How to Buy Bitcoin on Paxful: A Step-by-Step Guide
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 acrypto P2P tradingplatform 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.
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.
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.
4. Send Your Funds in Exchange for Bitcoin
Once you click theBuy nowbutton, 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, clickPaidat 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, includingbuying video games, or it’s possible to choose toHODL it for later, which is what most people do.
It is advisable to transfer the bitcoin toa safe, cold walletas 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 theReportbutton 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.
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