With Bitcoin reaching a new all-time high in 2021 of £51,000, then correcting back to £27,377 in early 2022, the largest cryptocurrency has been volatile in recent times, gaining unprecedented exposure in social media and financial reports along the way. More and more investors are looking to buy the Bitcoin dip and trade the volatility – buying Bitcoin with PayPal is one of the easiest, most popular methods of doing so in many countries. In this guide, we’ll review how to buy Bitcoin with PayPal in 2024, showing you the best trading platforms to utilise and providing you with all the information you need to trade safely. Contents [show] How to Buy Bitcoin with Paypal in the UK Choose a Bitcoin exchange Create an account Deposit funds into your account, selecting the PayPal option Search ‘Bitcoin’ in the drop-down menu Click ‘Open Trade’ and select an amount of Bitcoin to buy How to Buy Bitcoin with PayPal – Step by Step Guide 2024 If you’re looking to buy Bitcoin with PayPal right now, then look no further. By following the four steps below, you’ll be able to buy Bitcoin with PayPal in under ten minutes – all without paying a penny in commissions. Open an account with OKX – Head to the your preferred exchange’s homepage and click ‘Join Now’. Provide your email address and choose a username and password. Upload ID – Verify your account by uploading proof of ID (a copy of your driver’s license or passport) and proof of address (a copy of a bank statement or utility bill). Deposit via PayPal – Choose PayPal as your deposit method – minimum initial deposit of £142. Buy Bitcoin – Type ‘BTC’ into the search bar at the top of the screen and click ‘Trade’ next to the first option. Enter the amount you’d like to invest, double-check everything is correct, and click ‘Open Trade’. Where to Buy Bitcoin with PayPal in February 2024 When you decide to purchase Bitcoin with PayPal, it’s crucial to choose a licensed platform with a track record of allowing users to trade safely. There is a wide variety of options on the market, ranging from brokers to cryptocurrency exchanges, so it can seem challenging to decide which is best for you. In this section, we discuss the best trading platforms when it comes to buying Bitcoin with PayPal. 1. OKX – Buy Bitcoin Using PayPal or 112+ Different Fiat Methods The second platform to offer users to buy Bitcoin using PayPal is OKX. OKX is the world’s sixth-biggest cryptocurrency exchange by market capitalization, with a daily trading volume that ranges between $600 million to $900 million. OKX is extremely bullish when it comes to providing users with a way to buy Bitcoin using fiat. Along with PayPal, users can refer to over 112 different ways to buy Bitcoin and other altcoins available on the platform. OKX has a maker/taker fee model for the trading fees. At the highest, users must pay a 0.080% maker fee and a 0.10% taker fee. And the lowest maker/taker fee available is 0.060%/0.080%. The tier for the maker/taker fee depends on the number of assets as well as the number of OKB tokens that users hold. The minimum deposit required to start trading on OKX is 0.00005 BTC. The deposit fee may not come with any charges. However, PayPal may take a cut. Pros Offers a way to buy Bitcoin with PayPal Over 350 cryptocurrencies supported Features an Earn program for users Copy Trading available Cons A withdrawal fee is applicable Not available in the US Visit OKX Your capital is at risk. 2. Bybit – Buy Bitcoin with PayPal on P2P Trading While Bybit supports fiat payment methods to buy Bitcoin and other cryptocurrencies. Buying Bitcoin with Paypal is only possible through the P2P trading utility. The P2P trading facility on Bybit is inclusive and doesn’t consist of any charges. you can pick the buyer from the P2P trading table based on their price and the charges they take. Every P2P trader offering Bitcoin or other listed altcoins is given a competition rating, which is another factor you can consider when you use PayPal to buy Bitcoin. Bybit’s CEX offers over 100 different cryptocurrencies that you can buy and sell using debit and credit cards. Bybit has implemented a maker/taker fee model that divides the fee depending on the VIP or Non-VIP tiers as well as other factors. Overall, while it is possible to buy Bitcoin with PayPal on Bybit, it is limited to P2P trading. Thankfully, P2P trading doesn’t come with any commission or trading fee, and it gives you access to traders to interact with without having a middleman involved. Pros Allows users to buy Bitcoin with PayPal on the P2P trading module Supports over 100 cryptocurrencies Supports over 300 trading pairs Has a low trading fee Cons Not available in the US PayPal is only available in the P2P trading mode Visit Bybit Your capital is at risk. 3. Binance – Best Crypto Exchange to Buy Bitcoin with PayPal Binance is one of the most popular cryptocurrency exchanges in the world when it comes to investing in Bitcoin. With over 13.5 million active users and over $55 trillion in trading volume in the past 24 hours alone, Binance has solidified itself as the top crypto exchange in the world at the time of writing. Much of this has to do with its user-friendly platform and low-cost crypto trading. Binance offers 0.1% commissions when you buy Bitcoin with them – meaning that if you invested £1000, you’d only have to pay £1 in commissions! You can reduce these fees even further if you use Binance’s native token, Binance Coin (BNB). When it comes to buying Bitcoin with PayPal, it works slightly differently with Binance. As they are a Bitcoin exchange rather than a broker, you cannot instantly buy Bitcoin with PayPal. Instead, you’ll need to use Binance’s P2P service, which basically means buying and selling cryptos directly with other users or verified merchants. So, if you were looking to buy 1 BTC using PayPal, you could go onto Binance’s P2P service and find someone who is selling 1 BTC. You could then use PayPal to purchase the Bitcoin from the other user. Although this is a different method to other brokers, it essentially achieves the same thing. The great thing is, there are no fees when buying Bitcoin in this way. Though not currently regulated, it is in the process of applying for a UK license. Pros Largest cryptocurrency exchange in terms of trading volume Hundreds of crypto pairs supported Commissions of just 0.1% Supports debit/credit cards and bank transfers P2P trading through PayPal Ideal for advanced traders that seek sophisticated tools and features Cons Not great for newbie investors Debit/credit card fees can be costly Visit Binance Your capital is at risk. PayPal Bitcoin Brokers Fees Comparison One of the most important things to look out for when choosing a broker is the PayPal Bitcoin fees that they charge. These fees could come in various forms, including deposit fees, commissions, withdrawal fees, and even monthly account fees. Often, these fees might not be as transparent with some brokers and exchanges – making the process of determining how much it’ll actually cost to buy Bitcoin with PayPal quite challenging. To make this process easier, the table below presents a comparison of the PayPal Bitcoin fees charged by the three brokers we recommended earlier in the guide. This will allow you to get an idea of how much it’ll cost you to buy Bitcoin with PayPal and which trading platform represents the best value for money. Benefits of Buying Bitcoin with PayPal in the UK According to data gathered from Statista, PayPal had approximately 392 million active accounts as of Q1 2021. This is a staggering number and highlights just how popular the platform is for making digital payments. This section explores some of the main benefits of using PayPal to facilitate your Bitcoin purchases. Level of Security One of the main reasons to use PayPal to buy Bitcoin is the high level of security offered by the platform. When you fund your broker account with PayPal, you do not have to enter any personal details or card details when making the transaction. Instead, all you need to do is link your PayPal account to your broker and then make a deposit through the online platform. This ability to deposit without using card details means that you’re always under an additional layer of protection when using PayPal. Furthermore, PayPal monitors every transaction 24/7 to help prevent hacking and fraud. PayPal utilises high-level encryption on its platform, ensuring users’ data is protected. Finally, PayPal customer support is always on hand to help you if you ever have any security concerns – and will also step in to resolve any issues that may arise when you make transactions. Ease of Use Another great benefit of using PayPal is how simple it is to use. Linking your PayPal account to your chosen broker is usually just a case of logging in on the broker’s platform and confirming the account link. Once this is complete, it’s then just a few clicks before you can instantly deposit into your broker account. Furthermore, you don’t even have to have your card to hand when using PayPal to buy Bitcoin. PayPal store your card details in their encrypted online platform – meaning that all you need to make transactions is your email address and password. Any transfers that occur will either come directly from your PayPal balance (if you have one) or will come from a credit/debit card you have linked to your PayPal account. Speed When buying Bitcoin, most of us do not want to jump through hoops and instead want to buy as quickly as possible. PayPal ensures this is doable, as they offer instant deposits into your broker account. This is in contrast to some other deposits methods such as wire transfer, which can often take days to arrive – and sometimes come accompanied with additional fees. In addition to this, withdrawals are super easy too. Once you have withdrawn from your broker account to your PayPal account, you can opt to leave the funds in your PayPal balance or withdraw them to one of your linked bank accounts. PayPal offers both instant withdrawals (which will go into your account right away) or withdrawals which can take 2-3 working days. However, the former method comes accompanied by a 1% fee, so be aware of this. Efficient Digital Method Finally, aside from all of the speed and security, using PayPal is simply much more efficient than most other payment methods. With the technology we have at our disposal these days, depositing via credit/debit card or wire transfer is not as streamlined as using a digital payments platform like PayPal. TechRadar recently reported that more than 61 billion people will use digital payments by 2023. This highlights just how popular platforms such as the PayPal app are becoming, as they offer all-in-one security features and speedy transactions. Also, more and more people are moving away from traditional retail banks and are looking to use digital methods as their chosen payment option. If you fall into this category, then PayPal certainly fit the bill. Buy Bitcoin with PayPal No ID – Is It Recommended? When you decide to buy cryptocurrency in the UK, as you can imagine, it’s essential to use a trading platform that has a reputation for being safe and reliable. Trading platforms such as these tend to require users to supply ID before they can invest; this ensures that all users are verified, which helps to prevent scams and hacking. Due to this, we would highly recommend that you do not buy Bitcoin or any other digital assets with PayPal without providing ID. Trading platforms that allow you to buy Bitcoin without ID are much more likely to be unregulated and unsafe, thus jeopardizing your capital and crypto holdings. How to Transfer Bitcoin to PayPal If you are wondering how to buy Bitcoin with PayPal, you’re probably interested to know whether you can transfer your Bitcoin holdings back to PayPal after purchase. Unfortunately, at the time of writing, this feature is only available to US residents. If you are in the states, certain Bitcoin accounts such as Coinbase will provide the functionality to transfer your crypto assets directly to your PayPal account. Usually, it involves going to the withdrawal screen and choosing your PayPal account as the destination. Your holdings will then be transferred to your PayPal account for storage. How to Send Bitcoin From PayPal Much like the previous section, this feature is only available to users in the US. PayPal’s crypto feature is relatively new and currently only offers support for Bitcoin, Bitcoin Cash, Litecoin, and Ethereum. You can buy Bitcoin through the platform and then send it elsewhere. This could be to another crypto wallet, another person, or even use it to fund a purchase. If PayPal’s crypto feature continues to expand in popularity, there’s every chance it could be offered in other countries around the world, allowing users within these countries to buy and sell cryptocurrencies directly through the online platform.