Two Ways to Buy Bitcoin With Paypal Instantly – A Guide for Beginners
Last updated: 8/19/2019
Buying Bitcoin With Paypal Overview
Considering the increasing popularity and use of bitcoin, and cryptocurrency exchange platforms are beginning to accept more means of payments for the virtual currency. Fundamentally, there are the primary reasons why more people have now shifted to buying bitcoin instantly with PayPal than the initial payment options that were used.
The fact that you get your bitcoin instantly after the payment is made is one top reason why the PayPal method has become popular. If this continues- as it’s likely to, buying bitcoin instantly with PayPal, would become a significant payment option that would really push up bitcoin acceptance.
On another hand, since PayPal seems more universal than the different fiat currencies, it tends to be a perfect option for buying bitcoin– irrespective of country and location. Some people also particularly prefer this option, because it tends to be more secure for them.
ALSO READ: Buy Bitcoin with Cash
Method #1: eToro
eToro is one of the leading platforms where PayPal payment options are allowed. All you need to do after you’ve learned how to buy bitcoin with PayPal is to have a funded account that can process the purchase transactions.
Several eToro features enable users to make a headway with their investment and trading activities. All of these are ingrained in the eToro services and tools, and they can be accessed by all registered users on the platform.
These traits make the platform suitable for both beginners and professional participants.
Note that asides the PayPal payment option, there are about ten other payment options that are supported on the platform.
The eToro platform may be described as a multi-asset service platform, that hosts various activities from trading of CFD assets and cryptocurrencies to stocks market investments, etcetera. Since its inception in 2006, the Cyprus-based multi-million-dollar company has continued to rise above the ranks and now offers its services to well over 5 million users from across the globe.
Other services offered by eToro are the real-time forex trade involving several fiats. The copy trading feature of the platform has helped novice traders build their skills and asset base from scratch.
If you’re trading stocks and ETFs from an EU country, then the eToro company would not require you to pay commissions on profits made. Users from non-EU member countries, however, would only be charged small percentages on their stock trading.
Copy-trading and Copy-portfolios
These features on the eToro platform, helps people collaborate and execute similar trade patterns. What this means is that one trader can always copy another trader, and make the same moves that the first trader makes.
Usually, this happens when one trader is an expert and has the experience, while the other is not so much of an expert. This copy trading is a good way of putting novice traders through the nitty-gritty of trading- even while they actively trade.
Once you’ve searched for and selected the top traders of your choice, go on to set up your copy portfolio accounts and allocate the funds you want to invest. This copy trading feature is a reason why eToro is referred to as the social investment platform.
The eToro CryptoPortfolio is aimed at helping investors gather profits on their cryptocurrency, investments over a long period. If you subscribe to the CryptoPortfolio feature on eToro, your investments would be shuffled between various cryptocurrencies, using the basic objective is to distribute the total funds amongst crypto-assets, maximizing price highs and lows, to the user’s advantage.
eToro Cryptocurrency Wallet
Traders and investors on eToro have individual crypto wallets on every account. Asides a wallet’s primary function of storing cryptocurrency assets, users can also transfer and receive tokens via them. Note that the wallets here are made to work like every other crypto wallet. Hence you can also use them for sending tokens to other exchange wallets.
Although service updates are continually being made, eToro cryptocurrency wallets are not open to participants in all country. Hence, you need to be sure that the wallets are supported in your own country.
eToroX is a new crypto exchange solution that was just recently launched. Its seamless approach to cryptocurrency trading has made it develop significant prospects in only a few weeks.
This exchange has a license from the renowned Gibraltar Financial Services Commission, which makes it reliable as a distributed ledger system. The eToroX exchange supports both of crypto assets and fiat currency. As a result, users are allowed to easily convert fiat to crypto or crypto to fiat.
Deposit Methods On eToro
Asides the PayPal option, you may also deposit funds on eToro via wire transfer, credit or debit card, Neteller, Skrill, and WebMoney. Others are Giropay, Yandex money, ACH, amongst others.
eToro doesn’t quite collect charges for transactions, but you can always know what to expect. The platform makes use of spreads on all traded CFD assets, as well as on cryptocurrency deals. Stocks and ETFs may be charged at about 0.09 percent on all ends.
Not, however, that all withdrawals on eToro, have a service charge of $25. This withdrawal fee applies irrespective of the withdrawn sum, although users cannot withdraw sums less than $50.
Customer Support And Online Reviews
Although eToro services have gathered several positive reviews online, there are indications that the platform could also still improve on its service delivery. While some users think that some the spreads and withdrawal fees are quite expensive, others say they enjoyed the overall service delivery, especially.
However, more of the existing users think that the customer supports, does not meet up to expectation. This may consequently be one of the most prevailing downsides of the company.
Countries NOT Supported
eToro supports bitcoin and cryptocurrency purchase in 62 countries, EXCLUDING the following countries due to regulations:
Afghanistan, Albania, Belarus, Bosnia and Herzegovina, Botswana, Brunei, Burundi, Canada, Chad, Congo Republic, Crimea Region, Cuba, Ethiopia, Guyana, Guinea, Guinea-Bissau, Iran, Japan, Laos, Libya, Mali, Myanmar, Namibia, Nicaragua, North Korea, Palau, Samoa, Serbia, Somalia, Sudan, Syria, Turkey, Uganda, Yemen
eToro allows buying, selling and trading of the following coins: Bitcoin, Ethereum, Bitcoin Cash, XRP, Dash, Litecoin, Ethereum Classic, Lumen (XML), Neo and counting.
Pros And Cons Of eToro
The following are some of the major pros and cons that have been associated with the use of eToro:
- The platform provides a demo account alongside a live trading account
- The copy trading features make asset trading more prospective for users
- Allows buying bitcoin instantly with PayPal
- The platform has not provided a live chat feature
- There are little provisions for users to customize their trade activities.
The eToro service features are a thing to leverage on, for both the short and the long term. If you’re still trying to figure out how it works, you can start by buying bitcoin instantly with PayPal, and then proceed to explore the other advantages on the platform. Due to the platform’s relevance as a viable trading and investment arena, it is expected that its users would significantly increase.
Method #2: Paxful
As of now, Paxful is one of the cryptocurrency exchanges that has yet adopted the payment means. Firstly, users need to find out how to buy bitcoin with PayPal on the platform, then proceed to make the transactions with a funded PayPal account.
Paxful is one of the existing peer-to-peer crypto exchange platforms, that provides improved levels of crypto trading convenience for its users. This has helped it present itself as a reliable platform, where investors and traders can always be optimistic of making the profits. Since the commencement of its service operation in 2015, the company has continued to make useful additions to the way it presents virtual currency opportunities to its ever-increasing user base.
Based on the daily cryptocurrency market activity trends, more cryptocurrency traders are now shifting base from the older exchanges, to leverage on the advantages of Paxful. This is why trade volumes on the marketplace have continued to increase in comparison ratio, with Paxful having much more prospects on the markets than some of its contemporaries.
The reasons for this is not far-fetched, considering the Paxful’s many innovative methods that importantly makes participants pay less, and gain more.
Fundamentally, Paxful is a viable trading platform that allows users to buy bitcoin with PayPal instantly, as well as via close to three hundred other methods. This provides real payment flexibility for users, and it’s almost impossible that there wouldn’t be a method that particularly suits you. The fact that there are several payment options for buying bitcoin, makes it possible for people everywhere to conveniently interact and do business on the platform.
Now, asides the fact that the Paxful marketplace basically facilitates trade activities between its registered users, it also provides wallet storage solutions. Hence, you can subsequently go on to store your purchased coins in the platform’s hot wallets.
Note that except you’re buying bitcoin with PayPal instantly, terms and conditions for all peer to peer orders are determined by both parties involved in the trade. This is good for both buyers and sellers, as it provides them the chance to find their most preferred deals.
Interestingly, Paxful is notably one of the crypto exchange platforms that operate with almost no fees or charges on its users. This is definitely a reason for more people to execute their trades here, than on some other platforms that charge exorbitant transaction fees.
If you’re going to be buying your own bitcoin on the platform, then you should expect to get the full value of what you’ve bargained for- with no attached fees whatsoever. Sellers on another hand would be required to pay different percent charges, depending on the payment methods by which they’re receiving the transaction funds.
While the least is 0.1 percent- for payments made via bank transfer, payments via gift cards attract the highest fees of 5 percent. If you’ve learned how to buy bitcoin with PayPal, and you’re using this method for your payments, Paxful would be charging the seller a one percent flat-rate fee.
However, note that users are permitted to transfer bitcoin from one Paxful wallet to another for only five times a month before they’re charged bitcoin worth of $1- flat rate for every other transaction to a Paxful wallet. Note also, that all bitcoin sent from a Paxful wallet to a non-Paxful wallet, would always attract a fixed sending fee of 0.0005 bitcoin.
Paxful Buying Limits
The Paxful maximum buy limits are importantly set according to individual users’ willingness and ability to fulfill set conditions, as stipulated by Paxful.
For users who have only carried out their telephone and email verification on the platform, there would be a maximum daily buy limit to the tune of $1,500. Others with an additional identity verification would have their maximum buy limits increased to $10,000. Only users that have fulfilled all the Paxful verification requirements would be allowed to buy as much as they are willing and able to buy on a daily basis.
Irrespective of the category you belong, however, Paxful allows a minimum buy limit of $10 worth of bitcoin.
Paxful Customer Support And Reviews
According to a great percentage of Paxful platform users, the company’s customer support is impressive and relatively better than you would find on other crypto exchanges. Although responses and feedbacks may not be immediately granted via the live chat section, users say customer support usually does well to send back answers or further instructions- as the case may be, via email.
The Paxful reviews are also largely positive, as more existing users do not see much reasons why they shouldn’t use the platform in the future. The platform’s escrow payment options to have significantly increased the number of positive reviews that it gets.
As of August 21, 2019, the following countries are banned from using Paxful due to sanctions and regulations:
Burundi, Central African Republic Sanctions, Cuba, Crimea region, Iran, Iraq, Lebanon, Libya, North Korea, Somalia, South Sudan-related Sanctions, Sudan and Darfur, Syria, Yemen. See the full list here.
How To Use Paxful Safely
Since Paxful is a peer to peer trade platform, it would definitely have the good and ills that are associated with such settings. In order to buy and sell safely on the platform, users are advised to interact within the safe bounds as suggested by the company. This may include essentially buying via escrow- for buyers, or making sure the payments have arrived before releasing the crypto- for sellers.
Always remember that a place like Paxful cannot be devoid of scammers, so you must know the right steps to initiate and executing every buy and/or sell transactions.
Pros And Cons Of Using Paxful
The following are some of the most important pros and cons of using Paxful:
- The platform’s peer to peer model for bitcoin transactions opens both buyers and sellers to secure the most profitable deals for them
- Paxful has relatively lesser charges and fees, compared to some other crypto marketplace
- There is a wallet storage feature where you can store up your crypto assets
- Users are more disposed to been scammed; especially for the first-time users
- No other cryptocurrency asides bitcoin is traded on the platform
Considering the prevailing positive impacts of the Paxful marketplace on bitcoin development, it is probably important that it continues to operate. However, as expected of every such cryptocurrency establishment, there must be regular or periodic improvements and upgrades.