How to buy STEEM with PAYPAL: complete step by step illustrated guide!

in #steemit3 years ago (edited)

paypal steem.jpg


Hello steemit friends,

This days I was surprised to see steem priced so low that I had a small amount of money on paypal and I wondered how to convert dollars into steem...
After some research, I wrote this complete illustrated guide, I hope might be helpful for you!

NO Affiliate Referral Link

FEES involved


STEP ONE

If you have a VIRWOX account you can skip this step; otherwise OPEN a VIRWOX account here:

https://www.virwox.com/register.php

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The red arrow denotes mandatory fields.
Check you e-mail for confirmation link.


STEP TWO

Deposit money from PayPal to Virwox

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  • Login to your Virwox account and click on the "Deposit" link.
  • Go to "PayPal Express Checkout" and complete the fields, then press "check out with paypal".

STEP THREE


YOU have to exchange deposited money to Virwox Currency (i.e. Dollar/SLL or Euro/SLL)

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Exchange deposited USD to SLL;

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Place a market Order

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It's a market order so it has been placed and filled completely. An exchange commission will be charged. Now you have SLL in your account balance.


STEP FOUR

Now you have to exchange SLL in your account balance to Bitcoin

Go to BTC/SLL:

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Exchange deposited SLL to BTC:

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Fill up the fields and then click on "Next" button and then Place Order.

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It's a market order so it has been placed and filled completely. An exchange commission will be charged. Now you have BTC in your account balance.


STEP FIVE

Go to your steemit and click "BUY STEEM"

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Now you are on BLOCKTRADES exchange (blocktrades.us) steemit user @blocktrades:

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"Your receive address" is pre-compiled and confirmed ("address is valid"), now you have to put the amount of BTC you want to convert to steem (your BTC in the Virwox account balance) and click on "GET DEPOSIT ADDRESS"

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Now we have the address to send our converted BTC to STEEM into our steemit wallet.


LAST STEP

Send Bitcoin converted in STEEM to your STEEMIT Wallet via BLOCKTRADES.US

Come back to Virwox and click "withdrawal":

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Then fill up the fields, put your deposit address in "bitcoin address" and then click on "request withdrawal" button. A fee of 0.005 BTC will be charged.

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That's all, after 2 or 3 working day, your steem will be in your steemit wallet.



I hope you found this guide helpful and If you believe it to be appropriate, I'd be grateful if you resteemed this post... it might be useful for other friends of steemit.

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This is so helpful. Thank you.

Thank you for resteem it.

of course friend, we help one another :)
I will try your method of using paypal soon.

thank you for sharing it with us

This is wayyy too much fees tbh. From the moment you deposit your paypal funds to the moment that you withdraw BTC, you end up losing too much money. I mean just their handling fee is 0.005 BTC ($30) and that's not including the commissions that are charged x_x

Yah that's pretty steep, especiall when I only want to buy $100 worth. Lol

Amazing step by step guide!

Thanks ;-)

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This post has received a 9.30 % upvote from @upgoater thanks to: @miti.

Wow, really cool that you can do that. Looks like a process. Thanks for sharing! I had no idea!

Thanks ;-)

This post has received a 0.58 % upvote from @buildawhale thanks to: @miti. Send at least 0.50 SBD to @buildawhale with a post link in the memo field for a portion of the next vote.

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Resteemed Upvoted
👍🏼 information

Thanks!

This post is very helpful for us @miti
Thanks for Resteemed @nideo

WOW!
I bookmarked this post!
I am following your instructions, I am super grateful for the effort you put into this post, it is most helpful.
THANK YOU!

Very informative, thank you very much @miti. I didn't know for this possibility.

That's why sharing is important ;-)

Be cool if there was an easier way but this isnt bad thanks!

Hi @miti
I just found this guide and I am curious, do you still use this method to buy Steem?
Thanks
@shortsegments

This is a good guide, there are a few ways to eventually buy steem but all of them are this complicated buy and sell dance taking fee hits on every currency change. It would be nice if there was a simpler way to get a bit of steem.

I agree with you @c0ff33a, unfortunately cryptocurrency are not recognised by bank (not all) and this allow to broker to charge fees on every currency change.
For this reason I think it's important to change $ into steem when price of the latter is low, in order to cover fees.

Thanks for the great step by step process ! IT looks like quite the process and may be intimidating as everything else is LOL! Upped !👍👍👍

Thanks! I have tried to explain as fully as and clearly as possible, because when I had to move my money I had a panic attack... :D
This is why I feel that it is important to resteem this post ;-)

Yes for sure ! Its upped and resteemed as well @miti , for me , I just want to figure out how do I move money from my bank account onto quadrigacx (because that's who I have an account with ) where I've taken money out after selling steem for Bitcoin on bittrex then moved it over to quad . So I have taken funds out but never actually put money in from my bank account . There's only so many places available here in Canada . Thanks !

Bank Wire seems like the easy way to do it...

quadriga.jpg

I guess that's I will do ! I all ready have a bank account they deposit into , you would think I could just do the opposite and buy Bitcoin first right from my account . No mater how anyone does it , its for sure a process is all im saying , im sure in the future it will be much easier and seem less !! Haha , I cant wait for that day !👍👍👍

Might be closer than you think.. ;-)

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Great tutorial. Thank you

OK...ok... I think it is easy to make post here :)))
Like I to some times ... I but Up I have 100 steem for sell ... and I will accept the money payment in PayPal. And if that person has transferred money and gave her steemit name too I can send steem. And it works . There is all time some one who want to invest.
And it also gives you the opportunity to collect names that who always buy steem.. or steem $ . And if you soon have a couple of good buyers who always buy, then you no longer need to make post that you want sell, then you just send 15 e-mails and this all. :))

You're right @foxkoit, but it's a little "unofficial" for taxes purpose, here in Italy and i think also in others nation. There's the need to justify the money movement because if not, we got a problem with tax authorities...

Then you have to start asking your government what's going on, if you say this what you just now text... that it looks like isolation. Then is question what you can do with your money then?

There is a tendency to use cryptocurrency to make illegal activity or to evade tax. . and this is not just a problem of Italy, but general problem. This matter is far too serious to be dealt with by means of an answer to this post.

Do you know that you can make illegal activity with each currency, and the biggest illegal transactions are being made every day what paper money. This is not a matter of crypt or money, It's about people sitting in front there and want to control everything. ( It's up to you ....when you say no. )

I apologize, if I say something bad... it is what I see. I hope that I will not go far behind the topic :)) Same time I say more then what I must. :)
And I'm not angry :) , I understand if you are against it what I text, we all see differently this world.

No mate, i'm not against it what you text.. . In fact, I agree with you on some things but my words was part of a larger conversation and I think are not strictly related to the post.
You've nothing to apologise for.. ;-)

Npr :)) I know I go a lot out of the topic :))

Hello, I am looking for only $5 USD in the form of STEEM$. $5 is quite literally all I have available in my paypal account and I am in a poor place with very little resources. I really have no other way of getting STEEM so if you could help me I would be very grateful.Untitled.png

Thanks for this helpful guide. This is a well explained tutorial. Just the info I was looking for.

You're welcome!

0.005 BTC today is $56.88.. But, I only have $5 in my account lol.. seriously.
I was really hoping to be able to get a small amount of steem, if anyone has any they would sell me I would be very grateful. Thank you!Untitled.png

Hi, @miti!

Thanks so much for writing this tutorial seven months ago. I'm just 121 days old here on Steemit and wasn't here back then. ;)

I wanted to ask if there are any updates on this that you've either published or could share here? Is VIRWOX still the best exchange to use to transfer Paypal funds to BlockTrades?

Have you found any good alternative since seven months ago, that involves less fees especially? ;)

Thanks, @miti.

Hi, sorry but I don't have update.

Ok. Thanks so much for your very quick reply, @miti.

You're welcome ;-)

Good idea... You have make an awesome guideline.

They don't accept credit/debit cards and PayPal anymore :D I don't trust such websites and services :)

Are you sure? It still works for me.

I am pretty sure. I've checked it 10 minutes ago both options were not available. Instead, I was advised to use skrill.

Posted using Partiko Android

Ok, same advice for me too.

Very informative