Altcoins Talks - Cryptocurrency Forum
Cryptocurrency Ecosystem => Crypto Exchanges => Topic started by: LeziT on April 30, 2021, 04:12:56 PM
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Coinbase is allowing U.S. users to buy cryptocurrency with their PayPal accounts in a major expansion of the exchange’s funding rails.
The option, announced Thursday, could cost unwitting users substantial sums in fees.
It is also another sign of crypto’s increasing mainstream acceptance. PayPal, long coy and standoffish about the sector, began allowing users to buy crypto on its own platform last year and has gradually expanded this service. Coinbase, one of the crypto industry’s oldest startups, recently listed its shares on the Nasdaq.
Coinbase users can now buy up to $25,000 in crypto daily using PayPal, according to the exchange’s settings page. They’ll lose nearly 4% of such purchases to PayPal-specific fees.
The PayPal integration is the third big-spender option alongside bank buys via automated clearing house (ACH), also capped at $25,000 daily, and wire transfers, which have no cap. Needing only the PayPal login to set up, it could offer users a workaround to Coinbase’s cumbersome linking process for credit and debit cards ($5,000 weekly maximum) and bank accounts.
Buying crypto through PayPal ranks among Coinbase’s priciest payment options (and Coinbase is already notorious in some circles for its high fees). The 3.99% fee is as expensive as debit card buys despite a far higher limit. And it is markedly higher than bank buy fees of 1.49%. Depositing U.S. dollars from PayPal into Coinbase triggers a 2.5% levy; ACH transfers are free.
Coinbase Debuts ‘Buy With PayPal’ Feature (But Read the Fine Print)
https://www.coindesk.com/coinbase-debuts-buy-with-paypal-feature-but-read-the-fine-print?utm_source=CryptoNews&utm_medium=app&utm_campaign=shared (http://Coinbase Debuts ‘Buy With PayPal’ Feature (But Read the Fine Print)
https://www.coindesk.com/coinbase-debuts-buy-with-paypal-feature-but-read-the-fine-print?utm_source=CryptoNews&utm_medium=app&utm_campaign=shared)