We are well aware of the obstacles to be faced to buy Bitcoin with Paypal; many people bought Bitcoin on Paypal, and then asked for the money back, basically they left the seller without cryptocurrency and without money.
Fortunately, there are other ways to buy Bitcoin through Paypal today as well. In fact, it is possible to do it on secure and regulated platforms. We have found through in-depth research that eToro is the best platform for buying Bitcoin via Paypal. Keep reading this article if you want to find out more and the steps to follow to buy Bitcoin on this platform and other exchanges.
In short words:
- Open a new account on eToro or Plus500
- Make a deposit using PayPal
- Choose Bitcoin from the available tools
- Start trading Bitcoin with the app
Why should you buy Bitcoin with Paypal?
Since Bitcoins can be bought and sold, but more importantly, be stored in a digital wallet to resell at a higher value, their popularity has grown over time. Consider that in 2017 the price of Bitcoin reached unprecedented levels, surpassing the record figure of 20 thousand US dollars, which was recently beaten by the record of 44 thousand dollars, reached after Tesla and Elon Musk began to take serious interest in the most famous cryptocurrency in the world.
However, we cannot ignore the fact that in 2018, Bitcoin, dragging all other digital currencies with it, burned about $ 700 billion in capitalization. In a nutshell, it is more convenient to buy Bitcoins with Paypal and resell them, rather than keeping them in your digital wallet. This practice is also performed through automated trading robots, such as Bitcoin Era and Bitcoin Revolution. For now, however, let's focus on the platforms that allow us to buy and convert Bitcoins to euros or other fiat currencies via Paypal.
How to buy Bitcoin with Paypal on eToro
Unlike what happens on other platforms, those who buy Bitcoin with PayPal through eToro do so through a simple and direct process, which is the main reason why we recommend this platform over others.
Step 1: open an account
Log in to the official eToro website and open a new account by clicking on “Sign up now”. You will need to enter your personal information in the form that appears and submit it to open your account. Furthermore, eToro offers you the possibility to log in through your Google or Facebook accounts, completely skipping the filling of the form.
Step 2: verify your identity
As it is a regulated platform, eToro requires all users to submit the KYC form and AML procedures. To do this, you will need to upload a copy of your ID card, driver's license or passport. This not only serves to buy Bitcoin with PayPal, but also to answer the question "how to sell Bitcoin with Paypal" through the platform and a verified account.
Step 3: deposit the funds into your eToro wallet and buy Bitcoin
You can deposit funds into your e-wallet using your bank account (wire transfer) or by credit card. However, eToro supports numerous payment methods, including popular e-wallets such as PayPal (of course), Neteller, and Skrill. Select PayPal if it is your preferred payment method and make your first deposit. Beginners can start with $ 250, which is a useful amount to start understanding how the platform works.
How to buy Bitcoin with Paypal on Plus500
Plus500 is a platform very similar to eToro and just as safe and regulated. Here are the three steps to follow to buy Bitcoin with Paypal on Plus500.
Step 1: open an account
If you want to buy Bitcoin with PayPal on Plus500, the first thing you need to do is go to its official website and register. Doing so is quick and easy. All you have to do is log into the site page and enter your information in the registration form, also entering your email address and choosing a secure password to protect your account. At this point you will need to verify your phone number to confirm your identity.
Before you can make your first deposit, you will need to complete a questionnaire according to ESMA restrictions. At first you will be asked to fill out a short form by entering your personal information, including your full name, home address, country of residence and date of birth. At this point you will simply have to answer a few questions about your financial situation, including income and why you trade. Once this is done, you will need to answer a few more questions about your knowledge and experience in trading.
Step 2: deposit the funds into your account
At this point, all you have to do is make your first deposit by clicking on "deposit" in your account. Here you can select PayPal as a secure payment method. The minimum deposit to be made to start trading with Plus500 is $ 100.
Step 3: start trading
Once you have made your deposit, you will be able to click on "trade" in the menu on the left of the page to start trading. You will now be able to access the trading platform. If you scroll down you will find the option for cryptocurrency trading. When viewing Bitcoin, you will be able to trade the cryptocurrency by clicking on "sell" or "buy". It really is that simple.
Purchase Bitcoin with PayPal in Italy
Now that you know some of the best ways to buy Bitcoin with PayPal, it's time to find out the best ways to do it in Italy. The best way to buy Bitcoin with PayPal in Italy is through eToro. The reason is simple, this platform is regulated by authoritative regulatory bodies such as CySEC (Cyprus Securities and Exchange Commission) and FCA (Financial Conduct Authority).
What you need to do to buy Bitcoin on eToro is to follow the steps described above. Once you have made your initial deposit on eToro, for a minimum of € 200, you just have to click on the Bitcoin market on the platform screen and click on the Buy button.
Tips on how to buy Bitcoin with PayPal
Here are some tips for buying Bitcoin with Paypal that you can follow, regardless of the platform you choose to use.
Verification of identity
Do some research
Bitcoin vs PayPal
Understanding the differences and similarities between PayPal and Bitcoin is critical to making safe purchases. Let's start by looking at their similarities, as most users who are already more used to Bitcoin or PayPal, just want to know more about one of the two options.
- Both Bitcoin and PayPal are payment methods
- Both are used as a P2P payment system
- Both are used to create fast and cheap online transactions
- Bitcoin and PayPal represent technologies that aim to simplify the digital payment process
- Both Bitcoin and PayPal allow international transfers and direct integration with online platforms
- Bitcoin is itself a currency, while PayPal is not a transferable currency or entity / asset
- PayPal works with banks and individuals to process payments almost like a gateway; Bitcoin is decentralized
- Bitcoin uses distributed ledger technology to show validated transactions. PayPal relies on banks to verify transactions
- Once a payment has been released with Bitcoin, it cannot be canceled. PayPal has a debit function to cancel payments
- Bitcoin uses encryption and users don't need to be identified. You need to load your national passport / ID or enter your bank details to open a PayPal account
Is Bitcoin better than PayPal or vice versa?
Bitcoin is not necessarily better than PayPal and PayPal is not better than Bitcoin, because they are two similar, but at the same time different things. Theoretically, Bitcoin allows for faster transaction speeds, is regulated and confirmations are faster, all at a fraction of the cost charged by PayPal, however, as PayPal accepts fiat currencies, it is currently the most liquid form of payment. available.
While Bitcoin may maintain an internal technical advantage, liquidity and adoption also come into play; virtually 95% of all modern outlets used allow integration with PayPal, while only a small percentage allow Bitcoin processing.
This is the compromise and the subsequent argument that arises. While Bitcoin may technically prove to be more efficient than PayPal as a form of processing, it has many problems that it must overcome in the coming years to be named truly better than PayPal.
Is buying Bitcoin with PayPal safe?
Yes, it is perfectly safe to buy Bitcoin with PayPal, but only if you proceed through regulated platforms like the ones presented here.
Do you pay commissions to buy Bitcoins with PayPal?
Generally, platforms like eToro and Plus500 do not charge deposit or withdrawal fees, but only depending on the payment method chosen. PayPal could instead foresee some commission.
Do I need to sign up for a platform to buy Bitcoin with PayPal?
Yes, it is not possible to buy Bitcoin through PayPal, without first going through a secure, reliable and regulated platform.