If you’re out to purchase Bitcoin with PayPal money, then you should be on the lookout for a wide range of options out there that make it possible. Be that as it may, you cannot buy Bitcoins directly from PayPal itself, but you’ll be employing the services of third-party platforms.
With these in mind, you can now take your first steps to buy Bitcoin with Paypal instantly irrespective of where you are. They involve employing peer-to-peer exchanges and other third-party platforms.
How to Buy Bitcoin Using PayPal on Peer-to Peer Exchanges
Peer-to-peer exchanges are platforms that link a buyer and seller in order for either to transact. What it does, is to provide an escrow service to ensure that neither defaults in their payment.
On notifying the seller that you are about to buy their Bitcoin with PayPal, the exchange withdraws the exact amount of Bitcoin from their account and holds it in a separate wallet. Once you’ve made payment and confirmed, then your Bitcoin will be released.
Some of these exchanges which you can employ are LocalBitcoins and Paxful. Let’s take LocalBitcoins, for instance, within a matter of minutes after creating an account and making the necessary ID verifications, you can exchange the funds held in your PayPal with another user on the platform.
To do this:
- Register an account on LocalBitcoins
- Verify your email, phone number, and identity in order to remove the restriction on how much you can transact.
- Once each of these verifications is successful, take the next step and access the LocalBitcoins PayPal transaction page
There will always be several sellers and your choice of which should be determined by the range of Bitcoin they are willing to sell and their trust score. The later is of the essence in order to prevent losses. Always choose a seller that has conducted at least 100 trades on the platform and has a high trust score.
Nevertheless, there is always room for a resolution by an admin if you run into problems.
After settling for a seller you are confident in:
- Read their terms of service in order to ascertain if there is any other requirement such as an ID verification.
- Enter the dollar equivalent of Bitcoin you are willing to buy, send the trade request and wait for their response
- Once your seller has told you to proceed with the payment, send funds directly from your Paypal account, and then click on “I have paid” on the LocalBitcoins transaction page.
- Your funds will then be released to your wallet after confirmation by the recipient.
You can also do the same with Paxful even though most sellers will settle for funds from a U.S. PayPal account.
How to Buy Bitcoin Using PayPal and WirexApp
WirexApp is a platform that enables you to buy, store and sell your Bitcoin. It also provides you with a virtual debit card which you can link to your PayPal account. You can then transfer your PayPal money to the linked card and then access the WirexApp dashboard to buy Bitcoin with the card. However, this process is longer since it will take PayPal 5 to 7 days before crediting the virtual card.
Nonetheless, follow the steps below to begin:
- Access Wirexapp.com and click on ‘Open a free account’
- Setup your account and then fund your virtual card with $3. (The fund will be deducted by PayPal as a means of verifying you own the card, and it will be refunded again)
- Now log into your PayPal account and link the Wirexapp virtual card to it
- PayPal will try to debit the card, but you’ll have to confirm the transaction on Wirexapp by inputting the confirmation code that will be generated.
- Input the code and the deduction will be confirmed.
Once your card has been successfully linked, you can then proceed to transfer your Paypal funds to it which will be used to buy Bitcoin on Wirexapp.
These are some of the best ways to buy Bitcoin using PayPal money and if done with great care, you can see your wallet funded in no time.