How to Buy Bitcoin with PayPal in Australia

Over 41% of Australians are optimistic about the use of cryptos as a payment method in their everyday lives. This has led more and more investors to look for buying cryptos in the country.

With Bitcoin reaching a new all-time high in 2021 of AUD 95436.30, then correcting back to AUD 51230.58 in early 2022, the largest cryptocurrency has been volatile in recent times, and this is why Australian investors are looking to buy the dip and trade the volatility.

If you are an Australian, buying Bitcoin with PayPal would be one of the easiest and most popular methods of entering into crypto space.

Read ahead we review how to buy Bitcoin in Australia with PayPal in 2024. We’ll also show you the best trading platforms and provide you with all the information you need to trade safely.

How to Buy Bitcoin with Paypal in Australia

Best Places to Buy Bitcoin in Australia in April 2024

The simplest option to buy Bitcoin with Paypal is eToro. If you have a bank card linked to your Paypal Coinbase is another option, as is Binance is if you use the Binance P2P marketplace.

How to Buy Bitcoin with PayPal – Step by Step Guide 2024

If you’re looking to buy Bitcoin with PayPal right now, then look no further. By following the four steps below, you’ll be able to buy Bitcoin with PayPal in under ten minutes.

1. Open an account with eToro – Head to the eToro homepage and click ‘Join Now’. Provide your email address and choose a username and password.
2. Upload ID – Verify your account by uploading proof of ID (a copy of your driver’s license or passport) and proof of address (a copy of a bank statement or utility bill).
3. Deposit via PayPal – Choose PayPal as your deposit method – minimum initial deposit of $50.
4. Buy Bitcoin – Type ‘BTC’ into the search bar at the top of the screen and click ‘Trade’ next to the first option. Enter the amount you’d like to invest, double-check everything is correct, and click ‘Open Trade’.

How to Buy Bitcoin with PayPal in Australia – eToro Tutorial

When you decide to buy Bitcoin, most brokers and trading platforms will offer various ways to fund your account. However, one of the most popular and safe methods is through PayPal, due to their stellar reputation worldwide as a reliable digital payments platform.

In this section, we’ll show you how to buy Bitcoin with PayPal with eToro

Step 1: Open an eToro Account

The first thing you need to do is open an eToro account. We recommend using eToro in this guide as they offer simplified cryptocurrency trading services.

To open your account, head to eToro’s homepage and click the Sign Up or Get Started links. On the page that follows, provide your email address and choose a username and password.

Step 2: Verify your ID and Address

Due to eToro’s strict security policies, new users must verify themselves before being able to invest. Luckily, this process is very straightforward and can be completed in minutes.

Simply upload proof of ID (a copy of your passport or driver’s license) and proof of address (a copy of a bank statement or utility bill). eToro will then verify these documents; once verified, you can move on to step 3.

Step 3: Fund your eToro Account

eToro offers a wide variety of deposit methods, including credit/debit card, bank transfer, and a selection of e-wallets. Included in this selection is PayPal, so choose that option in the drop-down menu of the deposit screen. Notably, eToro does not charge any fees when you make a deposit.

Step 4: Search for Bitcoin

Once you have funded your account, click into the search bar at the top of the screen and type in ‘Bitcoin’ or ‘BTC’. Click on the first option in the drop-down menu, and then click the ‘Trade’ button on the next screen.

Step 5: Buy Bitcoin with PayPal

In the order box that follows, enter the amount you’d like to invest – eToro only requires a minimum investment of AUD 65.50. After this, double-check everything is correct, and click ‘Open Trade’.

And that’s it! You’ve just bought Bitcoin using PayPal!

Where to Buy Bitcoin with PayPal in April 2024

When you decide to purchase Bitcoin with PayPal, it’s crucial to choose a licensed platform with a track record of allowing users to trade safely. There is a wide variety of options on the market, ranging from brokers to cryptocurrency exchanges, so it can seem challenging to decide which is best for you.

In this section, we discuss two of the best trading platforms when it comes to buying Bitcoin with PayPal in 2021.

1. eToro – Overall Best Broker to Buy Bitcoin with PayPal

Our recommended broker to purchase Bitcoin with PayPal is eToro. With over 20 million users worldwide, eToro is widely regarded as one of the safest and easiest trading platforms to invest with.

Importantly, it ensures that your capital and personal details are afforded the highest levels of protection. It has an Australian office in Sydney.

Aside from their attractive fee structure, eToro also offers some handy features. Notably, they provide a practical and safe digital wallet that will store your Bitcoin holdings. This wallet is available on the App Store and Google Play and allows you to manage your holdings on the go.

eToro also offers an innovative ‘CopyPortfolio’ feature, which will enable you to invest in funds managed by eToro’s professional investors – all without paying any management fees.

Finally, eToro allows you to fund your account via PayPal. A conversion fee is applied to all deposits, and the minimum deposit for new users is $50. If you’d like, you can also fund your account with FIAT currency via credit card, debit card, bank transfer, and various e-wallets.

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2. Binance – Best Crypto Exchange to Buy Bitcoin with PayPal

Binance is one of the most popular cryptocurrency exchanges in the world when it comes to investing in Bitcoin. With over 13.5 million active users, and over $55 trillion in trading volume in the past 24 hours alone, Binance has solidified itself as the top crypto exchange in the world at the time of writing.

Much of this has to do with its user-friendly platform and low-cost crypto trading. Binance offers 0.1% commissions when you buy Bitcoin with them – meaning that if you invested AUD 1871.30, you’d only have to pay AUD 1.87 in commissions!

You can reduce these fees even further if you use Binance’s native token, Binance Coin (BNB).

When it comes to buying Bitcoin with PayPal, it works slightly differently with Binance. As they are a Bitcoin exchange rather than a broker, you cannot instantly buy Bitcoin with PayPal. Instead, you’ll need to use Binance’s P2P service, which basically means buying and selling cryptos directly with other users or verified merchants.

So, if you were looking to buy 1 BTC using PayPal, you could go onto Binance’s P2P service and find someone who is selling 1 BTC. You could then use PayPal to purchase the Bitcoin from the other user.

Although this is a different method to other brokers, it essentially achieves the same thing. The great thing is, there are no fees when buying Bitcoin in this way.

Binance is operated by InvestByBit Pty Ltd (ABN 98 621 652 579) in Australia, which is registered with AUSTRAC.

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Your capital is at risk.

PayPal Bitcoin Brokers Fees Comparison

One of the most important things to look out for when choosing a broker is the PayPal Bitcoin fees that they charge. These fees could come in various forms, including deposit fees, commissions, withdrawal fees, and even monthly account fees.

Often, these fees might not be as transparent with some brokers and exchanges – making the process of determining how much it’ll actually cost to buy Bitcoin with PayPal quite challenging.

To make this process easier, the table below presents a comparison of the PayPal Bitcoin fees charged by the three brokers we recommended earlier in the guide. This will allow you to get an idea of how much it’ll cost you to buy Bitcoin with PayPal and which trading platform represents the best value for money.

Benefits of Buying Bitcoin with PayPal in Australia

According to data gathered from Statista, PayPal had approximately 392 million active accounts as of Q1 2021. This is a staggering number and highlights just how popular the platform is for making digital payments. This section explores some of the main benefits of using PayPal to facilitate your Bitcoin purchases.

Level of Security

One of the main reasons to use PayPal to buy Bitcoin is the high level of security offered by the platform. When you fund your broker account with PayPal, you do not have to enter any personal details or card details when making the transaction.

Instead, all you need to do is link your PayPal account to your broker and then make a deposit through the online platform.

This ability to deposit without using card details means that you’re always under an additional layer of protection when using PayPal. Furthermore, PayPal monitors every transaction 24/7 to help prevent hacking and fraud. PayPal utilises high-level encryption on its platform, ensuring users’ data is protected.

Finally, PayPal customer support is always on hand to help you if you ever have any security concerns – and will also step in to resolve any issues that may arise when you make transactions.

Ease of Use

Another great benefit of using PayPal is how simple it is to use. Linking your PayPal account to your chosen broker is usually just a case of logging in on the broker’s platform and confirming the account link. Once this is complete, it’s then just a few clicks before you can instantly deposit into your broker account.

Furthermore, you don’t even have to have your card to hand when using PayPal to buy Bitcoin. PayPal store your card details in their encrypted online platform – meaning that all you need to make transactions is your email address and password.

Any transfers that occur will either come directly from your PayPal balance (if you have one) or will come from a credit/debit card you have linked to your PayPal account.

Speed

When buying Bitcoin, most of us do not want to jump through hoops and instead want to buy as quickly as possible. PayPal ensures this is doable, as they offer instant deposits into your broker account. This is in contrast to some other deposits methods such as wire transfer, which can often take days to arrive – and sometimes come accompanied with additional fees.

In addition to this, withdrawals are super easy too. Once you have withdrawn from your broker account to your PayPal account, you can opt to leave the funds in your PayPal balance or withdraw them to one of your linked bank accounts.

PayPal offers both instant withdrawals (which will go into your account right away) or withdrawals which can take 2-3 working days. However, the former method comes accompanied by a 1% fee, so be aware of this.

Efficient Digital Method

Finally, aside from all of the speed and security, using PayPal is simply much more efficient than most other payment methods. With the technology we have at our disposal these days, depositing via credit/debit card or wire transfer is not as streamlined as using a digital payments platform like PayPal.

TechRadar recently reported that more than 61 billion people will use digital payments by 2023. This highlights just how popular platforms such as the PayPal app are becoming, as they offer all-in-one security features and speedy transactions.

Also, more and more people are moving away from traditional retail banks and are looking to use digital methods as their chosen payment option. If you fall into this category, then PayPal certainly fit the bill.

Buy Bitcoin with PayPal No ID – Is It Recommended?

When you decide to buy cryptocurrency in Australia, as you can imagine, it’s essential to use a trading platform that has a reputation for being safe and reliable. Trading platforms such as these tend to require users to supply ID before they can invest; this ensures that all users are verified, which helps to prevent scams and hacking.

Due to this, we would highly recommend that you do not buy Bitcoin or any other digital assets with PayPal without providing ID. Trading platforms that allow you to buy Bitcoin without ID are much more likely to be unregulated and unsafe, thus jeopardising your capital and crypto holdings.

Instead, we’d suggest using a licensed trading platform. Although such platforms do require ID to verify your account, they make this process super easy, and users can complete it in minutes. Once verified, you’re able to buy Bitcoin with PayPal.

How to Transfer Bitcoin to PayPal

If you are wondering how to buy Bitcoin with PayPal, you’re probably interested to know whether you can transfer your Bitcoin holdings back to PayPal after purchase. Unfortunately, at the time of writing, this feature is only available to US residents.

If you are in the states, certain Bitcoin accounts such as Coinbase will provide the functionality to transfer your crypto assets directly to your PayPal account. Usually, it involves going to the withdrawal screen and choosing your PayPal account as the destination. Your holdings will then be transferred to your PayPal account for storage.

How to Send Bitcoin From PayPal

Much like the previous section, this feature is only available to users in the US. PayPal’s crypto feature is relatively new and currently only offers support for Bitcoin, Bitcoin Cash, Litecoin, and Ethereum.

You can buy Bitcoin through the platform and then send it elsewhere. This could be to another crypto wallet, another person, or even use it to fund a purchase.

If PayPal’s crypto feature continues to expand in popularity, there’s every chance it could be offered in other countries around the world, allowing users within these countries to buy and sell cryptocurrencies directly through the online platform.

eToro – Best Broker to Buy Bitcoin with PayPal in Australia

With Bitcoin’s popularity increasing week-on-week due to the recent all-time highs, more and more investors are entering the crypto market for the first time. If you are one of them, this guide has discussed how to buy Bitcoin with PayPal safely and securely.

Using PayPal is one of the quickest and best ways to invest in the crypto market – and is the favored method of many crypto traders worldwide.

If you would like to buy Bitcoin with PayPal, we’d recommend opening an account with eToro. This well-known cryptocurrency trading platform has a stellar reputation for security.

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