How to Buy Crypto with Paypal
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If you are reading this article, it is probably because you want to buy some crypto—but you can’t use your usual credit card or bank account to do so. Perhaps you don’t have a credit card, or perhaps you don’t want to use that particular debit or bank account for whatever reason. Perhaps your local banks have frozen the accounts of their customers who trade crypto, as has happened in several recent cases. Perhaps, like many people these days, you are wary of handing over your personal details and banking information to an online marketer that promises to sell you “crypto tokens” for your hard-earned cash. You might also just not have access to a bank account or a credit card right now, whether temporarily or permanently. Whatever the case may be, if you also want to get some crypto but can’t use traditional payment methods like bank accounts or credit cards—here is how you can do that…
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What is Paypal?
Paypal is a global internet payments system that lets people send and receive money online. It was founded in 1999 and is now owned by eBay, the global eCommerce company. Paypal is particularly popular in the U.S. where it has a large user base, but it also has many users in other countries, including Canada, the U.K., Australia, Brazil and Germany. To get started with Paypal, you need to create a Paypal account and link a bank account or a credit card to it. Then you can use your Paypal account to transact online, send and receive money, or even withdraw money from an ATM. While Paypal is primarily a payments platform, many people use it to buy and sell goods and services, including crypto. Indeed, Paypal has come out as one of the most trusted and convenient ways to buy crypto, with many new and experienced crypto traders using it to fund their crypto trading accounts.
Using Paypal to buy and hold Crypto Directly in your Paypal Account
Paypal have now added the functionality to purchase cryptocurrency directly within a Paypal account. They currently support the following currencies;
- Bitcoin (BTC)
- Bitcoin Cash (BCH)
- Ethereum (ETH)
- Litecoin (LTC)
Before choosing this method though, be aware, Paypal is only useful if you want to buy and hold cryptocurrency, or in some cases use it for purchases, your coins can not be transferred outside of Paypal, for example to a personal wallet, Coinbase, etc.
To purchase your crypto you will first need to have a Paypal account, already set up and verified. Once you have a Paypal account the actual process is very simple.
Select the button titled Crypto, and you will be presented with the range of currencies offered. Select one, and the amount you would like to purchase ($1 to $100,000 per week maximum purchase).
To complete your purchase, you will need to have either available funds, a linked debit card, or a linked bank account. Like most exchanges, there will be an associated fee for purchasing, and this will vary depending on the currency, and the amount being purchased.
That's it! Simple, but with the main limitation of not being able to transfer your coins off Paypal. If you would like to explore other ways of using Paypal to purchase Crypto on other sites read on.
Using Paypal to buy Crypto
There are many ways to buy crypto with Paypal, but you should look for a reputable provider that offers low fees and good customer service. Once you find a good provider, you can follow these steps to buy crypto with Paypal. First, create a free account on the crypto exchange or broker that you plan to use to buy crypto with Paypal. Next, link a bank account or credit card to your new crypto trading account. This process may take a few days, and some exchanges may ask you to verify your identity before they let you withdraw money or make large transactions. Now, fund your new crypto trading account with money from your bank account or credit card. This step may take one or two business days, as banks and credit card companies generally have longer processing times than crypto exchanges. Finally, buy some crypto token with the funds in your trading account.
Other ways to buy crypto with Paypal
If you want to buy Bitcoin with Paypal, you can do so through a service called VirWox. VirWox is a cryptocurrency exchange that allows you to buy crypto with Paypal and is one of the few ways to do so. But keep in mind that VirWox charges very high fees for using their service: about 10% of the amount you want to buy as a fee! Another way is to buy Amazon gift cards and then exchange them for Bitcoin with a site like Changelly or LocalBitcoins. You can then use Bitcoin to buy Ethereum or Bitcoin. There are also sites that let you “sell” Bitcoin to them at a slightly discounted price and promise to send you a payment in the form of a gift card or an Amazon gift card. But these are not legitimate services, and you should avoid them. Always be careful when you hear about new ways to buy crypto that sound too good to be true!
Exchanges
Some exchanges now offer P2P trading offers, where Paypal can be used to purchase Crypto, notably Bybit, Binance and Paxful. If using the later, beware of possible scammers, and always check the vendor has a good reputation and feedback level.
How to Buy Crypto with a Bank Account or Bank Transfer
If you can’t buy crypto with Paypal but you have a bank account, you can buy crypto with a bank account or bank transfer. This can be done through cryptocurrency exchanges or through crypto broker websites. Once you have set up an account on an exchange or a broker that lets you buy crypto with a bank account or a bank transfer, you follow these steps to buy crypto: First, make sure you set up two-factor authentication (2FA) on your crypto trading account. You should also set up a strong password that has letters, numbers and symbols, and is at least 15 characters long. Second, verify your identity on the exchange or broker by providing your identification documents. This step is important and will let you buy crypto with a bank account or bank transfer.
Final Words: Is it worth It?
If you don’t have access to a credit card or a bank account, you can still buy crypto. You just need to find a good way to do it. There are plenty of ways to do this, but you need to be careful. If you are going to buy crypto with Paypal, make sure you use a reputable crypto exchange or broker and read the fine print in their terms and conditions. And, most importantly, don’t let these challenges deter you from buying crypto. Crypto is here to stay, and it can be a great investment or way to send money globally. Just be careful and do your research so you don’t fall for scams or get scammed. And, most importantly, enjoy and learn from this new experience!
To get started this company is offering the chance to win an introductory $750 Paypal Gift Card (USA only) to use right away, you will contacted by email if you have won - Enter here