying Bitcoin with Paypal has always been tiresome but with the recent popularity of crypto, many companies have started accepting funds with Paypal.
But before we move forward you must know the reason for this hustle.
Actually, this is because of “Chargeback“.
Since there is no direct way to verify the transfer of bitcoins, a lot of Scammers ask for a chargeback from Paypal by claiming that they have not received the bitcoins. Being a customer 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.
But do not worry now! As there are a few tried and tested methods which 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.
- 1 Reliable Ways to Buy Bitcoin with Paypal:
- 1.1 LocalBitcoins
- 1.2 VirWox
- 1.3 Paybis
- 1.4 Paxful
- 1.5 Some Common Questions that you might have in mind:
Reliable Ways to Buy Bitcoin with Paypal:
Before getting into the complete details, let’s have a look at all the different ways to use PayPal for Bitcoins.
|Bitcoin Exchanges||Exchange Rates||Ease of Buying||Trust Factor|
You must have heard about Localbitcoins.com as it is very popular among bitcoin enthusiasts.
Localbitcoins is a marketplace where Buyers and sellers meet to trade bitcoins. Here you can find people who are willing to sell their bitcoins in your locality or online. All you need to do is just find a credible person so that you have a minimum risk of losing your money.
Since it is a peer to peer dealing, you have to be very careful while selecting the Seller or Buyer. However, Localbitcoin has a complete dashboard where you can check sellers profile and take the call accordingly.
This method will allow you to instantly Buy Bitcoin with Paypal.
1. First of all, you have to visit Localbitcoins.com from here
2. Enter all the details like the Amount, Country and the Payment Method. (Make sure to check Buy/Sell)
3. You will get a list of people eligible for the trade as per your requirements.
Select the Seller
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 from other buyers.
Just analyze and select the best seller according to you. You can also have a word with them via online chat or even ask them for their government id.
You can also select a person who lives near your locality and go for a face to face trade by sending the Paypal instantly.
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 number of Bitcoins that you will get on entering the amount.
I hope you must have understood how to use localbitcoins, if you still have any issues you must read our review and guide on localbitcoins. Moreover, you can use this method for all over the world including USA, UK, India, Nigeria and many more.
- Using localbitcoins is simple and easy.
- You can chat with the seller by taking their contact details
- You can also set your own terms before trading.
- 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 is the risk while transaction as well as the user commission.
First of all let me tell you that, VirWox is the most trusted way but not so easy for beginners.
You might feel this process a bit longer 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
1. First of all Visit Virwox from here and Signup as a New User.
2. Click on Not Registered yet?
3. Enter your Username and Email Address (You don’t need to change the Avatar though, have a look at below screenshot for reference)
4. Now Click Register and Check your Mail box for Email confirmation & Password.
5. Just Login back on Virwox with your details and Click on Deposit.
6. 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! You 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 & 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” and 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.
- This method is one of the safest and valid ways to buy bitcoins
- Often this method might fail in between after paying the money through PayPal and not receiving the bitcoins. But the good thing is even if this happens with you, you will get your money back into the Paypal account.
- This process is lenghty but serves you the best.
- You will be charged 3 times from the first step to the last step.
- Since there 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.
- It will not take more time than localbitcoins
Paybis is the newest company which has started accepting Paypal for Bitcoins.
Buying BTC through Paybis is really very quick and easy. They charge an average fee for a transaction when compared to other sites.
Steps to Buy Bitcoin on Paybis
- Go to Paybis.
- Enter the amount you wish to Buy bitcoins for.
- Create an account on Paybis.
- Now complete the verification process. It will take around 2-3 hours.
- Pay the amount through your Paypal account.
- That’s it! You will get your Bitcoins within an hour.
- Fees are shown clearly, no hidden charges
- Support is very Prompt and helpful
- Transaction takes place really quick
- It is available worldwide
- Less trust in the community
- Average transaction fee
Update: Recently, Paybis halted Paypal support for sometime, but it will resume pretty soon. If you want you can use other payment modes like Payza, payoneer, credit card etc.
Paxful is another peer to peer bitcoin trading platform. It is like a younger brother of localbitcoins.com but has a better customer support.
Here you can buy Bitcoins using Paypal, Amazon card, Skype credit, iTunes Card, Best Buy card and many 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 in order to get the bitcoins in your account. Also, If the deal is not finalized within 30 minutes of timeframe, it will be auto-canceled.
- 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.
- 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.
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 losing your money are negligible in Virwox. While in other methods if things go wrong you might lose 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 recommend you to get a Hardware wallet like Ledger Nano S which keeps your Bitcoin and other cryptos extremely safe from any hack.
If you still have any queries in mind, then feel free to comment below and would love to answer them.
So, just go try the best method according to you and buy bitcoins with Paypal now.
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