How To Buy Crypto With PayPal Australia? Safest Way Explained
Have you ever planned to buy crypto with PayPal in Australia? If yes, then this guide is just for you! There is no doubt that digital currencies have seen remarkable growth. The cryptocurrency space continues to grow, fueled by the massive growth of Bitcoin (BTC) and Ethereum (ETH)
Unlike fiat currency, the supply of most cryptocurrencies is limited and limited by mathematical algorithms. This makes it impossible for a political institution or government organization to decrease its value through inflation.
There are many ways to buy digital currencies, but the most popular is PayPal. In this article, we will cover how you can buy crypto with PayPal Australia.
How To Buy Crypto With PayPal Australia?
If you are learning how to buy crypto for the first time in Australia, i.e., if you are new to this investing field, eToro is undoubtedly the best crypto app for your business. The platform is straightforward to use and is not only ideal for beginners but also supports a solid regulatory framework.
For the latter, eToro is authorized and regulated by the Australian Securities and Investments Commission (ASIC). The safest and cheapest way to buy cryptocurrencies like Bitcoin and Ethereum with your PayPal account in Australia is to use eToro.
They offer instant PayPal deposits and no commissions for trading over 50 cryptocurrencies, stocks, and ETFs.
Step-by-Step Procedure To Buy Crypto From eToro Exchange
Following are the step by step procedures to buy crypto from the eToro exchange:
Sign Up To eToro Australia
If you are interested in buying digital currency through PayPal, eToro is the best platform in Australia. You must first sign up for an account. To do this, you must follow these steps:-
- On the eToro page, find the button labeled “Join Now” or “Trade Now” and click on it.
- On the following web page, you will find an e-form where you can fill in all the personal information required to open a new trading account.
- Fill in all the relevant and necessary information on this form accurately. Another option is to sign up via Facebook or Gmail.
Verify Your Account
The confirmation is part of the registration on the eToro platform. Once your account is verified you can enjoy all the benefits of the eToro trading platform. You need to upload a POI and POA to verify your account.
The verification process only starts after both documents have been sent and you can upload the documents directly for use on the eToro platform.
The following identification documents are accepted as identification documents:
- Valid passport (not expired)
- Valid driving license (not expired)
- Valid status ID (not expired)
Visit ‘Deposit Funds
After successfully signing in and verifying your account, it’s time to deposit funds in them. To deposit to eToro, select your preferred method and follow the steps below to make a successful deposit:
- Sign in to your account
- Click on “Deposit”
- Enter the amount and select currency
- Finally, choose your preferred deposit method
Depositing funds on eToro is straightforward due to its customer-friendly interface.
Choose PayPal As The Payment Method
Buying a digital currency is easier than ever – all you have to do is pick up your phone and open an app. PayPal is one of the few popular online and mobile payment platforms that allows users in Australia to buy, sell and hold digital currencies for less than a dollar. There are a few steps that you need to follow to pay with PayPal:
- Select the amount you wish to buy
- Click on Deposit
- Finally, choose PayPal as the deposit method. Note: PayPal does not allow you to buy zero in any country.
Enter The Amount Of AUD You Wish To Deposit
For Australian clients, the minimum initial deposit on eToro is $10. Most importantly, you can choose between a debit/credit card, bank transfer, or e-wallet, plus Australian clients will not be charged deposit fees.
- First, you must enter at least $10 with the amount you wish to deposit. Make sure “USD” is selected from the “Currency” tab.
- Then select the payment method you want to use from the drop-down box.
- Select PayPal and Deposit your fair amount.
Over the past decade, crypto has moved from the dark corners of the internet, well and indeed, to the mainstream. Today, investing in cryptocurrency is more popular than ever. On eToro, investors can easily buy crypto via card payment methods by following these simple steps:
- Sign up for an account with eToro, which takes a few moments.
- Enter your details and verify your account.
- Link your debit card account and transfer funds.
- A mandatory verification process follows this step.
- Buy Crypto on eToro – Click the link and buy Crypto.
That’s It! You have learned how to buy crypto with PayPal in Australia
Is Buying Crypto With PayPal OK?
Yes, buying cryptocurrency through PayPal is recommended. There are several reasons why many customers in Australia prefer to buy cryptocurrencies with PayPal such as:
- Fast Deposits: The first and foremost benefit of buying crypto with PayPal is that deposits are processed instantly and within a short period of time. This means you can buy crypto without having to wait 1-3 business days like with any bank transfer.
- Encrypted: If you use a regulated broker like eToro – which is the best way to buy cryptocurrency with PayPal – you can be sure that your login details are encrypted. This means that eToro cannot see the username and password you entered when making a deposit.
Why Don’t Other Exchanges Offer PayPal?
This is mainly due to simple facts. PayPal refuses to pay with crypto and that makes the users sell their coins and then withdraw their money. As a result, it is relatively easy for someone to purchase crypto using PayPal but hard to get back their cryptos without selling them on the exchange.
Some other reasons why some exchanges do not offer PayPal are:-
- Your platform does not agree with the policies of PayPal
- The platform has already ties with other payment wallets
- A higher level of security is required to deploy PayPal as an integration to the website
- PayPal controls exchange. Thus imagine how stressful it would be if PayPal blocked your account with $ 5,000 worth of Cryptocurrency.
What Are PayPal Fees In Australia?
Many trading platforms charge high fees for PayPal transactions, which can be up to 10% of the transaction amount. Currency conversion fees may apply when purchasing from a platform that does not accept Australian dollars.
If you convert to US or Canadian dollars, the PayPal fee is 3.5% higher than the conversion rate, and the commission is 4% higher than the exchange rate for other currencies.
Will PayPal Cover Me If I Get Scammed?
You don’t have to worry about being cheated when buying crypto with PayPal. This is because PayPal offers buyer protection, protecting you if something goes wrong with your deposit.
Suppose you use PayPal to deposit funds to a cryptocurrency exchange. If the deposit is processed but you do not receive crypto as expected, PayPal will refund your money after a quick investigation.
The investigation is brief but may take some time, but PayPal will definitely take care of your cryptocurrency purchases if you ever get scammed.
Therefore, you do not have to worry about this because PayPal Buyer Protection will always serve you as a savior.
Buying Crypto With PayPal Australia: Conclusion
It is possible to buy cryptocurrencies with PayPal but the high cost and lack of supported platforms to accept PayPal payments mean that cheaper and more convenient options are available.
For example, instead of using your credit card to deposit funds into your PayPal account and using that balance to buy crypto, you can use your credit card directly on the exchange without paying any additional fees.
However, then your transactions will not be ensured as in the case of PayPal transaction support. Some trading platforms support PayPal if you insist on making a purchase using this method you need to compare the capabilities and costs of these platforms to find the right one and we hope that this How to buy crypto with PayPal in Australia will help you in taking that right decision.