How can I buy Ethereum using PayPal?
Buying Ethereum with PayPal is an attractive option for the buyers facing banking restrictions in their countries of residence. At the same time, this is a viable alternative to banks whose transaction or conversion fees are considered too high…
Buying Ethereum with PayPal is an attractive option for the buyers facing banking restrictions in their countries of residence. At the same time, this is a convenient alternative to banks whose transaction or conversion fees are considered too high for one’s taste or pocket. There are few quick legit ways how to buy Ethereum with PayPal.
Since late 2020, you can buy cryptocurrencies using your PayPal e-wallet. All you need to do is have a funded PayPal account, choose the cryptocurrency you want to buy, and confirm your purchase.
However, buying ether on PayPal has its own caveats. For instance, PayPal does not allow you to withdraw your crypto assets into a private self-hosted wallet, meaning that you won’t be able to use it for anything else but selling it back to PayPal once its price goes up or down. The essence of cryptocurrency is the ability to own private digital cash without having to rely on any intermediaries and send or receive them in a censorship-resistant way. At least for now, getting cryptocurrency via PayPal is a safe way to get exposure to the asset class, but it does not let you use it in ways it was made to be used – as a free and open peer-to-peer (P2P) financial system without trusted intermediaries.
Luckily for you, there actually are three other methods of how you can buy Ethereum with PayPal instantly via other platforms that give you full ownership of your digital assets.
Buy Ethereum With PayPal via eToro
The easiest way to buy Ethereum with PayPal is by using the eToro platform. Although it is primarily a CFD’s trading platform, you can also buy, hold, and send cryptocurrencies using eToro wallet. Aside from Ethereum, you can also use PayPal to buy Bn, itcoin, Bitcoin Cash, LitecoiDash, and Ripple cryptocurrencies. The platform itself is super easy to use and is often regarded as one of the best places for beginning investors. The minimum deposit starts from $200. In 2019, eToro is planning to release support for more coins and enter the US market, too.
How can I buy Ethereum using PayPal?
Buying Ethereum With PayPal via LocalEthereum
Another option is to visit LocalEthereum as an informal exchange platform on which you can find and get in touch with people who sell ether in various areas. Depending on their preferences, they may accept PayPal payment from you.
LocalEthereum operates as a website which connects you with people who want to sell Ethereum in your local area or worldwide. It is like “eBay of Ethereum.” Depending on how thorough you are in your search, sooner or later you will find someone willing to accept PayPal payments. If you want to buy ETH with PayPal in this manner, you should pay attention to any aspect of a transaction in advance, as you alone will bear the risk of dealing with scammers. Some of them may claim that they never received your payment, so go for reputable traders only. Make sure you check their terms of trade and try to learn as much about them as possible before clicking on a payment button.
Steps to buying ETH with Paypal on eToro
Step 1: eToro Sign Up
- Visit the eToro website and click ‘Sign Up’.
- Submit some personal details like your name, email address, phone number, and password.
- To quicken the process, you may also sign up through your Facebook or Google accounts
Step 2: KYC & Verification
- You will need to provide identity proof. Upload a copy of either your driver’s license or passport. KYC process is mandatory for every user.
Step 3: Deposit funds by selecting Paypal as your payment method
- Select PayPal as your payment method
- Deposit the amount of your choice to your eToro wallet
- Search for Ethereum in the search bar on the platform and buy Ethereum. Take a look at the price of the digital coin before you buy it.
- eToro has a minimum deposit of $10, which is lower when compared to other popular trading platforms.
What to keep in mind while you buy Ethereum with PayPal?
You should complete the verification process before you go ahead and make your crypto purchase. To have uninterrupted access to the platform, completing the verification is necessary. If you want to save the waiting time at any later stage, then go through the entire verification process once and for all.
Also, when you add many layers of authorization, you will automatically be more secure. In this way, you will have an account that is safer and is well integrated to ensure seamless accessibility when you buy Ethereum or any other asset on the platform with PayPal.
You should be aware of phishing links and never trust suspicious emails. You may come across PayPal phishing links frequently and the notion of phishing with cryptocurrency can be challenging. These links are used to trick users to submit their credentials or make cryptocurrency deposits.
You should always check the browser’s security indicator whenever you log into your account or access sensitive information. (Chrome has a lock symbol on the URL bar, which you can click to check the info out). This helps you to know about the site provider and the additional specifications of the site you are currently on.
In case you use a lesser-known third-party exchange, make an effort and do your research to understand how reliable the exchange is.
Do your thorough study before you go ahead to buy any asset online. Never go for sites that talk about buying Ethereum with PayPal if you haven’t heard about them anywhere on the internet. If the sites have no online reviews or acclamations, then better to let it pass. Stay away from the scams targeting the cryptocurrency and PayPal community.