How to Buy Bitcoins with PayPal? This is a much-asked question but there are very few accurate answers are available on the internet which giving you a step by step guide to buying bitcoin using PayPal account. Converting Paypal money to Bitcoin often a tough process. Especially if you don’t know the right methods. This guide will show you how to buy bitcoins with PayPal, using working methods of 2017. So you can keep buying and keep earning.
How to Buy Bitcoins with PayPal – Working Methods 2017
Before talking about Paypal to Bitcoin exchange, you should have minimum knowledge about Bitcoins. If you’re not familiar with bitcoins, you’re probably one of the very few people not taking advantage of online trading. Along with other cryptocurrencies, bitcoin is a major global means of exchange for trading in binary options and other global stocks. However, it is often an uphill task to buy bitcoins, especially with PayPal. Some scammers usually take advantage of the anonymous nature of bitcoin, and PayPal has included measures to protect its users.
These measures have forced users to seek alternatives, and regrettably, it doesn’t always end well. It is due to this complexity that I am going to show you how to buy bitcoins with PayPal- working methods 2017. It is almost impossible to buy bitcoin directly using PayPal. However, you can buy other acceptable currencies with PayPal, which you can then use to directly buy bitcoin and translate to actual cash. I will walk you through 4 different platforms that you can use. They are;
- Local Bitcoins
Using any of these four methods will grant you access to bitcoins easily. Each platform has its uniqueness, advantages, and disadvantages. However, these are the platforms I have recommended here because they have produced good results for users over the years. As I always tell people I speak to, you should be smart and careful with any of the methods you choose. Also, always make sure you read through the terms of agreement and trade before you pay for anything.
Buying Bitcoin with PayPal and Virwox – No#1 Option
The Virtual World Exchange (VIRWOX) is a system for exchanging virtual currencies including bitcoins and lindens. It provides an alternative for buying bitcoin. With this system, you can avoid the chargeback issues of using PayPal to buy bitcoins. Virwox offers a virtual currency known as Second Life Linden Dollars (SLL). It is very popular and reliable, used by a leading virtual world system- Second Life.
This is possible because Virwox doesn’t directly sell you bitcoins with your PayPal since that is not possible. They sell you SSL, which you can then trade for bitcoins. The system currently has more than 400,000 users and is an authorized dealer and reseller of Second Life Lindens.
How to Use Virwox With Paypal ?
- The first step is to visit the Virwox site.
- You can then open a free account by registering through the “not registered yet” icon at the top of the left sidebar
- Enter the required personal details, including your name, country, preferred language, and so on. One of the bars requires an Avatar name. You can leave out that information.
- Activate your account by clicking “register”. A confirmation email will be sent with your password to your email address. Copy the password sent to you and then go back to Virwox and Login.
- You will also need to personalize your password by changing it. This will ensure that only you can access your account since it is going to be a financial transit point for you.
- Using PayPal, you can fund your account by clicking on “deposit”. Choose PayPal Express as the preferred payment option, and then pay in any USD amount of your choice. Once this is done, you’re liable to pay a fee for every transaction you carry out.
- Once you have funded your account, you can go on to buy SLL, as listed on the sidebar on the left.
- Trade your SLL for Bitcoin. There is a BTC/SLL option at the bottom left corner of the screen. It might take 48 hours for Virwox to review this transaction. You would have to wait
- Now you can withdraw your bitcoins, by sending it to your wallet. The Withdraw icon is on the left side of the screen.
Features (Things to Note when using Virwox)
- There is often a delay of about 48 hours on transactions by new users. Even though this means you need two days to complete the process, it is still faster than using wire transfer.
- There are limits to a number of deposits that can be made with PayPal and credit card. This is due to the enormous chargeback risk that Virwox bears.
- There are also more transaction fees when you use this system. You should take note of these different transaction fees. However, these fees are often compensated for with the soaring numbers of BTC.
- Virwox has an efficient and responsive customer care service that will attend to you. This comes in handy, especially when you don’t get your bitcoins after 48 hours
- It has existed for almost two decades and is one of the most reliable currency exchange systems.
- Responsive customer service.
- You will most likely get a refund if you don’t get your bitcoins.
- It works.
- Transaction fees are quite high.
Buying Bitcoin with PayPal and WirexApp
WirexApp is a growing system for people who intend to be consistent buyers. First-time users only require between 24 and 48 hours completing their first transaction. After that, it becomes an instant process. The system can be used in various parts of Europe, the Caribbean, South America, Africa and the Middle East. Some of these countries include Italy, Iceland, Bulgaria, Slovenia, Slovakia and Saudi Arabia.
Others include Chile, Liechtenstein, Bahamas, Luxembourg, Philippines, United Arab Emirates, Uruguay, Malaysia, Senegal, Botswana, and a host of others. It is quite convenient and easy to use. No wonder it is gaining popularity in many parts of the world and amongst many online traders.
How to Use WirexApp for Buying Bitcoin Using Paypal ?
It is quite easy to use this system. You won’t have a problem if you follow this simple process;
- Visit WirexApp to create an account.
- Create an account by signing up. Fill the form that comes up and wait for a confirmation email to be sent to you.
- Once verified, you will receive a virtual visa card. A physical card can also be ordered but it will take time.
- You should then fund your card with $3. This is necessary for your card to be added to your PayPal account.
- Add the card to your PayPal account by clicking on Money, then on Add a Card. The icon “Money” can be found at the top of the screen, while “Add a Card” will appear on the screen once you click on “Money”.
- A page will open where you need to fill in your virtual card details as received from WirexApp.
- To confirm the card details, click on “confirm my card”. Several transactions will follow immediately for verification of your card. Your $3 deposit will be used for this but will be reversed.
- A PayPal code will be requested. You will find this code under transaction when you Login to your WirexApp account.
- Enter the code where requested and you will receive a message of acknowledgement. Close the dialogue box and you can begin purchasing bitcoins with PayPal.
- You can trade by withdrawing money from your WirexApp Debit card linked PayPal account. This could take up to 7 days. Once your account is credited, you can purchase bitcoins using your WirexApp interface.
Features (Things to Note about WirexApp)
- You don’t need to buy any other currency before you can get bitcoins. It offers direct access using your virtual visa card.
- It could take up to 7 days to credit your account.
- Bitcoin is sold at market rate. It does not attract extra cost to use WirexApp.
- An instant virtual visa card is issued to you with which you can keep carrying out transactions.
- You must be able to fund your card with $3 before you can complete your registration
- It is quite easy to sign up.
- Registration is quick and can be done in one day.
- It is free to register. The $3 used for test transactions will be reversed
- You can buy bitcoins directly using this system
- Bitcoin is purchased at the normal market rate, with no extra charges.
- Withdrawal to your account might take up to 7 days.
Buy Bitcoins Using PayPal and LocalBitcoins
This is another great platform for buying bitcoin with PayPal. Some people often avoid this marketplace because fraudulent sellers are taking advantage. However, if you get a credible seller, the benefit is enormous. To find out the credibility and pedigree of a trader, click on trader’s name. You will see information about his trade volume and feedback from existing customers. This is a great way to know how well a particular trader performs.
Trading on LocalBitcoins requires tact observation and wisdom. I have personally bought bitcoins from Localbitcoins in the past and I did not have any problem with the system. The peculiarity of this system is that sellers and buyers meet here. Those who have bitcoins to sell can meet those who want to buy. Sometimes, you may be required to pay much more than the market rate because the sellers themselves have taken up a huge risk.
How to Use Localbitcoins for Buying Bitcoins ?
Described below are quick, easy steps to using Localbitcoins;
- Begin by visiting the Localbitcoins site. State how much bitcoins you want to buy and which country you intend to buy from. With this system, you have to search by country. This means you can’t see everyone in the world who has bitcoins to sell.
- A list of sellers in the country you selected will appear on the next page. You can take a look at their performance one after the other. Take note of each seller’s trade limit, payment window and feedback score. You should also read the terms of trade of the particular seller.
- It is now time to trade. When you find your preferred seller, enter the amount you want to buy and click on “send trade request”. Depending on the seller’s terms of trade, it could take between some hours and a few days for the purchase to be completed. However, it is relatively faster than Virwox.
Features (Things to Note when you Use LocalBitcoins)
- It is a marketplace for actual people to meet; buyers and sellers who have currencies to buy and sell.
- You have to search for a seller yourself, limited to a particular country of your choice per transaction.
- You could pay as high as 30% in premiums when you buy from a LocalBitcoins seller.
- The safety of your money depends on how smart you are and how thorough your background check of the seller is.
- Most sellers would require some form of reputation from you by taking a look at transactions you have done in the past. You may need to do some little transactions here and there to build a reputation.
- It is important to carry out all your communications using LocalBitcoins. For all online sales, they have Escrow Services which automatically pops up for this reason.
- It is relatively fast.
- You get direct contact with the seller of bitcoins.
- You can choose from a large number of sellers from all across the world.
- The system is easy to use
- High-risk factor.
- A reputation is required of you.
- Large premiums required.
Buying Bitcoins from Paxful and Paypal
This is another marketplace that allows you to buy bitcoin with several payment options such as Amazon gift cards, Skype credits, Payoneer, and so on. It is often called a smaller version of Localbitcoins, is not as popular and provides an easy form of peer to peer currency trading. However, unlike Localbitcoins, you have an option to either choose the seller you want or allow Paxful choose one for you that best suits your needs.
Buying Bitcoins with PayPal and Paxful is also a networking marketplace, where you can meet people like you and establish great business relationships. It is also very accommodating because you can explore several payment options. However, using PayPal would require that you own a verified USA PayPal account. Some sellers will also ask that you upload your ID before a trade is agreed.
How to Use Paxful With Paypal – For Buying Bitcoins ?
Buying Bitcoins with PayPal and Paxful follows an easy process;
Visit Paxful to create a personal account. When you click on “Create Account”, a page demanding some information will come up.
Once your account is created, go ahead to choose the payment option you prefer (PayPal in this case), and enter the amount you want.
Then go ahead to pick a seller of your choice. If you do not want to pick one, Paxful can do this for you. It has been programmed to know what is best for you.
A chat will be automatically initiated with the seller. This is where you get the chance to close the deal. The bitcoins will be sent to you through Escrow once you can verify that you have made the payment.
Features (Things to Note when you Use Paxful)
- There is an auto timer that cancels a transaction if you can’t finalize a deal on time, usually after 30 minutes.
- Multiple payment options available to exploit.
- It is a peer-to-peer marketplace where buyers and sellers meet to trade.
- You will require a valid US PayPal account to buy bitcoins with PayPal.
- You are allowed to chat personally with the seller.
- It is not as large or as popular as Localbitcoins.
- It is very fast and easy to use.
- Gives you access to a large network of sellers all over the world.
- You have the power to negotiate your own purchase.
- High risk of a scam.
- High exchange rate, as sellers are exposed to risk.
In this guide, I have revealed all you need to know about the best methods for buying bitcoins using PayPal. Understanding how bitcoin works is key to buying bitcoins with PayPal. Some of the platforms I have reviewed offer bitcoins at high premiums, while others sell at the market rate. Also, some methods are safer than others. In the end, you should choose what works best for you. If you follow this guide closely, you can effectively buy bitcoins using PayPal and avoid the scammers on the market.
So whether you decide to use Virwox, WirexApp, LocalBitcoins, or Paxful, just be sure you trade wisely. These methods are also the safest you can find. Still, a lot of scammers take advantage of it to steal. You can also avoid most of the third party hassles when you use any of these methods to buy bitcoins. So keep trading and thank me later.