Gift cards are a popular payment method on Paxful. This article gives you an overview of buying cryptocurrency using any of the supported gift cards.
Before buying cryptocurrency with gift cards, there are a few things to consider:
- You can sell cards that are in your personal ownership.
- Make sure there is a balance on your card.
Searching for an offer
The first step to buying cryptocurrency with gift cards is to look for an offer that accepts your gift card type. You’ll also need to input the amount of cryptocurrency you wish to purchase and the currency you prefer.
When you find the offer that suits you (looking at how much cryptocurrency you’ll be getting on the dollar and the reliability of a seller), be sure to read the offer terms before starting the trade.
Tip: Pay attention if a seller requires a receipt or accepts e-codes or physical cards only.
Once you have started the trade, a more detailed set of instructions will appear. These are called trade instructions. In some cases, sellers will have a step-by-step guide for you to follow.
Creating an offer
To buy cryptocurrency with gift cards, you can also create your own offer. Here are some things to consider:
- Set a margin you find profitable as no negotiations during the trade are allowed.
- Write clear offer terms and instructions.
After creating and publishing your personalized offer, wait for a seller to start a trade with you. Once a trade has started, you will receive a notification. Feel free to discuss all the necessary details with your trade partner and finalize the payment.
Completing a trade
Once you have paid the seller and uploaded proof of your payment, click Paid. Your payment is not confirmed unless you click Paid and if you forget to do so, the trade will eventually expire and the cryptocurrency will go back from the trade escrow to the seller.
The last step is for the seller to confirm the payment. Please be patient because this may take some time. Once the seller has confirmed the payment, they should release the cryptocurrency to you and complete the trade.
After a trade
- Most sellers accept only gift cards that have been bought with cash, so be ready with a picture of the receipt, sometimes the image of packaging may be also requested.
- Most sellers accept only gift cards that have a denomination printed on the card ($25, $50, $100, and so on). Many also do not accept anything over $100. Remember to read their offer terms and instructions carefully to make sure that you have the right kind of card.
- Make sure that the picture of your card is clear and legible, otherwise, sellers can reject the card.
- You cannot sell a fraction of the card value. For example, if you have a $100 gift card, you can’t sell only $30 of that gift card. You have to sell the whole card value.
- Always read the offer terms before starting the trade and uploading details of the card.
- Remember to click the Paid button as soon as you have uploaded everything according to the seller’s requirements. This will prevent the trade from expiring and it will prevent your card details from being stolen.
- Brokering of gift cards is strictly prohibited and goes against the Paxful Terms of Service. Brokering refers to buying the gift card from someone else and then selling the card again on Paxful. You are allowed to sell only the cards you purchased yourself. Once you sell the card and receive your cryptocurrency, you should not use the card anymore. If you are caught brokering or trying to sell used cards your account will be banned.