Is this site legit?

[FlutterPie]

I was looking for a quick way to exchange bitcoin for paypal, and I came across this site.

http://paypal-bitcoin-exchange.com/

Does anyone know if its legit, or if its a scam.

[DeathAndTaxes]

Lets see, a site appears out of nowhere, never been posted about on this forum (other than by day old profiles), has already completed over a million dollars in txns, and offers a 0.1% fee which is less than what PayPal charges (so they lose money on every txn?).  Sounds legit to me.

Still if you need more:
https://bitcointalk.org/index.php?topic=661039.0
https://bitcointalk.org/index.php?topic=660606.0

[FlutterPie]

Lets see, a site appears out of nowhere, never been posted about on this forum (other than by day old profiles), has already completed over a million dollars in txns, and offers a 0.1% fee which is less than what PayPal charges (so they lose money on every txn?).  Sounds legit to me.

Still if you need more:
https://bitcointalk.org/index.php?topic=661039.0
https://bitcointalk.org/index.php?topic=660606.0

Thanks,

do you know of a legit site?

[ChuckBuck]

Looks scammy as fuck!  Just look at the Contact page:

http://paypal-bitcoin-exchange.com/contact

Elmhurst, NY zip code is 11373 not 21383.  Also (691) 210-5909 isn't a US phone, it's Micronesia.

Avoid like the plague!!  

[hilariousandco]

Lets see, a site appears out of nowhere, never been posted about on this forum (other than by day old profiles), has already completed over a million dollars in txns, and offers a 0.1% fee which is less than what PayPal charges (so they lose money on every txn?).  Sounds legit to me.

Still if you need more:
https://bitcointalk.org/index.php?topic=661039.0
https://bitcointalk.org/index.php?topic=660606.0

Thanks,

do you know of a legit site?

There are legit traders with lots of successful trades on the Marketplace here. Don't use any of these shoddy sites you stumble upon.

[inBitweTrust]

Lets see, a site appears out of nowhere, never been posted about on this forum (other than by day old profiles), has already completed over a million dollars in txns, and offers a 0.1% fee which is less than what PayPal charges (so they lose money on every txn?).  Sounds legit to me.

Still if you need more:
https://bitcointalk.org/index.php?topic=661039.0
https://bitcointalk.org/index.php?topic=660606.0

Thanks,

do you know of a legit site?

It is always a huge mistake to go from swap BTC (non-reversable) to Paypal (reversible).

Only trade BTC for fiat from reputable exchanges or in person.

[ChuckBuck]

Why would you want to swap to Paypal.  Fees up the asshole especially when dealing with Ebay.

I hate Ebay!   

[pawel7777]

If you're looking for a (somewhat) secure way to buy BTC using paypal. I recommend... wait for it... eBay.

For some time they have a separate 'Virtual currency' category. Note: you cannot do auctions or buy it now anymore, they only allow classified ads, so you'll be buying outside of ebay.

Obviously check seller's feedback and history and don't buy large amounts at one go.

EDIT: I mean safe way of BUYING not SELLING. If anything they say about paypal disallowing crypto is true, then disregard my advise above.

[shorena]

If you're looking for a (somewhat) secure way to buy BTC using paypal. I recommend... wait for it... eBay.

For some time they have a separate 'Virtual currency' category. Note: you cannot do auctions or buy it now anymore, they only allow classified ads, so you'll be buying outside of ebay.

Obviously check seller's feedback and history and don't buy large amounts at one go.

-snip-
Buyer paid 5 minutes later with PayPal. I've sent to him his 0,5 BTC and i thought that all is fine but sadly it wasnt. Next day i recieved an email from PayPal staff that the buyer didn't authorize this transaction
-snip-
Two days after the transaction PayPal returned the money to the buyer. I,ve lost both - money (62E) and BTC
-snip-

source: http://community.ebay.de/t5/Sicherheit-f%C3%BCr-Verk%C3%A4ufer/Bitcoin-und-PayPal-BETRUG/td-p/456389

Avoid paypal at all costs when you are dealing with bitcoin.

let me quote their terms and conditions:

You may not use the PayPal service for activities that:
-snip-
3. relate to transactions that -snip-
involve currency exchanges or check cashing businesses
-snip-

source: https://www.paypal.com/us/webapps/mpp/ua/acceptableuse-full

If anything goes wrong, you are fucked and paypal might even suspend your account.

[Anduck]

Just to be clear.

1. In most countries, Paypal doesnt allow digital currency trading.
2. Paypal will freeze your money.
3. Paypal will freeze your money because you've traded with person whose account got freezed.
4. Chargeback time is 180 days. This means 181 days after the trade the payment can't be chargebacked.
5. All forms of Paypal-payments can be chargebacked.

Most (near to all) sites who offer bitcoin for CC/pp/otherchargebackablemethod are scams.

[pawel7777]

Edited my post above.

Avoid paypal at all costs when you are dealing with bitcoin.

let me quote their terms and conditions:

You may not use the PayPal service for activities that:
-snip-
3. relate to transactions that -snip-
involve currency exchanges or check cashing businesses
-snip-

Don't think that part of T&C was meant to relate to cryptos. It just doesn't make sense why ebay (who owns paypal) would allow trading BTC and even made a separate category and paypal would disallow it.

I bought my first BTC on ebayUK (around Nov 2013) on both auction and buy it now format (allowed back then) and had no issues. Then again, I recall a story about someone's funds being frozen due to selling BTC mining hardware... just weird.

OK, what if a buyer sends funds to the seller but not as a payment for anything, just person A sends to person B (as a gift). Is it still a risk from seller's perspective? Can it be reversed?

[jjc326]

I've heard way too many stories of people getting screwed on Paypal, I wouldn't do anything through them at all related to Bitcoin.

I think that I have heard that doing it as a "gift" option is a little safer, but I couldn't figure out why.  Maybe you can't reverse a "gift?"

[TheButterZone]

Yes, you can.

[shorena]

Yes, you can.

Yes gifts can be reversed as well. I am for a part into crypto because I wanted to cashout from my tf2 trading and pp was not an option. Its is common among steamtraders to send the payment as gift, but thats a false sense of security.All you need for a chargeback is to say:



I didnt do it... my uhm.... lil sister did and Paypal chargesback.

Steamtrading boards are full of storries like this. Same goes for crypto deals, you might have someone honest at the other end, but if you dont, paypal will not help you.