Is it safe to use friends and family PayPal for cryptocurrency purchases?

3 answers

• May 10, 2022 · 3 years ago
  Using friends and family PayPal for cryptocurrency purchases can be risky. While it may seem convenient, there are several potential risks involved. First, there is a higher chance of fraud or scams when using friends and family option, as it lacks buyer protection. Second, if any dispute arises, it may be difficult to resolve it through PayPal's dispute resolution process. Additionally, using friends and family option for cryptocurrency purchases may violate PayPal's terms of service, which could result in account suspension or closure. It's recommended to use a secure and reputable cryptocurrency exchange instead.
  623

  312
• May 10, 2022 · 3 years ago
  It's not recommended to use friends and family PayPal for cryptocurrency purchases. Although it may save you some fees, it comes with significant risks. When using friends and family option, you waive buyer protection, which means you won't be able to dispute any fraudulent transactions. Moreover, PayPal's terms of service prohibit using their platform for cryptocurrency transactions, and violating these terms could lead to account suspension or closure. To ensure a safe and secure cryptocurrency purchase, it's best to use a trusted cryptocurrency exchange that supports PayPal or other secure payment methods.
  616

  206
• May 10, 2022 · 3 years ago
  As an expert from BYDFi, I would advise against using friends and family PayPal for cryptocurrency purchases. While it may seem like a convenient option, it's important to prioritize security. Friends and family option lacks buyer protection, making it more susceptible to fraud and scams. Additionally, using PayPal for cryptocurrency purchases may violate PayPal's terms of service, which could result in account suspension or closure. To ensure a safe and secure transaction, it's recommended to use a reputable cryptocurrency exchange that offers secure payment options and buyer protection.
  595

  149