How to Buy Ethereum with PayPal Using Localethereum
As you may know, you can buy Ethereum (ETH) with debit and credit cards. However, it’s less known that you can buy Ethereum with PayPal as well.
PayPal enables anyone to send money with only an email address. The process is instant and secure – much of what we expect out of blockchain transactions. Plus, PayPal links to your bank account for easy access to funds, and you can even open a credit line with the service.
PayPal also enables users to avoid lengthy know-your-customer (KYC) processes common with exchanges. The platform charges lower transaction fees, and it’s also just a convenient service. In an industry as complicated as cryptocurrencies, convenience is something to applaud.
One website, Localethereum.com, enables that experience as it supports PayPal payments when purchasing Ethereum. As a peer-to-peer platform, Localethereum holds privacy in the highest regard. The website offers a browser-based wallet in which users can store and trade Ethereum with their local fiat. All trades are locked into an escrow smart contract to prevent theft. The platform accepts PayPal as a viable payment option – all without requiring you to provide sensitive information to the site.
In this post, we’re going to break down the steps for buying Ethereum on Localethereum with PayPal.
Localethereum Account Creation
First off, you must create an account to trade with. This can be done via the Localethereum platform or through logging in with a previously established wallet like MetaMask or Coinbase Wallet.
According to the website, creating an account is the ideal approach, because third-party wallets don’t integrate as well as the built-in one.
Buying Ethereum With PayPal
There are two ways to purchase Ethereum on the platform: you can either browse the different offers that accept PayPal as an option, or you can create an offer to buy the asset.
Should none of the existing offers appeal to you, creating your own is the best bet. Creating an offer also means that the seller will pay a 0.75 percent fee, while you only pay 0.25 percent. To make one, you’ll head to the ‘Offers’ page.
Creating An Offer
Here, you’ll select the ‘Buy ether for money’ box. You’ll have to insert your city, preferred payment method (PayPal), and your accepted local currency. The page will then have you choose percentage margins and your preferred exchange market price, such as Kraken or Bitfinex. Once done, you can select your maximum and minimum limits in your preferred fiat currency.
Then you have the targeting options. Here, you can choose to create a headline for attention, place a description of the transaction, and display your “standard hours” of availability. These options are all skippable, but are essential for drawing attention to your offer. Finally, decide if anyone can trade with you, or just users with a verified phone number.
Upon hitting confirm, your offer will be live. You can choose to edit or cancel it at any time from within the website. When someone decides to match that offer, you’ll be placed into a chat section which we’ll get into later on.
Fulfilling An Offer
Sometimes creating an offer takes a little while. Maybe you need Ethereum right away. This is where fulfilling an offer comes into play.
Head to the main page and select an offer that seems fair to you. There are sorting options such as payment method and location. Once selected, you can offer a price based on the seller’s limits. Some require a minimum purchase of say $40, while another may stick to $10.
After picking one, you’ll go into a chat with the seller. You can discuss the process with them directly, though you’ll have to wait until they deposit the Ether in escrow before moving forward.
When the seller places the Ether in escrow, they’ll send a PayPal e-mail in the chat. You have two hours to log into your PayPal account and send the funds over — otherwise the seller can cancel the order. Once you’ve sent the funds, you’ll go to the payment within PayPal and select “confirm receipt.” Go back to Localethereum, select “mark as paid,” and the transaction will be sent to the Ethereum blockchain for confirmation.
After confirmation, the Ethereum will be in whichever wallet is connected to your account. Leave the seller a rating and enjoy your newly acquired digital assets.
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