PayPal VS robinhood Which is the worst for buying bitcoin?

imstillthebest

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Quote from: pooya87 on March 24, 2021, 11:14:29 PM

I guess the real question is why are you stuck with only these 2 options both of which are considered among the worst ways to buy bitcoin (well you don't really buy bitcoin on PayPal which is another issue on top of it all).
There are lots of other better options out there from centralized exchanges such as Coinbase to better decentralized options such as Bisq!

my guess is because both are verry close to each other . you can buy btc in paypal and you cant withdraw it same with robinhood says @lordhermes he have done a research on robinhood .
cant fully agree that coinbase is a good option and op wants to have his private keys with him .
paypal is worst because you cant withdraw your btc but everybody recognize the name paypal than this robinhood .

pooya87

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I guess the real question is why are you stuck with only these 2 options both of which are considered among the worst ways to buy bitcoin (well you don't really buy bitcoin on PayPal which is another issue on top of it all).
There are lots of other better options out there from centralized exchanges such as Coinbase to better decentralized options such as Bisq!

pugman

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dogs are cute.

I want to say PayPal?? PayPal bans way more accounts than Robinhood so if that is the determining factor, Paypal would be the worst any fucking day.

But given robinhood's sketchiness, I would be a fool to even think if Robinhood ain't no worse than Paypal for buying bitcoin. Sure, robinhood might be an amazing platform for individuals to do stock trading. But crypto? I would choose binance over Robinhood eyes closed with dick in hand.

Either way both of them have more cons than pros realistically speaking, so don't be a fool to use these platforms to purchase/interact with any crypto.

ChuckBuck

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better everyday ♥

Quote from: Lordhermes on March 23, 2021, 05:48:33 PM

Yo boy, I know that, thanks for that, why I suggested op was for him to create something custodial, so to avoid been under the trap of centralisation, the two platforms he suggested to purchase btc does not even allow bitcoin withdrawal. Who knows if op want to hodl Bitcoin for long term since he hasn't stated the reason of purchasing bitcoin.

that's why we're here and advise him on what he should do next Wink

mk4 came up with 2 great suggestions for buying Bitcoin right now

Quote from: mk4 on March 23, 2021, 10:22:36 PM

And yes, I've used HodlHodl. It's great because they have their escrow system, but that doesn't guarantee to filter out the scammers. Again, trade with the people with good reputation.

Ya, I will try, hope everything goes well Cheesy

it would be nice if I could find someone to trade on this forum, I went through the currency exchange section but no one can.

Quote from: bakasabo on March 24, 2021, 02:47:48 AM

To my shame, I'm not experienced in buying Bitcoin anonymous. If you want to buy it with cash and can afford high commission, first thing that comes to my mind is Bitcoin ATM.

It's definitely not a good choice, it's even banned in my city Cheesy

bakasabo

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Quote from: ChuckBuck on March 23, 2021, 04:34:09 AM

Quote from: bakasabo on March 23, 2021, 04:00:28 AM

Just remember, that if you buy Bitcoin on PayPal, you wont be able to transfer them to other platform (exchange, wallet) except PayPal

Is that true? If we buy Bitcoin and cannot move anywhere, then it is not our Bitcoin. It's not buying, it's more like an investment. Too bad if that happens Roll Eyes

mk4 already answered that question. It is not your Bitcoin. Like I've already said several times and people post here - Bitcoin on PayPal is like an artificial Bitcoin or just a number on your balance.

You are complete right with "like an investment". Because it seems that trading Bitcoin on PayPal can be dangerous. If you google "paypal ban bitcoin" you would find stories how people got banned and how slow their support is.

Quote from: ChuckBuck on March 23, 2021, 04:34:09 AM

Do you have any ideas for buying BTC using Paypal or Neteller? Or any similar currency. If possible, I would expect it to remain anonymous. Buying BTC with cash is not a good idea, especially if the country you live in has a ban on buying and selling of cryptocurrencies.

Looks like Paypal and Robinhood are not good choices, are there any other options?

To my shame, I'm not experienced in buying Bitcoin anonymous. If you want to buy it with cash and can afford high commission, first thing that comes to my mind is Bitcoin ATM.

famososMuertos

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LE ☮︎ Halving es la purga

Actually, unless I get a promotion with a third party for the purchase of bitcoin with some of the two services mentioned, you would use them, in reality it is part of the adoption of this opening of services by third parties to acquire bitcoin, but they are not the The best option to enter into a debate of which is better or worse, in reality is to know that the option exists.
There are no worse or better in this case for buying bitcoin.

mk4

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Quote from: ChuckBuck on March 23, 2021, 01:47:15 PM

I have just tried to visit these 2 sites to see the rates. For localcrypto, the price difference compared to the market is too great. I cannot accept such large losses in speculation. In the top few offers the spreads go up to 25%. Hodlhodl looks a lot better, maybe I will try to buy there. Now, what I most wonder about is their level of credibility as well as their ability to protect customers. A P2P platform is always a great place to cheat without good protection. Have you ever used Hodlhodl platform? It would be great if you gave me some advice on it Cheesy

Thank you very much!

As expected, spreads could get really bad when using such exchanges, and that scammers exists(though of course, you only trade with people with a good number of positive feedback). That's the risks of using P2P platforms, if you really want privacy. If you want good spreads and remove them potential scam factor, then you have no choice but to use reputable custodial platforms.

And yes, I've used HodlHodl. It's great because they have their escrow system, but that doesn't guarantee to filter out the scammers. Again, trade with the people with good reputation.

Lordhermes

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Quote from: ChuckBuck on March 23, 2021, 01:47:15 PM

Quote from: Lordhermes on March 23, 2021, 12:31:00 PM

It would have been more better if you purchase bitcoin from non-custodial services that would give you private key since you really concerned about that, MEW can let you purchase bitcoin with your credit card, although KYC would be required, what's your take on this.?

You wouldn't want to do KYC if the country you live in prohibits buying and selling Bitcoin Cheesy

Also, those who want to anonymous will never do that. Remember that one of the original purposes of creating Bitcoin was anonymity

Yo boy, I know that, thanks for that, why I suggested op was for him to create something custodial, so to avoid been under the trap of centralisation, the two platforms he suggested to purchase btc does not even allow bitcoin withdrawal. Who knows if op want to hodl Bitcoin for long term since he hasn't stated the reason of purchasing bitcoin.

ChuckBuck

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better everyday ♥

Quote from: mk4 on March 23, 2021, 08:32:41 AM

[1] https://localcryptos.com/
[2] https://hodlhodl.com/

I have just tried to visit these 2 sites to see the rates. For localcrypto, the price difference compared to the market is too great. I cannot accept such large losses in speculation. In the top few offers the spreads go up to 25%. Hodlhodl looks a lot better, maybe I will try to buy there. Now, what I most wonder about is their level of credibility as well as their ability to protect customers. A P2P platform is always a great place to cheat without good protection. Have you ever used Hodlhodl platform? It would be great if you gave me some advice on it Cheesy

Thank you very much!

Quote from: Lordhermes on March 23, 2021, 12:31:00 PM

It would have been more better if you purchase bitcoin from non-custodial services that would give you private key since you really concerned about that, MEW can let you purchase bitcoin with your credit card, although KYC would be required, what's your take on this.?

You wouldn't want to do KYC if the country you live in prohibits buying and selling Bitcoin Cheesy

Also, those who want to anonymous will never do that. Remember that one of the original purposes of creating Bitcoin was anonymity

Lordhermes

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Although I haven't used Robinhood in purchasing bitcoin before, though their low charge is good enough to continue if that's what you trying to avoid from using other services. I just read that both PayPal and Robinhood do not allow withdrawal of bitcoin from your account., What's really your purpose of getting bitcoin, for storage?

It would have been more better if you purchase bitcoin from non-custodial services that would give you private key since you really concerned about that, MEW can let you purchase bitcoin with your credit card, although KYC would be required, what's your take on this.?

mk4

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Quote from: ChuckBuck on March 23, 2021, 04:34:09 AM

Is that true? If we buy Bitcoin and cannot move anywhere, then it is not our Bitcoin. It's not buying, it's more like an investment. Too bad if that happens Roll Eyes

Yes. But to somewhat balance the hate on PayPal, in their defense, even Cash App back then initially didn't allow bitcoin withdrawals. It came at a later date. Will it be the same with PayPal? No idea.

Quote from: ChuckBuck on March 23, 2021, 04:34:09 AM

Do you have any ideas for buying BTC using Paypal or Neteller? Or any similar currency. If possible, I would expect it to remain anonymous. Buying BTC with cash is not a good idea, especially if the country you live in has a ban on buying and selling of cryptocurrencies.

Peer-to-peer exchanges such as LocalCryptos[1] and HodlHodl[2].

Quote from: ChuckBuck on March 23, 2021, 04:34:09 AM

Looks like Paypal and Robinhood are not good choices, are there any other options?

I mean, almost literally any existing reputable exchange is better than these two.

[1] https://localcryptos.com/
[2] https://hodlhodl.com/

ChuckBuck

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better everyday ♥

Quote from: bakasabo on March 23, 2021, 04:00:28 AM

Just remember, that if you buy Bitcoin on PayPal, you wont be able to transfer them to other platform (exchange, wallet) except PayPal

Is that true? If we buy Bitcoin and cannot move anywhere, then it is not our Bitcoin. It's not buying, it's more like an investment. Too bad if that happens Roll Eyes

Do you have any ideas for buying BTC using Paypal or Neteller? Or any similar currency. If possible, I would expect it to remain anonymous. Buying BTC with cash is not a good idea, especially if the country you live in has a ban on buying and selling of cryptocurrencies.

Looks like Paypal and Robinhood are not good choices, are there any other options?

bakasabo

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Just remember, that if you buy Bitcoin on PayPal, you wont be able to transfer them to other platform (exchange, wallet) except PayPal. So think twice what you plan to do with your Bitcoin. Holding and trading inside is one, but buying other crypto is other.
Why do you want to buy Bitcoin exactly on PayPal or robinhood? If I were you, I would use more anonymous platform.

mk4

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Both are really really bad options, but if you'd force me to choose between the two, I'd probably use PayPal. Despite how their service sucks, it's just a lot less likely for them to go underwater in my opinion.

But yea, in reality, I personally definitely wouldn't buy from either. Why are you limited to these two services in the first place? (unless you were just trying them out)

Husires

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I decided to buy some bitcoins using PayPal, PayPal buy rate is 56.4 and sell rate at 53.7.
when i check them fees it was

Quote

fees are 2.3% on purchases from $25.00 to $100, with fees falling in increments from there in two additional tranches until it reaches its lowest rate of 1.5% for purchases above $1,000.

they don't give you private key and

Quote

I made a Cryptocurrency purchase in error - can I cancel or reverse it?
There isn't a way to cancel or reverse Cryptocurrency transactions.

Robinhood fees are 0.5% or more to buy and sell bitcoin. it will be a good deal but Robinhood is just a broker there is a large mark-up between buy and sell prices.

Robinhood did not side with the retail gamestop speculators and may do it again if the price goes up crazy.

Topic: PayPal VS robinhood Which is the worst for buying bitcoin? (Read 165 times)