What is cryptocurrency?
Cryptocurrency has become much more mainstream in recent years, and almost everyone has heard of Bitcoin. But what exactly is a cryptocurrency, or crypto? A cryptocurrency is a digital currency where transactions are recorded using a decentralised system instead of a central issuing or regulating authority. It relies on cryptography to prevent counterfeiting and fraudulent transactions.
Where can I buy cryptocurrency using PayPal?
While there are many cryptocurrency exchanges in Australia, you need to choose one that is legitimate and safe. All of the platforms in my list of the best crypto exchanges are personally tested, and secure to use. However, most of them do not support PayPal.
Luckily, I found a great Aussie exchange Bitcoin.com.au that is very easy to use, and allows AUD deposit using PayPal. In this article I will walk you through step-by-step how to buy Bitcoin with PayPal. Let's get started!
How to buy cryptocurrency with PayPal?
There are four simple steps which I will go through in detail below:
Step 1: Sign up to Bitcoin.com.au
Step 2: Verify your account
Step 3: Transfer AUD from PayPal into your Bitcoin.com.au account
Step 4: Buy cryptocurrency
Step 1 - Sign up to Bitcoin.com.au
It is fast and simple to open an account with Bitcoin.com.au. Click on this link: https://www.bitcoin.com.au and you will be taken to a page like the one below. Choose a username, enter your email address, and create a strong password. Follow the prompts to set up your Bitcoin.com.au account.
Step 2 - Verify your account
After creating your Bitcoin.com.au account, you will need to verify your account. This includes taking a selfie with your ID, submitting a close-up photo of your ID, and a proof of address (eg: utility bill). After you submit these documents, it can take up to 24 hours to verify, as stated on the website. In my personal experience it only took a couple of hours.
While you wait for your documents to verify, you can explore the exchange, such as seeing what cryptocurrencies are available to buy, and the current market prices.
Step 3 - Transfer AUD from PayPal into Bitcoin.com.au
After your account verification is complete, it's time to transfer AUD from PayPal into your Bitcoin.com.au account. The easiest way to do this is to begin the crypto purchase process. In your dashboard, you will see an orange 'Get started' button (as seen in screenshot below). Click on this button to go to the 'Buy' page.
The default cryptocurrency that will appear is Bitcoin and in this guide, we will buy Bitcoin as an example. However, if you want to buy a different cryptocurrency, click the dropdown menu under 'Buying' and choose the coin you like. There are around 30 cryptocurrencies you can buy, including ETH, USDT, XRP, ADA, DOGE, and more.
Enter the amount in AUD you wish to invest in your crypto, and then click 'Deposit funds to buy' (see screenshot below).
You will see the different deposit options available on Bitcoin.com.au. Click on PayPal which is instant, and does not charge any fees.
You will see the pop-up below. Click on PayPal and sign into your account. Follow the prompts to select the bank account or card you wish to use to fund your Bitcoin.com.au account.
Step 4 - Buy cryptocurrency
Once your money has arrived in your Bitcoin.com.au account, you are ready to buy some crypto. Ensure you have selected the right amount in AUD that you wish to purchase, and then click 'Buy Bitcoin' underneath.
Congratulations, you have successfully purchased crypto using PayPal! To check that you have received your crypto, click on 'Wallet' in the menu (see screenshot below), and you will see a summary of your portfolio, along with your AUD and crypto assets. If you scroll down you will see the crypto that you just bought.
Frequently Asked Questions:
Where do I store my cryptocurrency after buying?
When you buy crypto with Bitcoin.com.au you will be automatically given a wallet address where your cryptocurrency will be held. You can choose to hold your crypto here for easy access and convenience, or you can send it to your personal wallet. For a list of the best crypto wallets in Australia, click here.
Is buying crypto with PayPal in Australia legal?
Yes it is legal to buy, sell and trade cryptocurrency using PayPal in Australia.
Is buying crypto using PayPal safe?
If you use a reputable crypto exchange like Bitcoin.com.au, then it is safe to buy crypto using PayPal. Bitcoin.com.au has multi-layered security, so you can buy crypto with peace of mind.
Does this method work for all cryptocurrencies?
You can use this method to buy crypto for any of the assets available on Bitcoin.com.au. If the crypto you wish to purchase is available on Bitcoin.com.au, you can follow the method above. If you want to buy a coin that isn't supported on Bitcoin.com.au, you can sign up to a different crypto exchange, but you will need to pay using a different method, such as bank transfer or credit/debit card. You can also purchase crypto with Google Pay or Apple Pay.
Marketplacefairness.org provides all its content for informational purposes only, and this should not be taken as financial advice to buy, trade or sell cryptocurrency or use any specific exchange. Please do not use this website as investment advice, financial advice or legal advice, and each individual's needs may vary from that of the author. This post includes affiliate links with our partners who may compensate us.
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