Being a Paxful seller can be very profitable if you follow some basic rules. To get you started, we’ve compiled a few rules to make selling bitcoin not only easy but safe and secure as well:
1. Accept your responsibility for possible risks.
We at Paxful do as much as possible to increase the level of security on our platform. However, you, as a seller, should accept all risks and liabilities that come with trading. It is up to you to protect yourself from malicious users and obvious scams. Check our security guide and safety tips for more information.
2. Brokering gift card codes is strictly prohibited on Paxful.
Brokering is when you buy a gift card code from a third party and resell it later to someone else. This goes against the Paxful Terms of Service and is strictly prohibited. This rule applies both to e-codes and physical gift cards. Read more information about gift card trades specifics.
3. Be responsive to buyers.
- If you are not at your computer, please deactivate all your offers. You can easily do it from your Dashboard. This will also help you avoid having your BTC locked in a trade escrow if a buyer starts a trade during your absence.
- When a buyer starts a trade with you, say “Hi” and let them know you are ready to trade.
Example: “Hi, I am ready, please follow the instructions and you can have your bitcoins in no time!“. This message may sound too simple and obvious. However, according to our statistics, a high number of canceled trades are due to an unresponsive seller. Please show to the buyer that you are ready.
4. Maintain a civil tone with your trade partners.
Offensive language and disrespectful tone are not allowed on our platform. Be understanding to buyers as some of them may lack trading experience. If you face any serious issue with your trade partner, do invite our moderators by starting a dispute.
5. Write clear offer terms and trade instructions.
- Have both offer terms and trade instructions in simple short bulleted or numbered list. Read more on how to write good offer terms and trade instructions. This is relevant when creating your own offer.
- If you have special payment-related procedures that may delay the release of bitcoins for a longer period, make it clear for the buyer. This must be frankly stated in your offer terms and trade instructions. You must make sure that the buyer understands that the release of bitcoins may be reasonably delayed. Release time may not exceed the time stated in your terms. (Remember that Paxful advertises p2p service as instant.)
- Write concise offer terms. The buyer sees offer terms before he starts the trade. It may contain important information about the trade.
Example: uploading a photo of ID, uploading a cash receipt, accepting physical gift cards only, etc.
Note that buyers avoid offers with complicated terms. Clear offer terms also give advantage in case of a dispute. Never leave this section blank while creating an offer.
- Write clear trade instructions. Trade instructions are shown to a buyer once a trade starts. Instructions give additional guidance to your trade partner and should consist of clear steps.
- Provide your customers with helpful aids and examples if necessary. For example, if you require them to upload a selfie with a photo ID, then put an example picture.
6. Be aware of the minimum trade amount on our platform.
It’s important that you know what the minimum trade amount set on Paxful. Currently, the minimum trade amount is 10 USD to buy bitcoins. If you are selling bitcoins, the minimum is 0.001 BTC.
7. Do not use third parties for payments.
You are the person responsible for accepting and processing payments. If you have no control over the payment and you transfer responsibility to others, this can be considered as fraud. For example, in the case of bank transfer, you should be the account owner, in the case of altcoins, you should be the owner of the wallet, etc.
8. Off-escrow trades are not allowed.
It’s important that you do not give other users your contact information to do a trade outside Paxful trade flow. Paxful escrow must be used at all times or your account may be banned. By avoiding paying escrow fees to our platform while trading outside our escrow service, you expose your BTC to much higher risk as our investigation team will not be able to assist you in case of an argument.
9. Price negotiations are strongly forbidden.
A buyer of bitcoins must pay the exact price that is set for a trade. If during a trade both sides agree to change the amount, a new trade must be re-opened for the correct amount. Price negotiations within the same trade are against our Terms of Service.
Check our guide on how to sell bitcoins on Paxful to have an overview of our trade flow.