How to Buy Ethereum with PayPal – Tutorial
In this tutorial, I'm going to explain step by step how you can buy Ethereum with PayPal. It is also possible to buy cryptocurrencies directly via your PayPal account, but this option is available only for some countries (currently only in USA and UK). So, in this article, I am going to explain a different way of doing it that works when paying with PayPal too.
In brief, you will need to do the following:
- Register with a broker
- Verify your account
- Make a deposit
- Search for the cryptocurrency ETH
- Buy Ethereum (ETH)
This guide will explain to you how to buy cryptocurrencies with eToro because they accept payments via PayPal. So, to buy Ethereum (or other popular cryptocurrencies like for example, Bitcoin, Ripple, Dogecoin, Cardano, Bitcoin Cash, or Ethereum Classic) you will need to register on the eToro website:
* eToro USA LLC; Virtual currencies are highly volatile. Your capital is at risk.
On their website, click on the “Join Now” button. After that, you will need to fill in the registration form and click on the “Create Account” button.
Before you start trading, you will need to verify your eToro account. This is required by law, as you will be buying cryptocurrencies in your own name. To verify your account, you will need to upload a legible copy of your ID card, driving license or passport. You will need to take a picture or scan it from both sides. Then you will need to wait a few days until they verify it.
When you will have your account verified, in your eToro control panel, click on the blue button “Deposit Funds” that is located in the bottom left corner in your eToro control panel. Then, you will be able to make a deposit into your account.
Now, enter the amount that you want to deposit into your account and choose a payment option. I'm going to pay with PayPal, but it is also possible to pay with your credit / debit card, via bank transfer, Skrill, or you can use some other available payment methods as well.
After that, you will be redirected to PayPal to complete the payment. In case of choosing a different form of payment, you will also need to make the payment differently.
When you have your money deposited into your eToro account, you will be able to buy Ethereum (or any other cryptocurrency). Just search for the particular currency (there is a search form at the top of your eToro account). I search for “Ethereum” and then click on the blue “Trade” button, and I make my purchase.
Finally, you will just need to enter the amount of money of your purchase, click on the “Set Order” button and that's it.
Currently, Ethereum is probably the second most popular cryptocurrency. It is an open-source service that uses the Blockchain technology. It offers possibilities for launching decentralized apps for developers. Even if Bitcoin remains the most popular cryptocurrency, there are still speculations that Ethereum could overtake its position over time. This is indicated by its aggressive growth.
And how is Ethereum different from Bitcoin? The biggest difference is that the time that is needed to create one block of Ethereum is just 12 seconds, while with Bitcoin it is 10 minutes. And that's a big difference. This allows the miners of Ethereum to mine more Ether.
The founder of Ethereum is a young Canadian with Russian roots, Vitalik Buterin. He started to be interested in cryptocurrencies in 2011, when he was a 17-year-old programmer. He was also a co-founder of the Bitcoin Magazine. In 2014, in a crowdfunding campaign, using which they were selling Ether (Ethereum token) to its members, they raised more than $18 million. In 2015, he founded Ethereum, firstly known as Frontier. Later, Ethereum has divided into two blockchains; Ethereum (ETH) and Ethereum Classic (ETC).
EToro also offers a CopyPortfolios feature that allows you to copy the purchases of other people, but I have not tried it yet. If you want to use eToro to buy some cryptocurrencies, you will most likely not need to use it. This feature is more popular for stock trading.
Gradually, as time passes by and the value of your portfolio increases, you can sell your assets. Or, if you are like me, you can hold your portfolio for a longer time.
The time will show us which direction Ethereum will take next.
Good luck with trading!
If you want to keep your cryptocurrencies at a safe place, I recommend that you use the hardware wallet from the Czech company Trezor. Personally, I use it and I have my crypto assets stored there. So, I recommend that you transfer your crypto purchases to this crypto wallet immediately after their purchase. It is the safest way of keeping them because they are stored offline on a hardware device.
Earnings disclosure: Some of the links on this blog are affiliate links. That's what helps me keep this blog running & updated.