According to official announcement by Coinbase, Buying cryptocurrency should be simple and easy, ACH and wire transfers can take time and effort. – Coinbase noted. And then highlighting the new way of buying crypto on Coinbase which is through PayPal.
They further mentioned, PayPal has fulfilled the knowledge and they have proper tools to maintain transparency, performance and security in all of their services. Buying crypto on Coinbase using PayPal offers a familiar and trusted experience.
Here’s how it happens. If you have an existing PayPal account connected with a bank account or debit card, Good to go. You will be able to start buying crypto on Coinbase through PayPal. There’s no need to add bank accounts or card numbers directly to Coinbase account, said Coinbase. All you got to do is when buying crypto, add new payment method and select PayPal and then log in.
But, according to Coinbase, your PayPal account email address and Coinbase email address should be same. Otherwise you will need to go with a two-factor authentication process. But it’s still possible.
However, when making transactions PayPal, there is a daily $25,000 limitation on Coinbase.
Alright. What about fees? Coinbase charges 3.99% fees along with depositing dollars from PayPal into Coinbase triggers a 2.5% fees.
At last, Coinbase said, in the next months they will expand the service to more countries with mentioning following countries are already supported to cash withdrawals to PayPal. US, Canada, EU, and UK.