How to Convert Paypal to Naira 2021
To Convert Paypal to Naira is a difficult thing for Nigerians who have made money online with paypal. So many Nigerians have shown interest in transferring funds from PayPal to their Nigerian bank account.
At the moment, Nigerian paypal users can’t receive money in Nigerian bank account. This is because personal bank accounts do not support receiving money in Nigeria.
This challenge has been a great concern for Nigerians. That’s why we are providing this article to solve the problem you night be facing.
All transactions are currently denominated in United States Dollars (USD). Naira, the official currency of Nigeria, is currently not supported.
Hence, to convert paypal to naira and get it into a Nigerian bank account, one needs to follow some processes.
To convert paypal to Nigerian Naira, you need to first convert paypal to bitcoin and then convert bitcoin to Naira. Exciting right? Read on.
Converting Paypal to Bitcoin
In recent years, PayPal has become favorable of Bitcoin. However, it’s still an issue to find credible places to buy bitcoins with PayPal. This is mainly due to chargeback.
How To Convert Paypal to Bitcoin
While PayPal now allows users to purchase Bitcoin directly through it, but you won’t be able to use your coins outside of its platform. Hence, converting on paypal is a no ! no !
In fact, ever since Virwox shut down its PayPal deposits in January 2020, it got really hard to obtain Bitcoins through a PayPal account.
RELATED: How To Withdraw Money from PayPal to Nigerian Bank Account 2020 – 2022
For the purpose of this article, we will use LocalBitcoins to exchange paypal to bitcoin and bitcoin to Nigerian Naira. LocalBitcoin allows you to actually withdraw Bitcoins to your own wallet, unlike other platforms.
Buy Bitcoin with PayPal through LocalBitcoins
LocalBitcoins is the pioneering and leading P2P Bitcoin trading platform, founded in 2012 and currently serving users from over 100 countries. On LocalBitcoins.com you can trade Bitcoins for traditional currencies through online trades, protected by an escrow service. This is also known as over-the-counter (OTC) trading.
People prefer to buy and sell Bitcoins OTC because it allows for fast transactions and more diverse payment methods. Centralized bitcoin exchanges are slow and cumbersome, trading directly with other people using the same payment provider makes the money move much faster. This creates a better user experience for the customer.
Hundreds of Bitcoin traders from all over the world already earn a living trading Bitcoins on LocalBitcoins using more than 60+ payment methods, this guide will help you become one of them.
Benefits of trading on LocalBitcoins.com
- The largest P2P Bitcoin trading platform, LocalBitcoins continues growing with more than 4000 new sign ups every day.
- Serving users from over 100 countries, LocalBitcoins gives you access to a global marketplace.
- Quick and easy way to trade Bitcoins.
- Escrow protection for safe trading protects both the buyer and the seller.
- Reputation system for finding and filtering trustworthy customers.
- Dynamic pricing system with hundreds of sources ensures your prices are always up to date.
- API to allow you to make your own trading applications to automate trading.
Learn more about LocalBitcoin here.
While buying bitcoin, you need to search for sellers that accept paypal as payment method.
Payment provider information
LocalBitcoin currently supports so many payment methods.
It’s a good idea to research a payment method before you start trading with it. Familiarise yourself with the terms of service and search online for other trader’s experience with the payment method.
Using Paypal as a payment method has a high risk. This is because it is easy for the buyer to reverse the payment, reversals can occur weeks or months after the trade.
The payment provider may lock your account without a refund after receiving payments for Bitcoin. LocalBitcoins are aware of several cases of fraud or other problems with trades. Proceed with caution.
To mitigate this risk, you need to set very low first time buyer limits.
Verify the buyer
If you are selling Bitcoins for a payment method that is reversible you should verify that it is the buyer who is making the payment with his own account.
When you receive a new trade, take a look at the buyer’s LocalBitcoins profile to gauge the reputation of the buyer. Go through the buyer’s previous feedback and his trading history.
Selling Bitcoin to Get Naira Cash
After you have successfully bought bitcoins, with paypal, you will have to sell to Nigerian buyers who can pay Naira cash.