The Central Bank of Brazil (BCB) developed Pix as an instant funding method in November 2020 becoming the pioneer and game changer with instant payment methods in the country. Do you want to know where Pix can be used for crypto deposits? Continue to the top list below and find out.
Pix became highly popular with over 60% of the Brazilian population adopting the deposit method as it enhances the digitisation of money in a period where no-contact transactions were essential. The funding method is integrated with several Brazilian financial institutions, including established fintech firms & crypto sites. It does not charge any fees to individuals with P2P payments, making it a top alternative for many crypto enthusiasts. Pix also has a lower acceptance cost with merchants due to the transactional framework having fewer intermediaries than traditional deposit methods.
Top 6 sites for buying, selling and trading crypto with Pix
This is the toplist with the best sites to buy, sell or trade cryptocurrencies through Pix. To learn more why a certain site is ranked the way it is, you can read our review by clicking the review button.
We generally recommend using an exchange or platform with good track record, great reputation and positive feedback from its customers. The better option for you as customer, the better ranking we give them.
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Pix is well-known and favoured for its instant crypto deposits, no-cost transactions for P2P deposits, and low cost for businesses offering a competitive market for Brazilians. It is an innovative product in the country’s banking industry as the first instant deposit method and reducing cash transactions. It offers an alternative to traditional deposit instruments such as ATMs, bank slips, and Boleto. It has experienced mass adoption in the country due to no fees being charged for P2P deposits while business transactions incur low fees.
+The deposit method offers instant payment to its users.
+Pix is available full-time, including weekends and public holidays.
+Pix does not charge users fees in transacting.
+It is secure with multi-factor authentication keys and QR codes.
+This intuitive transfer methods does not require users to have a bank account.
-The deposit method is only available in Brazil.
-Pix is not possible to cancel transactions once they are processed.
-Rather few crypto sites are supporting the deposit method.
-It is not a viable option for credit card users.
What is Pix?
It is a fully centralised infrastructure developed by the Central Bank of Brazil to offer instant payments and reduce cash transactions as a more affordable, fast, and secure alternative to traditional deposit methods. It facilitates instant deposits between P2P, P2B, B2B, P2G, and B2G transactions via a smartphone. Brazilians can initiate it through the app of any of the 800 payment service providers in the country, facilitated by aliases, keys, or a QR code. The alias or key identifies the receiver’s transactional account but it is not necessary to register a key to pay with Pix. Individuals may have their keys or aliases as their email address, phone number, individual taxpayer registry identification number, a randomly generated alphanumeric string, or a QR code. The payer requires the recipient’s Pix keys to perform an instant deposit and a transaction receipt generates for the payer and recipient. Individuals can have up to five keys for each Pix account while companies can have up to twenty keys but each alias is only associated with one transactional account.
It exempts individuals from fees when using the deposit method in making purchases and sending or receiving funds for transfer. However, fees may apply to individuals receiving funds from commercial sales or making a deposit using the institution’s channel or personal service when electronic options are available. Individual commercial sales are when receiving more than 30 Pix per month, a receipt with a dynamic QR Code, a receipt with QR Code from a corporate payer, receipt in an account defined in the contract as for exclusive use for commercial purposes.
Legal entities incur charges when the institution holding the customer’s account may charge a fee for sending and receiving funds, for transfer and purchase. The institutions freely set the applicable transfer costs. However, most sites recommended by Crypto Lists do not have any additional transfer fees and if they do, we make sure to mention it in the reviews.
Transaction speed for Pix
It offers instant confirmation of transfers with a processing time of 2.5 seconds. However, an institution’s timelines can delay the transfer of funds to accounts and not benefit from its instant transfer solution. This is especially common with traditional Brazilian Reals bank transfers being processed during working days only. Several Brazilians accept funding with Pix due to the instant settlement of transfers.
Pix Deposits in four steps
1. Choose Pix from the list of deposit options.
2. Scan the QR code on the webpage or copy the Pix key to your bank or mobile app
3. Confirm the recipient’s information and put in the deposit amount and press GO.
4. Finalise the transaction with a verification method of your choice, such as Face ID, Touch ID, or PIN code on your mobile device.
Which are the main countries where Pix is used?
Currently, it is only available to residents of Brazil. However, international institutions can accept funding with Pix.
Can you withdraw with Pix?
Yes, you can withdraw funds from Pix. A user can initiate a Pix withdrawal transaction similar to a deposit by reading a QR code or making a Pix from their account to the account of the withdrawal service provider or withdrawal agent such as a commercial establishment. The withdrawal service provider delivers the indicated cash to the user. These withdrawal services are free for individuals up to the eighth transaction of a month.
Reputation of Pix
Pix has revolutionised the banking industry in Brazil by introducing instant deposit methods available full-time. The unavailability of a full-time deposit method led to delays in processing transactions. It is a great improvement from the reliance on credit and debit cards. Several Brazilians take pride in the reduction of cash transactions prevalent in the country. The digitisation it provides has gained a reputation for its financial inclusion in catering to the unbanked in the country with no charges to individuals. It is secured with QR codes and multi-factor authentication. The current limitation of the deposit method is that it is only available in Brazil.
Below are some of the most frequently asked questions related to the most reputable Brazilian deposit alternative.
Is it safe to use Pix for cryptocurrencies?
Yes, it is safe to use the deposit method for cryptocurrencies as it offers robust mechanisms and measures through encryptions with QR codes and Pix keys.
Verify links regarding crypto sites that accept Pix and avoid untrustworthy links such as spam email and spam SMS. Use official links like on Crypto Lists.
Is Pix instant?
It offers an instant deposit method for its Brazilian market hence its popularity.
When was Pix founded?
The Central Bank of Brazil founded the deposit method in November 2020
Which crypto sites accept Pix?
Some crypto sites supporting the deposit method include Local Bitcoins, Paxful, Binance, OKEx, and Kucoin – making cryptocurrencies conveniently accessible to Brazilians. Unlike traditional deposit providers in the country, it offers full-time availability in completing transactions.
Does Pix only work on Apple devices?
It supports all smartphone devices to conduct instant deposits.