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  2. Converting Cryptocurrency
  3. Converting Cryptocurrency

Converting Cryptocurrency

  • What is Transfer to Bank? How do I use it?

    What is Transfer to Bank?

    Transfer to Bank is a Paxful product that lets you convert Bitcoin into ZAR (South African Rand) and transfer the changed currency into your bank account. 

    This functionality allows users to have better access to digital currencies and it further helps users seamlessly integrate their crypto needs into their everyday lives. 

    How does it work?  

    Transferring your crypto to your account can be done in five easy steps. Keep reading to see how you can use the functionality. 

      1. Start from the Paxful home page and head to your Wallet

        Transfer_to_Bank_KB_Step_1.png
      2. Within your Wallet, hit the tab Transfer to Bank 

        Transfer_to_Bank_KB_Step_2.png
      3. Then decide how much crypto you would like to exchange and transfer to your bank account. You will also be able to see how much ZAR you’ll be receiving.

        Transfer_to_Bank_KB_Step_3.png

        Note:

        Keep in mind that there is a flat fee of 60 ZAR associated with each transfer.

      4. After you confirm the amount, you will have to input the following information: 
        - Your full name
        - Your bank’s name
        - Your account number
        - Your branch code

        Transfer_to_Bank_KB_Step_4_.png

      5. You will be asked to review the amount of ZAR you want to transfer to your bank account.
        Transfer_to_Bank_KB_Step_5.png

        Note:

        You will be asked to enter a 2FA code for security purposes. To ensure you have 2FA set up properly, visit our help center article.

      6. That’s it! Once you have successfully transferred the amount, you’ll see the confirmation page below.

        Transfer_to_Bank_Step_6.png

    Note:

    Transfers are processed between 10:00am - 11:00am SAST and 3:00pm - 4:00pm SAST. Deposits made after 4:00 pm SAST will be processed the following day. If you post a transaction between these times, and you don’t see your transaction posted on Paxful, we recommend you reach out to our support team. 

    See the image below on what a posted transaction should look like: Transfer_to_Bank_Step_6_note.png

  • Converting Ethereum FAQs

    You can convert your ETH into any of the cryptocurrencies on the platform directly in your Paxful Wallet. Here are some of the commonly asked questions about converting your ETH:

    What is the minimum amount of ETH I can convert?

    ETH to BTC: 0.0001 BTC equivalent
    ETH to USDT: 5 USDT

    What are the fees associated with converting ETH?
    You can check out the full list of fees here.
    My conversion wasn’t successful. What should I do?

    Some conversions will go through after a few seconds so hang tight! If your conversion is successful, you’ll see a green banner to let you know. If your conversion is unsuccessful, your funds should return to your account within a few minutes. Once the funds have returned, you can try the conversion again. 

    My conversion wasn’t successful, and the funds are reserved for conversion or appear to be lost. What should I do?
    Let us know the transaction ID associated with your conversion and our support team will take a look.
  • Converting Bitcoin FAQs

    You can convert your BTC into any of the cryptocurrencies on the platform directly in your Paxful Wallet. Here are some of the commonly asked questions about converting your BTC:

    What are the fees for converting BTC?
    For the full list of fees, take a look at this article. 
    What are the minimum amounts of BTC I can convert?
    BTC to USDT: 1 USDT equivalent 
    BTC to ETH: 0.0001 BTC
    My conversion wasn't successful. What to do?
    Some conversions will go through after a few seconds so hang tight! If your conversion is successful, you’ll see a green banner to let you know. If your conversion is unsuccessful, your funds should return to your account within a few minutes. Once the funds have returned, you can try the conversion again. 
    My conversion wasn't successful, and funds are reserved for conversion or appear to be lost. What to do?
    Please let us know the transaction ID associated with your conversion and our support team will take a look.

     

  • Converting Tether FAQs

    You can convert your USDT into any of the cryptocurrencies on the platform directly in your Paxful Wallet. Here are some of the commonly asked questions about converting your USDT:

    Why would I want to convert my crypto into USDT?
    Converting cryptocurrencies into Tether gives you an opportunity to store your funds in the form of a stablecoin, which helps you eliminate the effect of market volatility and fluctuations in the price of Bitcoin.
    What are the fees for converting USDT?
    For the full list of fees, take a look at this article. 
    What are the minimum amounts of USDT I can convert?
    USDT to BTC: 1 USDT
    USDT to ETH: 5 USDT
    My conversion wasn't successful. What to do?
    Some conversions will go through after a few seconds so hang tight! If your conversion is successful, you’ll see a green banner to let you know. If your conversion is unsuccessful, your funds should return to your account within a few minutes. Once the funds have returned, you can try the conversion again. 
    My conversion wasn't successful, and funds are reserved for conversion or appear to be lost. What to do?
    Please let us know the transaction ID associated with your conversion and our support team will take a look.