PAXFUL, Cryptocurrencies have been nothing if not exciting for many investors. They have natural appeal: they have gone up a long way, and investors are lured by the apparently chunky returns on offer. Their volatility also offers lots of opportunities for those looking to trade on price movements.
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So you want to buy or sell some cryptocurrency. Here’s how to use PAXFUL to buy and sell cryptocurrencies like Bitcoin Cash, Ether, Ethereum Classic, or Litecoin. But first, let’s start with knowing what PAXFUL is.
What is PAXFUL?
Paxful is the leading peer-to-peer cryptocurrency marketplace where buyers and sellers are connected for business.
In 2014, Ray Youssef and Artur Schaback founded EasyBitz, which was then renamed Paxful, which gets its name from the Latin word for “peace.” When they created it, they had one goal in mind: to make Bitcoin easier for everyone, from businesses to merchants.
The peer-to-peer system of Paxful removes borders and limits. You can think of your Paxful account as your very own financial passport. With it, you can send money and buy things from halfway around the world. Build a business with their Bitcoin affiliate program.
Their community has over 6 million users, and it continues to grow. These users can make trading on Paxful extremely easy and hassle-free.
Getting Started With PAXFUL
Paxful is a leading peer-to-peer marketplace where users can buy, sell, and store various cryptocurrencies. Ready to start building your financial future? Let’s get you started with a Paxful account.
Start at the Paxful Account Registration Page
At this point, you will receive a free cryptocurrency wallet. This digital wallet is where you will store all your hard-earned cryptocurrency. To learn more about the functions of this wallet and any restrictions, visit our Help Center’s section on Paxful Wallets.
Verify your Account
Check your email after you register to verify your account. You will receive a verification code that you’ll need input on the site.
There are several levels of verification that you can complete on your own time. These verification levels allow for different trading opportunities within the marketplace, and the verification process helps the platform’s security.
Take some time after you verify your account to familiarize yourself with the marketplace. Then, you can take a tour of the platform.
That’s it! It’s time to get trading
How to Buy Cryptocurrency on PAXFUL
This guide will help to find existing offers to buy cryptocurrency.
Step 1 Setting up search requirements
- Create an account or log in to your Paxful account, hover over the Buy arrow, and click your preferred cryptocurrency.
The page with offers to buy cryptocurrency appears.
- Click Show all or any payment method field and select your preferred payment method to buy crypto on the dialog box that appears.
Alternatively, click View offers for all payment options to see the list of all payment methods available.
- Click any currency and select your currency from the list. Next, enter the amount you want to trade in any amount field.
You can leave any amount field empty if you do not have any specific amount in mind.
- Select your country from the Location list.
- Click SEARCH FOR OFFERS. The offer list is updated according to your search requirements.
Step 2 finding an offer
- Browse through the list of offers.
The list begins with offers that have:
- Sellers with the best rating and reputation.
- Sellers who are the most active on the platform and are ready for instant trade.
- The most profitable margin.
Check the tags and labels for additional information about an offer. Then, when you find an offer you like, click Buy.
The Offer page appears.
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Study all details of the offer such as:
Buying limits — is the offered amount neither too low nor too high?
Seller’s rate — does it look profitable for you?
Time limit — will you manage to execute the payment within this timeframe?
Offer terms — is the seller requesting additional documents or having specific requests as part of the trade procedure?
- Enter the amount you are ready to trade in the traditional currency field or cryptocurrency field. Click BUY NOW.
You can click Take a Tour to receive a walk-through of the process if you have any questions or doubts.
The Trade chat page appears. At the moment when the trade starts, the cryptocurrency rate is fixed and will not fluctuate.
Step 3 Trading
- Discuss the necessary details with your partner using our trade chat and follow their instructions carefully.
- Make the payment.
After making the payment, click I have paid.
The Self Declaration dialog box appears.
- Click Yes, I have paid.
You can always cancel the trade by clicking Cancel.
In case of any trouble or disagreement, click Dispute to invite PAXFUL moderators to investigate the case.
The seller releases BTC from the trade escrow to your Paxful wallet. The trade is completed successfully.
How to create an Offer to Sell Cryptocurrency on PAXFUL
To set your personal exchange rules and establish a flow of trades, you need to create your own offers. This guide gives you an overview of how to create an offer to sell crypto on Paxful.
Step 1 Payment method
- Log in to your Paxful account and click Create an Offer.
Create an Offer page appears.
Tip: Using your phone? Click the hamburger icon and click Create an Offer.
- Choose the cryptocurrency type you want to buy or sell.
- Select Sell offer type.
- Select a payment method.
Choose how you want to sell cryptocurrency:
First, select the payment group from the left box.
Next, choose the exact payment method from the list in the middle.
If you are unsure which group your payment method belongs to, you can also search for payment methods in the search bar? Start typing the word in Search all payment methods field, and an option will appear in the list. If your payment method has been registered already, it will appear for you to select it.
If you don’t see the payment method of your choice, suggest a new one by clicking the Click here to suggest a new one link.
- Choose your currency from the preferred currency drop-down list.
Only one currency per offer is allowed. Available currencies may vary depending on the payment method you choose. These limits are set to avoid incorrect trades. For more information, click here.
It is important to insert the bank name and the country where your bank account is registered with bank transfers. This will help to avoid any misunderstandings with your potential trade partners.
- Check if all details are correct and click Next step to proceed.
Step 2 Trade pricing
- Click Market price or fixed price to choose the cryptocurrency rate you want to use.
Market price — Your offer’s selling price will change according to the market price of a cryptocurrency.
Fixed price — Your offer’s selling price is locked when the offer is created and won’t change with the market price. Unfortunately, this option is not available for stable coins such as USDT.
- Choose how much you want to earn on each purchase by inserting the number into the margin field.
Set a percentage according to the market price of cryptocurrency and your personal trading intentions. This percentage can be both negative and positive. You can read more about the margin here. In addition, you will see on the screen a clear explanation of how much you will earn according to the percentage selected.
Do not set a very low or high percentage to attract customers and negotiate the price within a trade. It is against our Terms of Service. Buyers often look for the best value and great seller ratings. Choose a profit percentage that you think your target buyers will find attractive. A negative margin percentage is advised when creating an offer to sell crypto. As a default, we offer a cryptocurrency price which is the average ask price between Coinbase, Bitstamp, Bitfinex. For more flexibility with the Bitcoin rate, click Switch to advanced mode.
- Set offer trade limits by inserting numbers into Minimum trade amount and Maximum trade amount fields.
Here you can choose how much crypto is in the traditional currency you want to sell. You can set a range or click Use exact amount to set the sum you are interested in. Once a trade is initiated, the exact trade equivalent in crypto is moved into escrow.
- Choose the offer time limit by inserting a number into the minute’s field.
This indicates the amount of time your trade partner has to make their payment. If the buyer has not clicked Paid before the payment window expires, the trade will be automatically canceled.
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- Check if all details are correct and click Next step to proceed.
Step 3 Trade instructions
- Choose offer tags from the Offer tags drop-down list.
Offer tags will appear close to the payment method name in the list of offers. It should be something that helps to personalize your offer, add additional information to it.
Example: All bank transfers, Instant payment, Long term buyer needed. If you can’t find the tag, you’re looking for? Would you please suggest a new one by clicking the Suggest a new one to our link?
- Create your offer labels. Type them into the Your offer label field.
Labels are used to draw attention to the most important specifics of your offer.
Example: no ID verification needed, quick release, receipt required, and more. For Bank Transfers, the bank name is used instead of a label.
- Write offer terms for buyers. Then, type them into the Offer terms for the buyer field.
This info will be shown publicly in your offer. It should have short and clear details: do you want a buyer to provide a photo of his ID? Is any receipt or other document needed? Do you want the payment method to be processed in a specific manner? Will you require a considerable amount of time to process the payment? Check more info here.
- Write trade instructions. Type them into the Trade instructions field.
Trade instructions will be visible once a trade has started. This should be a clear step-by-step guide for your potential trade partner. Read more information here.
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- Choose if you need a verification filter for your trade partners by selecting the Verification checkbox.
Trading with verified users helps to avoid irresponsible users. However, the number of your potential trades will be lower as some users want to keep their privacy online. Optionally, click advanced options for additional settings: Select a target country from the Target country drop-down list. You can choose countries where you would like to get your trade partners.
Visibility can be set for your trusted users only. It is useful if you have a list of trusted traders and want to trade only within this group of people.
Set a minimum amount of trades required by typing a number in the Minimum trades required field. This is useful when you want to trade only with experienced Paxful users. Set a minimum you consider valid for you.
Set a fiat limit for new accounts by typing a Fiat limit for the new accounts field. You can use this option not to risk big amounts with users of a few trades and a low reputation.
Set limitations by countries. Select an option from the Limitation by countries list and insert a country in the field below. You can make your offer visible or hidden to customers from specific countries. This is related to IP address and smart country detection.
Adjust Proxy/VPN limitations by selecting an option from the Proxy/VPN limitations list. You can choose whether to trade with all users or avoid those with VPN and Anonymizer.
Choose working hours for your offer under the Working hours’ section. Next, choose the days of the week and times during each day when you want this offer to be active.
- Configure your kiosk trade settings by selecting options from the list. To activate the Kiosk trade settings list, click Change settings.
Kiosk trades come from Paxful Kiosks implemented on partner websites. These kiosks enable the partner’s customers to buy crypto from Paxful vendors from outside the Paxful platform. This means more incoming trades for you. These customers typically have no prior trades and have probably not created a profile or completed ID verification. You have an option to decide whether or not to allow such trades and set custom rules for them.
- Check if all details are correct and click Create an offer to proceed.
Once your offer is created, you can check it on your dashboard. Then, use the Vendor dashboard to edit and manage your offers.
Your offer is created. Wait for buyers to start trades.
Fees for buying and selling on PAXFUL
When buying cryptocurrency from another user on Paxful, you are buying cryptocurrency at a rate set by the customers themselves. These rates vary based on numerous factors such as your verification status, payment method, currency pair (such as USD, EUR, CNY), and order size.
When selling, the charges vary depending on the payment method, and the charges are referred to as Escrow amounts. This escrow amount is deducted from your Paxful Wallet at the beginning of the trade. Upon successful completion of the trade, Paxful receives the escrow fee. If the trade is not completed, i.e., cryptocurrency is released from escrow to the cryptocurrency seller, Paxful takes no fee.
Is Paxful Legit and Safe?
Yes, it’s safe to trade with PAXFUL. They have a lot of security measures to make sure their users are safe in the marketplace.
They have a strict verification process that helps ensure they know their customers, an army of dispute and fraud prevention analysts to help make sure trades run smoothly and keep bad actors away from the marketplace. They also have an escrow feature where the crypto being traded is safely held until the trade is complete. This safeguards your money and helps make sure the crypto goes to the right party in disputes.