Upcoming changes to PayPal’s cryptocurrency pricing structure in the U.K.
PayPal is updating the pricing structure for buying and selling cryptocurrency* through the PayPal platform in the U.K. The new fees will apply from 31 October 2022 and will include a flat fee for cryptocurrency transactions (buying and selling) under £200.
This change brings PayPal’s UK pricing structure in line with the U.S. and is part of our ongoing commitment to provide transparency, ease of understanding and clarity to our customers by removing the complexity of percentage-based calculations.
For example, a £200 transaction will now cost £2.49 under the new pricing vs. £4.00 in the original pricing. There are no fees to hold cryptocurrency with PayPal.
*Your capital is at risk. Crypto is unregulated in the UK and its value can go down as well up. Profits may be subject to capital gains tax (see here). Buying and selling fees apply (see here). Valid PayPal account required. Before buying, holding and selling crypto, do your own research and consider seeking advice from a financial or tax adviser. Terms apply.
PayPal launched the ability for customers in the UK to buy, hold and sell cryptocurrency through the PayPal App or mobile website in August 2021, offering customers a new way to explore cryptocurrency in the PayPal environment they know and trust.
Customers can buy as little as £1 of cryptocurrency through PayPal with the choice of four types of cryptocurrencies — Bitcoin, Ethereum, Litecoin and Bitcoin Cash. Customers can choose from pre-determined purchase amounts or enter in their own purchase amount, before following the prompts to buy the cryptocurrency of their choice. Customers will be able to fund their PayPal account for the purchase using their bank account or debit card.
By accessing their PayPal account via the website or the mobile app, customers can view real-time crypto prices and educational content to help them understand the cryptocurrency ecosystem, the volatility, risks, and opportunities related to purchasing cryptocurrency. The company encourages its customers to do their research on the risks and opportunities for various cryptocurrencies before taking the step to buy, hold and sell cryptocurrency with PayPal.
If a customer would like to sell their cryptocurrency holding ahead of the pricing update, they can access their PayPal account via the website or the app, navigate to the Crypto tab, select the currency holding and press ‘sell’. If customers choose to sell cryptocurrency, funds are normally available quickly to spend in their PayPal account.