Buying Bitcoin with Paypal is somewhat difficult to do.
It’s a method that incurs high fees, low limits, and many other issues.
If you’re still determined to use Paypal… it’s possible with the main way being LocalBitcoins.
is your other option. Localbitcoins is an escrow service which typically has lower limits and higher fees than Virwox.
Expect a whopping 20% premium if LocalBitcoins is used to buy Bitcoin.
Paypal is not the most optimal method for purchasing Bitcoin as the fees associated with it are a bit higher (~10%).
Are these the only ways to buy Bitcoin with Paypal?
These are two of the easiest and most popular methods of buying Bitcoin with Paypal. Paypal does not support Bitcoin buying so users have to get creative when purchasing using Paypal.
Is Virwox a safe exchange?
Virwox has been around for years and has a pretty good reputation in the community. Use a strong password and two-factor authentication to make your account as secure as possible. They are a regulated exchange
based in Austria.
What countries does Virwox support?
Virwox supports all countries unless Bitcoin buying is restricted specifically in your state or country. Also, if your country doesn’t support Paypal, then you obviously can’t purchase Bitcoin with Paypal.
What is the best method of buying Bitcoin with Paypal?
Of the two highlighted methods, LocalBitcoins is the best method in terms of fees.
There are other factors that may cause you to use Localbitcoins such as privacy or supported countries.
LocalBitcoins itself only charges 1% fees, but when you take into account premiums on price and Paypal fees, you will be near 20%.
Can I sell Bitcoin to my Paypal account?
This you can do! Coinbase allows you to sell Bitcoin with Paypal
on their exchange and receive a balance in your Paypal account. Any Paypal transaction takes around 3% fees so keep that in mind.
Can I buy other cryptocurrencies (altcoins) with this method?
Yes and No. Most services only sells Bitcoin, but you can send Bitcoin to another exchange such as Binance to purchase altcoins and other cryptocurrencies in exchange for Bitcoin.
How to Buy Bitcoin on LocalBitcoins with Paypal
As stated above, vendors on LocalBitcoins will charge higher premiums than Virwox, but because it is an option we will provide a tutorial. A requirement for a LocalBitcoins account is a phone number.
First, create an account on LocalBitcoins if you do not have one already. Using the menu on the main page, enter the amount of Bitcoin you want to buy, as well as selecting Paypal as a payment method. Click search.
At the time of this writing, Bitcoin is selling for $7600. Considering the first option is selling Bitcoin for $8350, this is a 10% premium minimum, and increases fast as you move down. LocalBitcoin charges 1% fees, Paypal charges around 3% so these fees really start to add up.
Select a seller, and you’ll be taken to a page similar to this. Read the sellers rules and send a trade request.
If the seller agrees to sell after viewing your account then you both can proceed the transaction using Localbitcoins as an escrow service.
Congrats, you have successfully used LocalBitcoins
to purchase Bitcoin with Paypal!