What is Paxful? How to register on Paxful? How to buy and sell Bitcoin on Paxful?

What is Paxful?

Paxful is an online marketplace which allows buyers and seller to meet online and trade Bitcoins. Similar to LocalBitcoins or Remitano, Paxful allows a wide range of payment methods and buying options which can not be found on traditional exchanges.

Co-Founder Artur Schaback, COO of Paxful and Co-Founder Ray Youssef, CEO of Paxful

In 2014, Ray Youssef and Artur Schaback founded EasyBitz which was then renamed to Paxful. They had one goal in mind when they created it: to make bitcoin easier for everyone from businesses to merchants.

Paxful aims to be the “Uber” of the Bitcoin community. Paxful enables individuals to become merchants and sell Bitcoin online, similar to how eBay allows people to sell merchandise.

While most exchanges suffer from geographic restrictions or limited payment methods, Paxful is free of both, giving the power for trading Bitcoins back to the people and allowing for a more decentralized trading market.

What Is Paxful Trading Account

A Paxful Trading Account is an account you open in the Paxful Exchange platform that allows you to buy and sell cryptocurrency. It also allows you to use various gift cards to exchange bitcoin with ease.

Another important of the Paxful Account is that it also serves as a bitcoin wallet that allows you to store bitcoin. You can sell these bitcoins for cash or exchange them for gift cards.

How to register on Paxful

To register a new Paxful account:

1. Open a web browser and launch the Paxful webpage: https://www.paxful.com.

2. Click “Create account” on the top right corner of the main page.

The Create an account page appears.

3. Complete the following fields on the signup form:

Field Name Description Comments
E-mail Enter your email address. Email can be changed only within the first 7 days and only in case of a typo.
Password Create a strong password. Your new password must :
Be at least 6 characters long
Have one lower case character
Have one special character (@#* etc.)
Have one number
Have one uppercase character

Note:

Referral code: GzYvAzvNbdA (you can get 10% commission).

Complete your captcha verification.
An activation email is sent to your email address.
Go to your inbox, open the email from help@paxful.com and click Confirm Email.

Alternatively, follow the procedure described in Email verification to confirm your email.

Your account is registered and your email is confirmed.

2-Factor-Authentication (2FA)

Two Factor Authentication is an extra layer of security that requires not only a password and username but also something which only the user can access such as an SMS to their phone or Google Authenticator. It is a security process in which the user provides two different authentication factors to verify themselves to better protect both the user’s credentials and the resources the user can access.

In case of unauthorized access to an email account and it was used to reset your Paxful password, with 2-Factor Authentication (2FA), it becomes easier to add another layer of security. If you have 2FA enabled only you will be able to have access to your funds and release trades, that is if you set 2FA for Login, Withdraw and Release.

Google has great article regarding this at https://support.google.com/accounts/answer/185839

How to do KYC on Paxful

How to buy Bitcoin on Paxful?

Step 1: Setting up search requirements

1. Log in to your Paxful account and click Buy Bitcoin.

The Buy bitcoin page appears.

2. Click Show All or Any payment method field and select your preferred payment method to buy bitcoin on the dialog box that appears.
Alternatively, click VIEW OFFERS FOR ALL PAYMENT OPTIONS to see the list of all payment methods available.

3. Click Any currency and select your currency from the list. Enter the amount you want to trade in the Amount field.
You can leave the Amount field empty if you do not have any specific amount in mind.

4. Select your country from the Location list.

5. Click SEARCH FOR OFFERS. The offer list is updated according to your search requirements.

Step 2: Finding an offer

1. Browse through the list of offers.
The list begins with offers that have:

  • Sellers with the best rating and reputation.
  • Sellers who are the most active on the platform and are ready for instant trade.
  • The most profitable discounts or margin.

Check the tags and labels for additional information about an offer. When you find an offer you like, click Buy.

The Offer page appears.

Study all details of the offer such as:

  • Buying limits — is the offered amount neither too low nor too high?
  • Seller’s rate — does it look profitable for you?
  • Time limit — will you manage to execute the payment within this timeframe?
  • Offer terms — is the seller requesting additional documents or having specific requests as part of the trade procedure?

Enter the amount you are ready to trade in the Fiat currency field or BTC field. Click BUY NOW.
You can click Take a Tour to receive a walk-through of the process in case you have any questions or doubts.

Step 3: Trading

1. Discuss the necessary details with your partner using our trade chat and follow their instructions carefully.

2. Make the payment.
After making the payment, click Paid.

The Confirmation dialog box appears.
3. Click Yes, I have followed all the instructions above.

The seller releases BTC from the trade escrow to your Paxful wallet. The trade is completed successfully.

How to sell Bitcoin on Paxful?

Step 1: Setting up search requirements

1. Log in to your Paxful account and click Sell Bitcoin.

The Sell bitcoin page appears.

2. Click Show All or Any payment method field and select your preferred payment method to sell bitcoin on the dialog box that appears.

Alternatively, click VIEW OFFERS FOR ALL PAYMENT OPTIONS to see the list of all payment methods available.

3. Click Any currency and select your currency from the list. Enter the amount you want to trade in the Amount field.

You can leave the Amount field empty if you do not have any specific amount in mind.

4. Select your country from the Location list.

5. Click SEARCH FOR OFFERS. The offer list is updated according to your search requirements.

Step 2: Finding an offer

1. Browse through the list of offers.

The list begins with offers that have:

  • Buyers with the best rating and reputation.
  • Buyers who are the most active on the platform and are ready for instant trade.
  • The most profitable discounts or margin.

Check the tags and labels for additional information about an offer. When you find an offer you like, click Sell.

Study all details of the offer such as:

  • Selling limits — is the offered amount neither too low nor too high?
  • Buyer’s rate — does it look profitable for you?
  • Offer terms — is the buyer requesting additional documents or having specific requests as part of the trade procedure?
  • Paxful fee — this fee depends on the payment method you choose.

2. Enter the amount you are ready to trade in the Fiat currency field or BTC field. Click SELL NOW.

3. In a dialog box that appears, click I understand the risk, proceed to sell bitcoin.

4. A new caution dialog box appears. Confirm reading the warning by clicking I have carefully read this warning and accept the risk.

Step 3: Trading

1. Discuss the necessary details with your partner using our trade chat and follow their instructions carefully.

2. Once your trade partner has made the payment, click Release bitcoin.

Double-check if the amount sent to you is correct. Confirm sending BTC to the buyer by clicking Release bitcoin in a dialog box that appears.

Note:

  • Only the buyer can cancel the trade.
  • In case of any trouble or disagreement, click Dispute to invite our moderators to investigate the case.
  • You can click Report a problem to file a report.
  • If the trade expires, you can reopen it by clicking Reopen escrow.

You release BTC from the trade escrow to buyer’s Paxful wallet. The trade is completed successfully.

Conclusion

In conclusion, making money is possible through bitcoin, but it is nowhere near being easy. To make a lot of money, every move you make in the crypto-world has to be very strategic and well monitored. Before starting your investments, there are a lot of things you need to learn and consider. Every day, more and more people of different demographics are getting into the world of cryptocurrencies, and who knows if that will raise or stunt the value of bitcoin. Crypto-trading is spreading around the world, and I guess we’ll just have to see where it goes from here.

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