For anyone wondering if Coinbase accepts paypal you’ve landed in the right place. When it comes to making withdrawals you can absolutely use paypal. For making deposits you will only be able to use a credit card or checking account at this time. Don’t let that shy you away from using Coinbase because its one of the best crypto wallets and trading platforms online. I’ve personally been using them for over 7 years, and keep a significant chunk of money in my account at all times. Lets take a look at some of the benefits to using them.
Who Is Coinbase?
Coinbase is the most popular cryptocurrency exchange in the United States. Coinbase has become a starting place for new crypto investors and experienced users. Coinbase offers several products including cryptocurrency investing, trading in all aspects, custodial accounts for financial institutions, a wallet for retail customers and investors.
Coinbase was created and founded in 2012. Coinbase started out simple and has gradually expanded its offerings and services since its inception. Originally Coinbase only allowed for Bitcoin trading but quickly began adding other types of cryptocurrencies This met the great customer demand for the variety of digital currency available.
Get an account and start exploring your digital currency options on Coinbase. Let’s check out the basics of using coinbase and interacting with cryptocurrency.
Does Coinbase Accept Paypal?
According to Coinbase: “Currently, customers are only able to use PayPal to withdraw or sell, and transaction availability depends on region. Coinbase does not support the ability to purchase digital currency using your PayPal account.”
Coins Available for Trading
- Bitcoin (BTC)
- Ethereum (ETH)
- XRP (XRP)
- Chainlink (LINK)
- Bitcoin Cash (BCH)
- Bitcoin Satoshi’s Vision (BSV) (Send Only)
- Litecoin (LTC)
- EOS (EOS)
- Tezos (XTZ)
- Stellar Lumens (XLM)
- USD Coin (USDC)
- Cosmos (ATOM)
- Dash (DASH)
- Ethereum Classic (ETC)
- Zcash (ZEC)
- Maker (MKR)
- Compound (COMP)
- Basic Attention Token (BAT)
- Algorand (ALGO)
- OMG Network (OMG)
- Dai (DAI)
- 0x (ZRX)
- Kyber Network (KNC)
- Band Protocol (BAND)
- Augur (REP)
- Orchid (OXT)
Regularly check coinbase.com to see what new types of cryptocurrency are added and available for purchase. The site is updated regularly.
Is Your Money Safe On Coinbase?
Just to operate in 30 states of the U.S. alone, it has over 40 different licenses. this gives users confidence Coinbase is following legal practices and that your money is secure. Coinbase uses a variety of safety measures to keep funds safe. Coinbase recommends using strong passwords and using the available security features like two-step verification.
Coinbase has two-step verification, biometric fingerprint logins, and even insurance in the event that Coinbase itself experiences a security breach. Coinbase stores 98% of users’ funds in offline cold storage. This extra step is to give users peace of mind that their funds will be there when they are ready to use them. (Source: coinbase.com)
Digital currency is not considered legal tender. Because of this, your cryptocurrency is not backed by SIPC or FDIC. Coinbase gives users insurance by pooling Coinbase balances and holding them in USD custodial accounts, USD denominated money market funds, or liquid U.S. Treasuries.
Part of the appeal of cryptocurrency is to remove intermediaries where possible. Users wish to be in control of their own funds, this is not without risk with the reward being greater Independence. Keep in mind some users of cryptocurrency will keep some of their holdings in their own secure cold storage.
If your bummed about Coinbase not being able to use paypal for deposits you will be happy to know the trading fee’s are pretty reasonable. A trading fee is the cost you pay to exchange your own currency to bitcoin or another type of cryptocurrency. When purchasing or trading remember to account for the trading fee. Coinbase charges a spread of approximately one-half of one percent (0.50%) for cryptocurrency purchases and cryptocurrency sales. (According to coinbase.com) However, the actual spread may vary due to changes in the market or fluctuations in the price of cryptocurrency. Sometimes rates can change during a transaction if it takes too long. Always double-check before attempting to exchange cryptocurrency to make sure you have enough for the exchange. You can check the rate that each type of crypto is currently going for in the Coinbase app.
There is also a Coinbase Fee, which is the greater of (a) a flat fee or (b) a variable percentage fee determined by region, product feature, and payment type.
How do you get your money into Coinbase so that you can buy cryptocurrency?
- Bank Account (ACH)
- Debit Card
- Wire Transfer
Coinbase only allows you to sell directly into your Coinbase fiat wallet. There is no limit to how much you can sell to your wallet. After selling to your Coinbase wallet, you can choose to withdraw funds to your US bank account or repurchase cryptocurrency on the platform.
To sell cryptocurrency:
- Select the Trade button
- Select Sell
- Select the crypto you want to sell and have it sell to your USD wallet
- Then select your USD wallet and select Withdraw
When initiating a withdrawal of a sale from your fiat wallet to your bank account, a short holding period will be placed before you can withdraw the fiat from the sale. This is for security purposes.
Coinbase is a useful and viable option for working with, buying, or selling cryptocurrency. It has been around long enough to be considered a reputable and safe place to buy and sell your digital currency. While they do not currently allow paypal for deposits you can still get money into your account via a checking account or credit card instantly.
- Coinbase has remained one of the most secure and reputable cryptocurrency exchanges.
- The exchange maintains an insurance policy against security breaches and theft, which is reassuring for users.
- Widely available in many countries, including the US with many payment options.
- There could be more cryptocurrency varieties available.
- Seems to be unable to handle sudden surges of users and has a history of crashing during periods of high price volatility.
The best option to determine if Coinbase is right for you is the try it out yourself. Buy a small amount of Bitcoin and then go from there. You can exchange this for other types of cryptocurrency or use it for purchases online or in-person in some locations. The greatest teacher is experience and the world is moving in the direction of digital currency. You can grab a free first time Bitcoin deposit bonus by clicking here.