Buy Bitcoin Directly Through Paypal
Pros: Low risk, high maximum limits
Cons: Cant withdraw coins to external wallet, Only US is currently supported
In October 2020, PayPal rolled out direct purchases of Bitcoin within the PayPal digital wallet, through a partnership with Paxos.
This allows users to hold Bitcoins purchased through the service, as well as use them to pay PayPal-supported merchants. At the time of writing, users cant send those coins to other accounts or withdraw them. However, this may change soon as PayPal plans to enable withdrawals to third-party wallets at some point in the future.
Its also worth mentioning that this option is currently only available for US users, with more countries due to be added over time.
Maximum limits are $20,000 per month and $50,000 per year, while fees vary between 1.5% and 2.3%, depending on the size of the purchase.
The Sellers Reputation And Activity
A sellers reputation is displayed in green with a + before it. For example, +1305/ -1 means that the user has 1305 good feedback scores from buyers and only 1 negative feedback. Pay attention to each type of feedback: positive and negative. For example, despite having more than 10,000 positive feedback scores and 1000 negative feedback, you should still be cautious about such a user. Pay attention to the percentage of negative feedback in relation to the negative and positive ones. Also, do not forget to check for how long a user is present on our platform.It is also much better if the seller is ID-verified. This means that we have checked his documents and background.Additionally, check when the seller was last seen online on Paxful. This will help to make sure that you will have a quick trade without any delays from the sellers side.Click on the sellers username to open their profile for more background information on them.
Buy Bitcoin With A Cash Deposits At The Bank
Both LocalBitcoins and Paxful, offer cash deposits as a payment option.
Finally, Wall of Coins provides this same service within the US, the UK, Argentina, Australia, Brazil, Canada, Germany, Latvia, Mexico, Poland, the Philippines, and Romania.
With this method, the seller provides their bank details. You then visit the relevant bank, and fill in a deposit form. Sellers may specify a particular bank. You then make a cash deposit to the sellers account via the bank teller.
This method is more reliable and physically secure than meeting with a stranger. Specifically, the seller has no way of knowing which bank youll be using.
The downside is that such services are only available within banking hours. And theyre slower than face-to-face transactions particularly if theres a long queue at the bank, or the service is slow to verify your trade.
As with face-to-face cash trading, you should only conduct bank-deposit trades via a reputable escrow service this action will protect you from fraud.
You can prove to the escrow service that you made a payment by photographing or scanning your bank deposit receipt. In the event of a dispute, with proper proof, theyll release the sellers coins to your Bitcoin address.
So ensure that you keep your receipt. Unlike a bank transfer, its really hard to prove that you made a payment without it!
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How To Sell Crypto On Paxful
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What Cryptocurrencies Does Paxful Support
Paxful supports the buying of Bitcoin. If you want to to buy Ethereum with PayPal, Ripple or alt coins, you will not currently find them for sale on Paxful. If you want to buy and sell Bitcoin on a secure exchange with 300 payment methods, visit Paxful. You can sell cryptos for Bitcoin. Among the payment methods are popular cryptocurrencies, including Ethereum , Ripple , Litecoin , Bitcoin Cash , DASH , and more. The upcoming integration of Paxful and BitMart could add over 100 cryptocurrencies to Paxful.
Selling Btc With Paxful
It’s not only buying Bitcoin that’s possible with Paxful, selling Bitcoin is also an option. As a seller you’ll have the possibility of getting paid via a bank transfer, Western Union or cash in person in addition to other payment methods.
That being the case, for most people who are interested in selling Bitcoin an exchange like Coinbase would be a much better option. Selling on Paxful is designed primarily for professional sellers versus the average person who wants to sell $100 worth of Bitcoin now and then.
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How Filipinos Buy Bitcoin Using Paxful
Paxful is a peer-to-peer marketplace for buying and selling Bitcoin which has been around since 2015. The company has maintained an office in the Philippines for some time now , In 2019 Paxful began actively marketing in the country.
With prices going up, savvy Filipinos are looking at P2P markets like Paxful to save fees as they acquire more or sell Bitcoin. As a P2P marketplace, Paxful provides an escrow to protect both the seller and the buyer by keeping the Bitcoin and only release it once both parties have fulfilled their side of the transaction. The fiat funds will be transferred from the buyers lets say gcash account to the sellers gcash account directly.
Two Great Options For Escrowed In
In the past we used to recommend LocalBitcoins for in person trading, however since then the company its local cash ads. Therefor, Paxful is the next best service around.
Paxful buyer/seller matching
Paxful have been running since 2015, and theyve grown to service most countries and regions. Over that time, they have established a reputation for reliability, and they have become well-known as a go-to site for OTC trading.
To buy BTC on Paxful:
A list of sellers will be displayed. If there are none, youll have to wait for one to appear, or consider a different method. The sellers list will display the feedback score for each including their exchange rate.
For a complete demonstration this short video:
Since you can trust Paxful to send the coins to you, theres no reason to wait for multiple confirmations after the seller releases the coins. You can read my Paxful review here.
Mycelium Local Trader
The popular Mycelium mobile wallet includes a feature known as Local Trader. This tool serves as a cash-only matching and escrow service for Bitcoin traders.
Depending on your area, you may find more or fewer sellers on this site than on Paxful.
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Paxful Review : Legitimate Exchange Or Scam
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If youre looking for a peer-to-peer cryptocurrency exchange, Paxful could be a suitable option. The exchange lets you use more than 350 payment methods to buy and sell cryptocurrency. Additionally, you can also trade in unused gift cards for cryptocurrency.
This Paxful review will look at what to expect from the platform as well as what you need to know to avoid scams.
Is Paxful A Safe Way To Buy Bitcoin
As you know by now, Paxful is not a Bitcoin broker and the company does not sell Bitcoin directly to consumers. Instead, it merely offers a platform so that Bitcoin sellers and buyers can exchange directly with one another.
This sort of flexibility comes with both benefits and drawbacks.
The benefits, of course, are that you can buy Bitcoin without having to jump through identity verification hoops or waiting for days or weeks to have your funds cleared so you can buy some coin.
The drawback is that you need to exercise caution when choosing which vendors youll be buying from. And this is the most crucial part in making sure that you get all the benefits of buying Bitcoin on Paxful without the downside.
If you check out online reviews, you can see that many of Paxfuls negative reviews are made by buyers who make the mistake of confusing a sellers integrity with the platforms integrity. But just because one seller proved to be an untrustworthy scammer, it does not mean that Paxful itself isnt a legit platform.
Its the same thing with any other peer-to-peer platform. For example, if you were tricked into buying a fake Cartier watch on eBay that the seller claimed was authentic, it doesnt mean that the eBay platform itself is a scam simply that there was a bad actor on the platform.
With Paxful, they do an overall great job to maintain the balance between flexibility of use and security by providing:
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Ready To Launch Your Trading Journey On Paxful
Paxful offers lots of financial opportunities that allow you to create a steady stream of income by joining its rewarding programs. You can check out more about Paxful by visiting their page. So, do you think Paxful has got you covered for your trading needs? Explore the features it offers and see for yourself.
*The content of this article is for informational purposes only, you should not construe any such information or other material as legal, tax, investment, financial, or other advice. Paxful, Inc. has no relation to iTunes, Google Play, or any other payment methods. We make no claims about being supported by or supporting these services. Their respective wordmarks and trademarks belong to them alone.
Official Social Accounts
How To Buy Bitcoin With Paxful
Because Paxful is a P2P platform, and youre buying from sellers, not a traditional crypto marketplace, you have to be careful with who you buy from. You dont just want to buy from the first seller you see. This could result in you getting scammed. Instead, you want to refer to Paxfuls recommended sellers list these are the sellers that have been vetted and are trust-worthy.
Paxful also has an escrow feature, so you can make sure all the details of your transaction are legit before confirming the purchase. MAKE SURE YOU DO THIS. Never confirm a payment and take a sellers word itll all be fine. Only confirm the payment when youre 100% satisfied that everything is as it should be. Only then should you release the funds from escrow.
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Is Paxful Customer Service Reliable
Paxful provides first rate customer support. We were impressed by the speed and quality of the support system. If you have a question or need guidance, you can contact Paxful by:
Live Chat At any time, click on the blue chat box on the bottom right of the screen and a moderator will come online to help you.
Paxful ZenDesk FAQs are provided on how to buy and sell Bitcoin on Paxful.
Seller Support Once buyers connect to sellers over live chat, sellers walk buyers through the Bitcoin exchange process.
Paxful School How-to videos take you through the account verification, buying and selling processes.
Email support Use the following contact methods to reach customer service.
My Personal Experience With Paxful
Two things I love about Paxful are:
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Paxful P2p Vs Spot Trading And Direct Exchanges
As per Usefultulips.org, the Philippines ranked as the 3rd biggest market of Paxful in Asia and 10th in the world. In a previous interview, Apryl Albero, Community Marketing Manager at Paxful Philippines, said Filipinos are savvy during bull and bear markets and always sensibly trying to lock profits.
There are some key differences between a P2P marketplace, a spot exchange, and a direct exchange.
Paxful is one of the largest P2P marketplaces in the world and has been a key contributor to the proliferation of Bitcoin in Africa and South America. In 2020, Paxfuls market share in the Philippines has increased and appears poised to become a market leader in the P2P space as per publicly viewable data. Licensed virtual currency exchanges in the Philippines like Moneybees and Bloom are vendors on Paxful.
This article will focus on buyers, not the sellers, and also does not constitute investment advice, merely information on how the process of buying through the platform happens. BitPinas does not give investment advice and readers are highly encouraged to do their own research.
Buy Bitcoin With Cash By Mail
As with in-person purchases, try to only trade with established users who have a good reputation. Choosing a reliable seller is your best protection against fraud, and escrow should always be employed.
This method involves some obvious downsides, such as slowness and the risk that your envelope may get lost or stolen en route. I recommend wrapping the bills in a couple of layers of paper, so that they cant be easily detected without opening the envelope.
In the event that your envelope never arrives, or arrives empty, certain sellers may compensate you. To qualify, you may be requested to film or photograph yourself placing the money within the envelope, sealing it, and mailing it.
For greater safety, I advise using registered mail, then having the seller sign after they receive it. This method creates a degree of proof that you paid via escrow, although the amount of cash within the envelope may still be disputed.
Given the drawbacks of this method, I only recommend it for cash buyers who are too remote for other purchase methods.
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Go To Paxful To Purchase
In this step, you will receive a list of the best offers for brokering your purchase. While on this page, you may still alter the amount you wish to spend and your preferred payment method.
Select Paxful from the list of choices and click Purchase.
At this point, you will receive a notification that you will be directed from OKX to Paxful to finalize the purchase. Once finished, the purchased crypto will be deposited directly into your OKX account.
You must read and check the box that certifies that you understand that Paxful is an exchange platform of fiat currency and cryptocurrency independently operated by a third party and that OKX will not take any responsibility for any loss or damage caused by the use of this service.
Next, click to pay on Paxful to finalize the purchase on Paxfuls platform.
Can I Get Scammed On Paxful
It is very difficult to be scammed on Paxful because your money will be held in secure escrow until the seller has released the crypto currency. However if the seller is requesting to make contact and trade outside of the Paxful platform, this is a redflag. This risk of being scammed outside of Paxful is very high.
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How To Buy Hold Sell And Checkout With Crypto On Paypal
PayPal users with Personal or Premier PayPal accounts are eligible to buy, hold, and sell bitcoin and other cryptocurrencies on the PayPal platform using funds from a linked debit card or bank account, PayPal Cash balance, or Cash Plus balance.
At this time, PayPal business accounts are not eligible to purchase cryptocurrency on the platform.
Step 1: Confirm your identity and fill out a W-9.
Step 2: Select Crypto from the dashboard.
Step 3: Buy bitcoin, ethereum, bitcoin cash, or litecoin and hold.
Step 4: If you decide to sell or checkout with crypto, PayPal will automatically convert it into USD at no additional fee.
Be Aware Of The Price
The Bitcoin price on Paxful is never equal to its official market rate as sellers charge a fee to convert traditional currency into Bitcoin. The price of the fee varies among sellers and depends on who you buy from. So be on the lookout for the best deals. The offer page always includes the rate of each seller. What should interest you the most is how much you get on dollar. The higher the number, the more profitable the trade will be for you.
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