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Cryptocurrency on PayPal - Purchase issues and Buyer Protection

I made a Cryptocurrency purchase in error - can I cancel or reverse it?  

There isn't a way to cancel or reverse Cryptocurrency transactions. Click here for more information on Error Resolution.  

Are Cryptocurrency purchases covered by PayPal Buyer Protection?  

PayPal Buyer Protection does not apply to the Cryptocurrency purchases. However, Cryptocurrency purchases are protected in the event of unauthorised activity taking place, provided  that customers have taken care and followed the customer's terms and conditions. See the 'Liability for Unauthorised Transactions and Errors' section of the customer Cryptocurrency terms and conditions at PayPal Cryptocurrency Terms and Conditions - PayPal UK.

Will PayPal cover losses from fraud on its Cryptocurrency service?  

As part of PayPal's commitment to protecting its users, PayPal will not hold customers liable for Crypto purchases or sales made as a result of unauthorised activity in their PayPal account, provided that customers take care and have followed the terms and conditions. See the 'Liability for Unauthorised Transactions and Errors' section of the customer terms at PayPal Cryptocurrency Terms and Conditions - PayPal UK.

Will PayPal protect my Cryptocurrency?  

PayPal works 24/7 to prevent theft and fraud. If you suspect fraudulent activity on your account, please report it immediately. You can file a report through your PayPal account by using the following: How do I report an unauthorised transaction or account activity? or by contacting customer service by visiting our Help Centre

What we can't protect you from are losses that result from Cryptocurrency price fluctuations. Cryptocurrency is very volatile, and we suggest that you speak with a financial advisor or tax specialist to advise you.  

I lost money on my Cryptocurrency purchase. What can I do?  

We recommend you speak to a financial advisor as we’re unable to offer financial advice.  

Why is there an exchange rate for Cryptocurrency?  

To buy cryptocurrencies, you will first need to fund your PayPal Account and obtain electronic money from us in GBP. Because we purchase cryptocurrencies (via companies in the PayPal group) from our service provider in USD we need to convert the funds that you provide in GBP into US dollars in order to buy cryptocurrencies on your behalf. 
When you buy or sell cryptocurrency, we will disclose an exchange rate and the transaction fee you will be charged for that transaction. The exchange rate may include a margin that PayPal earns on each purchase and sale and conversion between your electronic money in GBP and the relevant cryptocurrency which is purchased in US dollars. For further details on the exchange rate and cryptocurrency fees that will apply click here.

This article shouldn’t be taken as financial, investment, or tax advice. 

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