Thanks everyone for the advice. I will definitely take the risk of charge back into consideration and may still end up trading a low amount that I am ok with losing if it came down to it.
Do exactly that. Localbitcoins is actually the safest and best place to trade bitcoins for paypal, if you are comfortable sending your ID if they request it. But it does happen that if you send a big amount, then they might just charge back in that case and not mind the negative rating left by you. So as long as you are trading small amounts in the 45-day intervals, it should be fine.