What is the legitimate and safe way to convert BTC (bitcoin) to PayPal?
Oliver It is quite hard to find a good platform where you can buy Bitcoin with PayPal these days. Although the situation changed for worse recently, there are ways to utilize the e-payment system. Thus, we came up with all possible options on how to transfer money from your PayPal account to BTC.
In this guide, we provide lists of platforms where PayPal purchases are possible. Also, we delve deeper into how to buy Bitcoin with PayPal instantly and/or without ID, and PayPal options Coinbase offers.
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Bitcoin History With PayPal
Bitcoin history with PayPal is anything but simple. PayPal, as an e-payment system, operates under very strict rules. When transferring money, you provide a recipient’s email/website for PayPal to find it within its system. You pay 2.9% + $0.30 per transaction and see money going instantly. However, if you put words like “crypto” or “bitcoin” in the payment description, you might get in trouble.
The relationship between PayPal and cryptocurrencies, in general, is complex, to say the least. Back in 2014, the first sign of communication between crypto space and the e-payment company occurred. Namely, an alleged partnership between PayPal and three major bitcoin payment processors (BitPay, Coinbase, and GoCoin) happened.
List: 5 Best Ways To Buy Bitcoin With PayPal
The list is not that big concerning the possible options to buy Bitcoin via PayPal. Since e-payment company took a negative stance on digital coins, rare are platforms that include PayPal within its funding repertoire. Most are P2P (peer-to-peer) platforms, where traders buy and sell BTC between each other.
Majority of exchanges continues to bypass PayPal as to not get their large funds blocked in the process. However, there are few that dare to pass the barrier in order to get increase the number of market participants.
1. Buying Bitcoins With PayPal At LocalBitcoin
Buying bitcoins at LocalBitcoins with PayPal is a rewarding experience for those that seek privacy. The Finland-based company started operations in 2012. It is a peer-to-peer (P2P) platform, meaning that users buy and sell BTC between each other. The platform offers hundreds of payment means, PayPal included. This is possible due to the fact that accounts set acceptable means of payment themselves.
2. Buying Bitcoins With PayPal At Paxful
Much like LocalBitcoins, Paxful is a good place for PayPal transactions. It offers a P2P marketplace where bitcoin buyers and sellers meet. In fact, these two platforms are very similar. You have escrow service and can construct a profile according to your wishes, much like at LocalBitcoins. Additionally, service is available globally, with over 300 payment methods available for use, PayPal included.
3. Buying Bitcoins With PayPal At Bitvalve
Bitvalve is a P2P crypto exchange that charges 0% commission fee on each and every trade. With BitValve, you can buy and sell bitcoin from anywhere in the world. Bitvalve also have an Android app.
They do have KYC for volume over $2.000 per account.
Example: How does Alice use Bitvalve to Buy Bitcoin from her Paypal account?
- Alice wants to buy bitcoin with PayPal.
- Alice goes to BitValve and finds Bob’s Offer.
- Alice starts a trade with Bob for $100 of BTC.
- Bob puts his BTC in Escrow, and then Alice sends the $100 to Bobs PayPal.
- Once Bob receives the funds, he release the escrow and Alice gets the BTC instantly.
4. Buying Bitcoins With PayPal At Xcoins
You can also loan Bitcoins at xCoins instead of buying them through PayPal. It is a P2P lending website, where users lend money to bitcoin owners and receive the crypto as interest payment. Moreover, you can cancel the transaction anytime if you find better exchange rate elsewhere.
However, it is important to mention that you do not exactly get the whole amount immediately. Fees also depend on lenders, meaning that it can go quite low to quite high, depending on the market.
5. Buying Bitcoins With PayPal At HodlHodl
HodlHodl is relatively new P2P platform that offers a marketplace for people can buy and sell BTC with PayPal. Since users set their own payment preferences, PayPal is part of the portfolio. You can also engage in OTC trade if your goal is large Bitcoin transactions. You do not need to conduct verification of your identity, which is standard for P2P websites.
Is It Possible To Buy Bitcoin With PayPal With No ID?
It is quite possible to buy Bitcoin with PayPal with no ID. VirWox used to be a pathway many traders took in the past, even with the complex purchasing process. Now, however, P2P platforms reign supreme, even with many security issues regarding sellers. Here are steps that will ensure you get BTCs with PayPal account without compromising your privacy.
Step 1: Find Suitable Seller
LocalBitcoins and Paxful both offer filters for buyers and sellers to locate ads that suit their needs. Although we use LocalBitcoins as an example, Paxful has a very similar process as well. Use filters below to get best offers that contain PayPal as a payment method and that do not require ID-verified profile:
- Set country to Global (take all PayPal offers)
- PayPal as a payment method
- Accepts Payments without a Verified profile
Step 2: Check Seller’s Transaction History
Go to sellers profile and check out comments people leave about transfers done with this particular seller. If all is well and the seller’s feedback score is near 100%, you can work with this individual. Verification of his/her profile helps as well, especially of the ID.
Step 3: Make the Payment
Once you have all ingredients up to the notch, it remains to commence the trade by chatting with the seller. Make sure all agreement points are met and use escrow service just in case. Verified users would have experience with this particular feature and would save you a lot of nerves when dealing with people in P2P platforms.
Is It Possible To Buy Bitcoin With PayPal Instantly?
Paxful and LocalBitcoins both offer a platform where traders can buy Bitcoin with PayPal instantly. However, the length of the process depends on the seller’s ability and response rate. Thus, for instantaneous transactions, HodlHodl is a good platform to find reliable BTC selling ads.
As snapshot below shows, applying filters would get you the offer you need. They are marked with a yellow square. Simply choose PayPal and country to get best offers HodlHodl marketplace has to offer.
Is It Possible To Buy Bitcoin With PayPal On Coinbase?
Right now, it is not possible to buy Bitcoin with PayPal on Coinbase. However, PayPal withdrawals are within your reach, sine the crypto company successfully made deal with the e-payment firm. Additionally, you are able to sell Bitcoins and receive money to PayPal directly, accruing to this Coinbase announcement.
At this moment, accounts from U.S., EU, UK, and Canada have the PayPal option available to them. As for the fees, apart from regular buy/sell costs (1.49%), there are no additional expenses. However, it is not possible to purchase Bitcoin even with the PayPal credit card.