Using Paypal to buy Ethereum

Are you interested in buying Ethereum (ETH) but prefer to use PayPal for online transactions? You’ll be happy to know that you can indeed buy cryptocurrencies using a PayPal wallet since late 2020. It’s a fast and convenient way to get exposure to the asset class.

To purchase Ethereum on PayPal, all you need is a funded PayPal account, and then you can choose the cryptocurrency you want to buy and confirm your purchase. However, it’s worth noting that buying Ether on PayPal does come with its own limitations. For instance, PayPal doesn’t allow you to withdraw your crypto assets into a private self-hosted wallet, which means you won’t be able to use it for anything other than selling it back to PayPal when the price goes up or down.

It’s important to remember that 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. While using PayPal to get exposure to cryptocurrency is a safe way to do so, it doesn’t allow you to use it in ways that it was made to be used, such as a free and open peer-to-peer (P2P) financial system without trusted intermediaries.

If you’re interested in buying Ethereum with PayPal instantly and owning your coins outright, there are three other methods that you can use. The first method is to use the eToro brokerage platform, which allows you to purchase 14 different cryptocurrencies, including Ethereum, Bitcoin, and Litecoin. You can buy the actual asset whenever you long it, and you can withdraw your coins to a dedicated eToro wallet. However, it’s worth noting that PayPal payment is not available for US users.

The second method is to visit the LocalBitcoins site, which operates as an informal peer-to-peer exchange for 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 similar.

Finally, the most direct way to buy Ethereum with PayPal is to use the LocalCryptos peer-to-peer platform. Some users will be willing to sell you their Ethereum in exchange for PayPal payment. However, it’s worth noting that the risk of fraud on these sites is significantly higher compared to formal exchanges. Make sure to look for reputable traders with an established history before conducting any transactions.

Overall, there are several ways to get ETH with PayPal. Keep in mind that each method has its own benefits and drawbacks, so it’s important to weigh them carefully before making a decision. If you want to learn more about Ethereum and cryptocurrencies, check out our other guides for more information.