PayPal is a major system of online payments which most people familiar with Internet purchases know how to use. If you wish to buy BTC paying from your PayPal account, you need to find a reliable, trusted platform, as such a transaction may involve high risks of scam or fraud. Below are brief reviews of the three most popular websites where you can safely convert your PayPal funds into digital coins.
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XMLGold is a leading company among the portals performing PayPal to BitCoin exchange operations. Founded over a decade ago, in 2006, the website has gained a highly trusted reputation in the sphere of provision of e-currency and digital coin exchange services. As one of the first portals of its kind in the world, it's a multi-functional financial tools that supports a vast range of payment and withdrawal methods. The immaculate and timely performance of all transactions is ensured by a team of passionate and experienced professionals.
Users' trust is one of the main advantages of XMLGold. It has been recommended by both media in news articles and customers on public forums (such as TalkGold.com). The foundation of popular trust in the portal is the high level of security it offers: SSL encryption (256 bit) for all exchange transactions, account protection with the involvement of multifactor authentication, and the multi-layer system for fraud detection.
Many customers enjoy the XMLGold system of discounts provided on the basis of your loyalty to the portal, as expressed in the total amount of funds you have exchanged. The system includes four basic levels standing for 3%, 5%, 6% and 7% discount on the fee charged by the portal on your transactions. To obtain the discounts, you have to transfer $10, $1,000, $10,000 and $25,000, respectively. If you are an exceptionally loyal client and have exchanged funds totaling $50,000, $500,000 or $1 million, you are entitled to a 10%, 20% or 30% discount on the fee, as well as a personal manager's assistance and other bonuses.
XMLGold is also one of the fastest exchanges that processes your PayPal-to-BTC transaction within a time framework of no longer than 30 minutes. As of this writing, the portal imposed a commission of 4% on most money transfer operations. The services of XMLGold are available to customers in more than 130 countries across the globe.
The Delaware-headquatered company Paxful offers its customers over 300 ways of paying for the BitCoins they purchase, one of them being PayPal. The portal isn't a regular broker offering exchange operations; it's a major trading platform where the buy-and-sell operations take place directly between people, without an intermediary chain as such. The BTC trading is conducted online, with the use of live chats. A first-time user of the Paxful system will be guided through every step by an experienced BTC seller.
The portal has an elaborated system of feedback and reputation points, which allows users to rate the traders they've been engaged with. In addition, Paxful claims to offer 100% protection of the buyers' safety and security. The platform requires all the sellers to undergo checks and verification procedures. All transactions carried out with the help of the site feature the highest encryption level.
As of mid-2017, Paxful has had almost 60,000 happy customers, while the amount of BitCoins traded has exceeded the level of 40,000 units. For most people willing to purchase BitCoins with PayPal, the main advantage of Paxful is the absence of any fees for the buyer. The portal charges a very moderate 1% on the amount transferred by the seller, which covers the expenses related to running the trading platform.
Worth noting, your account in the PayPal system must be verified; otherwise, you will have a lot of trouble finding a seller that is willing to trade with you. Since PayPal cannot boast of ultimate security, cases of fraud and scam schemes are rather widespread. Due to this, the BTC seller is very likely to require that you provide an ID to verify your identity, a bank statement to confirm your billing address, a link to your social network profile (so that the seller knows you're not a fake), and even a verification selfie. This might seem a bit too complicated, but in the long run the BTC buyers benefit from such anti-fraud measures just as much as the sellers. If you're doubtful about sharing all kinds of personal info with strangers, PayPal may be not the best payment method for you.
Paybis is a UK company headquartered in Edinburg. Besides PayPal, the portal supports payments via such major electronic systems as WebMoney, Paxum and PerfectMoney, not to speak of a vast range of other accepted means of payment.
Although rather time-consuming and irritating, the Paybis account verification procedure is a necessary step for everyone who wants to be able to exchange more than 500 dollars monthly. A package of several documents confirming your identity needs to be uploaded to the Paybis website. First of all, you have to take a high-resolution selfie holding your passport (or other photo ID). Secondly, you need to submit a separate clear scan or photograph of the ID document you're holding in the selfie. Lastly, take a picture of a utility bill or a bank statement that would confirm your billing address. Depending on the user's place of residence and other factors, it will take the Paybis staff 2-48 hours to check all the documents and approve your account as verified.
For accounts that use PayPal for purchasing BitCoins, Paybis has four levels of verification, which determine your daily and weekly limits on buying the digital coins. The first verification level requires everything described in the previous passage and allows you to buy an amount of BTC worth $100 per day ($300 per week). After you successfully complete two transaction and provide a PayPal screenshot demonstrating your address info, you account is promoted to Level 2, which brings your buying limit to $350 per day ($1,000 per week). To obtain the 3rd verification level, you have to complete at least 5 transactions and take a selfie with two ID documents. This enables you to buy an amount of BTC worth $800 daily or $2,000 weekly. The fourth level has limits set at $2,000 a day ($4,000 a week) and requires a personal letter for PayPal.