PayPal raised fees for crypto transactions

PayPal and Venmo, popular payment apps, will switch to a new way of charging for cryptocurrency transactions starting March 21.

With the current payment system, PayPal and Venmo take a percentage depending on the transaction amount:

• Less than $25 - a fixed commission of $0.5
  
• $25 to $100 - 2.3% of the amount
  
• $100.01 to $200 - 2%.
  

 Starting in March, services will begin charging a fixed commission for crypto trades under $200.

 • $1 to $4.99 - $0.49
 • $5 to $24.99 - $0.99
 • $25 to $74.99 - $1.99
 • $74 to $200 - $2.49.

Transactions from $200 to $1000 will be charged a 1.8% fee. For transactions over $1000 you will have to pay 1.5% of the amount. 

The company believes that such simple fee rules will be more suitable for customers.

PayPal began allowing users to trade cryptocurrencies on its platform in early 2021, and Venmo followed suit later in April 2021 year.

Subscribe to ForkNews on Telegram to stay up to date with news from the world of cryptocurrencies