Invest in BTC with Paypal on Etoro :)

It finally arrived, the easiest way to invest into Bitcoin with Paypal on EToro. It's not usual BTC exchange, you won't be able to withdraw BTC but you can invest with Paypal and trade it on their Platform. Probably the most easy and most safe way to invest in BTC using Paypal.

Join, click fund your account and choose Paypal from deposit options on the left.

http://etoro.tw/1cWSNUK

BTW,til January 5th, they are gifting 50$ worth gift to buy shares from Google, Facebook, Twitter, Apple etc, etc... so that's another bonus.

I remember this site from about a year ago, saying BTC was coming to the platform, and then.... nothing.

So the BTC can only be traded on etoro? Do they actually hold any BTC, or is this essentially just betting on the price direction and nothing else?

Does this work the other way around too? Cashing out to paypal?
In that case I'm interested.

Yes, withdrawals can be made to Paypal, that's the best part of it.

But you can't deposit Bitcoin there unfortunately, you have to buy it with fiat there, then sell there too and withdraw fiat if you want.

Don't like the sound of that. If i can't move it to my wallet then it's not btc. Ownership is a good chunk of what makes it valuable.

Quote from: seleme on December 27, 2013, 09:22:09 PM

lol ok, no thanks.

Bucketshop anybody?

Quote from: Chalkbot on December 27, 2013, 09:18:00 PM

It's not betting, you sell it when the price reach your selling point. But I'm not sure if they hold BTC as you can't deposit it. It's pretty much as any trading platform otu there, Metatrader for ex. - there's no bitcoins there too, you transfer fiat from BTC-e and trade it on their platform. When you're done, you can't withdraw btc, but fiat to btc-e again.

Quote from: Ibian on December 27, 2013, 09:23:15 PM

Don't like the sound of that. If i can't move it to my wallet then it's not btc. Ownership is a good chunk of what makes it valuable.

You own it on their platform though, it's same like Metatrader for ex. It's probably much safer than keeping btc on other exchange too.

Quote from: seleme on December 27, 2013, 09:26:23 PM

Quote from: Ibian on December 27, 2013, 09:23:15 PM

Don't like the sound of that. If i can't move it to my wallet then it's not btc. Ownership is a good chunk of what makes it valuable.

You own it on their platform though, it's same like Metatrader for ex. It's probably much safer than keeping btc on other exchange too.

I don't keep money on exchanges. By my wallet I meant MY wallet, my personal one on my computer.

If there is no proof that they hold the bitcoins they allegedly trade with then this is a scam. Legal or otherwise. Be very careful.

They are reliable website with zillion users trading forex, stocks etc.. I'm not worried about them.

BTW, just tested paypal deposit, money added to my account immediately.

I read bitcoin and paypal in one sentence. Is it me or is paypal a perfect way to scam people by telling paypal you never received the goods to get back your money?

Quote from: Wilhelm on December 27, 2013, 09:54:02 PM

I read bitcoin and paypal in one sentence. Is it me or is paypal a perfect way to scam people by telling paypal you never received the goods to get back your money?

That's why they won't let you withdraw the bitcoins from their system. It protects them from chargebacks.

Quote from: seleme on December 27, 2013, 09:42:58 PM

They are reliable website with zillion users trading forex, stocks etc.. I'm not worried about them.

BTW, just tested paypal deposit, money added to my account immediately.

I don't mean that you risk losing fiat. But that you may not be dealing with bitcoins at all. If this drives the price up, great - it's exposure if nothing else - but if there is no bitcoin in their system then it is fraud any way you slice it. Who knows what that could do to the image if that is the case.

Quote from: seleme on December 27, 2013, 09:22:09 PM

Yes, withdrawals can be made to Paypal, that's the best part of it.

The catch is the KYC requirements:

http://www.etoro.com/en/customer-service/withdraw-faq/

Quote

What documents are required for first time withdrawals?
Withdrawal requests must be accompanied by:

Clear color copy of your Passport including your written signature
Clear copy of recent Utility Bill (any bill that is not older than 3 months and comes to your name and address of residence e.g. water bill, electric, gas, telephone etc…) or Bank Statement
In addition if you have deposited by credit card/s: Clear color copy of both sides of the Credit Cards you have used to fund your trading account (the middle 8 digits from the front and the CVV number from the back can be masked)

Trading fees are excessive:

http://www.etoro.com/en/customer-service/fees/

Quote

BitCoin fees

Fee of a fixed 1% of the execution price or a minimum of 1 cent per transaction.

Verification is needed anywhere these days to cash out to be honest. Fees are big though.

Out of Beta and orders are executed 4 times a day now instead of once in beta.

Quote from: seleme on December 28, 2013, 05:41:12 AM

Verification is needed anywhere these days to cash out to be honest. Fees are big though.

No, not every business insists on giving their customers the old probulator when it comes time to pay out. If you want to pretend bullshit is fine because "everybody does it", why are you interested in bitcoin in the first place?

At any rate, there are referral programs out there for actually sane businesses, you know. Staying here and arguing with the rather sensible points already brought to you because etoro has a lot of clients and you'd like to make a buck is as unneccessary as it is unsanitary.

Quote from: seleme on December 27, 2013, 09:08:26 PM

invest into Bitcoin with Paypal on EToro

No no, not invest in, but bet on. You don't own any BTC betting on its value at etoro.

Plus they're super happy to take your paypal then have problems with their verification & ID process so you can't get it out. Sad

I'm currently using it myself but you do know its only CFDs and not actual bitcoins, right?

Quote from: seleme on December 27, 2013, 09:22:09 PM

Yes, withdrawals can be made to Paypal,

Ah, but:

Quote from: Thom on January 15, 2014, 06:46:44 PM

they're super happy to take your paypal then have problems with their verification & ID process so you can't get it out. Sad

Literally happening to hundreds of users right now, including me with a casual tenner i threw in there to try it out.

They accept paypal, then shortly afterwards they lock the account down until you provide ID, including not letting you trade out of positions making a loss. Then they don't have a working secure ID upload form on the site, and since one shouldn't risk sending ID by insecure email, the practical upshot of that aspect of etoro in this scene's lingo is:

SCAM SCAM SCAM SCAM SCAM

Imagine if your favourite cryptocurrency exchange abruptly locked you out of your account right when you were holding, for instance, freicoin or something else that may well make a loss of your investment. Then they demand more ID than you have, which you can't upload.