Due to PayPal’s strict policy, users often find it difficult to exchange cryptocurrencies through this payment system. The number of PayPal customers exceeds 300 million users worldwide. But due to these restrictions, few exchange services and crypto exchanges support the payment system.
Recent events have shown that PayPal is ready to work with the cryptocurrency sector and aims to make the exchange of crypto assets more accessible. This was reported by representatives of the company in the media. The current restrictions are related to fraud and money laundering. The company noted that the development of the environment will require legal regulation to provide users with protection.
But relaxing the rules will take some time, and users need to know now about the available ways to convert digital assets through this payment system. In this article, we have compiled a list of popular bitcoin exchanges for you and will tell you how to quickly buy and sell bitcoin using PayPal.
LocalBitcoins P2P platform
This is a well-known and reliable trading platform that has existed since 2012. The platform is available in more than 180 countries and allows you to exchange crypto assets directly between users on a Person-to-Person basis. The platform itself acts as a guarantor of transactions and ensures their security.
Unlike centralized exchange services, LocalBitcoins users independently set the purchase and sale price of bitcoin, which provides a natural competitive environment. The platform charges a fee of 1%, but only for placing offers. But you should take into account the rate of sellers themselves, which will be higher than the market rate. Sometimes it happens that the exchange rate differs by almost 20% from the market rate, which is extremely unprofitable for users.
Users regularly exchange money through the PayPal payment system and set small limits so that their account is not blocked.
Advantages and disadvantages
To ensure the security of transactions, LocalBitcoins uses a deposit system similar to crypto exchanges. This allows you to freeze funds in the seller’s internal BTC account to eliminate fraud risks while the transaction is being made. Therefore, when you purchase the funds will be credited to the balance, after which you will have to withdraw bitcoins to your wallet, paying an additional fee. This is the main drawback of the P2P platform, so you should not expect a quick exchange. In addition, the speed also depends on how quickly the seller responds.
PaxFul
The platform is almost identical to LocalBitcoins, so we will not talk much on It. In the same way as in the previous case, users can exchange cryptocurrencies between each other. There are no special differences between the platforms in the pricing policy and methods of storing, depositing and withdrawing cryptocurrency.
Advantages and disadvantages
The same as LocalBitcoins. To exchange, you need to register an account and verify your email or mobile phone. Verification of your identity is optional, but otherwise you should be prepared for the fact that you will be treated with distrust. Anonymous accounts without a reputation on these platforms look suspicious.
Coinbase
Coinbase is a major american cryptocurrency exchange. This is one of the few crypto exchanges available to traders from the United States. Coinbase is a partner of PayPal, so users of the platform can deposit and withdraw funds using this payment system.
Advantages and disadvantages
One of the main drawbacks is high fees. When selling bitcoin for PayPal USD, the user will pay a fee of 3.75%. Coinbase is not a classic crypto exchange in the usual sense. In principle, it is more like exchangers, where customers exchange with the platform itself, rather than with other counterparties.
Another drawback is that the exchange is only available in the United States and some other countries. In most countries of the world, the platform is not available. In addition, all users have to pass mandatory identity verification for the exchange.
But the main advantage of Coinbase is its legality – the platform is fully licensed, so you can easily exchange cryptocurrencies to PayPal without worrying about the account being blocked.
Changevisor
This is a well-known monitor of cryptocurrency exchanges on the Internet. With Changevisor, the user can choose the desired exchange direction, such as Bitcoin to PayPal USD, and the service will select available exchange platforms and rank them by price, starting from the most favorable for the buyer or seller.
The bitcoin exchangers listed on Changevisor are the easiest and fastest way to exchange bitcoin using PayPal. Users do not have to make a deposit and withdraw funds, spending money on commissions: the exchange takes place directly between the wallets of clients and platforms. The service provides a list of only reliable services, with reviews of which can be found directly on the Changevisor website.
Advantages and disadvantages
There are no significant disadvantages to the service, since it simply monitors suitable exchangers and informs site visitors about them. This is a convenient online platform, because all the exchangers that are not easy to find individually are collected in one place.
Conclusion
We have reviewed popular ways that you can easily and quickly exchange bitcoin for PayPal dollars. Each method has its pros and cons, so everyone decides which method suits them best, based on speed, cost, convenience and security.
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Is PayPal the only way to cater the financial fund system? I hope you have other alternative ways for users to choose. Why PayPal onLy? […] Read MoreIs PayPal the only way to cater the financial fund system? I hope you have other alternative ways for users to choose. Why PayPal onLy? Read Less