Ethereum purchases have increasingly become popular in recent times. This can be attributed to the positive sentiment around the token, as many experts and analysts believe Ethereum might be a good investment option. Let’s not forget the constant demand for Ether by NFT creators, smart contract developers, etc., plays a part in driving the ETH price high. But as you can buy this crypto asset on different platforms, this article guides you on how to buy Ethereum with PayPal. How to buy Ethereum with PayPal
An Overview Buying Ethereum With PayPal
PayPal started to allow users to buy, sell, and hold Ethereum through its e-wallet in 2020. The platform offers a reliable option for traders in countries facing banking restrictions and other challenges that could hamper investing in crypto assets.
You must open a PayPal account to start using the platform. You will also be required to complete a KYC (know your customer) process, which is due to the strict regulations surrounding cryptocurrency.
But, while you can buy Ethereum directly on PayPal, crypto exchanges have integrated PayPal as their payment gateway to enable you to purchase the token and other cryptocurrencies.
How To Buy Ethereum On PayPal
If you want to stay on PayPal to purchase your ETH, here is how to do so with a Paypal account:
- Visit the official PayPal website or download its app on your mobile device.
- Create a PayPal account and log in.
- Click “Crypto” to see the available cryptocurrency options to buy.
- Choose “Ethereum” and enter your preferred amount.
- Review the details and any fees, then click “Buy.”
- Your transaction will be completed after the deduction of the trading fee, and your PayPal balance will be updated with the new ETH you have just purchased.
Crypto Exchanges To Buy Ethereum With PayPal
1. Binance
Binance is the world’s largest crypto exchange by daily trading volume. It enables you to buy digital assets – from Ethereum to NFTs (non-fungible tokens). This platform supports over 600 cryptocurrencies, exposing traders to many fields of the crypto ecosystem.
While Binance is primarily used as an exchange, you can still use its peer-to-peer (P2P) trading platform to buy Ethereum with PayPal. You can fund your account with fiat currency to achieve the trade.
Trading fees on Binance are low, as it is 0.1% of every trade you make. But if you want to purchase Ethereum immediately outside the exchange, you will be charged a 0.5% fee.
2. Coinbase
Coinbase is another exchange that enables you to buy Ethereum directly with PayPal, especially for beginner traders. You must create a Coinbase account and enter all relevant information. Then, you can link your PayPal account directly with Coinbase.
However, it should be noted that only United States users can purchase Ethereum or add US dollars using PayPal. So, customers in other countries or regions can only use PayPal to sell Ethereum or cash out.
Coinbase has high trading fees, ranging between 0,5% and 4.5% per trading, depending on how much Ethereum you purchase.
3. Crypto.com
Crypto.com enables you to use PayPal to purchase ETH. You can fund your Crypto.com Visa card with PayPal to start the trade instantly, but it comes with a 2.1% fee. The maker/taker fee on this platform is 0.4%, as it also accepts fiat deposits through bank transfers to PayPal.
Pros And Cons Of Buying Ethereum With PayPal
Purchasing ETH with PayPal has its perks and pitfalls, which is important to understand when you want to use the method.
Advantages Of Buying Ethereum With PayPal
1. Security
PayPal offers buyer protection and other security measures to protect your crypto transactions. This gives you peace of mind when buying Ethereum because you are protected against fraud or unauthorized transactions.
2. Instant Funding
PayPal transactions are usually fast – enabling you to make quick Ethereum purchases. This is because funds will be instantly available to trade without delay.
3. Low Fees
Low fees are important for users to buy ETH using PayPal. As such, the platform charges zero transaction fees, with no hidden or monthly payments.
Cons Of Buying Ethereum With PayPal
1. Limited Platforms
You can not buy ETH using PayPal on all platforms. Some exchanges that support this method are Binance, Coinbase, Crypto.com, and Bitstamp. Therefore, you may not be able to use PayPal if any of these exchanges are not in your country or region.
2. Withdrawal Limitation
Some platforms may limit the withdrawal of Ethereum purchased with PayPal. So, you might be restricted to holding and selling your token on the platform, as against your wish.
Frequently Asked Questions (FAQs) About Buying Ethereum With PayPal
Can I Purchase Ethereum With PayPal?
Yes, you can buy ETH using PayPal. You can acquire the token through the PayPal platforms or crypto exchanges like Binance and Coinbase that support PayPal.
Can I Send ETH From PayPal To A Wallet?
You can transfer your Ethereum from PayPal to external wallets.
How Much Ethereum Can I Buy On PayPal?
You can buy Ethereum from as low as $1 to as much as $100,000 on PayPal.
Conclusion
Buying Ethereum using PayPal has both benefits and drawbacks, as highlighted in this article. But, overall, it is an ideal payment method for beginners who want to begin to purchase crypto assets.
Nonetheless, you can also use crypto exchanges that support PayPal payments if they meet your preference. That is why it’s essential to weigh your options before choosing the best way to buy Ethereum with PayPal.
