Paypal has officially announced that it has commenced it support for Cryptocurrency hence it is now possible to buy, sell as well as store cryptocurrencies on your paypal account.
For long, this has been rumored to be coming to Paypal, but now the company has come out on Wednesday being 21st October, 2020 to announce that it users in the United States of america can now trade cryptocurrencies such as Bitcoin, Eth, Bch and more on Paypal.
According to Paypal officially confirmed Wednesday, it is entering the cryptocurrency market. The Payments giant with over 346 million active accounts around the world, “pledged to make cryptocurrency a funding source for purchase at its 26 million merchants worldwide”
However, this updated entrance is only available in the United States at the moment as hence only United States Paypal account will have access to this feature update, according to Paypal officials, the company plans on expanding this feature support to more accepted countries before the half of 2021 so be sure to expect more update on this from us as it rolls out.
The company will charge high fees on fiat-to-cryptocurrency and cryptocurrency-to-fiat exchange transactions. You can expect to pay 2.3% for transactions below $100, 2% for transactions between $100 and $200, 1.8% for transactions between $200 and $1,000 and 1.5% for transactions above $1,000. There’s a minimum fee of $0.50 for transactions below $25. The page also says there will be some spread between buy and sell prices. Fees will be waived until 2021.
This service currently does not support the withdrawal of bitcoin or any of the other cryptocurrencies neither does it support the depositing of such currencies, you can only buy and sell. (after buying the currency, it stays right in your paypal account until your desired time of selling)
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Note: Users will not be allowed to send their cryptocurrencies to/fro on PayPal in addition, you are only liable to hold the crypto bought by you in your account.
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