Buy Bitcoin with Paypal : You are the payment processor PayPal Holdings, Inc. You can also buy bitcoin through PYPL. There are two ways to buy bitcoin using PayPal. The first and most convenient way is to buy cryptocurrency using your PayPal account that is linked to a payment mechanism, such as a debit card or bank account. The second option is to use your PayPal account balance to purchase cryptocurrencies from a third party provider. This option is not as convenient as before because very few third-party sites allow users to buy bitcoins using the PayPal button.
Four cryptocurrencies—Bitcoin, Ethereum, Litecoin and Bitcoin Cash—can be purchased directly through PayPal. 9 Except for those living in Hawaii, residents of all states can either use their existing PayPal accounts or set up new ones. You can also use your cryptocurrency to purchase products and services through the “Checkout with Crypto” feature.
To set up a crypto account with PayPal, the following information is required: name, physical address, date of birth and tax identification number.
It is not possible to use a credit card to buy bitcoins using PayPal. During the purchase process, PayPal will display a price for the cryptocurrency. But this price is subject to rapid change due to the volatility of the cryptocurrency markets. It’s a good idea to make sure you have more than the price set for purchases in your bank account.
When you buy bitcoins directly from PayPal, it makes money from the crypto spread or the difference between the market price of bitcoin and its exchange rate with USD. The company also charges a transaction fee for each purchase. These fees depend on the dollar amount of the purchase. For example, a corresponding fee of $0.50 is charged for purchases between $100 and $200. Thereafter, the fee is a percentage of the total dollar amount. For example, 2% of the total amount is charged for crypto purchases between $100 and $200.
One disadvantage of buying cryptocurrency through PayPal is that you cannot transfer crypto outside of the payment processor’s platform. Therefore, it is not possible for you to transfer your purchased bitcoins from PayPal’s wallet to an external crypto wallet or your personal wallet.
The other disadvantage of using PayPal is that very few exchanges and online merchants allow the use of payment processors to purchase payments. eToro is among the few online merchants that allow the use of PayPal to buy bitcoin on their platform.
How to Buy Bitcoin with PayPal – Quick Steps
US traders can buy Bitcoin with PayPal at eToro without paying any deposit fees. All other currency deposits attract a small fee of 0.5%.
Here’s how to complete the process in a few minutes:
- Step 1: Register an Account: To buy Bitcoin with PayPal, you will need to open eToro account. Enter your details and click confirm.
- Step 2: Deposit Funds With PayPal: Choose PayPal as your preferred deposit method and enter a minimum of $10.
- Step 3: Search for BTC: In the search bar, enter ‘BTC’ and click on ‘Trade’.
- Step 4: Buy Bitcoin: You can now enter the amount of money you want to allocate to your Bitcoin investment. Click on ‘Open Trade’ to confirm.
Where to Buy Bitcoin with PayPal
- eToro – Overall Best Place to Buy Bitcoin With PayPal
- Coinbase – Great Place to Buy Bitcoin With PayPal for Beginners
Why Buy Bitcoin with PayPal?
There are several reasons why many US clients prefer to buy Bitcoin with PayPal -Like:
- Quick Deposits
- Fast Withdrawals
- Note: Bitcoin to PayPal withdrawals are not possible.
- Pre-Saved Payment Details
- Buy Bitcoin with PayPal Credit
- Perfect for Mobile Payments
How to Buy Bitcoin with PayPal on eToro – Tutorial
Here’s a step-by-step tutorial on how to buy Bitcoin instantly with PayPal at eToro on a fee-free basis.
Step 1: Register an Account
First, visit the eToro website and click on the ‘Join Now’ button. Choose a username and password before entering your name, cell phone number, and email address.
Next, upload a copy of your ID – such as a passport or driver’s license.
Step 2: Deposit Funds
Next, choose PayPal from the list of available payment types, and enter your deposit amount from $10.
As noted, no fees will be applied to your deposit if you’re based in the US.
Step 3: Search for BTC In the search bar, enter ‘BTC’.
Then click on the ‘Trade’ button. This will then bring up an order box on your screen.
Step 4: Buy Bitcoin With PayPal
The final step is to enter your investment size into the ‘Amount’ box. The minimum at eToro is just $10.
Now you know how to buy Bitcoin with PayPal instantly – not only in a low-cost and fast way but through an SEC-regulated broker.
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