What are the security risks of using PayPal friends and family for buying cryptocurrencies?

3 answers

• Dec 25, 2021 · 3 years ago
  When using PayPal friends and family for buying cryptocurrencies, one of the main security risks is the lack of buyer protection. Unlike regular PayPal transactions, friends and family payments are not eligible for refunds or disputes. This means that if something goes wrong with the transaction, such as receiving fake or non-delivered cryptocurrencies, you may not be able to recover your funds. It is important to trust the seller and ensure they have a good reputation before proceeding with such a transaction.
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• Dec 25, 2021 · 3 years ago
  Using PayPal friends and family for buying cryptocurrencies can also expose you to the risk of scams. Since these transactions are often conducted outside of regulated cryptocurrency exchanges, it can be difficult to verify the legitimacy of the seller. Scammers may take advantage of this and deceive buyers by offering attractive deals or promising high returns. It is crucial to exercise caution and thoroughly research the seller before making any payments through PayPal friends and family.
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• Dec 25, 2021 · 3 years ago
  At BYDFi, we recommend avoiding using PayPal friends and family for purchasing cryptocurrencies due to the security risks involved. While PayPal is a reputable payment platform, it is not designed for secure cryptocurrency transactions. Instead, we suggest using a trusted and regulated cryptocurrency exchange that offers buyer protection and ensures the security of your funds. This way, you can have peace of mind knowing that your transactions are conducted in a secure environment.
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