Buying cryptocurrency can be confusing, especially when you're new to it. The internet is full of contradictory information, so we've put together some helpful tips to get you started with cryptocurrency on Paxful:
The minimum trade amount on Paxful.
If you’re buying Bitcoin, the current minimum is 10 USD or its equivalent in other currencies. If you’re selling, then the minimum is 0.001 BTC.
The seller’s reputation and activity.
A seller’s reputation is displayed with a green thumb. This is the total of all of the positive feedback the seller has received.
Clicking on the seller's name will show their full profile, where you can see how much negative feedback they've received in addition to the positive. You can also see their location, all of their active offers, and other important information about them.
Pay attention to each type of feedback: positive and negative.
For example, despite having more than 10,000 positive feedback scores and 1000 negative feedback, you should still be cautious about such a user. Pay attention to the percentage of negative feedback in relation to the negative and positive ones. Also, do not forget to check for how long a user is present on our platform.
It is also much better if the seller is ID-verified. This means that we have checked his documents and background.
Additionally, check when the seller was last seen online on Paxful. This will help to make sure that you will have a quick trade without any delays from the seller’s side.
Always read the terms of the offer and the seller's instructions before you start a trade.
Sellers should mention what they expect and what you will need to provide. For example, for gift cards, many sellers require a receipt showing that the gift card was bought legally and also to establish that you are indeed the owner of the gift cards. If this information is requested and you cannot provide it, then it is better not to proceed with the trade. If you can provide all the requirements, then make sure you have everything ready before you start the trade.
Be aware of the price.
The Bitcoin price on Paxful is never equal to its official market rate as sellers charge a fee to convert traditional currency into Bitcoin. The price of the fee varies among sellers and depends on who you buy from. So be on the lookout for the best deals. The offer page always includes the rate of each seller. What should interest you the most is how much you get on dollar. The higher the number, the more profitable the trade will be for you.
Click the Paid button only when you have actually paid.
Once you’ve clicked the Paid button, the countdown timer stops and the order can no longer expire. This is important because if you had sent the seller the payment info such as a gift card code and the offer expires, then the escrow is released and you won’t get your cryptocurrency. The Paid button also provides security from dishonest or forgetful sellers. If you click the Paid button and you haven’t paid, the seller might think you’re a coin-locker or someone trying to scam them. Be sure to click the button only once you’ve paid to prevent complications.
Don't cancel the trade after you've already paid.
We know that problems sometimes arise during trades, but it's important to never cancel the trade after you've already paid the seller. If you've paid for your crypto but something has gone wrong, you can start a dispute! Beginning a dispute brings a Paxful Moderator in to help with the situation. If you cancel the trade, Moderators aren't able to help, and getting a resolution will take longer.
Brokering gift card codes is strictly prohibited on Paxful.
Brokering is when you buy a gift card code from someone, thinking you can sell it later to someone else. Even if you checked the code when you bought it, the person who sold you the code can use it anytime without your knowledge, and this is why it is against the Paxful Terms of Service. If you keep trying to give sellers used codes, you will be reported and banned from trading on Paxful as it is not only a waste of your own time but also that of others. Remember to only use gift cards you have bought yourself.
Using third parties for making payments is not allowed.
You must be the actual payer and be the original owner of the submitted payment (Owner of the gift card, credit card, bank account, an account of online payment platform). Being a middleman in paying for the cryptocurrency is not allowed and can be considered as a scam.
Always trade for the whole amount of the gift card.
If you have a $50 gift card, then you can’t trade for a fraction of that (ex. Asking someone to take only $33 only out of your $50). Note that the seller can only take the whole amount so if you start order for $33 and he takes $50, the only way to get your change back in cryptocurrency is by starting a new trade for the difference. Seller’s ranges may not meet that amount or the seller may take down their offers or go offline.
Never ask the seller to release the cryptocurrency first.
This is grounds for an instant ban as it indicates a scam. We have a trade escrow service so you know the crypto is there and waiting for you once you complete the payment.
Be polite to sellers.
They go through a lot of tough customers and being polite can save you a lot of time. Being polite is about a lot more than your language; it’s about following their instructions as well. Note that if there is a dispute, the moderator will take language into account.
Not Interested? Cancel!
If you are no longer interested in the trade and have not yet paid the seller, feel free to cancel the trade. It will free their escrow and let them continue to trade with others who are interested. If you don’t cancel the trade and leave it hanging, the seller will have to file a dispute or report you, which will probably result in you getting negative feedback. You can see all of your active trades on your dashboard. Click Chat to open the trade, and click Cancel to cancel them.
Also, remember that any price negotiation is strictly forbidden. If you do not like the offer, do not insist on changing the price in the same trade. Just start a new trade with new values to avoid any disputes or misunderstandings with the seller.