Buy Ethereum with Paypal

Discussion in 'Cryptocurrencies Investment' started by Olayanju Kabir, Jun 4, 2017.

  1. Olayanju Kabir

    Olayanju Kabir Itz Kofem Staff Member

    Is it possible to Buy Ethereum with Paypal Dollar or money? Currently there is no online service that offers a direct way to buy Ethereum with PayPal. The good news is that buying Ethereum with PayPal is possible, but with workarounds. The bad news is that all options listed below are complicated and carry high costs.

    Why you can’t buy Ethereum directly with PayPal?

    You can’t directly buy Ethereum using PayPal, because it is risky for the seller, and therefore a few sellers will offer this. Major exchanges do not allow funding through PayPal at all. This is largely due to repeated cases where someone pays for crypto-currency with PayPal, receives it and then fraudulently complains to PayPal or their credit card company that they never received them. In most cases PayPal sides with the fraudulent buyer and this is understandably too risky for Ethereum seller.

    Buy Ethereum with PayPal via Bitcoin
    Probably the best option to invest your PayPal money into Ethereum is to buy Bitcoin crypto-currency with PayPal first and then exchange Bitcoins to Ethereum on an exchange site.Let’s go step by step.

    First, buy Bitcoin with PayPal

    Option 1: VirWox

    You have a few options to buy Bitcoins with PayPal. Currently, the best and the safest option is Virtual World Exchange. Using the VirWox you can buy another currency, that is Second Life Lindens (SLL) with PayPal and then convert your SLL to Bitcoins.

    This will cost you around 6% in transaction fees but will let you purchase Bitcoins pretty quickly as opposed to other platforms. They do not accept payments from unverified PayPal accounts and there is a limit of how much coins you can buy at once (starting with 88$ per day). You do not have to enter any additional information, and no financial information such as credit card numbers or bank accounts.

    Read also: Can Ethereum reach the Bitcoin's price?

    Option 2: P2P marketplaces

    If you don’t like VirWox, you are not the only one. You can also use peer-to-peer marketplaces to do the deal. LocalBitcoins is a marketplace for trading Bitcoins locally to cash or on-line payments of your choice. Similar to them is Paxful. It is a marketplace for buying Bitcoins directly from other people. Another way to instantly get a bitcoin through PayPal is a secured loan (another word for “buy”) offered by the peer-to-peer bitcoin lending site xCoins.
    The problem with all P2P platforms is that you will pay about 15-25% in fees.

    Option 3: trading site LakeBTC

    Another option to buy bitcoin with PayPal is at cryptocurrency trading site LakeBTC. They support only USD PayPal payments. USD deposited to your LakeBTC account via PayPal will be available for trading immediately, but withdrawals/payments will be available a month later. Fee is unfortunately quite high for this kind of transaction and it is about 10%.

    Second, exchange Bitcoin into Ethereum

    Now you need to transfer your Bitcoins to an exchange of your choice and exchange them to Ethereum (Ether). At the moment you can get Ether from several Bitcoin exchanges, we suggest as they recently launched Ether trading and even set the trade fee to 0% for Ethereum to Bitcoin trading/conversion (ETH/BTC pair). Users can also buy Ethers for USD using their ordinary Visa/MasterCard issued in any currency or bank account).

    Other exchanges that allow you to buy Ether with Bitcoins are Kraken (forex trading and Bitcoin exchange in one service), Poloniex, Coinbase and ShapeShift (probably the best exchange if you want to exchange between different cryptocurrencies instantly and without account, but there is no traditional currency support).

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