Whilst PayPal is one of the primary payment methods used to buy goods and services online, the fact is, it is still quite difficult to buy bitcoin with Paypal. Centralized exchanges mostly don’t offer it as a payment method and if they do offer it, they usually charge users an extra fee to use it.
In addition, Paypal in itself is known as a risky payment method. Whilst this doesn’t necessarily make it a bad choice, it’s till important to understand the pros and cons of each payment method so that you don’t end up losing your bitcoin.
The biggest risk with PayPal is that you are at the whim of PayPal when a dispute is made. As Paypal allows chargebacks, there’s always a risk to the person selling the bitcoin as you could try to scam the seller and say that you didn’t receive the goods and thus Paypal, who almost always side with the buyer, will refund your money and the seller would lose both their money and their cryptocurrency.
For this reason, sellers who use PayPal as their payment method will mostly only trade with users who have a high reputation or are well-known to the seller.
In contrast, the fact that PayPal is a risky option also makes it a more lucrative option for bitcoin sellers and a more premium option for anyone who wants to buy bitcoin with PayPal.
Due to the inherent risk, there is actually extra profit potential for those sellers who are willing to accept PayPal as their payment method as the extra risk means they can add an extra margin to cover that risk. This margin could be anywhere between 2% - 20% to cover any buyback or security concerns.
Whatever the case, if you do choose to buy bitcoin using PayPal, ensuring that you keep your trade limits reasonably low and only accept trades from accounts with a decent reputation will ensure that you are able to minimize the risk of disputes, charge-backs or worse, having your PayPal account shut down.
The benefit of P2P exchanges like LocalCoinSwap is that we provide our P2P users with many more choices regarding the payment methods available to buy and sell bitcoin plus there is no fees to post a trade advertisement.
Get started buying Bitcoin on LocalCoinSwap with PayPal
If you already have a LocalCoinSwap account just sign in and you’re good to go, if you don’t yet have an account, it’s quick and easy to register. All that’s needed is an email address and you can be buying and selling bitcoin in minutes.
- Go to Localcoinswap.com
- Click on the “Register” button to be taken to the sign up page.
- Enter your email address, pick a username, and a secure password for your account.
- Click the “Sign Up” button when you have finished filling out your account details.
To verify your account you will be simply sent a verification email. Click the link provided in this email and you are ready to start trading.
Finding the Best Trade for You
When buying or selling bitcoin with PayPal you can begin by checking what offers are already available on the site by using the handy search tool to refine the trade advertisements displayed.
To give you the most relevant search results, simply select “PayPal” in the “Payment Method” drop down box in the search bar to only see advertisements from users where PayPal is accepted.
Make your Own Trade Advertisement
If you can’t find a trade advertisement that matches your terms, that’s not a problem because you can easily make your own.
Start by clicking the “Post a Trade” button in the top menu and following the easy to follow prompts. It’s free to post a trade advertisement. There is only a 1% fee if the trade is completed so there’s no cost to make any advertisements on the platform even if you aren’t sure someone will take you up on your trade offer.
With 20+ cryptocurrencies to trade, 180+ fiat pairs, and 250+ payment methods to choose from including cash, local bank transfer, credit cards, debit cards, PayPal, Square Cash App, gift cards, and much more, LocalCoinSwap P2P exchange makes it easy for you to get started trading Bitcoin.
Get started buying bitcoin with PayPal today on LocalCoinSwap.
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