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Sending Crypto From Paypal To External Wallet

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Ricky3903
Contributor
That’s truly ridiculous. Many of us don’t trade in crypto but we purchase it with the intent of purchasing goods from our private wallets. What a waste of time. Luckily I do read the terms and conditions before I purchase so I didn’t purchase anything yet and apparently I will not be purchasing anything from PayPal because what’s the point?

Sending Crypto From Paypal To External Wallet

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Redsaucerob
New Community Member
This is tantamount to fraud. You’re not really selling crypto’s if you can’t transfer them to other parties. How do I get my fees back?!?

Sending Crypto From Paypal To External Wallet

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thegrazel
Contributor

If you hear anything on this, please let me know. I think this is garbage if we can't actually use them / shift them to an external wallet. I paid for it, so I should be able to do with it as I desire. QR code said "Having troubles with this code" and won't let me sent to the wallet.

Sending Crypto From Paypal To External Wallet

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Cajingurl
Contributor

Totally agree.  **bleep** me off when I couldn't move it.  Took all my money out of paypal crypto. 

Sending Crypto From Paypal To External Wallet

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Ricky3903
Contributor

I have to admit I got totally lucky.  I really didn’t find the answer in terms and conditions. It was when I started investigating (before I purchased) how to transfer my crypto. I had seen some of the comments that people made saying they couldn’t find the option to transfer crypto and  I got suspicious so I looked in the community and that’s when I started seeing messages that you can’t transfer. The coin stays with PayPal. It seems almost like it’s false advertising because PayPal started announcing that you can buy crypto with PayPal blah blah blah. I said it “seems” almost like false advertising but it’s not because there’s a difference between “announcing” and “advertising”. What they should’ve been announcing was you can purchase bitcoin to be traded on the PayPal platform!

Sending Crypto From Paypal To External Wallet

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Mikegoldcoin
New Community Member

I'm sorry but has no one from Paypal explained this very disconcerting limitation of our own property? how could this be? I want to transfer my crypto into my bulletproof wallet where it will remain safe under my full control. Are our coins insured for when Paypal gets hacked into, and everybody's wealth vanishes right off this platform? We need a good explanation and I hope you have a good case to support your reasoning. Paypal, please confirm you've heard our frustration. I don't want to be forced to sell and deposit into my bank account while losing money through transaction fees, and also risking a loss when repurchasing on another platform.

Sending Crypto From Paypal To External Wallet

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peretzrickett
New Community Member

This is like a scam, wth? PayPal, it's my crypto, not yours. This is a disgustingly deceitful practice.

Sending Crypto From Paypal To External Wallet

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Temp20210222
New Community Member

Sounds like there needs to maybe be a class action suit against them for how many people they have scammed with this. This is almost as bad as me finding out that facebook has been taking 1 dollar out of my account without permission. 1 dollar might not sound like much and its purposely done for that reason but think about how many Millions of people are having 1 dollar taken out of their account by facebook and waving it off like i did the first time or 2 i seen it. When I realized that facebook is stealing millions of dollars from people Just like that, taking 1 dollar from a million people I just called the secret service and reported it and I looked it up and sure enough their are alot of people that have been having this happen to them too. I couldnt believe it, but it is genius in a evil sort of way. Please call the secret service and report it as well if you have the 3 minutes it takes to do so. SOmething needs to be done about it.  Same here, I just paid 14 dollars to transfer 500 to this account to buy crypto and send it to my wallet, Something told me just to make sure I could do that before I spent the money on the crypto and found this thread. this is a shady deceitful and down right wrong illegal practice and you guys should band together and file a suit, Im sure their are thousands who have had this happen to them as well.

Sending Crypto From Paypal To External Wallet

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gburns53
Member

I think PayPal needs to be much more up front about this as well. 

 

I'm sure it's in the language, but it is highly misleading. When you exchange currency you'd expect to be able to move and manage it as you wish... especially considering it's the very foundation for which PayPal exists. 

 

Moving currency on paypal goes without saying, so the fact they don't HEADLINE the fact you can't before purchase .. Wow, that is very sketchy. 

Sending Crypto From Paypal To External Wallet

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U_kb-35mEkqBxH
Contributor

My very first, and very recent, foray into crypto was on PayPal. It wasn't much, but it's STUCK here for the time being, and it's an enormous red flag that they didn't disclose this up front. What if I had put a large sum into Bitcoin two months ago? The taxes alone for converting to dollars would be prohibitive!
I can keep my meager crypto balance on PayPal for now, I suppose, as long as they don't get hacked. But it's a HUGE security problem that I can't consolidate my crypto in my own cold storage. In order to do that, I'd have to convert it to USD (for a fee), withdraw it to my bank (which can take days), upload the funds to a different exchange (which can take days) and then convert those dollars to the same exact crypto at whatever the market value is (probably MUCH HIGHER since it will be eight+ days later) somewhere else. This is an extreme rip-off and extraordinarily inefficient. I'd lose so much money while I waited a week or more to complete the transaction! Not to mention that it creates a taxable event, which I absolutely cannot have, when all I frikken wanted was to put my funds into my own wallet.
I'm not happy with PayPal. I do realize, however, that they have plans to implement robust support for crypto in the near future. I am very hopeful that this will include transferring to a private wallet. Until then, I am hodling a small sum here until the day make it possible to send it to my own wallet.

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