As its name lets on, Coin2Pal is a Bitcoin-to-PayPal service, which has defied extreme adversity for around 4 years now. What sort of adversity are we talking about? PayPal and Bitcoin are really not a match made in heaven – every experienced crypto-buff will tell you that. The payment processor has a major beef with virtual currencies, and whenever it spots someone dealing in this vertical who also makes use of its services, it promptly shuts him down. This is just the sad state of affairs in this regard, and most people don’t seem to be able to find a way around it. Except for – apparently: Coin2Pal.
Some say that the real problem is on the PayPal-to-Bitcoin branch, and not on the reverse one, which Coin2Pal are pushing. Others are fairly convinced though that PayPal want to have nothing to do with anything cryptocurrency-related. A long story short: while Bitcoin conversions to and from fiat, involving PayPal, are a sort of taboo, Coin2Pal do not seem to have any problems keeping their service alive.
So what is it exactly that Coin2Pal offers you?
The site is about as simple as it could get. It converts users’ bitcoins to USD, depositing the resulting USDs into a Paypal account of the user’s choice. That’s right: one does not even have to use his/her own PayPal account for the conversion. 3rd party PayPal accounts are accepted too. The cost of receiving funds in one’s own PayPal is apparently $0.20, while a third-party transfer costs a full dollar. That’s very reasonable, no matter how we turn it around.
Essentially, the operation consists of a form, through which users have to enter various details regarding their conversion/sale. Selecting one’s own PayPal account or a third-party one, is the first step. One can elect to have his/her email verified, in which case, he/she won’t be required to confirm every single sale/conversion. Entering the PayPal address/code is next, followed by the Bitcoin sum to be sold. Currently, the maximum on-site is set to 0.15 bitcoins, which is not much obviously. Those looking to sell more, can email the operator and apparently work out some sort of a custom deal.
The form also shows the current Bitcoin exchange rate used by Coin2Pal and the amount of USDs that will be paid out. There’s also an estimation on the money that will actually land in one’s PayPal account (with the PayPal fees deducted).
A standard Bitcoin sale should not take more than an hour to process. Over the weekend, the manual approval of PayPal payments may take several hours though. To avoid delays, the service is sometimes suspended over the weekend.
Detailed instructions are delivered in the email accompanying every transaction.
The minimum amount of Bitcoin that can be sold through the Coin2Pal service is 0.03. Sales involving very small amounts may not make sense on account of the PayPal fees involved.
While Coin2Pal accept no obligation in regards to refunding one’s bitcoins if the person changes his/her mind, they are open to reviewing the case, and they encourage such users to contact them directly through email.
PayPal funds cannot be used for the purchasing of bitcoins, so the service only works one-way.
Can you trust Coin2Pal?
Judging by the straightforward nature of the service and by the generally positive feedback delivered through community platforms such as bitcointalk, Coin2Pal is indeed legitimate and trustworthy. It does what it says on the package.
Question Marks and Red Flags
There aren’t any really…As said above, the operation is legitimate and it seems to work. Exactly how it stays alive and how it manages to avoid PayPal’s wrath is a bit of a secret, but not necessarily a red flag, in and of itself.
The only way to contact Coin2Pal and to request support is through the email address: [email protected] The site also has a presence on Twitter, though their page there does not seem to be updated regularly.
As of November 22, 2017, Coin2Pal.info has a SimilarWeb rank of 6,460,281, indicating it’s not a very popular site. Most of its visitors seem to reside in Poland, where this website is ranked 376,434. Some of its traffic comes through organic search engine results for searches such as “sell Bitcoin PayPal” and even just “PayPal.”
Coin2Pal Review Conclusion
There’s little doubt that Coin2Pal is a legitimate service. Several people who have sold bitcoins through them, attest to their legitimacy. The quality of the service is determined by their exchange rates of course, and the speed of the conversion. While the latter is decent, the former may spark some discontentment here and there. It is obvious that the operation generates the bulk of its profits from the exchange-rate differential and not the 20-cent fees charged on the PayPal transfers. They are transparent in this regard too though, so this can’t be chalked up as a serious fault either.
Perhaps the biggest advantage of the operation is that it does not require users to create an account and to prove ID.
Review Verdict: Coin2Pal is legitimate!
Official Site: Coin2Pal.info
Did you try Coin2Pal? Please let us know if you have any feedback about this site – positive or negative – by commenting below.
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