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- 1 PayPal is one of the most widely used payment platforms that allows the buying/selling of cryptocurrencies.
- 2 The platform makes buying major cryptos like Ethereum easy and can be used in different ways for this purpose.
Buying cryptocurrencies isn’t as easy as it should be. Most countries don’t allow users to buy digital assets using funds directly through their bank accounts. Therefore, they use other means like centralized exchanges, decentralized exchanges, and other online platforms.
Paypal is one of those online platforms that have become quite popular among crypto users. This application works globally on different platforms and makes the buying process quite easy. For the uninitiated, PayPal is a highly popular payment platform among professionals across the globe.
People use it for secure and fast transactions and also for many other benefits. However, when it comes to buying Ethereum or any other crypto, users must know certain things. The platform is available as a means of payment on many exchanges. It provides the option of buying cryptocurrencies on its own portal.
Thus, users must know about all of the existing methods to pick the right one for buying ETH using PayPal.
Exploring Different Ways of Buying ETH Through PayPal
Using the following methods, digital asset users can buy Ethereum via PayPal.
Buy Directly Through PayPal
PayPal introduced the option of buying cryptocurrencies in 2020. Using this option, the users can buy, sell, and store crypto assets. They can also learn more about the crypto investment landscape using the platform. Nonetheless, the platform allows very few options due to the highly volatile nature of cryptos.
This includes Bitcoin, Litecoin, Bitcoin Cash, and Ethereum. Although the options are limited, PayPal makes the buying of crypto very easy. Here are the steps to buying crypto on the platform.
Step 1- Users need to create a PayPal account which is free of cost.
Step 2- After creating the account, they can click on the “Crypto” option from the main page.
Step 3- The next step is to choose “Ethereum” from the given options.
Step 4- The following step will require the user to link their debit/credit card.
Step 5- Once the payment options are sorted, they can continue with the purchase.
Traders should know that PayPal requires all its users to go through a KYC verification process. Moreover, depending on the country the user is living in, it may require more than just government-issued identity cards. For example, the users of the United States have to submit a W-9 tax form for verification. Also, they should know about the limitations of buying crypto on PayPal. The investors must buy or sell Ethereum valued at $1.
Buy Ethereum on eToro Using PayPal
eToro is another popular platform that crypto holders use for buying different cryptos. Being a Contract for Differences (CFD) brokerage platform, it makes buying, selling, and holding certain cryptos very easy. It allows the traders to benefit from price movements even if they don’t own the asset.
While it doesn’t have all the cryptos, its portfolio is bigger than PayPal. Users can buy all the major cryptos like BTC, ETH, Dash, Ripple, Stellar, Cardano, Neo, etc. To buy Ethereum using eToro, users need to have an account first. They can do it using either the eToro website or the mobile app.
Next, they need to deposit some money into their accounts. After that, they can search for Ethereum by clicking on the search bar on the main page. Once they see Ethereum, they can click on it, select the type of order, and proceed with the purchase.
Buy ETH From Crypto Exchanges Using PayPal
Many other crypto exchanges provide PayPal as one of the payment options. To know which ones, it’s better to search for such exchanges and then select them. Users can simply type “crypto exchanges with PayPal” on the search bar. They can easily see the exchanges that provide this particular payment option.
On such exchanges, buyers can directly buy ETH in return for another crypto. Since there is no fiat involved, they can enjoy full anonymity on such transactions. Some popular names in this category are Binance, HitBTC, Coinbase, Poloniex, Bittrex, etc.
Traders should know that engaging in P2P trading on a centralized exchange could be risky. Hence, they should take all the precautions or stick to DEXs for such transactions.
Considering Ethereum as an Investment in the First Place
Ethereum is the second most valuable cryptocurrency in the world. Furthermore, it has been the most adaptable digital asset with so many variations and use cases. Thus, investing in it is certainly something that every investor must consider. Furthermore, investors must make informed decisions, especially when they’re investing in cryptocurrencies.
That’s because cryptocurrencies are highly volatile and the technology along with the markets are still evolving at a rapid rate. Above all, some regulations are making their way into the crypto domain. In the next couple of years, many countries are expected to have legal frameworks pertaining to digital assets.
Therefore, traders must analyze the coins and the market before making any investment.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
