Hello all,
About 2 months ago I planned to start international trade of bitcoin using Paypal using a business account.
Multiple people had warned me about it because of chargeback issues and such so I took a calculated risk and only did small amounts of trade.(Less than 180$ per day).
Everything was going fine and I was able to make as much as 20% margin. About two times my payments were held by paypal and then however released after two weeks as per their policy.
Then one day my account became limited. Paypal asked me to provide ID proof and information about my business.
I had about 150$ in my account at this time.
I was completely transparent and told them everything about how I used it to trade on Localbitcoins and all.
After lots of phone calls and my address proofs not being approved initially, everything was finally accepted and I had to wait 2 days for a response from them.
And this is what I finally got.
So to sum it up the bottom line is that my account has been permanently limited but I will still be able to get back the money that was in it.
All in all it was worth it because I made a decent profit even though my account was closed. Resolving my account was a pain but all in all its okay. 20-25% profit margin is great.
So if you ever wish to trade with Paypal please be aware of this.
Happy Trading
Good to know, thats just what im doing
So i think i have to stop doing that
Good to know. You might be able to do it if you are careful and don't leave too much money in the account.
I had some problems with using PayPal to trade BTC involving the Charge Back issues. When I tried to fight the charge backs, PayPal told me they did not support Bitcoin sales as it was "an intangible asset." So I lost the charge back fight and had my account limited for 30 days. For BTC I now use Payza. No problems with Payza yet, besides the service being extremely slow for US customers. Live and Learn! :-)
Cool. I'll switch to Payza too, will have to read if it works here in India tho
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