Buy Litecoin With PayPal
Are you looking forward to Purchase Some Litecoin With PayPal ? If Yes! you just landed on right page. Just like Bitcoin, buying Litecoin with PayPal is a tricky and complex procedure. When it comes to buy / sell litecoin, almost every exchange avoid to accept PayPal as a source of payment. This is largely due to result of fraudsters. In early days of litecoin some fraud people used to pay for Litecoin with PayPal, receives Litecoin and then falsely complains to PayPal that they never received the goods. PayPal sides with the bogus buyer and thus selling with PayPal become too risky for Litecoin sellers.
While there is a risk to the exchange with PayPal, we still have an exception in the name of VirWoX, which supports purchasing Bitcoins with PayPal and then trade those Bitcoins for Litecoin on another exchange. The process includes buying Second Life Lindens (SLL) with PayPal and then convert SLL in to Bitcoins. You will end up charged transaction fees regarding around 6-9% but will enable you to purchase Bitcoin pretty swiftly as opposed to a wire exchange.
The reason this method works because you do not buy Bitcoin directly using PayPal, instead you just buy SLL with PayPal (which is acceptable by PayPal’s TOS) and then exchange those SLL with Bitcoin on VirWoX and later exchange those Bitcoins for Litecoin. Here is how to do it:
first have a brief tour, we will need to set up two trading accounts. First is VirWoX, where we’ll buy Bitcoin with PayPal. VirWoX doesn’t support Litecoin at the moment, so we have to move Bitcoin to another exchange, such as BTC-e, There you will be able to trade your Bitcoin for Litecoin.
Following are the step-wise instructions to buy Litecoin with PayPal :
Step One : Register On VirWoX
Firstly go to VirWoX (Click Here) and register a new account by clicking on ‘Not registered yet’ link in the Login box located on left sidebar.
Step Two : Fill Out The Basic Information
Fill out your personal info, i.e. desired username and email address. When it asks for “avatar name” just leave it at “No Avatar”, it doesn’t matter, since you are not going to play Second Life.
Continue filling out all of the personal details and click “register” button.
Step Three : Activate Your VirWoX Account
Once you registered successfully, you will get a confirmation email including your password. Log in to your VirWoX account using the provided password.
We strongly advise you to change the system generated password by going ‘Change Settings’ option under ‘My Account’ category, as soon as your accounts is confirmed. Once you change your password, login back to your account and ignore the message saying “your avatar connection has not been validated yet”, you don’t need to verify your avatar for trading coins.
Step Four : Deposit Funds Using PayPal, Credit Card
Click on the Deposit button in left sidebar and add some funds (USD / EUR) to your VirWoX account, using PayPal or Credit Card. VirWoX also supports UKASH, Paysafe Card, Money Bookers, Sofort banking or Neteller to fund your account.
Step Five : Buy SLL With USD
Once you got your funds credited to your account, you can buy SLL with the funds you added in previous step. To buy SLL, look on the left sidebar and go to Exchange >>> USD / SLL or EUR / SLL, depending on your currency and buy SLL, we’ll later use these SLL to exchange with Bitcoins.
Note : There are two options to trade Market Order and Limit Order, both options has their own characteristics.
- You want your order executed immediately: In this case, you would simply accept the current best available rate, and place a “market order“.
- You are willing to wait for an even better rate: In this case, you place a “limit order” and specify your desired rate. Of course, your order will only get executed if and when somebody is willing to accept your offer.
Step Six : Buy Bitcoin with SLL
Once you have bought some SLL, go to the Exchange >>> BTC/SLL and buy Bitcoins with your SLL.
Note : Just like previous step you can set a Market Order or Limit Order.
Check video guide of buying Bitcoin with PayPal using VirWoX exchange right after the break
Step Seven : Create an Account on BTC-e
Create a new account at BTC-e exchange (Click here) to trade BTC for LTC.
Once you got your account created and verified, login to your BTC-e account and generate your bitcoin deposit address in Accounts.
At the bottom of the page you will see your Bitcoin deposit address (you can create a different address each time you do this process). Copy and save this bitcoin deposit address.
Step Eight : Transfer Bitcoins from VirWoX to BTC-e
Now go back to VirWoX account, go to “Withdraw” section, first option is bitcoin withdrawal. Now add bitcoin payee address you generated in previous step and hit the “Request Withdrawal” button.
Note : For new VirWoX accounts, bitcoin transfer can take up to 48 hours. You’ll receive a mail shortly after your withdrawal is completed. Once you receive confirmation, you can proceed to next step.
Step Nine : Trade Bitcoin for Litecoins
Now buy Litecoin with your recently transferred Bitcoins, first click on Trade, then select BTC/LTC pair and enter the number of coins you want to buy or set the price you want to pay per coin.
Step Ten : Withdraw Litecoins to Wallet
You can transfer your LTC to your Litecoin Wallet or Paper Wallet, If you don’t have a wallet check our previous article and create as per your need The Basics of Choosing a Litecoin Wallet. Click Finance, then to the right of LTC and click on Withdraw, then it will ask you to type in how much LTC you would like to withdrawal, and the address of where you want to send this money and funds should be transferred in about 30 minutes. That’s It.