How to Buy Cryptocurrencies with PayPal
Buying cryptocurrencies with PayPal may seem impossible, but it’s actually not. In fact, the platform has incorporated the function to buy Bitcoin in its own wallet, but it is not available to everyone. The main disadvantage of using PayPal to buy cryptocurrencies directly is that you can’t exchange Bitcoin between users, it’s basically just a buy, sell and custody service.
As with all PayPal operations, storing cryptocurrencies on their platform can be quite risky, as the digital wallet reserves the right to limit other functions or even confiscate the Bitcoin balance you have stored. Although these measures certainly have more to do with attacks by hackers who obtain payments through bitcoin and not the earnings you get from a video game.
However, there are other alternatives to buying cryptocurrencies that accept PayPal as a payment method, being just a gateway for sending money, without involving the transfer of the cryptoactive, and that can be a real advantage. The downside is that not all wallets support it this way, but in our research we found five of them.
Let’s start this list of options for buying cryptocurrencies with PayPal with Localbitcoins, a secure, free platform that you can trade between people.
Here you must register to make transactions using your PayPal balance. The service uses a custodial system that delivers the funds once the cryptocurrency is exchanged.
LocalBitcoins has a good reputation in the ecosystem; moreover, it allows you to view the reputation of each user when making a transaction. It has support for almost all local currencies and also provides technical support to its users. This platform is governed by European legislation.
One of the advantages of using Paxful to buy cryptocurrencies with PayPal is that you can get different blockchains, even Ethereum. If you are an NFT player, it would certainly be convenient for you to have the service of this tool, as you can get balance to invest in the games you want, using your earnings on PayPal.
Something that stands out about this platform is its security. To make transactions you must sign up and choose your payment method, then when you make the purchase, the cryptocurrency funds remain in the custody of the site until you confirm that you have made the payment through PayPal and that the transaction has been successfully completed for both parties.
The commission on this site is charged to the seller and represents only 1% of the final transaction in the currency that was executed.
We move forward in our count and now instead of another platform that also supports PayPal as a payment method for buying cryptocurrencies, or eToro. This is a very popular trading platform.
You can’t go in directly and buy a cryptocurrency with your PayPal funds here, but you can add money to your eToro account and trade the cryptocurrencies you want, i.e. buy open trades and if you want, you can move your cryptocurrencies to your preferred wallet.
This means that you can add PayPal balance to your eToro wallet and then make the transaction with the desired cryptocurrency. You will not execute the payment directly to a seller, but you can execute the transactions in the same way by adding an additional step.
You can also consider XCoins as one of the options to buy your cryptocurrencies with your PayPal balance, but you can also lend cryptocurrencies on this platform.
When registering you will need to enter your payment method and fulfill its validation. Your cryptocurrencies within XCoins can be lent to other people and receive interest for this.
In addition, you can also apply for a loan. Loan amounts range from 20 euros to a thousand euros or their equivalent in cryptocurrencies.
In this case, transactions can be made directly with the seller, without necessarily having to go through the XCoins wallet, this will save time and you can also have better control over the investments made from your PayPal account, for any eventuality.
The best alternative to buy cryptocurrencies with PayPal on this list is Coinbase. It is the most robust and recognized wallet that supports this method, so it is quite safe to use.
Among the main advantages of conducting these transactions with Coinbase is that the platform has made an agreement directly with PayPal, so you can buy the cryptocurrency you want using the funds you have available in your account.
For now it only works for the United States, but they have a promise to incorporate more countries in the future. You can buy whatever cryptocurrency you want and receive your funds in real time, hassle-free. All you have to do is register.
These transactions generate a commission according to the value. Simply, you must link your PayPal account to Coinbase at the time of registration.
Originally published at https://www.reddit.com.
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