By Frank Martin (MoneyAmped.com)
Are you thinking about buying the second-largest crypto asset, Ethereum? If so, you need a convinient payment method, and luckily for you, PayPal exists. Read our guide to learn how to purchase Ether using PayPal.
A Step-by-Step Guide to Buying Ethereum in PayPal’s Mobile App
As a PayPal user, you can buy Ethereum for as low as $1. This makes it ideal for people who do not want to risk a lot in crypto. Buying Ether directly in PayPal’s mobile app is straightforward. Here are the simple steps to follow:
1. Create a PayPal Account and Go to the Crypto Section
Before PayPal allows you to purchase Ethereum, you must create an account. To sign up, provide your email address and a strong password. After verifying the email, press ‘Account’ and then look for the ‘Crypto’ section.
2. Select Ethereum
In the Crypto section, tap ‘Buy’ and choose Ethereum as the coin you wish to purchase. Next, specify the fiat amount to be spent. Note that you can activate the ‘recurring purchases’ feature, which allows you to buy Ethereum daily, weekly, or monthly.
3. Choose a Payment Method
You can buy Ethereum using your PayPal balance or by linking your bank card to the app. Once you’ve selected your preferred payment method, PayPal will display the transaction details, which include the exchange rate, charges, and the Ethereum amount to be deposited in your account. Remember that crypto transactions on PayPal are irreversible. So, double-check everything before approving a transaction.
Buying ETH Using PayPal in a Non-Custodial Crypto Wallet
Popular crypto wallet MetaMask lets users buy Ethereum using PayPal. Here is how to do it:
1. Download the MetaMask mobile app or browser extension and create a new wallet.
2. Inside the wallet, tap ‘Buy’ and pick ‘PayPal as your ideal payment method.
3. Enter the amount of Ethereum to be purchased and press ‘Buy With PayPal’ to be directed to PayPal.
4. Log into your PayPal account and select the source of funds. After that, confirm the transaction. Ether will be deposited into your MetaMask wallet after a few minutes.
Buying Ethereum With PayPal on a Crypto Exchange
To ensure everyone accesses the crypto market, well-established exchanges like Binance, Crypto.com, Bybit, and Coinbase allow users to buy digital assets using traditional payment methods they are familiar with. One of them is PayPal.
Here’s how to buy Ethereum on a crypto exchange using PayPal:
1. Create an Exchange Account
After choosing a crypto exchange that facilitates PayPal payments, register an account and complete the Know Your Customer process, in which you will be required to upload your ID or driver’s license.
2. Link Your PayPal Account to the Exchange
Once you’ve verified your identity, pick ‘PayPal’ as your preferred payment method. The exchange will then redirect you to PayPal, where you need to approve the association. PayPal will appear in the list of ‘ Accepted Payment Methods’ in your exchange account after approval.
3. Buy Ethereum
Most exchanges support two ways to purchase Ethereum:
Market buy – This method lets you buy Ether at its current price.
Limit order – Here, you are allowed to specify a price at which you would like to buy Ethereum. The exchange will complete your order once Ethereum’s price reaches your target.
After specifying the ETH amount you want to buy, select PayPal as the payment method and complete the transaction.
Other Ways to Purchase Ethereum With PayPal
1. Peer-to-Peer Platforms – In most P2P trading platforms, you are likely to find sellers who support PayPal transactions. Once a seller confirms your payment, they will deposit the purchased ETH in your crypto wallet.
2. Third-Party Payment Processors – If you find a crypto trading app that supports payment processors like MoonPay, you can open an account with the processor and link your PayPal account to purchase Ethereum.
How Much Does PayPal Charge on Crypto Transactions?
While PayPal offers a convinient way to buy Ethereum, it does come at a cost. All crypto transactions attract charges ranging from 0.1% to 1%.
