For a long time, the main obstacle to the purchase of cryptocurrencies was the security of the platforms. Thanks to PayPal, it is no longer necessary to provide bank details to access these services. Overview of platforms for buying crypto currencies with PayPal.
Is it possible to buy cryptos directly through PayPal?
Since October 2020, PayPal has allowed its US users to buy and sell cryptocurrencies directly from their accounts. However, this functionality remains for the moment inaccessible outside the United Statesespecially in Europe.
However, many alternatives exist for those who still wish to proceed to buying cryptocurrencies with PayPal. Indeed, more and more centralized exchange platforms allow funds to be deposited via the American payment juggernaut.
It is important to note that currently, few exchanges accept PayPal funds deposits. This may sound surprising, but the reason is simple: buyers can use PayPal’s withdrawal feature and cancel their payment when the cryptos have already arrived on their wallet. A particular option that does not necessarily appeal to all platforms.
In this guide, we will go over a few methods to buy cryptocurrencies with PayPal. Before getting to the heart of the matter, here is a summary table of the different platforms allowing it:
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Buy cryptocurrencies with PayPal thanks to eToro
This quick tutorial will let you know how to buy cryptocurrencies through PayPal with eToro. This platform is renowned for its seriousness and can be used without fear, in particular because it complies with the French regulations imposed by the Autorité des marchés financiers (AMF) by having the status of PSAN.
To start, if you haven’t already done so, you will need to create an account on eToro. Below is an affiliate button that will redirect you directly to the crypto broker.
Buy crypto on eToro »
Once your account is created, you will need to go through some identity verification steps. This is a mandatory procedure imposed by French regulations. Thus, you will need to have a valid phone number and an identity document. Finally, you will have to wait until eToro verifies your information.
Now you have the choice of the payment method you want to use to deposit funds on eToro. Choose PayPal and enter the amount you wish to deposit into your eToro wallet. Click on the “Deposit” button, log in to your PayPal account and validate the transaction.
Note that your funds will be immediately converted into dollars and that eToro applies a 1% fee when depositing. Now you can search for the cryptocurrency you want to buy in the search bar at the top of the page, and click on “Invest”.
Then enter the amount you wish to allocate to this purchase and validate the transaction.
There you go, you now know how to buy cryptocurrencies with PayPal thanks to the broker eToro. You can dispose of your newly acquired cryptos as you wish, keeping them or transferring them to another wallet.
👉 Need more detailed explanations? Here is our opinion and complete tutorial on eToro
Other platforms to buy cryptos with PayPal
If you want to use a platform other than eToro to buy your cryptos with PayPal, there are other alternatives:
Coinbase;OKX;AvaTradePaxful;LocalBitcoins.
For these platforms, the procedure to follow will be very similar to that presented above for eToro. All you have to do is create an account and select PayPal as your method of depositing funds, then proceed with your cryptocurrency purchase.
It is important to note that these platforms are all different and offer a wide variety of services. But above all, they do not have the same level of security as eToro and it is therefore advisable to inquire seriously before using them.
Did you know that there is also a method to buy crypto with PayPal on Binance? Although the first cryptocurrency exchange does not directly accept deposits with this payment method, there is an alternative.
Indeed, all you need is a PayPal debit card. This is available free of charge to all French users with an account on the platform and simply needs to be requested. The shipment is very fast and takes just a few days.
Being usable anywhere on the Mastercard network, this card can therefore be used to deposit funds on Binance, directly from your PayPal account. Thus, you will be able to buy any cryptocurrency available on the Binance platform.
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The advantages and disadvantages of PayPal
PayPal allows you to pay for purchases on many sales sites. This means of payment is very popular, because it avoids using your bank card. Indeed, it is normal not to want to enter your bank details on websites, even secure ones, at the risk of being hacked.
In other words, a PayPal account is perceived as an additional security since it is not mandatory to link it to a bank account or a payment card.
In addition, PayPal offers insurance on the delivery of purchased products, which covers the purchase until it is delivered. If you have not received your product or if it is damaged, you can declare a dispute and you will automatically be reimbursed.
Finally, PayPal is also appreciated, because creating an account only requires providing a valid email address. As a result, some users favor this payment method because it does not require you to reveal your identity.
Attention, in our case, this advantage is not necessarily true. Indeed, each cryptocurrency platform accepting deposits of funds by PayPal will systematically ask you to verify your identity when creating your account. In other words, regardless of the means of payment, your personal data will already be held by the platform.
One of the main disadvantages of PayPal is that its use is restricted or even prohibited in certain geographical areas: Africa, the Middle East and part of Asia are concerned.
In conclusion, regardless of the platform you choose to buy your cryptocurrencies via PayPal, we strongly advise you to transfer them to a personal wallet. More than ever, self-hosted wallets seem to be the ideal solution for storing your cryptocurrencies.
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FAQ: we answer your questions
Can I cancel my purchase through PayPal?
Yes, it is possible to cancel your purchase via PayPal if the product is not received, thanks to the option to open a dispute. However, this is not necessarily suitable for depositing funds on cryptocurrency purchase platforms.
Is PayPal secure?
PayPal is widely considered secure, especially because of the end-to-end encryption and the option of two-factor authentication that secure transactions.
Can I buy crypto with PayPal on Binance?
No, Binance does not natively support depositing funds via PayPal. However, it is possible to use this means of payment using the PayPal credit card.
Is there a PayPal corner?
No, PayPal does not have its own cryptocurrency.
Can you buy crypto with PayPal without verification?
No, cryptocurrency exchanges accepting deposits via PayPal always require identity verification beforehand.
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Journalist for Cryptoast, I strive to dissect every detail of the exciting world of cryptocurrencies and make it accessible and understandable to as many people as possible.
Lilian Aliaga
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