Buying bitcoin can be tough at first but if you follow these simple tips, you’ll be able to buy bitcoin easily, safely, and quickly.
To get you started, here are a couple of tips that could help you with your start at Paxful:
- Take note of the minimum trade amount. If you’re buying bitcoin, the current minimum is 10 USD. If you’re selling, then the minimum is 0.001 BTC.
- Find a vendor with a good feedback score. A vendor’s reputation is displayed in green with a + before it. For example +1305 -1 means they have +1305 good feedback scores from buyers and only 1 negative. Someone with a feedback score +200 or higher is ideal. Better if the seller is ID verified.
- ALWAYS read the terms of the offer BEFORE you start the order. Vendors should mention what they expect and what you will need to provide. For example, for gift cards, many vendors require a receipt showing that the gift card was bought with cash. If they ask for this and you can’t provide it, then it’s better to not deal with them and just look for someone else. If you CAN provide all the requirements, then make sure you have everything ready BEFORE you start the order.
- Be aware of the PRICE. Buying bitcoins is never 1 to 1. Vendors charge a fee to convert a gift card or cash into bitcoin. The price of the fee varies among vendors and really depends on who you buy from, so be on the lookout for the best deals. The offer page always includes the price of each vendor.
- Read the vendor’s instructions. These are the more specific instructions that follow after you have started the trade. They’re usually given at the very beginning of the chat. If at any point you need help clarifying or complying with an instruction, feel free to ask the vendor in the trade chat.
- Click the “Mark as Paid” button ONLY when you have actually paid. Once you’ve clicked the “Mark as Paid” button, the countdown timer stops and the order can no longer expire. This is important because if you sent the vendor the payment info such as a gift card code and the offer expires, then the escrow is released and you won’t get your bitcoins. The “Mark as Paid” button also provides security from dishonest or forgetful vendors. If you click the “Mark as Paid” button and you haven’t paid, the vendor might think you’re a coin-locker or someone trying to scam him/her. Be sure to click the button only once you’ve paid to prevent complications.
- 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 vendors bad codes, you will be reported and banned. It will also not only waste your own time but also the time of others. Remember to only use gift cards you have bought yourself.
- Using 3rd parties for doing 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 bitcoins is not allowed and can be considered as a scam.
- Only 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 vendor 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 bitcoin is by starting a new trade for the difference. Vendors ranges may not meet that amount or the vendor may take down his offers or go offline, so don’t make this mistake.
- NEVER ask the vendor to release the bitcoins first. This is grounds for an instant ban as it indicates a scam. The escrow is there so you know the bitcoins are there and waiting for you until you complete payment.
- Be polite to the vendors. 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 and have not yet paid the vendor, feel free to cancel the trade. It will free up their escrow and let them continue to trade with others. This is considered to be good manners and proper etiquette on Paxful. If you don’t end up cancelling and leave the trade hanging, the vendor will have to file a dispute or report you, which will probably result in you getting negative feedback. You can see all your active open trades on your dashboard. Click “Chat” and go in and cancel them by clicking on ACTIONS and then click the red “Cancel” button.