Got spare gift cards lying around and don’t feel like buying anything? Perfect! Why not convert your gift card into crypto on Paxful?
You can sell your gift cards for crypto in three simple steps and may even get to earn a little extra on the side!
Caution: Other gift card trading sites like Paxtradings, who claim to be our affiliate (they’re not!) and offer education about Paxful, usually operate without a safe escrow system. Before converting any gift card, make sure that you’re on the correct website—Paxful.com—as other websites may scam you.
Step 1: Getting started
First things first, you need to create an account before converting your gift cards into crypto. Registration is free and it even comes with a free Bitcoin wallet! You’ll be using this wallet later on for your earnings, so be sure to use a secure password, have your ID verified, and enable two-factor authentication (2FA).
Step 2: Creating an offer
Once you’ve created an account and enabled all your security protocols, it’s time to create an offer!
To create an offer, click Create an Offer on the top left of the home page.
You’ll be taken to the offer creation page, where you can customize your offer in many ways. First, select Buy Bitcoin—this will allow BTC sellers to see your offer on the Sell Bitcoin page.
After that, you can sell your Bitcoin using any of the 300+ payment methods available, including many gift card options. Choose your preferred gift card and currency, then click Next step.
The next step is to set a price for your gift card. When it comes to Bitcoin rates, you have two options: Market price and Fixed price. Each seller has their own preference, so make sure to try both to see which one works for you.
After choosing the rate, you can now set your profit percentage or market rate (depending on which Bitcoin rate you prefer), trade limits, and offer time limit. Profit percentage or market rate is how much you earn on the trade, whereas offer limits are the maximum amount you’re willing to trade, and offer time limit is how long the trade will be active for.
When you’re done setting up the pricing, you’ll proceed to write your offer terms and instructions.
There are five main components to this page:
- Offer tags – These are tags that help potential sellers find your offer. There’s a list of available tags at your disposal such as “no receipt needed,” “physical cards only,” and “pin required,” but if you can’t find what you’re looking for, you can always suggest a new one.
- Offer label – This is the elevator pitch for your offer. Sum up your offer in 25 characters or less and entice a BTC seller to click on your offer. What distinguishes your offer from others?
- Offer terms – Give other users a rundown of how you want to get paid. These are your requirements shown to the seller before the trade begins, so make sure to explain this clearly. For instance, if you want to see a cash receipt as proof of payment, write that down.
- Trade instructions – These are the more detailed set of instructions shown when the trade begins. Make them as clear as possible, preferably in a bulleted list, to avoid any confusion on the seller’s part.
- Verification and limitations – You can further narrow down your potential sellers by country, verification status, trade count, reputation, and their VPN usage.
After setting all of those options, you can set your offer’s working hours and choose which days and times you want your offer to be active.
Before you finalize your offer, quickly review your offer details on the side. If you’re happy with all the details, you can finish up by clicking Create offer.
Step 3: Hook, line, and sinker
Now all that’s left to do is wait for the fish to bite and reap the rewards!
Becoming a gift card vendor on Paxful can be a great way to get your hands on some crypto. You can also sell your crypto for discounted gift cards—a win-win situation for all traders!
You have all the notes here, so now it’s time to try it out yourself. It may seem a little intimidating at first, but trust us, it’s easier than it looks.
Without further ado, on your mark, get set, trade! Good luck!