Although the popularity of bitcoin as a currency has increased steadily over the last few years, it is still quite difficult to purchase. Considering the popularity of this cryptocurrency and the fact that PayPal leads the market of online payment services, it is not surprising that you can buy Bitcoin with PayPal.
However, despite Paypal recognizing Bitcoin and its use, it can still be hard to actually buy it using the online payment service. Why does Paypal make it hard to buy Bitcoin?
The issue is that there have been various cases of chargebacks being created by unscrupulous people looking to scam you when they buy Bitcoin with Paypal but insist they didn’t actually receive what they paid for. As a result, they not only get to keep their Bitcoins but the money they were supposed to be pay for them.
How then can you buy Bitcoin with Paypal. There are a number of different options open to you, if you want to use Paypal to buy bitcoin.
Buy Bitcoin With Paypal Using CFD Providers
One of the most advantageous ways to buy bitcoin using Paypal is through a Contract for Difference or CFD provider. With this method your money is significantly safer than it would be with an exchange. This is because the FCA and other governing bodies regulate CFDs.
Using an CFD gives you the ability to easily scale in and out when buying bitcoin, thanks to the market being a lot more fluid. Investors and traders can always exit or enter at the price they are interested in. With exchanges however, you often settle for a worse price than you’d like, just to enter the market to begin with.
Undoubtedly though the main reason why investors turn to CFD providers in large numbers is because they do not have the same limitations as exchanges. For example, if you wanted to invest a lot of money, like a large amount, into bitcoin using an exchange, numerous checks would have to be run before you could buy them.
With CFD providers on the other hand though, it is not only easy, but quick to deposit larger amounts of money into a Bitcoin brokerage to buy them.
If you are interested in using a CFD provider to buy bitcoin with Paypal, we have highlighted two of the best ways to do it below.
Buy Bitcoin Using Paypal and Ava Trade
AVA Trade is a CFD platform that has increased in popularity over the last few years, because it enables you to buy your bitcoin using Paypal.
How do you do it?
The procedure for using AVA Trade to buy bitcoin with Paypal is relatively simple to follow: To begin with, you need to open your own account with AVA Trade. From the official website, click on the Open a Real Account option. Then enter all the appropriate details. Once you have completed this process you will be required to not only verify and certify your account. This is a crucial part of the process that ensures that your account and any money used in it is kept secure. After which, you can log into your very own account and it will display whatever accounts you have.
Whenever you want to deposit funds through AVA Trade using Paypal you need to click the Deposit option and then you are directed to the Payment Methods page and are given a selection to choose from. Select Paypal, enter the amount you wish to deposit and click the Deposit button. You will now be taken to the confirmation site for Paypal and its from here that you complete the process.
Buy Bitcoin Using Paypal Using eToro
How do you do it?
eToro is another CFD provider that has gained popularity over the last decade. Paypal and eToro have a good working relationship, largely because Paypal likes working with companies and organizations that are fully regulated. As a result, it is as easy as pie to buy bitcoin using Paypal and eToro.
From eToro, simply select Paypal as your chosen payment method and select the amount of money you want to deposit. There are also other payment methods including bank transfer, debit and credit card.
With eToro you can easily withdraw any profits you make and if you encounter any problems with the service, the customer service team are highly renowned for their reliability and efficiency.
Compared to the level of customer service and care exchanges offer investors, eToro’s is unbeatable. Some exchanges don’t even give customers much in the way of support. This is why we recommend AVA Trade, eToro or another fully regulated broker. When there is regulations in place that a broker follows and adheres to, it gives you a certain peace of mind.
Buy Bitcoin Using Paypal And Coinbase
How do you do it?
When bitcoin and cryptocurrencies were relatively new, Coinbase and Paypal didn’t get off to a good start. Paypal wanted to be involved in bitcoin and saw its potential, but took a step back from it all when a lot of the controversies came to light about the legality of bitcoin and how people can use it to hide criminal activities. If you live in the US as a citizen, you can buy bitcoin with Paypal almost immediately through Coinbase. There are plans for this option to expand to cover other regions too.
FAQ On Buying Bitcoin With Paypal
Perhaps you are still relatively new to the world of Bitcoin and cryptocurrencies, but are interested in using your Paypal to get a start in this new form of money. It is likely that you have questions that you need the answer to, and below you will find an FAQ all about buying Bitcoin with Paypal.
Is it possible to send bitcoin through to Paypal?
No, it is not possible. As you need to have a wallet for storing your bitcoins and this function is not available through Paypal.
Can you buy bitcoin with Paypal?
As has been pointed out in the above article, yes you can. We highlighted AVA Trade, eToro and Coinbase as recommended options for buying bitcoin with Paypal.
Is it possible to sell your bitcoin to Paypal?
As Paypal is merely a service that holds the fiat currency and not bitcoin or any other cryptocurrency, no you can’t.
Is it possible to buy bitcoin from Paypal?
Similarly to the above, but no. Paypal does not keep hold of any bitcoins.
Can Paypal be used to convert bitcoin into US dollars?
No, Paypal doesn’t offer this option. You need to use a specialized cryptocurrency exchange to convert your cryptocoins into US dollars.
We hope you found this review of paypal and bitcoin insightful.