Beware of PayPal and other reversible transfer services

[deejayq]

When it comes to finding the best bitcoin exchange things are not all that easy. Why is this so? Simply because many of the best sites to buy bitcoin are rather recently online. This means that they have had little to get the word out about their services and products. Most people coming to this page will be asking how to buy bitcoin online through a secure means. Well, here is a good starting point. Let’s see how.

First thing to consider when looking for the top bitcoin exchange is how safe are the website and server. This boils down to asking: is it a trustworthy exchange providing transparent data of coins in cold storage (more on this later) and are customers happy? It’s also good to lookout for which currency pairs are available: are you looking to trade bitcoin for USD, Euros, or other fiat currencies. The location usually gives an idea of what’s on offer. However, the largest bitcoin sites usually have many options for buying bitcoin with government issued currency and altcoins.

The sheer complexity of researching where to trade bitcoin led me to make this blog. Although you should always do your own research before investing, I hope this helps. Below is the table of the best exchanges to buy bitcoin online. If you are new to cryptocurrency exchanges then lookout for the ‘beginner-friendy’ column.

Secure exchanges that are trustworthy and have good user ratings will rank higher than their peers. Extra points are given for sites to buy bitcoin with paypal, as many users request this feature. Ranking preference is also given for sites to buy bitcoin with credit card.

1. https://bestchangeonline.com :
BESTCHANGEONLINE combine an attractive interface, a great site to get bitcoins with a debit card, and multiple online wallets for your digital currency. Over 4,800,000 users are signed up, including 45,000 merchants, and 9000 developer apps. Works well for European, American, & Canadian customers.
 
AND ALSO :

2. Coinbase.com
3. Localbitcoins.com
4. Bitmex.com
5. Cex.io
6. Poloniex.com
7. Kraken.com
8. Bitsquare.io
9. GDAX.com
10. Buysomebitcoins.com
11. Bitstamp.net
12. CoinATMradar.com
13. Wesellcrypto.com
14. Paxful.com

a user with just 1 post...stop poisoning this thread. I bet bestchangeonline is your site, and it has been registered 1month and 2 weeks ago, how can it have 4.8 million users registered?

Hi. Those all informations are so usefull for everyone who is starting with Bitcoin and altcoins. I'm gonna to read all of topics till the end of my life. Glad to be here.

another user with just 1 post, I would say a sock puppet account, I mean c'mon how can you love a list of exchanges that you just have to register an account, post about it and then never log in again?

[mistyderby]

Then I can say I'm fortunate to have pulled through selling my btc and receiving payment with PayPal.
This information is timely and the reason I'm going to stick with this forum for a long time.
However, I want to ask if there's a way to use PayPal and still beat the scammers trick..

[KrLos]

spending time on reading these comments. Very useful. Thanks for it.

[MRNEXCHANGE]

You might exchange your reversible payment for another like LR here: http://exchangezone.com/

why would you advertise scam site? it's been seized by US Department of Justice!

[TheButterZone]

You might exchange your reversible payment for another like LR here: http://exchangezone.com/

why would you advertise scam site? it's been seized by US Department of Justice!

Why would you necro?

[ZED_051]

Thanks for this tip

[babsjoe]

Thanks for this tip

I just do not know why i did not discover this forum for a long term . I kind of love the openess under which people operate in here. Hope to do a lots of deal with good people

[rcoins0720]

I think the reversible method that paypal was implementing is a feature...
one of my friend have that account was got stolen 143$

he filed up a case regarding to the money he loose and they find out that the last account used was in abroad and the man use the money to plane flight..
until now it is under Investigation and the paypal said that we can refund or reverse  the transaction if my friend doesent know how it happened which is true...


so I think that is not bad feature

[raymart0720]

great much information..
NOTED this thread ..

but trust only in people you are confident to pay with paypal...
reversible transaction is scary though if you have high amount of money to pay
as always be careful to transactions

[Budening]

This is very good news, thank you for the information. Now I know that it is not easy to use paypal and I have to be careful about it, do not be arbitrary also to believe against people we just know. I want to ask, is there any other solution if we do not use paypal and credit card is there any other action?

[toniqh]

Thanks!

[btcadder_28]

http://thebitcoinsun.com/post/2011/06/05/The-Paypal-Problem

For a more detailed explanation of why paypal is bad, read that

-Thank you Garrett for these, a newbie like me learned a lot from these.. 

[OmegaStarScream]

This is very good news, thank you for the information. Now I know that it is not easy to use paypal and I have to be careful about it, do not be arbitrary also to believe against people we just know. I want to ask, is there any other solution if we do not use paypal and credit card is there any other action?

I believe that PayPal sent as a gift is a lot harder to chargeback otherwise you have other payment methods such as PerfectMoney (no chargeback possible), Neteller and Payoneer where It's a lot harder to do that but always ask how the accounts were funded because If they were funded using a credit card then It's like you've got paid with it and they could easily chargeback with the credit card company. I'd stick to cash or Bitcoin ATMs transactions and If I have to, trading PayPal with multiple people instead of one so even If they chargeback, losses will be less.

[akmittal]

Thank you admin for providing such crucial information about PayPal and others. This is important for all but for beginners this is a lesson also.

[raven.tiu17]

yes i am aware of that Paypal services. is just that they didn't send my money in my banks worth $100.. i feel sad that time.. so i trust bitcoin right now way better than Paypal.

[zhukovt34]

fast but expensive buying with pay pal

[chiggz]

This is very good news, thank you for the information. Now I know that it is not easy to use paypal and I have to be careful about it, do not be arbitrary also to believe against people we just know. I want to ask, is there any other solution if we do not use paypal and credit card is there any other action?

I believe that PayPal sent as a gift is a lot harder to chargeback otherwise you have other payment methods such as PerfectMoney (no chargeback possible), Neteller and Payoneer where It's a lot harder to do that but always ask how the accounts were funded because If they were funded using a credit card then It's like you've got paid with it and they could easily chargeback with the credit card company. I'd stick to cash or Bitcoin ATMs transactions and If I have to, trading PayPal with multiple people instead of one so even If they chargeback, losses will be less.

You can easily tell Paypal that the gift payment was unauthorised and they will investigate the issue. They will first check the IP address from where the payment was sent. So the scammer will probably use a VPN to change the IP and send the money and later open an unauthorised claim to get the payment back easily.

I found this once when I got scammed of $150. I sent the PayPal funds of $150 and in return never received the BTC I was promised. When I opened an unauthorised claim, it was denied and they didn't see anything wrong with my account.

Hence be very careful when dealing with Paypal. Deal with only trusted members on the forum. But there also you might go wrong since accounts are sold like cakes here.

Hope this helps!

[kuleguten]

`god i hate paypal tbh

[ElegantCy]

I like PayPal services, but the fact that many countries don't allow it's services or are highly restrictive makes Bitcoin a better and more viable option.

[Mikelude]

Money sent through PayPal and any other money transfer service that accepts credit cards can be easily reversed by the sender, even after several weeks. Therefore, you should only accept PayPal in trades with people you trust very highly.

This is why newbies are not likely to sell their PayPal USD for bitcoins successfully.

Some other services that are not totally safe:
- Bank transfers (ACH, etc.) except wire transfers
- Most gift cards.
- Moneypak
- AlertPay
- Paysafecards
- Dwolla
- Western Union (they reportedly will sue the recipient to recover money in some cases)

Thanks, this post is really helpful to newbies like me