3 Methods to Buy Ethereum with PayPal Instantly
PayPal has the benefit of being both fast and widespread enough to be a prominent online payment system. Yet, can you make use of its qualities to buy Ethereum (ETH) without hassle?
The answer is yes. Since late 2020, you can buy cryptocurrencies using PayPal 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. First and foremost, 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 coins. However, the procedure might not be as simple as the title may lead you to conclude.
First, you can forget the idea to use PayPal to buy Ethereum directly on regular crypto exchanges. Yes, this may change in the future, but, at the moment, your safest bet is to fire up your PayPal to get non-limited Ethereum via other trading platforms.
1. Buy Ether with PayPal via eToro
The first of the 3 methods to Buy ETH with PayPal instantly is to use eToro brokerage platform. Although for a long time eToro was just CFD's broker, since 2019 it has become one of the most rapidly growing crypto trading services. It allows users to purchase 14 different cryptocurrencies and their CFDs, including:
- Bitcoin Cash
- Ethereum Classic
- Binance Coin
You buy the actual asset whenever you long it. You can also withdraw your coins to a dedicated eToro wallet, but it doesn't support every coin on the platform yet. It does support Ethereum though, making eToro one of the most beginner-friendly ways to buy ether with Paypal.
2. Buy Ethereum with PayPal via LocalBitcoins
The second method is to visit the LocalBitcoins site which operates as an informal peer-to-peer exchange for the BTC enthusiasts. Depending on who you get in touch with, that person may be willing to accept PayPal payment from you in exchange for their Bitcoins, which you can promptly convert into Ether. For that, you'll also need to register on an altcoin exchange like Coinbase, Binance, Bittrex, HitBTC, Poloniex, KuCoin or similiar.
3. Buy Ethereum with PayPal using LocalCryptos
Finally, the most direct way to buy Ethereum with PayPal is actually a bit riskier, but no less than what you have if you decide to use LocalBitcoins. LocalCryptos peer-to-peer platform functions just like its Bitcoin-oriented counterpart and some users will be willing to sell you their Ethereum in exchange for PayPal payment. Bear in mind that the risk of frauds on these sites is significantly higher compared to formal exchanges – look for reputable traders only as the only thing standing between you and a successful scam is your wits.