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Can I use PayPal with Binance?

Here we will see about the Does Binance take PayPal?

Trading cryptocurrency requires a circumspect and reliable platform, that is where Binance -one of the world’s best crypto exchange apps comes in. Now, what are the ways we can exchange our money for crypto? Is PayPal one of them?

The answer is YES. Any PayPal user can buy, sell, and hold crypto with little to investing as $1. So yes Binance takes PayPal for payments.

 Binance on August 21 of 2020 sent out an official statement announcing that Binance has now added a total of 62 new payment methods for P2P (peer-to-peer) trading. P2P trading allows Binance users to directly buy and sell Cryptocurrencies with other verified merchants or users or companies with ease. PayPal is one of the newly added payment methods. As PayPal is one of the largest online payment processors in the world the transactions done through it are secure for new crypto users. 

About PayPal:

1. PayPal is an American multinational financial technology company operating a faster, safer way to send money, make online payments, receive money or set up a merchant account. 

2. To buy crypto from PayPal you first need to create an account, if you already have a PayPal account it only takes one step to invest in crypto, for that you just need to click on “crypto” when you open your crypto account

3. To complete your purchase of crypto coins you need to have a linked your bank account or debit card and you also need to ensure you have funds available

4. You will also need to identify your profile and agree with PayPal’s terms and conditions for trading.

5. You can read the latest articles and know the basics about crypto from the PayPal app.

6. All trades through PayPal must be executed in USD

About Binance:

  • Binance is a crypto company founded in 2017 by Changpeng Zhao which is currently registered in the cayman islands.
  • It was initially based in China but later moved around the world.
  • Binance is known for its crypto exchange. First, you need to register yourself on the Binance account with your phone number or email.
  • After that, you need to verify the details and link your bank account to unlock the deposit and withdraw limit.
  • After this, you need to deposit your funds or you can transfer your cryptos from other wallets if you hold any.
  • You can either trade your cryptocurrency with your debit/credit cards or the Binance’s P2P trading method with your chosen payment method.

Steps to add new payment methods:

  • Open the Binance app on your mobile phone.
  • Enter the P2P trading page on your app and click “payment settings” on the top right of the page.
  • Click on “add the payment method” where you can find the new PayPal option and select it.
  • Once you have selected your desired payment options click “confirm”  

After your payment method is enabled, you can find various offers which support your payment methods and trade your money with absolutely 0 transaction fees from the Binance P2P trading platform.

While you won’t have to pay fees for holding crypto in your account, you need at least $1 to start trading. PayPal charges the following transaction fees which may vary based on the purchase amount:

  • $1 – $24.99 for the purchase amt: $0.50USD
  • $25 – $100 for the purchase amt: 2.30%
  • $100.01 – $200 for the purchase amt: 2.00%
  • $200.01 – $1000.01 for the purchase amt: 1.80%
  • $1000.01+ for the purchase amt: 1.50% 

For instance, if you bought $75 worth of bitcoin, you’d have to pay a 2.30% asset-based fee excluding some other fees involved.

The first thing you should keep in mind is that Binance offers two primary types of withdrawal, one is cryptocurrency withdrawal and the other is fiat withdrawal, for that you need to create an account for available fiat services which Binance provides to its users 

Withdrawal of Binance from PayPal is quite easy. You will need verification before Binance US allows you to deposit or withdraw funds.

PayPal’s “checkout with crypto” feature allows its investors to use crypto as a payment mode

FAQs:

  • What type of cryptos can you buy on Binance?

Binance has four types of crypto that users can purchase, which are Bitcoin, Ethereum, Litecoin, and Bitcoin Cash.

  • Is Binance cheaper than other trading apps?

Unlike other apps Binance provides the lowest fees for trading, so yes comparatively Binance is cheaper.

  • Which is the cheapest cryptocurrency?

Dogecoin, which values at $0.2223 is the cheapest cryptocurrency to purchase in the market right now.

  • How long does it take for Binance to withdraw money from your bank?

Typically a Binance withdrawal transaction takes about 30 to 60 mins.

  • Can you use crypto to pay or send money?

For now, you can’t currently use crypto to pay or send money on PayPal

Conclusion:

Whatever platform you choose for investing your funds in cryptocurrency make sure you learn about their long-term investments, pros, and cons, and learn smart work about cryptos loss and profit. Always remember that Your cryptocurrency is eruptive and you need to have a mental state where you can lose the coins that you invested into.

William James

I help consumers answer their nagging queries about products, services, and companies. We aim to provide in-depth, well-researched, and accurate information in easy-to-follow guides and articles. Learn more here.

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