PayPal and Venmo will charge a flat fee for cryptocurrency transactions under $200

Paypal and Venmo, the company's consumer payment app, announced that they will introduce new fees for cryptocurrency transactions starting at 9 a.m. Central time on March 21. Under the new fee, users will have to pay a minimum fixed fee when cryptocurrency transactions are $200 or less. Users who trade between $1 and $4.99 will pay 49 cents. Users who trade between $5 and $24.99 cryptocurrencies pay 99 cents. Transactions between $25 and $74.99 cost $1.99, and those between $74 and $200 cost $2.49. Transactions over $200 will be charged at the old rate, with a 1.8 percent fee for those under $1,000 and a 1.5 percent fee for those over $1,000. Previously, PayPal and Venmo took a percentage of every transaction over $25 and charged a flat fee of as little as 50 cents for transactions under $25. Purchases or sales between $25 and $100 incur a fee of 2.3 percent of the transaction. Those between $100.01 and $200 were charged 2 percent.