Topic: Is prohibited to sell Bitcoins over Paypal? (Read 1190 times)
You can sell and buy Bitcoins with paypal through localbitcoins.com
See you may be able to get away with it for sometime, but don't think that you're going to be making an income from it forever. It's going to burn you when you have a ton of money stuck in that PP account and then you get shit on because Paypal has locked / limited your account and now wants to know what you're doing with all this money. It really does suck and it did happen to me when I was a trader on Paxful, my account was locked up for around 6 months and I lost out on all the revenue (potential) and all the money that was in there for that time.
I wouldn't do it if this is your personal account, plus you're also going to need to work within the laws of your countries money transmitting licenses and such to be able to work legally within your country. The last thing you want is the taxman coming at you with tons of fees asking for their money and you just using this as a side business losing it all due to this.
Be careful bud, I wouldn't do it.
I wouldn't do it if this is your personal account, plus you're also going to need to work within the laws of your countries money transmitting licenses and such to be able to work legally within your country. The last thing you want is the taxman coming at you with tons of fees asking for their money and you just using this as a side business losing it all due to this.
Be careful bud, I wouldn't do it.
But you did these trades using personal account or business? And what volume?
I found some articles about it,
https://www.entrepreneur.com/article/231302
https://www.paypal-community.com/t5/About-Business/Selling-Bitcoin-is-Against-PayPal-Policy/td-p/1215793
Do anyone have any experience about this?
Got really concerned.
Thanks.
I find it risky to use paypal in tading bitcoins today. A lot of people getting scammed these days due to the charge back. The best thing to do is we need to know the person first before the transaction or better transact with trusted buyer or seller. That is the only thing we can do to secure our money from fraud. https://www.entrepreneur.com/article/231302
https://www.paypal-community.com/t5/About-Business/Selling-Bitcoin-is-Against-PayPal-Policy/td-p/1215793
Do anyone have any experience about this?
Got really concerned.
Thanks.
See you may be able to get away with it for sometime, but don't think that you're going to be making an income from it forever. It's going to burn you when you have a ton of money stuck in that PP account and then you get shit on because Paypal has locked / limited your account and now wants to know what you're doing with all this money. It really does suck and it did happen to me when I was a trader on Paxful, my account was locked up for around 6 months and I lost out on all the revenue (potential) and all the money that was in there for that time.
I wouldn't do it if this is your personal account, plus you're also going to need to work within the laws of your countries money transmitting licenses and such to be able to work legally within your country. The last thing you want is the taxman coming at you with tons of fees asking for their money and you just using this as a side business losing it all due to this.
Be careful bud, I wouldn't do it.
I wouldn't do it if this is your personal account, plus you're also going to need to work within the laws of your countries money transmitting licenses and such to be able to work legally within your country. The last thing you want is the taxman coming at you with tons of fees asking for their money and you just using this as a side business losing it all due to this.
Be careful bud, I wouldn't do it.
I have just found out that you can withdraw funds to Paypal using Coinbase,
https://support.coinbase.com/customer/portal/articles/2458534
I suppose they are not violating Paypal ToS. Or they might have a special agreement with them?
https://support.coinbase.com/customer/portal/articles/2458534
I suppose they are not violating Paypal ToS. Or they might have a special agreement with them?
people are using Paypal to buy digital currencies (aka bitcoin) but that doesn't make it OK. you should read Paypal's ToS you can see that they are clearly stating they are not happy about it and will block you!
i am not using Paypal but i have seen people who got their accounts blocked just because they used it to buy/sell bitcoin.
i am not using Paypal but i have seen people who got their accounts blocked just because they used it to buy/sell bitcoin.
and because of that things, I think it is one of the disadvantages of Paypal. Imagine most of the Paypal users are crypto believers or crypto enthusiast. This what all I know about in Paypal.
Yes it is clearly mentioned in their TOS and if they find out that your account is linked with any of such transactions, your funds might get frozen. Also you will have a risk of getting scammed by the one who pays you in paypal through chargebacks which they can file even a month after the transaction.
It is actually unsafe to sell your bitcoin for any reversible payment gateways like paypal, skrill etc.
It is actually unsafe to sell your bitcoin for any reversible payment gateways like paypal, skrill etc.
I found some articles about it,
https://www.entrepreneur.com/article/231302
https://www.paypal-community.com/t5/About-Business/Selling-Bitcoin-is-Against-PayPal-Policy/td-p/1215793
Do anyone have any experience about this?
Got really concerned.
Thanks.
You have found some articles but you didn't read them. https://www.entrepreneur.com/article/231302
https://www.paypal-community.com/t5/About-Business/Selling-Bitcoin-is-Against-PayPal-Policy/td-p/1215793
Do anyone have any experience about this?
Got really concerned.
Thanks.
Look what i have found in one of those articles - it was in first reply: https://www.paypal.com/us/webapps/mpp/ua/acceptableuse-full#prohibited-activities
Please click on that link, read 1), 2) 3) and 4) and be kind and lock topic.
Bitcoin is a direct competitor for Paypal. Obviously, they want to delegitimize it so you can't trade it officially.
That being said PayPal doesn't care. If you don't explicitly tell them the transaction is about Bitcoin even if a human looks at your transaction in a dispute they won't care. Best reason to give is no reason at all.
If someone charges back a PayPal payment for Bitcoin it is literally not possible to fight that.
That being said PayPal doesn't care. If you don't explicitly tell them the transaction is about Bitcoin even if a human looks at your transaction in a dispute they won't care. Best reason to give is no reason at all.
If someone charges back a PayPal payment for Bitcoin it is literally not possible to fight that.
It is. Based on experience, you can still use it to trade btc to paypal but once the other party charge back, you will have a hard time to get your money back and you may risk your account being closed because you violated their terms. I've done previous bgc to paypal or paypal to btc trade before but haven't encoubtered problem. Just be safe to whom you trade with.
That would really be a big problem of your which they will surely block your account if they would know that you are buying bitcoins by the use of paypal and when unexpected thing happens of chargeback you cant do such any act because if you insist then your account would got compromised which means we should really be keen on people to whom we do transact,i fully agree with stiffbud we do have the same opinion on this one. 
It is. Based on experience, you can still use it to trade btc to paypal but once the other party charge back, you will have a hard time to get your money back and you may risk your account being closed because you violated their terms. I've done previous bgc to paypal or paypal to btc trade before but haven't encoubtered problem. Just be safe to whom you trade with.
Damn, I have some money laying around on Paypal, would be really great to be able to buy BTC with it, instead of withdrawing it to Visa...
There isn't as much risk when BUYING bitcoin with paypal.
(Unless the seller tells you to mark as a gift payment and you don't use escrow)
Most of the risk is for the seller since the buyer can just do a chargeback and claim they never received goods they were promised.
That is why most sellers charge a high fee unless the deal is with a buyer they know.
Do you have or anyone here has experience to when a chargeback happens, and you provide the selfies, ID, and the screenshot of localbitcoins proving the deal really happened?
Thanks
Damn, I have some money laying around on Paypal, would be really great to be able to buy BTC with it, instead of withdrawing it to Visa...
There isn't as much risk when BUYING bitcoin with paypal.
(Unless the seller tells you to mark as a gift payment and you don't use escrow)
Most of the risk is for the seller since the buyer can just do a chargeback and claim they never received goods they were promised.
That is why most sellers charge a high fee unless the deal is with a buyer they know.
Be very very careful while using your Paypal account to trade in Bitcoins. If the Paypal guys find out, then they will lock your account and then freeze the funds. This has happened to many people. And the worst part is that it takes many months to unfreeze and move our funds once they lock out the account.
I don't think it's prohibited, because several trading platforms provided with PayPal acceptance. One of the top trading services renderer localbitcoins too have got traders who support PayPal as payment. PayPal has been popular long back as a cross border transaction support system, so this won't be prohibited.
Thanks both for the inputs.
I did 15 trades through LBC. All of them I confirmed with selfie + ID + paypal screenshot showing balance or thats linked to a bank account. All of them seemed legit (orders came from USA, Canada, French, etc). Many trades from Venezuela, Nigeria, Cameroon were very suspicious and I refused to trade. Doing the way I did, do you think the risk is still high? I mean, 20~25% margin is a lot and can afford one chargeback once in a while.
Anyway, I don't want to do anything ilegal or that goes against Paypal rules. I want to do high volume and don't want to be afraid.
What are the other trading methods that you use and find it safe?
Thanks.
I did 15 trades through LBC. All of them I confirmed with selfie + ID + paypal screenshot showing balance or thats linked to a bank account. All of them seemed legit (orders came from USA, Canada, French, etc). Many trades from Venezuela, Nigeria, Cameroon were very suspicious and I refused to trade. Doing the way I did, do you think the risk is still high? I mean, 20~25% margin is a lot and can afford one chargeback once in a while.
Anyway, I don't want to do anything ilegal or that goes against Paypal rules. I want to do high volume and don't want to be afraid.
What are the other trading methods that you use and find it safe?
Thanks.
The problem, my friend, is that it's not going to be just one chargeback once in a while. You might find someone along the way that seems legit (based on the things that you were asking from them or whatever) but that very person can run away too. Digital goods is not covered by Paypal's buyer protection policy. Of course if the person you were dealing with doesn't know the famous "I got hacked" Paypal's chargeback method, he's not going to be able to do the trick.
But, you're going to encounter different types of people here. Only one bad sheep can make you devastated, waste all your efforts, and, most especially, take away all your profits.
Damn, I have some money laying around on Paypal, would be really great to be able to buy BTC with it, instead of withdrawing it to Visa...
It is prohibited to do that according to PayPal terms of service that's why most if the mods , escrow tell us to trade with a reallt trusted members as even if you sent PayPal and didn't get bitcoins there is less chance of you winning or if a chargeback has been done against you. But in us through coinbase you can transfer to PayPal don't really get the logic here.
I believe that it is not prohibited to sell bitcoins over paypal because a lot of my friends are doing it and they are buying and selling bitcoins with paypal and I think there is no rules or policy of paypal that prevents people or their user to use paypal as a payment method for buying and selling bitcoin.
Paypal never liked Crypto currencies as they will take Paypal out of business in the future. If everyone on Paypal understands and knows the value of BTC then 90% of them will shift to crypto currencies. Paypal got lots of problems with its limits and verification process and account disputes, BTC is the best right now.
I believe that it is not prohibited to sell bitcoins over paypal because a lot of my friends are doing it and they are buying and selling bitcoins with paypal and I think there is no rules or policy of paypal that prevents people or their user to use paypal as a payment method for buying and selling bitcoin.
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