There are several safe ways to purchase Bitcoins online or in person without getting scammed. One of the most common reasons that people get defrauded when dealing with Bitcoins is because they do not do the proper research into the exchange or person they are trading with.
If you are buying or selling Bitcoins with someone online without any feedback or trade ratings then you will almost always want to use a 3rd-party Escrow service through the Bitcoin Talk forums or other reputable website. If the person has created a new account and is receiving a lot of new positive feedback for PayPal trades be careful because they could do a chargeback later.
- Always Try to Use Escrow
- Don’t trade with Newbies
- Avoid PayPal
- Assume Online Wallets/Exchanges are Risky
- Use Paxful.com
Only use PayPal with people you trust because PayPal is notorious for not getting involved over Digital item disputes. Make sure you have their contact info before sending your coins.
If you are buying/selling Bitcoins on an online Exchange then be careful not to keep all of your coins in your online wallet at once. Exchanges have gone down in the past or lost people’s account balances due to server failures or hacks. Try to withdraw from your accounts as often as possible and keep backups of your account info.
Without-a-doubt, the best way to Buy Bitcoins is through Paxful.com which allows you to trade locally with reputable sellers in your area. You can arrange the transaction either in person or online and pay with Cash, Bank wire, Money Pak, Western Union, Moneygram and other online payment methods.
The best part is people post their Buy and Sell orders so you can monitor what’s available to find the best deal that’s close to you. Most people will meet up in a public Wifi area and do the transaction over a cup of coffee. This is the safest way to make sure you get what you are paying for.