Today, it’s easier than ever to buy Bitcoin (BTC) online. As the industry has increased in popularity and its technical capabilities have developed, the payment methods you’re able to access has improved. To give you the lowdown on one of the best payment options, we’ve compiled a complete guide to buying BTC and altcoins using PayPal.
Best PayPal Cryptocurrency Exchanges
Buy cryptocurrency using PayPal
Although eBay has become the home of PayPal over the last two decades, it’s now become an emerging force in the cryptocurrency industry. One of the main reasons traders have taken to this eWallet payment solution is the level of anonymity it offers. Although it’s not as anonymous as crypto-to-crypto payments, you do have to enter fewer personal details than, for example, credit cards. To explain more, let’s take a look at buying cryptos using PayPal.
How PayPal Payments Have Made it Easier to Buy Bitcoin
One of PayPal’s greatest strength is its efficiency. Firstly, because it’s an online payment solution, the way you access and use PayPal is similar to the interface of a leading exchange such as 24Option Trading. To put it another way, PayPal is an online innovation in the same way our recommended cryptocurrency exchanges are, which creates a certain connection between them.
Secondly, because the two mediums share one common root (i.e. the internet), moving money from one to another is extremely quick. Because your funds aren’t being funnelled through a traditional bank, it can take less time to make Bitcoin deposits and, importantly, withdrawals using PayPal.
The Largest PayPal Cryptocurrency Exchanges
When it comes to using PayPal crypto exchanges, liquidity is important. Without enough users buying and selling, it’s hard to get the coin you want at the best price. Although the rankings can always change, some of the largest PayPal exchanges are:
eToro: Active in 200 countries, eToro has three million users, 200,000 of which are active on an average day.
LocalBitcoins: A direct peer-to-peer platform where individuals can advertise the BTC they’re selling, this site has thousands of daily listings.
Markets.com: In addition to offering markets on 2,000+ instruments, Markets.com is publicly listed in the UK and has five million registered users.
PayPal Bitcoin Payments vs. Other Payment Methods
If you’re wondering if buying Bitcoin using PayPal is for you, here’s how the method compares to credit cards and other processors.
Security: Like credit cards and bank transfers, PayPal is highly secure. As well as offering a form of protection on certain transactions, you don’t need to put in a series of personal details when you make a deposit. For example, when you make a deposit using the xCoins Exchange, you only need to enter the email address associated with your PayPal account. By entering fewer personal details (i.e. name, address, card number), this method is deemed to be one of the safest.
Fees: Of the cryptocurrency exchanges we recommend, virtually all of them have no deposit fees for PayPal transactions. One thing you will have to note is the minimum deposit. This will vary from site to site. For instance, Xtrade Exchange has a minimum deposit of £200 (or local equivalent) while Makets.com is £100 (or local equivalent).
Availability: Although PayPal is one of the slicker Bitcoin payment methods, it’s not as readily available as credit cards or bank transfers. Therefore, your choice of exchanges will be limited.
As you can see, buying BTC with PayPal has plenty of advantages. To buy BTC using your eWallet, take a look at our table of recommended brokers.
Top Cryptocurrency Exchanges to buy with PayPal
For other payment methods, see:
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