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How to buy Litecoin with PayPal
There are many platforms that accept PayPal as a method of payment, and this page shows you the ones that do and how to choose between them.
Where can you buy Litecoin with PayPal?
We’ve compiled a list of top-rated brokers that let you deposit money with PayPal. You can check them out in the table below, or keep reading to find out more about how to use them.
What is a PayPal Litecoin broker?
A broker is a service that executes cryptocurrency trades for you, in this case, offers Litecoin. On this page we are looking at those platforms that take payment via PayPal to carry out Litcoin trades for you. Make sure you do your research before choosing one that’s right for you.
How to deposit and withdraw via PayPal
Different brokers can have different procedures when it comes to making deposits. That said, here are some basic guidelines you can follow on how to deposit money with a Litecoin broker using PayPal:
- Open an account with a broker that accepts PayPal as a form of payment, then verify it with a form of ID.
- Go to your broker’s website, and select the PayPal option on the “Add money” screen.
- You will then be prompted to link your PayPal account to your brokerage account.
- Add money to your Litecoin wallet by entering an amount and selecting PayPal as the payment method.
You cannot withdraw Litecoin directly to your PayPal account. This is because PayPal cannot hold cryptocurrencies. But if you’re selling your coins for fiat currency, some brokers allow you to withdraw those funds to your PayPal account.
If you have set up your PayPal with your chosen broker/exchange in order to deposit funds, then you’ve already done the hardest part and can just select your PayPal account from the withdrawal options. Otherwise you simply need to select the “Withdraw” button and enter your PayPal details to withdraw funds.
What should I look for in a broker?
The first step is for your broker to accept PayPal as a payment method, which is by no means guaranteed. Once that’s been achieved, look for one that offers superior service and value. Here are some key traits to look for:
- Competitive transaction fees. The fees you’ll have to pay can vary widely depending on the service you use to make trades. Our guides will help you find the most reasonable transaction fees for using PayPal.
- Speed. Your broker should enable you to make purchases within minutes.
- Ease of use. The best brokers make it simple, even for beginners. You don’t want to spend a long time finding out how to buy Litecoin with PayPal, you just want to be able to go in and get started.
- A strong reputation. Look for a broker with strong user reviews. The reviews that we offer on this site can help.
- A verifiable track record. The broker you choose should have a track record of executing crypto purchases reliably for a number of years. Although PayPal hasn’t been accepted for very long as a method of purchasing cryptocurrency, a successful track record with other methods still matters.
Should I buy Litecoin using PayPal?
- Secure. PayPal offers a high level of security to protect you against fraud.
- Fast. Choose the right broker, and the purchase will happen in just a few minutes, or less.
- Convenient. If you already use PayPal for many everyday purchases, it will be a natural transition for you to start using it for cryptocurrency as well.
Yes, although best way to do that is to select a peer-to-peer crypto exchange. Brokers tend not to let you remain anonymous.
You do not necessarily need a crypto wallet. Litecoin brokers and exchanges will often allow you to store your coins in your account without the need to transfer those coins to a personal wallet. However, some services will require you to enter an existing wallet address where the coins will be sent.
For a higher level of security, it is a good idea to move any coins you’re not planning on selling or trading in the near future to an external wallet – ideally a hardware wallet.
It usually takes just a few minutes. In some cases, it can be done even faster.
Yes you can, but you need to do your research. Only a select few services offer instant, straight transactions where you can buy direct from your PayPal account.
The fees can actually be quite high. Though in some cases they are about 2%-3%, some services may charge 10% or more.
Moreover, the price you’re quoted on certain exchanges can already be on the expensive side, and thus even more harmful to your bottom line than the transaction fees you pay. Check out the services that we profile on this page to find the best deals around.
No, you cannot. If you want to hold Litecoin, you can use PayPal as the method of payment, then store your coins in a crypto wallet.
Only for withdrawals. You can use PayPal on Coinbase to withdraw money, but Coinbase does not allow you to deposit money from there.
Yes you can, including top coins like Bitcoin and Ethereum.
PayPal is not the easiest method. The primary reason why it isn’t is that many brokers and exchanges don’t yet accept PayPal as a method of payment. That said, if you find a good broker that does accept PayPal, and you already use PayPal frequently for other purchases, it can be a really convenient way for you to do so.
Pro: There’s no ID required to set up your Litecoin trading account on a peer-to-peer exchange. That makes peer-to-peer exchanges a great choice if you want to remain anonymous.
Con: Certain peer-to-peer crypto exchanges are highly vulnerable to scams.
Not as easy as it is to find peer-to-peer exchanges that let you use a debit card. PayPal is still a relatively newly accepted (albeit growing) payment method for crypto transactions.
Given the high fees associated with it, as well as the lower number of brokers and exchanges that accept PayPal as a method of payment, there are better choices for beginners.
It can be, yes. Like other cryptocurrencies, Litecoin can be volatile. If you want to smooth out the ups and downs that can happen during shorter timeframes, buying and holding through those bumps in the road could lead to impressive long-term profits. This is especially true when you consider the high fees involved in using PayPal, which make it hard to turn a profit when trading coins quickly.
Fact-checking & references
Our editors fact-check all content to ensure compliance with our strict editorial policy. The information in this article is supported by the following reliable sources.
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