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How To Buy Bitcoin With PayPal

Last updated 16th Aug 2022
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Bitcoin (BTC), the world’s first decentralized cryptocurrency, is still the largest by market capitalization by far.

In this guide, we uncover the best ways to buy Bitcoin with PayPal along with some other important considerations to keep in mind.

Top Bitcoin Brokers That Accept PayPal

Bitcoin is by far the most popular cryptocurrency so you’ll find there are many platforms to choose from. Below we have listed the top providers to help you get started right away.

1
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Can You Buy Bitcoin With PayPal?

You can buy and sell cryptocurrencies, including Bitcoin directly from PayPal’s native platform.

If you have an existing account, click on the ‘Crypto’ tab and enter the amount of Bitcoin you would like to purchase. While this feature is available in many jurisdictions, it’s best to check first.

You can also use PayPal as a payment method on other platforms that let you buy Bitcoin.

What Crypto Platforms Accept PayPal to Buy Bitcoin?

If you want to use PayPal as a payment method on other cryptocurrency services, here is a list of platforms where it is accepted.

  • Cryptocurrency Brokerages: eToro, Plus500

  • Cryptocurrency Exchanges: Coinbase

  • Peer-to-peer (P2P) Marketplaces: LocalBitcoins

How to Buy Bitcoin With PayPal?

Here, you will find a step-by-step guide on how to buy Bitcoin with PayPal.

Cryptocurrency Brokerages

Step 1: Find a brokerage platform
Step 2: Click ‘Join Now’
Step 3: Verify your account
Step 4: Deposit money
Step 5: Confirm the transaction

Cryptocurrency Exchanges

Step 1: Find an exchange
Step 2: Register
Step 3: Verify your account
Step 4: Provide your PayPal details
Step 5: Deposit money
Step 6: Confirm the transaction
Step 7: Your account balace will be updated shortly

How to Deposit and Withdraw Via PayPal?

Deposit:

  • This will depend on the platform you choose. But the process is similar to the ones listed above.

Withdraw:

  • You are unable to withdraw your Bitcoin directly from the PayPal platform. To withdraw via PayPal, you need to close your existing positions by selling into a fiat currency such as USD or GBP and following the onscreen instructions to have the money transferred back into your account.

What Should I Look for in a PayPal Bitcoin Broker?

There are some important considerations to be made before you select a broker. These include but are not limited to:

Fee Charges:

  • Find a platform that offers the lowest fees for the services you require. This can help you get more value for your money.

Ease of Use:

  • Read online reviews to gauge how easy a platform is to use. Through this, you can avoid platforms that are difficult to navigate. eToro, for example, is beginner-friendly.

Reputation:

  • Regulated platforms with good customer reviews are preferred as they comply with certain guidelines and standards that can help to protect your money.

Availability:

  • Always first check that the platform offers not only the coin you want to purchase but the payment method too.

Speed of Transaction:

  • Check reviews for complaints about transaction speeds on the platform you’re contemplating using.

Should I Buy Bitcoin Using PayPal?

Pros

If you have an existing PayPal account, then the process is quick and familiar
Buying from the app means you can avoid the technical side of crypto in terms of setting up a wallet and interacting with the blockchain
PayPal offers a high level of security and protection for its users

Cons

PayPal is not as widely accepted as other forms of payment
You cannot withdraw your crypto assets from the PayPal platform
There may be some geographical limitations on which users can use PayPal for crypto purchases

Is Using PayPal the Best Method to Buy Bitcoins?

Bitcoin is one of the four cryptocurrencies that are available for direct purchase from the PayPal platform.

It is also accepted on a number of popular cryptocurrency platforms however, it is not the most widely accepted method. The next section takes a look at the alternatives.

What Are the Alternative Payment Methods to Buy Bitcoin With?

There are dozens of different payment options that various crypto brokers accept. Still, many of them are not nearly as good as PayPal. If you’re seeking the most valuable alternative to PayPal, take a look at some of the options below.

Neteller:

  • Neteller is also an e-wallet, and it’s often considered the second most popular one after PayPal. Some users even prefer Neteller to PayPal. Check out our guide to buying Bitcoin with Neteller to see which one you prefer.

Apple Pay:

  • If you’re an Apple device user and located in one of the eligible countries for using Apple Pay, you can reap the benefits of the popular mobile payment option. Check out our guide to buying Bitcoin with Apple Pay to see which one you prefer.

Google Pay:

  • Google Pay is the main competitor to Apple Pay. It’s also an excellent mobile payment method reserved for Android users. Check out our guide to buying Bitcoin with Google Pay to see which one you prefer.

Credit and Debit Cards:

  • Credit and debit cards are widely accepted forms of payment.

Bank Transfer:

  • A direct bank transfer is a generally widely accepted form of payment across platforms.

Final Thoughts on Buying Bitcoin With PayPal

PayPal is a great method for buying Bitcoin if you want to avoid the technical side of dealing with cryptocurrencies if you set aside the added steps to withdrawing your BTC.

However, remember that gains are not guaranteed and only invest with money you can afford to lose.

FAQs

Can I use PayPal to buy bitcoin?
Can I buy Bitcoin anonymously with PayPal?
How fast is buying Bitcoin with PayPal?
Do I need a crypto wallet?
Are the fees low when using PayPal to buy Bitcoin?
Can I hold cryptocurrency in my PayPal account?
Can I buy other cryptocurrencies using PayPal?
Can I buy Bitcoin with PayPal instantly?
Is PayPal the easiest way to buy Bitcoin?
Does Coinbase accept PayPal?
What are the best Bitcoin exchanges that accept PayPal?
Can I transfer BTC to PayPal?
Khashayar Abbasi

Khashayar Abbasi

Khashayar discovered Bitcoin back in 2014 and has since spent countless hours researching the different use cases of cryptocurrencies. He has a bachelor's degree in International Relations and has been a writer in the financial services industry for nearly half a decade. In his spare time, Khashayar enjoys photography, cycling, and ice skating.