Paypal does not have the option to directly exchange your fiat to bitcoin but there are ways to do it. We will teach you how you can use your Paypal to buy bitcoin here in the Philippines.
Table of Contents.
Buy Bitcoin Using Paypal
Bitcoin x Paypal
Paypal and bitcoin don’t really mix well. This is because bitcoin transactions are irreversible. Paypal supports refunds. A scammer may report that he wasn’t able to receive his promised bitcoin to be able to keep his money and get his BTC for free. It is impossible to trace as to whether or not the refund claim is legitimate or not.
With this in mind, you can only use Paypal to fund your account in cryptocurrency exchanges that support Paypal.
Buy Bitcoin Using Paypal – eToro
Established in 2007, eToro has been the home of beginners and experts alike. It has the function that lets its users trade conventional stocks on different markets. In 2017, it allowed buying and selling of cryptocurrency. It has a virtual trading option as well. Its main feature is the “copy trading” system, that allows a user to automatically imitate how another successful trader in eToro do their trade.
This trading platform accepts Paypal as an option to deposit funds. Supported currencies are USD, EUR, GBP, JPY, AUD, and CAD.
To buy bitcoin via Paypal through eToro, the user only needs to select “Paypal” as deposit method on the platform. The user can proceed to buy bitcoin (and any other supported cryptocurrencies) on the platform.
Process of Depositing Funds to eToro via Paypal and then purchasing Crypto:
- On the eToro dashboard, click “Deposit Funds”.
- Put the amount you want to deposit.
- On the deposit options, choose “PayPal”.
- You will then be redirected to Paypal.
- Confirm the transaction.
- Once the amount is on your eToro wallet, proceed to the page of the crypto you want to buy (ex. bitcoin), and then “buy”.
Official Website: https://www.etoro.com/
Buy Bitcoin Using Paypal – LocalBitcoins
Early adaptors of bitcoin know localbitcoins.com. It is a peer to peer site where both parties can meet at a designated place or a quick transfer to a local bank account to get bitcoin. We tried using the option to search for sellers using PHP in Paypal. We weren’t quite lucky to get any sellers in the Philippines who accepts PHP from Paypal. USD, on the other hand, has a better chance.
In dealing with sellers in localbitcoins.com, make sure that the seller is legit by clicking on their profile and checking the feedback score and number of confirmed trades as shown above.
Official Website: https://localbitcoins.com/
Buy Bitcoin Using Paypal – Paxful
Paxful has a wide array of sellers. We also tried using PHP in Paypal but to no avail. Making trades using Paypal for bitcoin is risky that is why some sellers require the buyer to have a valid government ID and other ways of identification. In checking the legitimacy of the seller, always look at the positive reputation.
The advantages of using LocalBitcoins and Paxful are quite a handful. First of all, it’s probably one of the most cost-effective ways to buy from sellers who are also vetted by the platform and by their buyers collectively. There is also no transfer limits. You can always find someone who can match how much you are buying.
As for the cons, well, you are the one selecting to which seller you will buy. Also, the reality is that while many offers so many different ways to buy their bitcoins, many also just do not want to receive payment through PayPal.
Official Website: https://paxful.com/
Other Ways to Buy Bitcoin Using Paypal
You can try https://www.virwox.com/ but the process might take longer. After registering and verifying your email, make sure to change your one-time password that was sent to your email. Go to Deposit and choose PayPal Express Checkout. You will need a verified PayPal account to continue the process. After funding your account, trade your USD to SLL (Second Life Lindens) and then use it to trade SLL to BTC. Another option is using https://wirexapp.com/ and the process is also long. This is because you will need to purchase a wirexcard (debit card) and link it to your PayPal account. After linking it, you now have to withdraw funds from your PayPal account to your wirexcard and the process might take around 7 days. After funding your new debit card, you can now use it to purchase bitcoin.
If you happen to choose localbitcoins or Paxful as your mode of buying bitcoin using PayPal, make sure to check the seller’s profile before sending any money. Since this article shows PayPal USD to BTC, you can use the company’s own currency exchange.