Bank transfers are a popular payment method on Paxful. This article will show how easy it is to buy crypto with bank transfers.
Before you start buying cryptocurrency with bank transfers, make sure that you have your bank account set and ready to make transactions. Find out if you have a transaction limit or geographical restrictions set on your bank account. Also, consider using a bank that can easily provide proof of transactions with all details visible on one page or pdf file.
The required details are:
- Account holder’s first and last name.
- Bank’s name and logo.
- Transaction date, time and status.
- Recipient’s account number and full name.
Searching for an offer
The first step to buying cryptocurrency with bank transfers is to look for an offer that accepts bank transfers as payment. You’ll also need to enter the amount you wish to purchase and the currency you prefer.
After you find a suitable offer, be sure to read the offer terms before opening the trade. This will show you a brief summary of what the seller will be requiring from you in regards to payment.
Once you have started the trade, a more detailed set of instructions will appear in the trade chat. These are called trade instructions. In some cases, sellers will already have their bank information on the offer instructions but if they don’t, feel free to request them for their bank information.
Creating an offer
To buy cryptocurrency with bank transfers, you can also create your own offer.
Here are a couple of tips for your bank transfer offer:
- Set a margin you find profitable as no negotiations during the trade are allowed.
- Write clear offer terms and instructions.
- Make it clear as to who will be bearing the transfer fee if any.
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 transfer funds to the account provided.
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
Once the trade is completed, you can leave appropriate feedback for your trade partner. Also, if you like trading with the user, you can add them to your trusted list.