paypal has the advantage of being fast and widespread enough to become an essential online payment system. however, can we make use of its qualities to buy ethereum (eth) without problems? lucky for you, there are actually 3 methods to…
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 the end of 2020, you can buy cryptocurrencies using PayPal’s 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 of all, PayPal doesn’t allow you to withdraw your crypto assets into a self-hosted private wallet, which means you won’t be able to use it for anything other than selling it to PayPal once its price goes up or down.
The essence of cryptocurrency is the ability to hold private digital money without having to rely on any intermediary and to send or receive it in a censorship-resistant manner. At least for now, getting crypto through paypal is a safe way to get exposure to the asset class, but it doesn’t allow you to use it the way it was designed to be used, as a free and open peer-to-peer ( p2p) financial system without trusted intermediaries.
luckily for you, there are actually three other methods to buy ethereum with paypal instantly through other platforms that give you full ownership of your coins. however, the procedure may not be as simple as the title might lead you to conclude.
first, you can forget about the idea of using paypal to buy ethereum directly on regular cryptocurrency exchanges. yes this may change in the future but for now your safest bet is to start your paypal to get unlimited ethereum through other trading platforms.
1. buy ether with paypal through etoro
The first of the 3 methods to buy eth with paypal instantly is to use the etoro brokerage platform. Although for a long time Etoro was just the CFD broker, since 2019 it has become one of the fastest growing cryptocurrency trading services. allows users to buy 14 different cryptocurrencies and their CFDs, including:
- bitcoin cash
- classic ethereum
- binance coin
you buy the actual asset each time you roll it over. You can also withdraw your coins to a dedicated etoro wallet, but not all coins are supported on the platform yet. however, it is compatible with ethereum, making etoro one of the most beginner-friendly ways to buy ether with paypal.
disclaimer: paypal payment is not available to us, the users. etoro usa llc does not offer cfd, only real cryptocurrencies are available to users.
2. Buy Ethereum with PayPal via LocalBitcoins
The second method is to visit the localbitcoins site which functions as an informal peer-to-peer exchange for btc enthusiasts. depending on who you contact, that person may be willing to accept your paypal payment in exchange for their bitcoins, which you can quickly convert to ether. for that, you will also need to register with an altcoin exchange like coinbase, binance, bittrex, hitbtc, poloniex, kucoin or similar.
Check out our reviews and our guide on how to get altcoins to see which exchange best suits your needs.
3. buy eth 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.
Please note that the risk of scams on these sites is significantly higher compared to formal exchanges – look only for reputable merchants, as the only thing standing between you and a successful scam is your ingenuity.
as you can see there are several ways to get eth with paypal. Check out our other guides if you want to learn more about ethereum and cryptocurrencies.