You can also easily buy Bitcoin in Germany with Paypal. To do this, you need to register with a crypto exchange that accepts the online payment service provider. We’ll show you how to do this and why PayPal is a good choice for buying cryptocurrency.
Enlarge
Buy bitcoins and other cryptocurrencies with Paypal
© Primakov/Shutterstock.com
Investors in Germany had to wait a long time, but now it works: some crypto exchanges allow you to top up your trading account with PayPal. Buying Bitcoin and other cryptocurrencies is quick and easy. As a rule, you will also receive a wallet from the exchange of your choice, in which you can safely store your coins. Here we explain
where to buy bitcoin with paypal
what advantages does this have and what costs are currently incurred.
Why buying Bitcoin with Paypal is a good idea
Paypal is simple and clear, which is obvious from the first use. When sending money, there is no tedious entry of bank or account details, the (optional) fingerprint legitimation makes transfers in seconds. This broadband is particularly suitable for the crypto market: There you want to transact as quickly as possible, after all, cryptocurrency prices can change in a very short time.
Investors basically have two options for investing in Bitcoin. Either you buy the digital coins directly or you also need a wallet to store your coins securely. Alternatively, you can also bet on the course of cryptocurrency, so a Bitcoin broker is the method of choice. With this so-called CFD trading, you do not need to purchase an additional wallet. In this guide, we first want to explain how you can buy real bitcoins for your own wallet with Paypal.
Bitcoin mining with your own computer – this is how it works in 2022
buy bitcoins with paypal
First, you need to create an account with one of the crypto exchanges that accept Paypal as a payment method. These are currently eToro, Binance, Crypto.com or Libertext. eToro and Crypto.com do not charge Paypal fees for deposits, but fees for buying Bitcoin itself are common across all platforms. Whichever marketplace you choose, the first steps are similar everywhere:
-
Register on the site with your email address and a password.
-
You must confirm your identity. This usually works using the PostIdent or Video-Ident procedure and is unavoidable. Because it is a requirement of the Federal Financial Supervisory Authority. Information on experience in trading financial products is also mandatory. Sometimes your knowledge is even tested in a short multiple-choice quiz.
-
You can now fund your trading account. In addition to credit cards and direct transfers, Paypal is now also suitable for the aforementioned platforms. As soon as your transfer has reached the provider (with Paypal it’s often very fast), you can go ahead and buy Bitcoin or other cryptocurrencies.
Important:
Bitcoin prices are by no means the same on all platforms. It is therefore always worth comparing the offers of crypto exchanges.
These fees are due when using Paypal
Four Crypto Exchanges with Paypal Support in Detail
eToro
eToro is a popular and secure platform based in Germany. Trading with cryptocurrencies is simple and clear here. The minimum amount of money that we can buy on the crypto market at eToro is 200 euros. The daily maximum is 20,000 euros. Commendable: There are no fees for depositing through PayPal, but there are trading fees. They are currently at 1.00%. With a demo account, you can only simulate trading at the beginning, which is a great offer, especially for beginners. The exchange offers various cryptocurrencies to choose from in addition to Bitcoin, including Ethereum, Cardano, and Ripple. Bitcoin CFDs are also available here, and your own wallet is included.
binance
The selection of cryptocurrencies at Binance is particularly wide: over 1,000 different coins await buyers here. Paypal is available there as a means of payment but only on the Binance P2P platform. P2P stands for peer-to-peer and describes the direct exchange of assets between exchange participants. The trading commission here is only 0.10%, but the PayPal fees depend on the respective seller. In terms of trading volume, Binance is currently the largest crypto exchange with $20 billion.
Crypto.com
Those who already have experience in cryptocurrency trading will quickly find their way to Crypto.com. We can buy more than 200 cryptocurrencies here. A well-maintained application and a clear website are available for this purpose. Paypal fees are not charged when depositing, but there is currently a 0.4% trading fee when purchasing coins. Around 250 cryptocurrencies are available. Also here users are given a free wallet to keep their coins safe.
Libertex
The Libertext trading platform has over 2 million registered users. This is still considerably less than eToro, for example, with around 10 million users, but it is certainly proof of a dynamic market. Cryptocurrency CFD trading is commission-free here, but a 0.4% trading fee applies when buying real cryptocurrencies. The selection of around 40 different digital currencies is currently manageable, but the most important are: Bitcoin, Ethereum, Ripple and of course Dogecoin. Libertex has been around for about 25 years and the company is based in Cyprus. The platform provides us with its own wallet and offers a beginner-friendly demo account for risk-free practice.
If you want to save and manage your coins yourself after purchase, you can use your own wallet. So you don’t necessarily need to store your cryptocurrencies at the crypto exchange you use. In this article, we describe how to use a secure personal wallet.
The Best Trading Apps of 2022: Trade Stocks on Your Mobile Phone
Bitcoin or rather Bitcoin CFD?
Instead of buying real cryptocurrencies, you can also try profiting from crypto CFDs (if you have the experience). CFD stands for Contracts for Difference. Essentially, it is a bet on whether prices will go up or down. With so-called leverage, profits can be multiplied – but this also applies to losses. It is a highly speculative mechanic. This leverage is usually free if the trade is made on the same day. Otherwise, overnight charges apply. Anyone less interested in bitcoin technology and primarily interested in profits is well advised to use CFDs. It’s also a plus that you don’t have to worry about wallets and coin storage. But keep in mind that you also have to reckon with losses. Betting on the courses carries a high risk.
Conclusion
Getting into bitcoin trading is getting easier and easier, which of course is a good thing in principle. Paypal promises a high level of security as a means of payment and does not require us to transmit bank details. Moreover, it is currently only accepted by reputable online brokers, although by no means all of them. So far, however, only deposits via Paypal are possible, so the proceeds from coin sales cannot be easily transferred to the Paypal account. Additionally, there is the gambling nature of the crypto market: the prospect of high profits is tempting, but price action is unpredictable and often volatile. Any investment must therefore be carefully considered.