PayPal Can Now Be Used for Deposits and Withdrawals at Kraken

The crypto exchange Kraken unlocks PayPal for EU customers as a method for deposits and withdrawals in euros. This way has advantages and disadvantages. In general, PayPal is currently expanding its crypto activities.

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For customers of the US crypto exchange Kraken who have their residence in Europe, there is now a new way with PayPal to organize deposits and withdrawals in euros

On the support webpage of Kraken it is said that for the time being only the app supports PayPal. But then everything should run very simply: Those who have the status “Intermediate” or “Pro” at Kraken as a customer can link their existing PayPal account directly as a payment method in the app.

Deposits in euros via PayPal at Kraken are credited within a few seconds and can then be used immediately for trading with Bitcoin and Co. However, a steep 2.4 percent fee is charged for this in the UK, for example. According to Kraken, the PayPal fees depend on the exact location and are displayed before you submit the final deposit confirmation.

You will normally still get away cheaper with a normal SEPA bank transfer at Kraken because there are no fees for this. However, this method takes up to three business days until your euros are credited to Kraken. For credit card deposits with instant credit, Kraken’s fees are comparable to those of PayPal.

PayPal has recently strengthened its crypto division with the launch of its own stablecoin PYUSD. While this is only being rolled out to U.S. residents for now, it is also already being traded on Kraken. One month after the debut of PayPal USD, the stablecoin has a market capitalization of just over $44 million, so PYUSD is not yet a serious competitor for leading stablecoins like Tether (USDT) or USDC.

Conclusion: PayPal at Kraken – convenient option

PayPal has recently been added as a withdrawal method at the popular wallet Metamask as well, previous fears of contact with the crypto industry are obviously history. For you as an investor, PayPal in combination with Metamask or Kraken is a very convenient option to deposit and withdraw in euros.

However, on the other hand, the fees are comparatively high, which you should not forget. The question of what the world’s largest crypto exchange Binance is planning remains exciting. The payment service provider PaySafe will be discontinued on September 25, and Binance has not yet presented a successor that will enable simple euro transfers via SEPA bank transfer.

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(Featured image by Marques Thomas via Unsplash)

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