Home » How to Buy Bitcoin on Paxful: A Step-by-Step Guide

How to Buy Bitcoin on Paxful: A Step-by-Step Guide

by Staff
0 comment

Looking to buy bitcoin? Well, Who isn’t? You could head to a crypto exchange and buy it the good old way, but exchanges have limited options for buying. If you wish to buy directly with fiat currency, using a peer-to-peer (P2P) marketplace is the way to go.

Paxful is one of the top P2P crypto marketplaces, and they support the use of unorthodox payment methods to buy bitcoin, and here’s how it works.

1. Set Up a Paxful Account

For a crypto P2P trading platform like Paxful, you need an account to be able to buy bitcoin. If you have one, then you’re good to go. If you don’t, follow the steps below to create one.

  1. Visit Paxful. Make sure it is the correct website to avoid phishing scams using websites that look just like the original.
  2. In the top-right corner of the homepage, you’ll see the Register button. Click on it to proceed.
  3. On the next page, fill in your details. You may choose to register with your phone number or email address. We will use the email option in this case.
  4. Enter your email address and password. If someone referred you, you can use their referral code. Use a valid email address because you’ll need to verify it later.
  5. Click on Create Account. Solve the puzzle to proceed to the next page. You’ll be asked if you wish to save your password for the website so that you don’t have to type it every time you log in. You should only save if the device you’re using is your personal device, not used by just anyone.

2. Get Verified on Paxful

The next phase is verification. Paxful will email a PIN and a link to your registered email address to verify that you own it.

  1. Open your mailbox and either enter the code in the boxes or simply click on the link below the code. We’ll use the code in this case.
  2. The next page is the phone verification page. You will need to supply a valid phone number that Paxful can send a message.
  3. Enter your phone number and click on Send code. You’ll be taken to the next page, where you should enter the code you received through the number.
  4. You may choose to defer this stage by clicking on Verify Later just under the page, but you cannot complete a trade till you finish the verification, so it may be better to finish it.

3. Search for Offers

After the phone verification, you’ll be taken to the listings page automatically. This is where you’ll see all Paxful’s trade listings. Now, you can filter the results using a few different options.

  1. Choosing the asset you wish to buy, in this case, bitcoin. The same procedure applies to buying USDT or Ethereum. Also, choose the payment method and the currency you wish to use and how much you wish to spend as well as the location within which you wish to buy. This is automatically set to your current country of residence, but you can change it if it doesn’t favor your search.
  2. Click the Find Offers button. In this case, we are searching for bitcoin sellers worldwide who accept Payoneer payment, and we are using USD—many other payment combinations are available.
  3. Select an offer you’re interested in. Although the offers are arranged with the best prices on top, you may not like the terms of the seller, so you can go down a few lines and pick one you’re comfortable with. When you see one you like, click the Buy button.
  4. You’ll see upfront the amount of bitcoin you’ll get for the amount you wish to spend. The rate is usually slightly above the official market rate. Review the offer and click Buy now if you’re fine with the terms.

4. Send Your Funds in Exchange for Bitcoin

Once you click the Buy now button, the bitcoin for the trade is locked in an escrow, and you can safely make payment for it. Since we’re using Payoneer as payment method, the seller has to send his receiving email for us to send our payment and provide other details he may request specific to the payment method.

After sending the payment, click Paid at the bottom and wait for the seller to confirm receipt of the funds. Once they confirm, they will release the bitcoin to you, and the trade is complete.

You may use your bitcoin for anything, including buying video games, or you can choose to HODL it for later, which is what most people do.

It is advisable to transfer the bitcoin to a safe, cold wallet as soon as you complete the trade to avoid the loss of your assets.

How to Report Issues on Paxful

You may choose to cancel the trade at any point before making payment. However, after making payment, you must report any issue to the support team.

If you have any issues with the trade, such as the seller not releasing the bitcoin after you make payment, or any other reason at all, you can click the Report button at the bottom of the page. Provide as much detail as possible to help the team to take a decision on the case.

This may include screenshots of conversations with the seller or evidence of payment. Whatever will help to support your argument should be included to make it easier to resolve the case.

If it is evident that the seller is trying to defraud you and there is sufficient evidence that you did make payment, the bitcoin may be released to you.

Such cases are rare, though, as honest traders get more customers, and those with bad records are avoided. The escrow and the dispute resolution option are available just in case.

It’s Time to Give Paxful a Try

Buying bitcoin using a P2P marketplace like Paxful is often the best option. Sure, you might pay a small amount extra for the convenience, but the features and security make it a worthwhile option when it comes to buying bitcoin.

Read the full article here

You may also like

Leave a Comment

Iman Hearts is one of the biggest lifestyle news and articles portals, we provide the latest news and articles about family, lifestyle, entertainment, and many more, follow us to get the latest news about what matters to you.


© 2022 Iman Hearts. All rights reserved. Sitemap