It’s no secret that PayPal has been eyeing the cryptocurrency space for some time now. In recent months, the payments giant has taken several steps to embrace digital assets, including hiring a senior exec from Coinbase and adding support for buying and selling cryptocurrencies on its platform.
Now, PayPal is taking things one step further by letting users withdraw their cryptocurrency holdings directly to their PayPal accounts. The move could make it easier for people to cash out their crypto holdings and use them to make purchases or send money to others.
So, how much does it cost to sell Bitcoin on PayPal?
For starters, there’s a 1.5% transaction fee for converting your Bitcoin into fiat currency (e.g. USD, EUR, GBP). On top of that, PayPal also charges a spread of 2.
3% on the conversion. So, all in all, you’re looking at a fee of around 3.8% when you sell Bitcoin on PayPal.
To put that into perspective, if you were to sell $1,000 worth of Bitcoin, you would end up paying $38 in fees. That’s not an insignificant amount, but it’s still lower than the fees charged by most cryptocurrency exchanges.
One thing to keep in mind is that PayPal only supports the sale of Bitcoin at the moment. So, if you’re holding other cryptocurrencies like Ethereum or Litecoin, you’ll need to convert them into Bitcoin first before you can cash out through PayPal.
In conclusion, selling Bitcoin on PayPal is a fairly straightforward process and comes with reasonable fees. However, keep in mind that you can only cash out your Bitcoin holdings and not other cryptocurrencies at the moment.