Freewallet is a multi-currency platform where users can safely buy and store their crypto coins. It is one of the most-used wallets in the world due to its easy user-friendly interface that anyone, even if they don’t have any knowledge about cryptocurrency, can store digital assets.
Now you can transfer crypto from Freewallet to PayPal. The banking company announced they have added the crypto feature after it obtained a “full Bitlicense” from the New York Department of Financial Services to operate digital assets on its platform.
Following is a complete article on Freewallet review and how you can transfer/receive crypto or fiat currency from the wallet:
What is Freewallet: Review
Freewallet is an online platform that enables users to buy, store, receive, and send crypto around the world. It supports over 150 virtual currencies and offers a secure transaction between two parties.
Founded in January 2016, the wallet is widely known for having good login security 2FA authentication multi-sig, and code pin-lock support. With its no-fee or low-fee transactions and user-friendly features, Freewallet is preferred by many investors who do not wish to pay a high gas fee to transfer Bitcoin, Ethereum, or other tokens.
Additionally, the wallet makes crypto buying easier by directly connecting a credit card with the platform. As long as your fiat currency is in USD, you can easily buy it; other currencies can also be used by converting it to US dollars through the P2P service.
Freewallet is mainly a custodial wallet, which means the ownership of private keys is shared with third-party, giving them full control over their funds. Many people who want full ownership over their assets don’t pick this wallet for this very reason.
Another feature that you might not find anywhere is an exchange. Changelly is directly integrated into the wallet so you can buy and trade virtual currencies easily without having to manually move coins from a trading platform into the wallet.
- Low fee transaction
- Fiat-crypto trading
- Good Security measures
- Credit card support
- 150+ cryptocurrency listed
- Top up the balance on phone using crypto
- Customer support isn’t that efficient
- Custodial wallets are a risk
To facilitate customers with the best experience, Freewallet also has its own app listed on both Apple Store and Google Store. The application features are closely designed to help new users navigate through.
The Freewallet app is quite similar to the webpage; many users believe that the UX design for the website is much easier. Nonetheless, the app provides easy-to-use features and you can easily transfer crypto from your wallet address to your friends and family.
How to create an account on Freewallet
Making an account on Freewallet is quite easy if you follow the below steps:
- Go to freewallet.org and click on Sign Up at the top right bar
- Enter your email and password. Read all the terms & conditions before checking the ticks
- Click Register and you will be required to set a 4-digit pin code
- Once you’re signed in, now you need to secure your account. Click on Security at the top right bar.
- Select Email confirmation from the options and then click on the link Freewallet sends to your email address.
- For 2FA authentication, enter your phone no. so that whenever you log in, you will be asked to enter the code sent to your number.
- Complete the documentation process and you are ready to use the wallet
How to send Bitcoin to PayPal instantly from Freewallet
Freewallet offers an instant transfer of Bitcoin to PayPal. Here’s how you can do it:
- On the PayPal app, click on the crypto section and choose Bitcoin (or any other coin)
- Tap on the Transfer button and select Receive
- After completing the verification process, you will be shown an address.
- Copy this address.
- Go to the Freewallet app/website and click on Send
- Click on BTC in the “From” category, select Wallet Address below, and then Tap on Continue
- Paste the copied address on the blank space, then click Continue.
- Select Bitcoin for the transaction currency and enter the desired amount you want to send and click Continue
- Double-check the address and the amount, then tap on Withdraw
The amount will be transferred to the Paypal account. The same method can be used to send Bitcoin from PayPal to Freewallet; instead of clicking on Receive, you click on Send on the PayPal app.
How to send bitcoin on PayPal to another wallet
- Go to the PayPal app and tap on the Crypto section
- Select the coin you wish to transfer, in this case, Bitcoin.
- Click on Transfer and then select “Send”
- Paste the BTC address that you copied from another wallet
- Type in the desired amount and tap on Confirm
The wallet will receive Bitcoin instantly or might take a few minutes.
How to withdraw from Freewallet to a bank account?
If you wish to withdraw funds to a bank account, there’s no way to directly transfer them. Many users have complained that it is easier to deposit money but quite complex to get it out, usually through indirect ways.
Although this will apply many charges, you can send cryptocurrency to any P2P exchange such as LocalBitcoins and Paxful, convert them to your desired fiat currency, and then send it to your bank account.
According to the Freewallet team, you can also withdraw Bitcoin from ATMs but this isn’t available everywhere. So, if you live in a major city, then the ATM might process with a 5% commission.
Another way to cash out cryptocurrency from Freewallet is to send money to a second person in Bitcoin in exchange for cash in real-life. This might come with a risk of scams, so it’s up to you.
Freewallet is recommended by many users and is overall rated 7/10. The wallet provides many features but the best thing about it is you can send cryptocurrency without having to pay any platform fee, this is the biggest reason why people prefer depositing money in it.
Now that you know how to send money from Freewallet to PayPal, it will be easier to make transactions. Furthermore, you can also use this service to buy Web3 products from stores that allow it as a payment method.