Starting to accept PIX and convert it to crypto? In 2026, Brazil basically has 3 serious options for mixing PIX with Liquid/Bitcoin: PixGo, DePix/Eulen and Bipa. Each one was built to solve a different problem — and using the wrong one means paying too much, missing features, or losing self-custody. This article is an honest comparison, focused on Brazilian SMB sellers (freelancers, small e-commerce, service providers).

TL;DR
  • PixGo: SMB seller who wants to charge PIX and receive in self-custody DePix. No CNPJ, no monthly fee, 2% per sale (+ R$1 on sales from R$10 to R$49.99) + R$0.50 per D+1 delivery
  • DePix / Eulen: official DePix issuer. Focused on P2P buy/sell for holders, NO recurring PIX billing
  • Bipa: custodial digital account with BTC/USD cashback. Focused on passive hodler, NO PIX checkout for sellers
  • All 3 can coexist — each covers a specific need
  • To sell and receive in crypto: PixGo is the only one delivering the full flow
  • To just buy/hold crypto: DePix directly or Bipa work fine

What each one does (1-sentence summary)

  • PixGo — PIX gateway → self-custody DePix for sellers; ready-made checkout, online store, API, no CNPJ required
  • DePix / Eulen — official DePix issuer (stablecoin 1:1 with the Real); B2C/B2B marketplace to buy/sell DePix
  • Bipa — Brazilian custodial digital account with automatic cashback in BTC/USD (passive DCA)

Your customer pays a regular PIX and the money arrives as DePix in your own wallet. See how the PixGo PIX gateway works.

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Full comparison table

Criterion PixGo DePix / Eulen Bipa
Main focus SMB seller PIX → crypto DePix issuance / buy-sell Passive BTC/USD cashback
Recurring PIX billing Yes (subscriptions via API) No No
Accepts individual (no CNPJ) Yes Yes Yes
Native self-custody Yes (PixGo Wallet) Partial (depends on flow) No (custodial)
Supports DePix Yes (native) Yes (issues it) No
Supports USDT Yes (via BrSwap) Not directly Yes (custodial)
Monthly fee Zero Zero Zero (basic plan)
Per-sale fee 2% (+ R$1 from R$10 to R$49.99) + R$0.50 per D+1 delivery P2P spread (varies) No fee, but custodial
Settlement D+1 (DePix in your wallet) Instant P2P Instant (account balance)
Online store integrated Yes (My Store, permanent link) No No
Crypto → PIX exit Yes (via integrated CryPix) Yes (P2P) Yes (withdraw to account)
Developer API Yes (public v1, HMAC webhooks) Limited (B2B contract focus) Not public
PT-BR support Yes (Naka chat + ticket) Yes (limited, Telegram) Yes (in-app chat)
DePix is a stablecoin 1:1 with the Brazilian Real issued by Eulen. PixGo and Bipa do NOT issue DePix — they either use it (or don't). Eulen is the sole official issuer; PixGo is a gateway that distributes DePix to sellers.

When to choose PixGo

PixGo is the clear pick if you:

  • Sell a product/service and want to receive via PIX easily
  • Want the value converted to self-custody DePix without depending on an intermediary bank
  • Don't have CNPJ — just CPF (freelancer, individual, MEI without formal company need)
  • Want a ready-made checkout (link, QR code, store /pay/YOUR_ID) with no coding
  • Want the option to dollarize part of sales via BrSwap (DePix → USDT), whenever you want
  • Want API + HMAC webhook to integrate with WhatsApp, website, ERP
  • Don't want monthly fees — only pay on what you sell

Examples who fit: barbershop, salon, petshop, private teacher, therapist, freelance designer, dropshipper, small online store owner, local service provider.

Flow details: Wallet from zero, full fees, how D+1 works.

When to choose DePix / Eulen

DePix directly makes sense if you:

  • Want to buy DePix in large volume (B2B, company treasury)
  • Are a technical holder comfortable with P2P on Telegram / OTC
  • Already have your own Liquid wallet infrastructure (SideSwap, Blockstream Green, AQUA)
  • Don't need a checkout — just need DePix liquidity straight from source
  • Want to talk directly with the official issuer for compliance matters

Limitation: DePix/Eulen has no recurring PIX billing tool. If you're a seller wanting to charge end customers, you'll need to layer PixGo (or another) on top.

When to choose Bipa

Bipa makes sense if you:

  • Just want to earn BTC/USD cashback passively using PIX day-to-day
  • Don't care about self-custody — you trust Bipa to hold it
  • Don't need PIX checkout, payment link, recurrence (you're not a formal seller)
  • Want a simple digital account with built-in crypto perk
  • Don't use DePix — just want BTC and USD

Limitations for sellers: Bipa doesn't support DePix natively, has no recurring billing for business, and is custodial (Bipa holds your keys — you don't get a seed). Comfortable for passive hodler; not suitable for sellers wanting sovereignty.

Mind the custodial vs self-custody difference. PixGo Wallet delivers 12-word seed — YOU control it, nobody freezes it. Bipa holds it for you — if Bipa goes down, your BTC is inaccessible until the issue resolves. Weighs a lot depending on your risk profile.

Real cost: scenario with R$10,000/month in sales

Practical simulation for a seller receiving R$10,000/month in PIX, split into 50 sales of R$200 each:

Cost PixGo DePix / Eulen Bipa
Sales fee R$ 200 (2%) N/A (no billing) N/A (doesn't sell)
R$1 flat (sales from R$10 to R$49.99) R$ 0 (all R$200) N/A N/A
D+1 delivery (R$0.50 per daily transfer, one per day adding up that day's sales) R$ 0.50 per day with sales N/A N/A
Monthly fee R$ 0 R$ 0 R$ 0
DePix → USDT conversion (BrSwap, optional) 2% (≈ R$196 on the DePix received) Not direct Not available
Total monthly cost R$ 200 + R$ 0.50 per day with sales (no dollarize) / ≈ R$ 396 + R$ 0.50 per day with sales (fully dollarized) N/A for this case N/A for this case

Notes:

  • PixGo is the only one delivering this end-to-end flow. Receive PIX + convert to DePix + optional USDT = full package
  • DePix direct doesn't serve the seller use case. You'd need PixGo (or another gateway) on top. Direct comparison doesn't make sense
  • Bipa doesn't serve sellers. It pays cashback on your personal PIX usage, doesn't issue charges to customers. Cashback is opt-in passive, not a revenue tool
  • PixGo's fee is the same for everyone, with no volume discount or special plan

Full comparison: Complete PixGo fee structure.

For freelancer / SMB — clear recommendation

If you're a Brazilian SMB seller (freelancer, small business) and want to:

  1. Receive PIX from customers (retail, service, recurring)
  2. Have that money automatically become self-custody DePix (no intermediary bank)
  3. Optionally dollarize part as USDT
  4. Be able to cash back to PIX when needed

PixGo is the only one of the 3 that closes the full loop. DePix/Eulen is a supplier (you'd buy DePix there, but they don't help you charge customers). Bipa is a passive account (doesn't sell, doesn't issue checkout, and is custodial).

Practical PixGo setup: Configure My Store or create a checkout link, after registering your wallet and once your account is validated. Integrated CryPix handles crypto → PIX exit when needed (see Wallet PIX Button).

Advanced combination: an SMB seller can use PixGo to receive and Bipa for personal PIX usage (cashback). They're complementary — they don't compete in the same role.

FAQ

Can I use all 3 at the same time?

Yes, and in many cases it makes sense. Example: PixGo to charge customers, DePix/Eulen direct for B2B treasury refill if you run high volume, and Bipa as a personal account for cashback on daily PIX.

Which is cheapest?

Depends on use. PixGo charges 2% on sales (+ R$1 on sales from R$10 to R$49.99 and R$0.50 per D+1 delivery) — you only pay on what you receive. DePix direct has no fixed spread, but you spend time on P2P (and don't sell, so there's no revenue). Bipa charges nothing, but also doesn't sell. For sellers, PixGo is the only one with predictable cost and a ready flow.

Which is most legal/regulated?

All 3 are legal to use. Eulen is the official DePix issuer. PixGo is a payment technology interface (not a payment institution): PIX is processed by payment partners regulated by the Central Bank of Brazil, and DePix is issued by Eulen. Bipa is a traditional digital account with crypto add-on.

Do I need a CNPJ?

None of the 3 require CNPJ to start. PixGo accepts individual (CPF) with per-level limits (see limits). For sellers who grow and want to issue invoices, it's worth upgrading to MEI or PJ — details in CNPJ and MEI at PixGo.

Can I migrate from one to another?

Yes. DePix is the same Liquid asset everywhere — you can transfer between wallets via lq1q... address without friction. USDT is also portable. Custodial BTC on Bipa needs to be withdrawn to an external wallet (network fee applies).

Is self-custody worth it even for small amounts?

Yes. Self-custody isn't only for "the rich" — it's for anyone who doesn't want to depend on a third party. R$500 in self-custody DePix is safer than R$500 in a custodial account that can be frozen by compliance, company bankruptcy, or provider tech failure. PixGo Wallet is free and takes 1 minute to create. See first steps.

Final summary

  • PixGo: SMB seller who wants to charge PIX and receive self-custody DePix. No CNPJ, no monthly fee, full flow of sale + dollarization + PIX exit
  • DePix / Eulen: official DePix issuer; great for technical holders or P2P buy/sell, but doesn't serve sellers needing checkout
  • Bipa: digital account with passive BTC/USD cashback; good for casual hodler, but custodial and lacks selling tools
  • All 3 can coexist — each covers a different need
  • To sell and receive self-custody crypto: PixGo Wallet is the only one delivering end-to-end in Brazil in 2026
  • For PIX exit: integrated CryPix (or compatible alternatives)

Related reading: PixGo fees · Limits per level · Wallet from zero · D+1 explained