eToro Crypto
In 2020 PayPal announced that US residents would be able to purchase Bitcoin (BTC) through the PayPal app. Australian residents, however, are not currently eligible.
So while you can't use the PayPal app to buy Bitcoin directly, you can still use it as a payment method to buy Bitcoin on a small number of crypto trading platforms in Australia.
Here's a list of some of the platforms that let you buy Bitcoin with PayPal in Australia.
All of the trading platforms in our list support free PayPal deposits, have been vetted by Finder and are registered with AUSTRAC or ASIC.
You can then use these funds to instantly buy Bitcoin, a range of other cryptocurrencies or other investments like stocks, commodities and ETFs.
eToro charges a 1% fee for Bitcoin purchases.
Keep in mind that eToro requires you to convert your AUD to USD before you can spend it on the platform. Foreign exchange fees apply.
The minimum deposit amount is $10; the maximum is $10,000 per transaction. You can deposit by PayPal as many times as you like.
eToro charges a fixed $5 fee for AUD withdrawals and the minimum amount is $30.
eToro is popular for its social trading features. You can copy the moves of other traders and stay up-to-date with what other traders are doing via a social network and news feed.
| Deposit Methods | Bank transfer,Credit card,Debit card,PayPal,eToro Money |
|---|---|
| Deposit Fees | Fees vary - You'll pay up to a 3% currency conversion fee when depositing AUD |
| Withdrawal Fees | AUD $5 (minimum withdrawal of US $30) - You'll pay up to a 3% currency conversion fee when withdrawing AUD |
| Trading Fees | 1% |
You can then use these funds to purchase Bitcoin. Regular trading fees apply and start at 0.5%.
If you deposit funds to buy Bitcoin or crypto using PayPal, you will not be able to withdraw your crypto or fiat funds for 7 days.
If you decide to sell your Bitcoin, you can withdraw AUD back into your bank account.
Independent Reserve says they are looking to add AUD withdrawals to PayPal accounts in the future.
| Deposit Methods | Bank transfer,Credit card,Cryptocurrency,Debit card,PayID |
|---|---|
| Deposit Fees | Cryptocurrency: Free None for deposits over AU$100 and above $0.99 for deposits under AU$100 Assisted transfer fee: $20 Debit or credit card: 1% PayPal: 1% |
| Withdrawal Fees | EFT bank withdrawals: Free AUD PayID/NPP instant withdrawals: $1.50 Cryptocurrency: Fees vary Assisted transfer fee: $20 |
| Trading Fees | 0.02—0.50% |
You can deposit funds from your PayPal to your Revolut account and then use these to purchase Bitcoin from within the app. There are zero fees for PayPal deposits.
Revolut charges the following fees for cryptocurrency purchases.
| Deposit Methods | Bank transfer,Debit card,Apple Pay,Google Pay |
|---|---|
| Deposit Fees | None |
| Withdrawal Fees | Fees vary |
| Trading Fees | 0.99% (Premium or Metal plans) or 1.49% (Standard or Plus plans) plus spread |
The following cryptocurrency exchanges let you purchase Bitcoin with PayPal through their P2P trading service.
This means that you are buying Bitcoin directly from another user, a bit like buying something off Ebay or Gumtree. This is less convenient than buying it on the open market because you can only purchase the exact amount the other person is willing to sell, and they set the price.
This is mainly due to one simple fact: PayPal supports chargebacks, which is a problem when purchasing cryptocurrencies.
This is because Bitcoin and other crypto transactions are irreversible.
As a result, someone could theoretically buy Bitcoin with PayPal, complain that they never received the BTC they purchased and ask for a chargeback. That way scammers can keep their money and essentially get Bitcoin for free.
Because of this heightened risk of fraud, there are only a handful of crypto trading platforms and exchanges that accept PayPal deposits.
There are always risks involved with buying and selling Bitcoin, but none specific to using PayPal as a deposit method.
Once you've purchased your Bitcoin, consider moving it off the platform you bought it on and into a non-custodial wallet to reduce counter-party risks.
You can use your PayPal account to buy Bitcoin and other cryptocurrencies on a small number of trading platforms in Australia. The fees on these platforms are a bit higher than some other exchanges out there, but they by no means break the bank.
You can also use PayPal on a P2P market via an exchange like KuCoin, but these are much more inconvenient than buying Bitcoin from a trading platform normally.
As PayPal looks to explore cryptocurrency further, you may not have to wait long until you can buy Bitcoin from within the PayPal app in Australia.
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