In this post, I will show you how to get started with Paxful.
Paxful is a peer-to-peer (P2P) trading platform founded in 2014 by Ray Youssef and Artur Schaback. The platform connects bitcoin buyers to sellers without any third-party.
The beauty of using Paxful is its diverse payment methods. Users have the opportunity of choosing any of over 300 payment methods.
To ensure successful trades between bitcoin buyers, and sellers, Paxful makes use of secure escrow accounts that holds both the buyer’s money and the seller’s bitcoin.
Hence, in the case where buyers or sellers are not able to complete the transaction, the buyer’s payment is returned, or the seller’s bitcoin is returned to the seller’s wallet.
How To Get Started With Paxful
Follow the steps below to get started on Paxful
1. Create an account with Paxful
- Visit www.paxful.com to create an account
- Fill in your email address and create a strong password which should include upper and lower case letters, numbers, and symbols.
- Complete the captcha verification and click on the ‘Create account’ tab
2. Verify your email address
- After successfully signing up for a Paxful account, Paxful sends you an email to verify your account
- Open your email and click on the Paxful link in your email to verify your account
3. Verify Your phone number
- Verifying your phone number is a crucial step to start trading on Paxful. It also provides additional security for your account.
- Click on your username to display the users’ menu.
- Tap on the profile tab and enter your phone number
- Choose to verify your phone number with a call or SMS
4. Buying and selling Bitcoin
- After creating a Paxful account, you get a free bitcoin wallet from which you can send and receive bitcoin.
- To buy bitcoin, click on the ‘buy bitcoin’ tab, and select a suitable payment method from the payment dialogue box that appears.
- Click on ‘any currency’ to select the fiat currency for your country, and enter the amount you want to buy with.
- Choose your country under the ‘Location’ tab, and click on ‘search for offers’ to display a list of sellers based on sellers’ ratings, popularity, and profit margins.
- Check out the seller’s information from the tags and labels. If you’re satisfied with the seller’s info, click on the ‘Buy’ icon to make an offer.
- On the offer page, check out other details, including the buying limits, seller’s rate, time limit, and offer terms.
- Input the BTC amount in fiat currency, or enter the quantity of BTC and click on ‘buy now.’
5. Completing the trade
- Use Pax’s trade chat to discuss with the seller who would have released the required amount of bitcoin in an escrow account.
- The seller gives payment details to the buyer.
- The buyer makes the payment, after which the buyer clicks on ‘yes, I have paid.’ On the self-declaration page.
- The seller releases the bitcoin from the escrow account to the buyer’s account.
How To Verify Your Paxful Account
- Level 1 verification: Level 1 verification limits your trading volume to $1000 per year. You complete level one verification after successfully verifying your email address and phone.
- Level 2 verification: Level 2 verification limits your trading volume to $10,000 per year. It also gives you access to additional payment methods. You will need a valid passport, national ID card, or driver’s license to complete level 2 verification.
- Level 3 verification: Level 3 verification permits you to trade beyond the $10,000 trading volume for level 2. You also do not need to have the required 0.02BTC to make buy offers.
- Level 4 Verification: This level is required for corporate account holders. It allows you to trade beyond $50,000.
Hope you now know how to get started with Paxful?