Coinbase allows users to withdraw Via PayPal for free which means zero charge withdrawals to users Paypal accounts for fiat currencies like USD, EUR, and GBP. Free withdrawals can only be availed in a few select regions, like US, UK, EU, and Canada. However, users in Canada and Australia can’t withdraw through PayPal but are provided the option to sell their crypto for CAD or AUD respectively. However, this option is exclusive only to the users of Canada and Australia and not for any other region. In order to enable this option, the users have to verify their identities, following which, they will receive and e-mail of confirmation.
The option for charge free withdrawals is only availed by a handful of regions, like US, UK, EU, and Canada. As of now, Coinbase provides wallets for USD, GBP, and EUR, but this addition may indicate inclusion of CAD and AUD wallets.
This move is a small one facilitating withdrawals. Additionally, this might also mean that the option for PayPal deposits might be underway.
This decision came in shortly last year after Coinbase declared its plans for global expansion, which was followed by its $300 million Series-E funding round and the addition of the new stable coin Circle to it exchange list.
How do you link your PayPal account with Coinbase?
First ensure you’ve completed all identity verification steps on Coinbase and that the listed country Canada is correct
- Go to the Identity Verification help page for more help
- Next, go to Settings > Linked Accounts and click the Link a New Account button
- On mobile: Settings > Add a Payment Method
- Choose PayPal and you’ll be prompted to log in to PayPal
- 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.
- If you don’t see the option to add PayPal as a payment method, this feature is not yet available for your region. As soon as it’s ready, you’ll receive an email with instructions on how to link your PayPal account.
Payment Methods accepted by Coinbase for Canadians to buy BTC
Canadian customers can use a debit card to purchase digital currency. Funds purchased via a debit card will be credited to your account instantly. Coinbase do not support bank accounts as payment methods for Canadian customers as of now,
When logged into your account, go to the payment methods page.
Select ‘Add Payment Method’ near the top of the page.Choose ‘Credit/Debit Card’ on the payment method selector.
Enter your card information (The address must match the billing address for the card).
Coinbase will make 2 temporary authorizations to the card, which you will need to verify with your card issuer and enter to complete the setup of your card.
Enter those amounts on the Coinbase verification screen.
You should now see a window that says “Credit/Debit Card Added’ and a ‘Buy Digital Currency’ button.
You can now buy digital currency using the Buy page anytime.
Also note that Coinbase no longer supports linking new credit cards and some card issuers are blocking digital currency purchases with existing credit cards. If you have a credit card linked already, your bank may charge additional fees for Coinbase credit card purchases. To avoid these fees, switch to debit card or bank account.
Coinbase makes it easy to exchange Bitcoin, Ethereum, and Litecoin in Canada which is now one of the popular deposit options available to Canadians to play slots, table games, live casino and other lottery games at online casinos and sites that accept Cannuck punters.
Coinbase generally makes your funds available in your account as soon as they receive payment. Since Coinbase partners with various payment service providers in different geographic regions, the timing will vary according to your location and payment method used.
As said above coinbase currently does not support selling of digital currency in Canada and Australia. Customers in the US, EU, UK, CA, and AUS, will be able to withdraw or sell cryptocurrency instantly using PayPal.
Wallet Service and Digital Currency Transactions
Coinbase offers Wallet and Hosted Digital Currency Wallet Service free of charge. This means they will store your CAD and digital currency at no cost to you. They do not charge for transferring digital currency from one Coinbase wallet to another. If you transfer digital currency off the Coinbase platform, Coinbase does not receive any compensation for such transfers, but these transfers may incur network transaction fees, such as miner’s fees, which Coinbase passes through to you. Any such transfer fees will be disclosed to you at the time of the transaction. “Digital Currency” means the digital currencies currently supported by Coinbase.
In addition to sending or receiving Digital Currency through Coinbase, you can purchase or sell a single Digital Currency (a “Digital Currency Purchase” or “Digital Currency Sale”) or convert one type of Digital Currency into another type of Digital Currency (a “Digital Currency Conversion”).
When you request a Digital Currency Transaction, Coinbase will attempt to fill that order through one or more orders on Coinbase’s trading platform, Coinbase Pro. Coinbase establishes the exchange rate for Digital Currency Transactions (“Consumer Exchange Rate”) by adding a margin, or spread (the “Spread”), to the market exchange rate on Coinbase Pro (“Pro Exchange Rate”). Coinbase may also charge a separate fee (in addition to the Spread) that is either a flat fee or a percentage of the transaction (the “Coinbase Fee”). Coinbase Fees may vary based on your location, payment method, and other circumstances.
Coinbase charges a Spread of about one-half of one percent (0.50%) for Digital Currency Purchases and Digital Currency Sales. However, the actual Spread may be higher or lower due to market fluctuations in the price of Digital Currencies on Coinbase Pro between the time Coinbase quote a price and the time when the order executes.
They also charge a Coinbase Fee (in addition to the Spread), which is the greater of (a) a flat fee or (b) a variable percentage fee determined by region, product feature and payment type. The flat fees are set forth below:
- If the total transaction amount is less than or equal to $10, the fee is $0.99.
- If the total transaction amount is more than $10 but less than or equal to $25, the fee is $1.49.
- If the total transaction amount is more than $25 but less than or equal to $50, the fee is $1.99.
- If the total transaction amount is more than $50 but less than or equal to $200, the fee is $2.99.
In Canada you are charged 3.99% of credit or debit card buys
With a Digital Currency Conversion, you can accomplish in a single transaction what would otherwise require two separate transactions. For example, you could directly convert Bitcoin to Ethereum (a Digital Currency Conversion), or you could sell Bitcoin and then purchase Ethereum (a Digital Currency Sale followed by a Digital Currency Purchase). Note that Coinbase do not charge a separate Coinbase Fee for Digital Currency Conversions.