How to transfer from Paypal to crypto and vice versa

in #exchange7 years ago (edited)

With the huge influx of newcomers there's been a lot asking me "how can I transfer my earned Steem to my Paypal account" and also the other way "how can I buy some Steem with my Paypal balance?".

First off I want to address that it's weird how few exchanges or other services offer this, half a year ago I had to search for a long time until I found one and in my search I ran into so many scam sites and other frauds, it was unbelieveable. Recently even this site that I've always used was down and I needed to urgently move some crypto into Paypal and used a site called Bitwol only to get scammed out of 0.02 BTC and the site went down shortly after.

Paypal is a really famous service for anyone that is new to cryptocurrencies. Before Twitch created their own token for tipping all streamers were using Paypal. With old middlemen services such as Paypal there are a lot of fees, probably not as bad as Bitcoin transactions today though. ;) The only service I know to this day that offers Bitcoin-Paypal and vice versa that works and won't steal your funds is called VirWox. Bear in mind that there will be fees using it as well.

You create an account just like on any other sites and once you log in this is what you'll be able to find:

The site uses Linded Dollars, a ingame currency in the popular game "Second life". It reminds me a little bit about Mt. Gox since that also started out with trading Magic the Gathering cards before it went on to accept Bitcoin and create an exchange about it. Hopefully though this site won't go down the same fate, but as always with exchanges and services, use them fast and don't store a lot of value on them.

So once you've sent Bitcoin to your account, you will have to Trade the Bitcoin for SLL in the BTC/SLL section and afterwards from SLL to USD. This is where the fees come in and why it may not be the cheapest method, its one of the few ones to this date. Unless you know people who want to do the service for you instead.

After having traded the SLL into USD you go to withdraw section and this will be displayed:

Once you have some funds on the account there will simply be a box where you can enter your Paypal address in and the funds will be sent to you usually withing a few minutes.

I am not sure about limits, I've used up to $200 max at once to trade and withdraw them to Paypal. It works good for small amounts if you ever need some money on Paypal while waiting for your favorite stores to accept Steem or have some funds on Paypal you haven't had any use for and would like to power up your account. :)

Let me know your experience with it if you end up using it and if you manage to figure out the exact fees, I haven't bothered to count since I haven't been using it for big transactions.


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Thanks for this info. Definitely something to check out.

I been using this for few months... Fees are getting higher and higher, wish i could find another way, but this is the easiest and safest way so far... Also hope they could take litecoin or something, BTC fees are getting just way to high, and you can max buy 400$ worth of BTC, you end up getting 350$...
Its not worthy for small amounts anymore... Last time i spent 140$ paypal, and i only got around 95$ worth of BTC...

Use Coinpot. Sell Steem/SBD to DOGE and convert it to BTC at Coinpot first. 🙂

WOW! Is Dogecoin still a thing??

Yes, I heard in Australia they can transfer DOGE to bank account. 😊
Visit @webcoop's blog 👍

Can i buy crypto with paypal there?

Sorry Nope. I tried #Paxful once but you must be very careful there because there are sellers who sell "over priced".

You can use https://anycoindirect.eu/ to sell DOGE to paypal.

I haven't tried that. Will check it out. I was a happy Bitcoin user for the fast few years but because of blockchain FEE INCREASE and delay process recently grrrrrr will try if I could exchange DOGE to my PayPal account. I hope that site is unlike Paxful. Thanks!

Cheers.

It would be interesting to know the fees here, as it's a quicker step for me right now than to take funds to my bank cards, which are pay-pal connected.

Did you get any STEEM at 1.10/1.2 yesterday?!

I managed to sell some SBD high on Bittrex and buy in Steem under 0.00011 so was a pretty good day. ^^

Nice work! These swings are great if you have some coins knocking around eh 😁

I guess it is better to use the Steemit.com Internal Market. You would do even better.

I guess VirWox only works on desktop.

In the Philippines, we can do it easily on mobile with GCash MasterCard link to PayPal. Withdraw/Transfer PayPal funds to GCash then Cash In BTC using the same MasterCard at Coins.ph then transfer BTC to BlockTrades (to BUY Steem/SBD/SP). 👍
Then from Steemit SELL/WITHDRAW Steem/SBD to DOGE/LTC via BlockTrades and Coinpot, convert DOGE/LTC to BTC at Coinpot then transfer BTC to Coins.ph for FIAT/PESO (back to GCash MasterCard or bank accounts, etc.etc.). Blockchain FEE is quite high if we sell STEEM/SBD to BTC that's why I "sell" it to DOGE/LTC (Coinpot Wallets) first. DOGE has the lowest fee.

Gcash? is that an app? can i do it without the MasterCard?, My paypal account have enough funds...

Yes an app but sorry it is for #Philippines mobile users only. 🙂

plz follow me and make comment and give me Upvot in my post
https://steemit.com/quantum/@alaarajab/japanese-technology-of-science
and iwill give you my Upvot and follow you

@alaarajab That is NOT a good practice.

I sold a lot of shit I didn't use, cheap guitars mainly, therefore I got something on Paypal right now, and yeah this was the missing link

When I had to use paypal to buy/sell btc I used virevox or localbitcoins.com. Both are useful ;)

I can't wait for the day where you can actually buy most stuff with crypto and ditch the whole exchange business.

Yes! It's getting better and better. There are some debit cards that uses crypto for free domestically and pretty cheap internationally. You can also withdraw from an ATM. I love where the technology is going.

Thank you. I saw this site about 7 months ago and was worried it was a scam. Since it's still up and running it's a great option. Thanks for reminding me, and confirming it's not a scam!

I have been having friends(in Uganda) asking me how to buy Steem using Paypal and wow i will first have to try it and then explain to them

Thanks for sharing, will come in handy for me. Actually I've been searching for a way to buy steem using Paypal. So this post is about time.

🙏🏽 This will be a life-saver right now... I just can't wait for the day when buy crypto with fiat will be a few clicks 🤩

not only is this inappropriate, your article is plagiarised. So, instead of an upvote from @acidyo, you will get a flag from me and a report to @steemcleaners.