Want to buy bitcoin? Well, who isn’t? You can go to a crypto exchange and buy it the good old way, but exchanges have limited options for buying. If you want to buy directly with fiat currency, using a peer-to-peer (P2P) marketplace is the way to go.
Paxful is one of the best P2P crypto marketplaces and they support the use of unorthodox payment methods to buy bitcoin and here is 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.
- Visit Paxful. Make sure it’s the right site to avoid phishing scams by using sites that look exactly like the original.
- At the top right of the homepage you see Register button. Click on it to continue.
- On the next page, fill in your details. You can choose to register with your phone number or email address. We will use the email option in this case.
- Enter your email address and password. If someone has referred you, you can use their referral code. Please use a valid email address because you will need to verify it later.
- Click on Create account. Solve the puzzle to move on to the next page. You will be asked if you want to save your password for the site so you don’t have to type it every time you log in. You should only save if the device you are using is your personal device, not used by just anyone.
2. Get verified on Paxful
The next phase is verification. Paxful will email you a PIN and a link to your registered email address to verify that you own it.
- Open your mailbox and either enter the code in the boxes or click on the link below the code. We use the code in this case.
- The next page is the phone confirmation page. You must provide a valid phone number to which Paxful can send a message.
- Enter your phone number and click Send code. You will be taken to the next page, where you must enter the code you received through the number.
- You can choose to postpone this stage by clicking on Confirm later right below the page, but you can’t complete a trade until you finish the verification, so it might be better to complete it.
3. Search for offers
After the phone verification, you will automatically be taken to the entry page. This is where you will see all of Paxful’s trade listings. Now you can filter the results using a few different options.
- Select the asset you want to buy, in this case, bitcoin. The same procedure applies to buying USDT or Ethereum. Also choose the payment method and currency you want to use and how much you want to spend, as well as the place where you want to buy. This is automatically set to your current country of residence, but you can change it if it doesn’t favor your search.
- click on Find offers button. In this case, we’re searching for bitcoin merchants worldwide that accept Payoneer payment, and we’re using USD—many other payment combinations are available.
- Choose an offer you are interested in. Although the offers are arranged with the best prices at the top, you may not like the terms of the seller, so you can go down a few lines and choose one you are comfortable with. When you see one you like, click Purchase button.
- You will see in advance how much bitcoin you will get for the amount you wish to spend. The rate is usually slightly above the official market rate. Review the offer and click purchase now if you are good with the terms.
4. Send your money in exchange for Bitcoin
When you click on purchase now button, the bitcoin for the trade is locked in an escrow and you can safely pay for it. Since we use Payoneer as a payment method, the merchant must send his receiving email for us to send our payment and provide any 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 can 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 your bitcoin to a safe, cold wallet as soon as you complete the trade to avoid the loss of your assets.
How to report problems on Paxful
You can choose to cancel the trade at any time before paying. However, after you have paid, you must report any issue to the support team.
If you have problems with the trade, such as the seller not releasing bitcoin after you make payment, or any other reason at all, please click Report button at the bottom of the page. Provide as much detail as possible to help the team make a decision on the matter.
This may include screenshots of conversations with the seller or proof of payment. Anything that will help support your argument should be included to make it easier to resolve the issue.
If it is clear that the seller is trying to scam you and there is sufficient proof that you have paid, the bitcoin may be released to you.
However, such cases are rare, as honest dealers gain more customers and those with poor results are avoided. The escrow and dispute resolution option is available for safety.
It’s time to try Paxful
Buying bitcoin using a P2P marketplace like Paxful is often the best option. Sure, you may pay a small amount extra for the convenience, but the features and security make it a worthy option when it comes to buying bitcoin.
