What information do I need to make it? Can I make a 'fake' one without my real information to trade gold?
No, Paypal will limit your account. You must be at least 18 provide proof of residency, link a debit card or bank account or both. First name last name and a few other things I can't think of off of the top of my head.
Do I need a bank account or credit card or something like that? I can lie about the residency stuff. Also, what is the limit? is it under 50 usd?
If they find out you're lying they will limit your account for I believe 180 days. You need a bank account, or credit card if you want to be verified and not have limits on your account.