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Can I buy ADA with PayPal?
The short answer is no. The PayPal Crypto platform only offers Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH) and Litecoin (LTC) trading. It is unclear whether they plan to add Cardano in the future, particularly during a period of high market volatility.
This means that PayPal customers will need to find a licensed exchange in their jurisdiction that accepts PayPal deposits and offer Cardano (ADA) trading.
How to Buy Cardano with PayPal Online
The best way to buy Cardano with a PayPal account is through a globally recognised trading platform like eToro. They are licensed in over 120 different jurisdictions and offer instant PayPal deposits to buy, sell and trade 8,000 different assets which include popular cryptocurrencies like Cardano (ADA).
You can get started in 4 simple steps from your PayPal account:
- Sign up to eToro.
- Select the 'Deposit Funds' button on the bottom of your screen and select 'PayPal'. Follow the prompts to connect your PayPal account.
- Once the PayPal deposit hits your account, find Cardano (ADA) on the eToro platform.
- Input the amount of ADA you want to buy and execute your trade.
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Is buying Cardano with PayPal safe?
The safety of buying Cardano with a PayPal account depends on the method in which you want to invest. For example, peer-to-peer methods like Local Bitcoins or Paxful have high counterparty risk because you need to trust in another random individual that will accept PayPal transfers for their tokens.
On the other hand, using licensed and regulated trading platforms that accept PayPal deposits like eToro or Coinbase is safe - because they offer guarantees and funds insurance. That said, we recommend eToro over Coinbase because they offer significantly lower PayPal deposit fees at 0.75% compared to 2.5%.
What is Cardano?
Cardano is a decentralised public blockchain and cryptocurrency project that is fully open source. It was founded in 2015 by Charles Hoskinson, one of the co-founders of Ethereum, and developed by Input Output Hong Kong (IOHK).
The Cardano project is often referred to as the 'Ethereum killer' because it has the potential to solve many of the issues that are currently plaguing the Ethereum network. For example, Cardano has a scalable consensus protocol called Ouroboros which enables the network to process large numbers of transactions per second (TPS).
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Final Thoughts
In summary, buying Cardano with PayPal is not directly available on the PayPal Crypto App. However, PayPal users can still invest in Cardano by using an exchange that accepts PayPal deposits and offers ADA trading. It's important to choose a licensed and regulated platform like eToro or Coinbase to ensure the safety of your investment. eToro is a recommended platform for buying and staking Cardano with PayPal due to its fast and cheap deposits, low fees, and staking options. As with any investment, it's essential to do your research and understand the risks before making a decision.
