Automated Bank Transfers

We’ve automated Bank Transfers on Paxful to make trading even easier and safer for our users. 

From now on, the trade chat will be disabled in Bank Transfer offers you create or edit. We’ll automatically share the buyer and seller’s account details with each other instead. We’ve also introduced new Offer Terms for Bank Transfer trades, which have been set by Paxful. These Offer Terms outline how the trade will proceed. 

Note: If you’d prefer to stick with the old Bank Transfer process, choose “Other Bank Transfer” as your payment method.

Here’s how our automated Bank Transfers work:

How to sell cryptocurrency with an automated Bank Transfer

Creating an Offer
  1. Click “Create an Offer” on the Paxful homepage.
    Screen_Shot_2021-11-10_at_10.45.19.png
  2. Choose the cryptocurrency you’d like to sell, then ensure “Sell Bitcoin/Tether/Ethereum” is selected.
    Screen_Shot_2021-11-10_at_16.25.46.png
  3. Select “Bank Transfer” as your payment method, then choose the currency you’d like to receive and select the country where your bank account is based. 
    Screen_Shot_2021-11-10_at_13.15.50.png
  4. You’ll need to accept Paxful’s new terms for Bank Transfers to continue with an automated trade. Screen_Shot_2021-11-10_at_14.49.52.png
  5. Select the bank account(s) that you’d like to use for this offer and enter your bank’s name(s). If you’ve not added a bank account yet, you can do so here. Click “Next Step” when you’re done. 
    Screen_Shot_2021-11-10_at_15.53.35.png
  6. Set the rate, offer trade limits and offer margin before continuing to “Next Step”. 
    Screen_Shot_2021-11-10_at_15.57.14.png
  7. You’ll now see “guided trade”, “no third parties” and “receipt required” set as the Offer Tags by default. The “guided trade” tag is mandatory. You can remove or change the latter two tags to suit your needs. 
    Screen_Shot_2021-11-10_at_16.00.50.png
  8. Make sure to read Paxful’s new Offer Terms carefully, then select whether you’d like your trade partner to be verified, the visibility of your offer and you can enter a reason for the Bank Transfer (optional).
    Screen_Shot_2021-11-10_at_16.55.37.png
  9. Click “Create Offer” and your offer will be live!
    Screen_Shot_2021-11-10_at_17.07.14.png
Making a Trade
  1. When a buyer starts an active trade with your offer, your cryptocurrency will be securely held in escrow until you release it. 
  2. You’ll be shown how much cryptocurrency you’re selling and what you’ll receive in return, as well as the buyer’s and your own account details.  
    Screen_Shot_2021-11-10_at_17.17.13.png
  3. Once the buyer has marked the trade as Paid and attached proof of payment, check your own account to confirm you’ve received the funds. 
  4. When the funds have arrived, click “Send Bitcoin”.
    Screen_Shot_2021-11-10_at_17.19.53.png
  5. Enter your 2FA code to release the crypto from escrow and complete the transaction. Don’t forget to leave feedback!Screen_Shot_2021-11-10_at_17.23.52.png

How to buy cryptocurrency with an automated Bank Transfer

Creating an Offer
  1. Click “Create an Offer” on the Paxful homepage.
    Screen_Shot_2021-11-10_at_10.45.19.png
  2. Choose the cryptocurrency you’d like to buy, then ensure “Buy Bitcoin/Tether/Ethereum” is selected.
    Screen_Shot_2021-11-10_at_17.35.35.png
  3. Select “Bank Transfer” as your payment method, then choose the currency you’d like to transfer and select the country where your bank account is based. 
    Screen_Shot_2021-11-10_at_13.15.50.png
  4. You’ll also need to accept Paxful’s new terms for Bank Transfers to continue with an automated trade. 
    Screen_Shot_2021-11-10_at_14.49.52.png
  5. Select which banks you’re willing to send payment to (or select “All Banks”), then choose which bank account you’ll use to send payment. If you’ve not added a bank account yet, you can do so here. Click “Next Step” when you’re done.
    Screen_Shot_2021-11-10_at_17.55.54.png
  6. Set the rate, offer trade limits and offer margin before continuing to “Next Step”. 
    Screen_Shot_2021-11-10_at_17.53.37.png
  7. You’ll now see “guided trade”, “no third parties” and “receipt required” set as the Offer Tags by default. The “guided trade” tag is mandatory. You can remove or change the latter two tags to suit your needs. 
    Screen_Shot_2021-11-10_at_16.00.50.png
  8. Make sure to read Paxful’s new Offer Terms carefully, then you can adjust additional instructions and limitations on your offer.
  9. Click “Create Offer” and your offer will be live! 
    Screen_Shot_2021-11-10_at_17.07.14.png
Making a Trade
  1. When a seller starts an active trade with your offer, their cryptocurrency will be securely held in escrow. They’ll release it once they receive your payment.
  2. You’ll be shown how much you’re buying and what you need to pay, as well as the seller’s bank account details. 
    Screen_Shot_2021-11-10_at_18.34.00.png
  3. Select which bank account you’ll make the payment from and click "Confirm". We’ll then send your account details to the seller. 
    Screen_Shot_2021-11-10_at_18.35.14.png
  4. Transfer the payment to the seller’s specified bank account. Make sure you receive a receipt or take a photo or screenshot of the confirmation to use as proof of payment.
  5. Mark the trade as “Paid”, then confirm on the Self Declaration pop-up. 
    Screen_Shot_2021-11-10_at_18.37.14.png
    Screen_Shot_2021-11-10_at_18.39.09.png
  6. Select your proof of payment on the next pop-up, then click "Upload".
    Screen_Shot_2021-11-10_at_18.41.00.pngScreen_Shot_2021-11-10_at_18.42.57.png
  7. Click "Upload" to send your proof of payment to the seller. 
    Screen_Shot_2021-11-10_at_18.41.58.png
  8. Once the seller receives the payment, they’ll release the cryptocurrency to your wallet to complete the transaction. Don’t forget to leave feedback!

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