Coin2Pal is a Bitcoin to PayPal service – in other words the service allows you to convert Bitcoin to PayPal. What’s interesting about this, is that it has never been a secret that PayPal has had issues with virtual currencies – for years now. It isn’t uncommon for this payment processor to suspect anything malicious and the account is shut down immediately. Regaining access is a whole other story of its own, and often unsuccessful.
Somehow, Coin2Pal begs to differ. It would appear that they are one of the only ones who have found a way to circumvent this from happening. But the question remains, for how long. There is some speculation that the problem has only been when you are purchasing Bitcoin with PayPal. At least, that is what Coin2Pal would have you believe.
Then, we have the crypto experts urging people to be very aware of the difficulties this payment processor has had for a long time – so why should this be any different? Having said all that, let’s take a closer look at what Coin2Pal is offering through their services.
The Coin2Pal Offer
The Coin2Pal website is relatively straight forward. It is designed to convert your Bitcoin into US dollars. Once the conversion is complete, the monies are transferred to the PayPal account according to the user preferences. What this means is that the Bitcoin doesn’t even need to render into the users PayPal account – it can be directed to anyone’s.
To receive the funds, there is a PayPal fee of $0.20 where a third part transfer is usually in the neighborhood of $1.00, so this is a benefit for sure.
When you visit the Coin2Pal website you are prompted to complete a form where you are intended to enter in a variety of details. These range from where you would like the Bitcoin distributed:
- Receive funds in my own PayPal account ($0.20)
- Send funds to a third-party PayPal account ($1.00)
- Verify my email address so that I don’t have to confirm each order
Once those options are selected, you are prompted to enter your PayPal email address and the number of Bitcoins you would like to sell. The maximum amount per transfer is 0.3 BTC.
Once the information is completed, you will be advised the amount that Coin2Pal will pay in USD with the assumption of the 2.9% US PayPal fee included. The final step, hit the proceed button and you will receive further instructions via email.
Typically, a Bitcoin sale should never take more than one (1) hours. Over the weekend this may take longer because of the PayPal approval of payments. In some instances, payments are simply suspended over the weekend to avoid longer than usual wait times.
What Happens if You Change Your Mind?
And, this happens. Something may seem like a great idea and suddenly you have hit proceed and decide against it. There is no obligation for Coin2Pal to refund your bitcoin, however they are open to being contacted and reviewing the case. To do so, you are encouraged to email them with the information provided on their website.
Truthfully, this is probably something you should think through before proceeding with the original transaction. This could help avoid disappointment if things don’t go as you hoped with a refund request.
Can You Trust It?
A loaded question. However, there are several great reviews about the service and overall the process appears to be straightforward. The Bitcoin community has indicated usage without issues so it is possible to say you can trust them. Keeping in mind, PayPal may disrupt that without warning.
Coin2Pal Customer Service and Support
The platform seems to have a presence on social media platforms like Twitter – although, their updates are infrequent at best. The primary source of contact for Coin2Pal is their email address [email protected]
Where Does Coin2Pal Rank Among Others?
As of mid-November, the website is not deemed very popular at this point. Their rank overall is 6,460,281 with most visitors being from Poland. Minimal traffic seems to be from organic sources using search terms like ‘sell Bitcoin PayPal’ or even ‘PayPal’.
Final Thoughts on Coin2Pal
Overall, there are many legitimate reviews about this service and minimal red flags outside of the PayPal worries. Quality can be based on their exchange rates and speed of the conversion. It is probable, that the majority of their profits are from the exchange-rate differences and not from the $0.20 fees charged on PayPal transfers.
They appear to be transparent and forthcoming with information which is always a good sign, especially in the world of monies and payment processors. It is interesting that users do not need to create accounts or prove their ID – this could be a pro for some, or a con moving forward. That we won’t know except with time.