Buying Bitcoin with PayPal
We know for a fact that many people would prefer buying Bitcoins with their PayPal for various reasons. One of main advantages for this would be a certain security, because customer uses established and safe service such as PayPal, and doesn’t have to enter their credit card information on unknown sites. There are lots of Bitcoin exchanges who offer deposits and purchases with credit cards and bank transfers, such as Buy Bitcoins with PayPal, BitPanda, LocalBitcoins or Bitstamp. However, they sometimes have a demanding process of registration and account verification, while still not offering what you want: payment with PayPal. Therefore, we bring you a detailed process how to buy Bitcoins with PayPal. It might seem complicated, but it’s not! We have tested it multiple times and it always worked properly.
What you will need:
- PayPal account, obviously
- VirWoX account
- Bitcoin address for receiving purchased coins
Register your account at VirWoX. Click on Not registered yet?.
You need to enter only basic information: your username and email address. Click the checkbox to agree with terms, and fill in the captcha. After that click on Register button. You will need to confirm your registration by clicking the link sent to your email address.
After you have confirmed your account and logged in, click on Deposit link.
Find the option PayPal Express Checkout, and enter the amount and currency which you want to deposit.
Note, there are daily and monthly limits for security reasons. However, as you make more deposits and exchange currencies, your daily/monthly limits will increase.
Click the Check out with PayPal button and complete the payment.
As soon as you’ve completed the payment, you will get a confirmation and an option to place a Sell Order to convert your money to SLL (Linden Dollars). This is what you need to do next.
You will immediately be offered to exchange the maximum possible amount of your money to SLL. If you wish, you can enter different value (keep it a whole number, no decimals), and click Next button.
Confirm the trade order by clicking button Place Order.
Next screen will confirm that you’ve successfully purchased SLL. After that, you can exchange them to Bitcoins. Click the BTC/SLL link.
Same as in previous exchange, you will be offered to buy the maximun possible amount of Bitcoins (0.02 is minimum for each trade!). Confirm by clicking Next.
Review the purchase order and complete it by clicking Place Order.
Now you have bought BTC, as you can see in your account balance.
Next step is to withdraw Bitcoins by clicking the Withdraw link in your account overview.
Last step is to enter the amount of Bitcoins you wish to withdraw and your receiving address. Confirm by clicking Request Withdrawal.
Note the fees which are charged per each withdrawal, and the fact that your first withdrawal might take a long time (the y say up to 48 hours, but our first transaction was done in the same day). All later transactions were done almost immediately.
Please make sure to check all the exchange rates and fees when using this method. We’re aware that it is not perfect and you get a little less Bitcoins that you would on usual exchanges. Unfortunately, this is inevitable when using multiple conversions and mediator currency. Still, this way of buying Bitcoins sometimes comes in handy, when you want to buy them with PayPal, don’t want to give your credit card number to various exchanges, or wait for your identity verification and bank deposits to arrive..