Coinbase is one of the largest cryptocurrency exchanges in the world offering a platform to buy and sell cryptocurrencies. However, this year people are taking a special interest on how you can buy Bitcoin using PayPal on Coinbase. So, does Coinbase even accept PayPal in the first place?
The article will give alternative ways to buying Bitcoin using PayPal. We focus on giving an easy, clear and systematic modus operandi on how you can buy and trade Bitcoin on other sites. The final piece goes into detail on how to use LitePay on Coinbase.
Why is Paypal not working on Coinbase?
Coinbase temporarily disabled the use of PayPal to buy any of these coins and any withdrawals this January. The issue was resolved a month later reinstating the services back to normal for PayPal customers. However, one cannot buy or withdraw funds from Coinbase to PayPal. This comes at a time when Litepay, a payment system developed on the Litecoin blockchain, was introduced on the exchange.
What other alternatives do you have to buy Bitcoin using PayPal?
|Bitcoin Exchange||Exchange Reviews||Fees||Location||Buying limits||Purchase|
|LocalBitcoins Review||0%||Worldwide||Seller decides||Buy|
|Paxful Review||0% for buyer, 1% for seller||Worldwide||Seller decides||Buy|
|Wirex Review||$3||Europe||Not decided||Buy|
How to buy Bitcoin using PayPal
A. How to buy Bitcoin using Paypal in LocalBitcoins
LocalBitcoins is a peer-to-peer marketplace for buying and selling Bitcoins. The advantage of these method is it gives a range of payment options available. However, the site still faces a number of challenges that any user should keep in mind before trading:
- Cases of fraud are rapid. Check for the best sellers and highly rated buyers.
- Expensive. Users overprice Bitcoins by over 40% in some cases in order to cover the risks involved in selling Bitcoins.
Steps to buy
1. Go to the official Localbitcoins.com website (Check for the secure green sign on the URL). Click ‘Buy Bitcoins’ tab.
2. From the dialogue boxes on the screen, put in the amount of BTC you wish to buy, select your country and the payment option (Paypal).
3. Click Search.
4. Choose the most favorable trader from the results section. Follow the guidelines below to choose the best seller.
5. Read and follow the trader’s terms of trade.
6. Complete the trade by clicking ‘Send trade request’.
Tips before buying Bitcoin on LocalBitcoins
- Check the feedback score. It is advised to buy Bitcoins from highly rated sellers.
- Select the sellers with the shortest payment window. This is simply the time between making the purchase and actually receiving your Bitcoins.
- Check the ‘Terms of trade’ given by the trader. It is very important to follow the given rules to reduce cases of fraud and theft.
B. How to buy Bitcoin using Paypal in Paxful
Paxful is one of the most accessible peer-to-peer exchanges that permits PayPal payments and withdrawals. The cryptocurrency exchange platform is quite similar to Localbitcoins in that you buy Bitcoins directly from an individual.
Steps to buy
- Go to the official Paxful website.
- Select your preferred currency and the amount of Bitcoins you wish to buy. Choose the Paypal payment option from the drop down menu in red box.
- Click Search.
- Choose your preferred seller on the results page and click ‘Buy’.
For new Paxful users click the ‘Create Account’ at the top right corner and follow the next section. If you already own a Paxful account skip to ‘Buy Now’ to complete your purchase.
Opening a Paxful Account
5. On the next page, enter your phone number and verify the confirmation code sent.
6. Select your time zone then Save Changes.
7. Click ‘Buy Now’ and complete the transaction.
Wirex is a financial company that deals in issuing Bitcoin debit cards. The cards can be obtained physically or digitally. Wirex debit cards function similar to the normal bank debit cards hence you can transfer money from PayPal to the debit card. Once you transfer funds to the card, you can purchase the Bitcoins.
What to do
- Go to the official Wirex website and register for an account.
- Click the ‘Products’ tab and select Card option from the drop down menu.
- Order either a virtual or physical card. The currencies available currently are UK Sterling pound and US dollar only.
- Connect your card to your PayPal account and verify.
- Send money to the Wirex debit card from PayPal and you are good to go!
- Buy the bitcoins.
It is currently really hard to find a website dealing with PayPal to purchase Bitcoins. However, these three will offer a good choice to buy Bitcoins. Make sure you are careful when dealing with LocalBitcoins and Paxful to avoid scams. Go buy Bitcoins!