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Can I Buy Cryptocurrencies From My PayPal Account?
Since we started our series on buying cryptocurrency with eWallets, you’ve been probably expecting us to go ahead to the king of payment services providers, and explain if and how you can purchase various cryptocurrencies from your Paypal balance and what you can expect along that route.
And here we are! In this article, we’ll be showing you the way around buying various cryptocurrencies from your PayPal account. Granted, it’s a bit tricky, and you definitely should take your time learning the ropes before you can try your hands (or your cash) at this, but once you’re in, you’ll be glad you learned it.
Now, unlike other articles where we straightaway told you how to buy cryptocurrencies from your eWallet, PayPal is an entirely different game and needs some degree of caution to make it work. Being the kind of payment service providers puts much responsibility on PayPal, and with the kind of volatility the cryptocurrency world has seen, it is understandable that they want to distance themselves from Bitcoin and other cryptocurrencies as far as possible.
Buying cryptocurrency from Paypal is less simple (unless you are depositing with a CFDs broker), but with what you’re going to learn here, it’s going to get a lot easier. Stick with us and make it happen.
How Exactly Can I Buy Cryptocurrency From Paypal?
Aside from the fact that a Paypal founder openly called out bitcoin, PayPal has an absolutely, no-no policy towards Bitcoin and other cryptocurrencies.
And now, I know what you’re thinking. That Paypal considers cryptocurrency an enemy of fiat currency and as a result, they’re going all in to ensure that they prevent Bitcoin and the world of cryptocurrency from destabilizing the fiat currency world where they reign supreme. To be honest, there may be some truth to that.
However, one of the main reasons Paypal has been averse to Bitcoin and cryptocurrencies has been because of their chargeback/refund feature through which a customer who pays for an order but doesn’t receive it can appeal to Paypal and have his/her money returned from the vendor’s account. This is where the main problem with buying cryptocurrencies via PayPal comes in: you transfer crypto to a buyer who indicates interest and get your funds paid through PayPal… and then, the buyer reports to PayPal that they never received anything. So after some investigation, PayPal unanimously decides to hand over the cash you were paid to the buyer.
Crazy, but it happens. In fact, that’s why PayPal has decided to force all customers to stay away from cryptocurrency trading. Anyone who tries otherwise could be subject to sanctions that may include freezing your balance for as long as 180 days.
How does that sound? Crazy. We know it.
That said, you can still effectively buy cryptocurrency stakes with PayPal, but you must exercise extreme caution to ensure that your account isn’t penalized for what PayPal would term misuse of their platform.
Basically, there’s a not-so-straightforward way you can still buy Bitcoin from a PayPal account via:
A Third-party Exchange Service or Broker.
While that sounds very out-of-this-world, it’s not the strangest thing ever, but just a really smart way of exploiting a few legal loopholes that allow you to indirectly purchase cryptocurrency from your PayPal account.
A third-party exchange service is simply a body or group that acts as the link between two people who are looking to exchange whatever: in this case, Bitcoin or any cryptocurrency, and PayPal funds. The trick these third-party exchange services use is to get you to exchange your Paypal balance for a non-Paypal fund source or a resource, and after you have done that, you purchase the Bitcoin from whoever is selling to you with the hard cash or whatever you agreed on. Finally, your seller hands over the cash to the third-party exchange service and they credit his PayPal account.
Although quite lengthy, this way, you make your purchase with PayPal funds, but you stay free of worries because there’s no record on PayPal’s part that you used your balance to purchase cryptocurrency. In fact, a buyer can’t request a refund in this case, keeping both sides safe from any possibles issues.
What Cryptocurrencies Can I Purchase From My Paypal Wallet?
Given that PayPal doesn’t offer any option for purchasing cryptocurrencies through their platform, a wide variety of cryptocurrencies can be purchased from PayPal quite all right, but only through the third-party exchange service we’ve outlined. You can use PayPal to buy any cryptocurrency you like, as long as you first find a seller who agrees to structure the transaction just like we’ve explained. That way, both parties will know what they’re getting into.
When I Buy A Cryptocurrency From My PayPal Wallet, How Long Will It Take Before It Shows Up In My Balance?
Yet again, due to PayPal dislike for cryptocurrencies, coupled with the snail speed most blockchain transactions take, it’s quite impossible to know for a certain how long it will take before a cryptocurrency, mainly Bitcoin, is completed. The safest bet is to sit tight with your seller until the transfer to your cryptocurrency wallet is completed. Once you receive it into your wallet, you can pay the release the non-PayPal fee and let your seller proceed to exchange the non-PayPal funds to a PayPal balance.
What Cryptocurrencies Can I Purchase From My Paypal Wallet?
Despite numerous challenges, you can buy virtually every cryptocurrency you desire with your PayPal – as long as you have worked out the procedure or foundation.
There you go! With the best of the best tips on succeeding as a cryptocurrency trader, you are guaranteed a good ROI – as long as you know what you’re doing. Have fun.
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