I have tried to summarize the main actions which will help you to avoid cheating while selling bitcoins (or other crypto assets) via PayPal. ++ to karma to all of you who gives me merit for this topic=)
I) You should know that PayPal is the most inappropriate way to trade crypto assets! There are many other safe payment methods.
II) If you positively choose PayPal as the method of getting money from the buyer, then (BEFORE sending BTC) ask him to:
- pay as family and friends;
- send the funds only as a “gift”;
- provide additional documents* (see at the end of topic)
III) Withdraw money from your PayPal account immediately after acceptance of funds from the buyer. Depending on where the seller lives, these bank transfers can take 2-5 business days, although the money should be relatively safe as soon as PayPal marks the request as “completed.”
* list of documents which the buyers must provide you:
1-Proof of ID (Passport, Driver license or ID Card) (IN HIGH QUALITY)
2-Selfie (entire face) with ID in hand (readable) (IN HIGH QUALITY)
3- Screenshot of the buyer's OWN VERIFIED PayPal Account balance - ONLY PAYPAL VERIFIED ACCOUNTS -
4-For Business Account, Proof of address
5-Paypal info & ID must match
6-Proof of payment with own balance
7-The letter, authorizing the trade.
must be written by hand and then take a picture of the buyer next to his/her face ('selfie'):
I,, accepts that I am buying XXXX amount of WICKED bitcoins for the PayPal price of $ XXX.XX. I am willingly acknowledging that if I attempt to make a chargeback that all information will be presented to PayPal including this agreement I am voluntarily acknowledging that this is a valid purchase and the compilation of this information is for validation purposes. Signed + the number of the buyer's ID CARD
If the buyer's account is business, then he/she will have to do the same, but in a stamped sheet of his/her company and duly stamped.
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So, believe me, if a dishonest buyer, using PayPal as a means of cheating, faces all your requirements he just cancels the transaction.
I) You should know that PayPal is the most inappropriate way to trade crypto assets! There are many other safe payment methods.
II) If you positively choose PayPal as the method of getting money from the buyer, then (BEFORE sending BTC) ask him to:
- pay as family and friends;
- send the funds only as a “gift”;
- provide additional documents* (see at the end of topic)
III) Withdraw money from your PayPal account immediately after acceptance of funds from the buyer. Depending on where the seller lives, these bank transfers can take 2-5 business days, although the money should be relatively safe as soon as PayPal marks the request as “completed.”
* list of documents which the buyers must provide you:
1-Proof of ID (Passport, Driver license or ID Card) (IN HIGH QUALITY)
2-Selfie (entire face) with ID in hand (readable) (IN HIGH QUALITY)
3- Screenshot of the buyer's OWN VERIFIED PayPal Account balance - ONLY PAYPAL VERIFIED ACCOUNTS -
4-For Business Account, Proof of address
5-Paypal info & ID must match
6-Proof of payment with own balance
7-The letter, authorizing the trade.
must be written by hand and then take a picture of the buyer next to his/her face ('selfie'):
I,
If the buyer's account is business, then he/she will have to do the same, but in a stamped sheet of his/her company and duly stamped.
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So, believe me, if a dishonest buyer, using PayPal as a means of cheating, faces all your requirements he just cancels the transaction.
This whole information is so important , thank you for sharing here , I just got caught and cheated two times in a row. I stopped using PayPal from then. But it seems I might use it again with all the safety steps and precautions. Thanks. Certainly helpful.
