Simple ways to buy Bitcoin with PayPal in Ireland

There are many different ways to buy cryptocurrency, but using PayPal has long been seen as one of the most difficult and inconvenient methods available. PayPal is only accepted as a form of payment on a limited number of platforms, and often incurs additional fees.

In 2020, PayPal announced that US residents would be able to buy Bitcoin through the PayPal app. Residents in Ireland however, are not yet currently eligible.

That said, it’s still possible to buy Bitcoin with PayPal if you want to. Keep reading to find out where and how to do it.

Disclaimer: This information should not be interpreted as an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade.

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OFFER OKX Cryptocurrency Exchange OKX Cryptocurrency Exchange	OFFER	Bank transfer, Cryptocurrency, iDEAL, PayPal, POLi, SEPA, Faster Payments (FPS)	USD, CNY, EUR, ARS, AUD, BGN, BRL, CAD, CHF, COP	368 cryptocurrencies	Refer a friend to win a mystery box worth up to US$10,000. T&Cs apply.		Go to site View details	Compare	loading Fetching your data...
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Can you buy Bitcoin with the PayPal app?

PayPal now offers the ability to purchase Bitcoin and several other cryptocurrencies through the PayPal app. However, this feature is not available to residents outside of the US – and PayPal has not yet announced plans to extend the feature in Ireland.

Why don’t more exchanges offer PayPal?

This is mainly due to one simple fact: while PayPal supports chargebacks, Bitcoin (and other crypto) transactions are irreversible. As a result, it’s relatively easy for someone to buy Bitcoin with PayPal, complain that they never received the BTC they purchased and ask for a chargeback – that way scammers can keep their money and essentially get Bitcoin for free.

Because of this heightened risk of fraud, there are only a handful of crypto trading platforms and exchanges that accept PayPal deposits.

Types of platforms you can use

There are a few different options to choose from if you want to use your PayPal account to buy cryptocurrency:

Peer-to-peer marketplaces. The first option is to buy crypto through a peer-to-peer marketplace, such as LocalBitcoins or Paxful. These exchanges allow buyers and sellers to trade directly with one another, giving the seller the freedom to set their own exchange rate and accepted payment methods. Some sellers accept PayPal, and you can filter your search of available deals on the marketplace by payment method to help find a suitable seller.
Peer-to-peer lending platforms. xCoins is a peer-to-peer lending platform for Bitcoin lenders and borrowers. It accepts PayPal as a payment method for people wanting to access a “secured loan” of Bitcoin.

Pros and cons of buying crypto with PayPal

Pros

If you already have a PayPal account, payment is quick and convenient
Safe and secure payment method
Allows you to buy crypto with Euros (EUR)

Cons

Very high fees substantially increase the cost of the transaction
If the platform doesn’t accept EUR, currency conversion fees will apply
Limited number of platforms support PayPal

Must read: PayPal fees

If you’re considering buying crypto with PayPal, make sure you’re aware of all fees involved:

Many trading platforms impose high fees on PayPal transactions. These could be as much as 10% of your transaction amount.
If you’re buying through a platform that doesn’t accept AUD, currency conversion fees may also apply. If you’re converting to US or Canadian dollars, PayPal’s fee is 3.5% above the exchange rate. For all other currencies, the fee is 4% above the exchange rate.

Sites you can use to buy Bitcoin with PayPal

Let’s take a closer look at how to buy Bitcoin with PayPal on some popular platforms.

LocalBitcoins is a peer-to-peer marketplace where you can connect with Bitcoin buyers and sellers in your local area, and make the transfer in a way that suits you both.
To buy Bitcoin with PayPal you’ll need to:
1. Register for a LocalBitcoins account.
2. You then have two options:
- Browse existing ads from BTC sellers on the “Quick Buy” screen. Use the drop-down menu provided to select PayPal as your desired payment method, and click “Buy” if you find a suitable ad. You’ll then be able to view the trade details, enter the amount of EUR you want to spend or the amount of BTC you want to buy, and click “Send trade request”.
- Place your own ad. This allows you to specify your desired payment method, currency and transaction amount. Please note that you’ll need to complete ID verification before you can post an ad for a trade.
Pros and cons of using LocalBitcoins
Pros
You can buy Bitcoin with EUR
Platform is simple to use
Freedom to search for the price you want
Cons
It might take a while to find a seller that accepts PayPal
The rate you get depends on the deals available on the platform
Find out more in our full review of LocalBitcoins
Paxful is another peer-to-peer Bitcoin marketplace that accepts a long list of payment methods, including PayPal. Here’s an example of how to buy BTC using PayPal on Paxful:
1. Create a Paxful account.
2. Link your phone number and set your security questions and settings.
3. Click the “Buy Bitcoin” link at the top of the screen, then select EUR as your currency and enter the amount you want to spend. Choose “PayPal” as your desired payment method and click “Search”.
4. You’ll be shown a list of open offers that meet your search criteria. Click “Buy” next to one that satisfies all your requirements.
5. You’ll then be able to view the trade details and enter the amount of EUR you want to spend or the amount of BTC you want to buy. Click “Buy Now” when you’re ready to proceed with your purchase.
Pros and cons of using Paxful
Pros
Simple, quick and easy
Potentially one of the most cost-effective ways to buy Bitcoin with PayPal
Freedom to search for the deal you want
Cons
Might take some time to find a suitable seller
The rate you get depends on the deals available on the platform
Find out more in our full review of Paxful
xCoins is a Bitcoin lending platform where you can use PayPal to acquire a secured Bitcoin loan. Instead of buying or selling Bitcoin, users offer loans to each other and set an “interest rate”. Sellers “lend” Bitcoin, and buyers take this loan and then repay it in a single payment later on.
This may sound complicated but in practice it’s quite similar to using a more traditional crypto exchange. Here’s what you’ll need to do:
1. Sign up for an xCoins account.
2. Enable 2-factor authentication and verify your ID.
3. Enter the amount of BTC you want to buy and click “Get Bitcoin”.
4. Take a moment to review the total cost of the transaction and the amount of Bitcoin you will receive.
5. If you’re happy with the terms, accept the loan agreement and click “Continue to Payment”.
6. You will be redirected to the lender’s PayPal page where you can enter your PayPal account details and finalise payment.
Pros and cons of using xCoins
Pros
Much simpler than it sounds
Quick way to acquire BTC
Cons
High fees
Low transaction limits for new users

Bottom line

It’s possible to buy cryptocurrency with PayPal, but should you? The high fees involved and shortage of platforms that accept PayPal payments means that there are other more cost-effective and convenient options available.

For example, rather than funding your PayPal account from your credit card and then using that balance to buy crypto, you could use a platform that allows you to buy crypto directly with your credit card.

Having said that, there are several trading platforms that support PayPal if you insist on buying using this method. Compare the features and fees of those platforms to find one that’s right for you.

FAQs

No, Coinbase does not currently accept PayPal transfers. At the time of writing, the only supported payment methods for buyers in Ireland are SEPA transfers and Ideal/Sofort payments.
Not really. While there are some platforms that allow you to buy cryptocurrency without providing any proof of ID, PayPal isn’t an anonymous payment method. This is due to the fact that you’ll need to fund your PayPal account from a linked bank account or credit card, which will in turn be linked to your identity.

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Disclaimer: Cryptocurrencies are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the cryptocurrencies discussed.

Disclosure: At the time of writing the author holds ADA, ICX, IOTA, POWR and XLM.

Thank you for your feedback!

Tim Falk

Tim Falk is a freelance writer for Finder. Over the course of his 15-year writing career, he has reported on a wide range of personal finance topics. Whether you're investing in stocks and ETFs, comparing savings accounts or choosing a credit card, Tim wants to make it easier for you to understand. When he’s not staring at his computer, you can usually find him exploring the great outdoors.

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How to buy Bitcoin with PayPal

Step-by-step instructions on how to buy Bitcoin and other cryptos using PayPal.