Is it safe to buy Bitcoin with PayPal?

Asked 4 years ago

Would you recommend using Paypal to buy and transfer Bitcoin?

Andia Rispah Igobwa

Thursday, December 09, 2021

Yes, it is safe to buy Bitcoin with PayPal.
Keep in mind that you can't send Bitcoin or other cryptocurrencies from PayPal to another exchange or wallet with this crypto investment strategy. You have the option of keeping it for yourself or selling it. PayPal has also recently provided a payment method for crypto purchases at checkout.
This isn't ideal from a security standpoint. Moving any crypto, you acquire to your own crypto wallets is a typical recommendation. You'd be in control of your assets that way. It adds an extra layer of protection in the event of an emergency, such as:
The platform on which you purchased your cryptocurrency has been hacked.
The platform will freeze your account.
Someone has gotten access to your account.
What would happen if PayPal closed your account for $5,000 in Bitcoin? You wouldn't be able to access that Bitcoin until PayPal reactivated your account.