How To Sell Bitcoin Via PayPal

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How To Sell Bitcoin Via PayPal

PayPal is a popular eWallet which is used by millions around the world. It’s easy to use, convenient and safe, which should encourage every merchant to accept it. However, due to chargeback concerns and the fact that it is expensive to support, the number of online platforms which accept PayPal is less than you might expect. This is also true for cryptocurrency, where it can be tricky to find a reputable platform that allows you to transfer your Bitcoin to PayPal and vice versa.

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Selling Bitcoin to PayPal: Why Opt for this Method?

There are many reasons why selling your Bitcoin with PayPal is a good idea. PayPal payments are virtually instant, so as soon as the buyer or platform sends you the funds you should find them available in your account. Furthermore, you can manage your account using a mobile app, and access all major fiat currencies along with numerous smaller ones from across the globe.

How to Go About it

There are different ways to go about transferring Bitcoin to Paypal depending on the platform which you are using. Generally, you would follow these steps:

  1. Open a PayPal account
  2. Negotiate the sale of Bitcoin or any Altcoin
  3. Provide the buyer or platform with your PayPal address
  4. Verify that the funds have been successfully deposited in your account

PayPal will notify by email as soon as the funds have arrived, but it’s always a good idea to actually check your online account.

Which are the Best Platforms to Use?

While the number of reputable options to sell Bitcoin with PayPal is small, you still have a comprehensive choice, based on your requirements. eToro, Coinbase, and LocalBitcoins each present several distinct features which might make them more or less suitable for you.

eToro

etoro paypal
Screenshots are shown for illustration purposes only. Actual product may vary.

eToro is amongst the most popular cryptocurrency trading platforms available, as it offers a range of ways to trade digital currencies. Apart from giving you access to one of the largest lists of assets trading including the top cap cryptocurrencies, eToro offers a social trading platform where you can automatically emulate trades of other traders.

This platform is ideal if you are looking to trade Bitcoin in order to turn a profit. Through its advanced tools and charting features, you can develop a strategy which generates returns both when Bitcoin’s price rises and when it falls. Its worth mentioning eToro offers both cryptocurrency assets, as well as CFDs. If you are unsure of the difference check out this Assets vs CFDs guide to learn more. In addition, eToro’s handy mobile app is ideal for trading on the go, no matter where you are.

75% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money. Cryptoassets are highly volatile unregulated investment products. No EU investor protection.

Coinbase

Coinbase is a US-based exchange which has grown to become the world’s biggest Bitcoin broker. There are many reasons behind Coinbase’s success, including the fact that it insures its user’s funds against theft or malicious attacks. Coinbase allows you to withdraw fiat currency or sell Bitcoin to PayPal, as long as you live in a supported region.

Apart from Bitcoin, the cryptocurrency exchange gives you access to numerous altcoins and offers different platforms based on your trading experience. Coinbase Pro, for example, is a trading platform dedicated to experienced cryptocurrency traders.

LocalBitcoins

LocalBitcoins is amongst the major Bitcoin P2P platforms in the world. Unlike other exchange platforms, LocalBitcoins does not interfere in trades, allowing buyers and sellers to come together, negotiate terms, and proceed with trades. The platform simply takes a small percentage of each trade, and, in exchange, provides a platform which is easy to use and allows traders to review other traders.

If you are looking to sell Bitcoin with PayPal you can use LocalBitcoins to search for buyers who are willing to use this payment method. By using the relevant filter options, you should easily find suitable buyers and proceed to make the sale. If finding a buyer who will accept PayPal is difficult, you could opt to look for a LocalBitcoins broker instead.

Platform Comparisons

These three platforms all allow you to transfer sales of Bitcoin to PayPal. The differences between them relate to their operational features.

Since LocalBitcoins doesn’t set the price of Bitcoin, you could potentially get a better deal if you sell your digital currency on this platform instead of Coinbase or eToro. However, you need to consider that the P2P platform carries out less due diligence on its users, so there is a higher risk factor.

If you are looking to sell more than $900 worth of Bitcoin, eToro offers the cheapest way to transfer to PayPal, with both Coinbase and LocalBitcoins resulting in a percentage cost which is higher.

Coinbase, meanwhile, is probably your best option if you are looking to invest in Bitcoin and HODL. Apart from offering a free, in-built wallet, Coinbase’s insurance policy ensures that your funds are safe, even if you keep them stored there for longer periods of time.

Can you Buy Bitcoin with PayPal?

Apart from being able to sell the cryptocurrency using this eWallet, you can also buy Bitcoin using PayPal. The process is fairly similar, and both eToro and LocalBitcoins offer you this option in any supported country. With the former, you can also use PayPal to invest in Bitcoin Contracts for Difference (CFDs), which are a financial instrument which lets you trade cryptocurrency without actually owning it.

This type of investing uses margin trading to multiply the size of your investment, but as a result of this, trading CFDs is also considered to be a risky investment.

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