Paxful’s marketplace is designed to be as user-friendly for beginners as it is for experienced traders, but there are always tricks about the platform that one can learn. Arnaldo, one of Paxful’s most trusted and loyal Power Traders in the US, follows five important steps whenever he sells BTC on Paxful and these tricks have been very effective in helping him avoid scammers in the past few years. Want to have a safe trading experience like Arnaldo does? Read on!
Tips for selling BTC using gift cards
Gift cards are one of the most popular payment methods on Paxful, but it’s also relatively risky compared to other payment options. Instead of learning lessons the hard way, let’s see how Arnaldo avoids scammers when he sells BTC using gift cards.
- Always ask for a receipt – Make sure the receipt is clear and the gift card was purchased in cash or debit card, verified by pin.
- Make sure the numbers match – Have the BTC buyer upload the back of the gift card and only proceed if the serial number matches the one on the receipt.
- Only have the buyer upload the gift card when you’re ready – In order to avoid disputes, have the buyer upload the photo of the gift card only when you ask them to.
- Only accept clear photos – Ask the buyer to re-upload photos if the serial number is not visibly clear.
- Check the card balance – Only proceed to release Bitcoin if you’ve confirmed that the card has sufficient funds in it. If it doesn’t, take a screenshot of the balance and upload it to the chat.
On top of these, it’s very important for sellers to layout their trade instructions in detail. Tell your buyers what you expect of them from the get-go so they know what they should do as they enter a trade with you. If you ever have to be involved in a dispute, make sure you provide all the information requested by the moderator to stack more odds in your favor. Remember, communication is key!
Tips for selling BTC using online wallets
Online wallets are relatively safer than gift cards, but all forms of trading come with risk. Our Power Trader Arnaldo has come up with five ways to ensure he only trades with honest online wallet traders and guess what? He’s never once had a chargeback in the span of 3 years!
- Have the buyer upload a photo of their ID and debit card with your Paxful username written on a piece of paper – This is to make sure the person buying Bitcoin from you is the account holder.
- Only trade with buyers in the US – You can check the buyer’s account location and mobile carrier under View Details in the trade chat. Make sure the mobile carrier is American as certain online wallets are only available in the US.
- Check buyer’s Paxful account history – If the buyer has never made a payment using online wallets before, limit the trade amount to 50 USD. If you see that they’ve made suspicious payments that aren’t supposed to be available in the US, ask them to cancel the trade.
- Always confirm payment before releasing BTC – Scammers may upload false screenshots to make you believe that they’ve already transferred the funds. Don’t release BTC until you see the money in your online wallet account!
- Start a dispute when necessary – If you don’t see a payment in your account, send the buyer a screenshot of your account and start a dispute.
While we can’t guarantee that these methods are foolproof, these are some effective ways to protect yourself from any chargebacks, issues with your bank account, and losing funds. Paxful is here to give you full support on your trading journey, but you need to do your part to steer clear of danger as well!
Finding the best margin on Paxful
Interestingly, Arnaldo suggests that offering the lowest price isn’t the key to stand out from the fierce competition on Paxful. Instead, he suggests sellers to take a look at the offers page and price themselves between the highest and lowest margins.
“Typically speaking, 30% to 40% margins work with gift card trades and 15% to 20% work with online wallets,” Arnaldo suggested.
Know your worth! Do your research and sell your BTC for what it’s worth.
Never stop learning
Experienced traders like Arnaldo have been through their share of tough times to come to realize what the best practice is when it comes to selling BTC. If you’re just starting out on your crypto journey, feel free to spend some time doing more research on the topic and see what others say about selling BTC. Remember to always stay safe while making the most of your money! You can always refer to our blog posts and tutorials for more information on trading Bitcoin. Good luck!