Selling cryptocurrency with bank transfers

Bank transfers are a popular payment method on Paxful. This article will show how to sell cryptocurrency with bank transfers.

Before trading

Before selling cryptocurrency for bank transfers, make sure that you have your bank account set and ready to receive transactions. Find out if you have a transaction limit or geographical restrictions set on your bank account. Also, consider using a bank that can easily provide proof of transactions with all details visible on one page or pdf file.

The required details are: 

  • Account holder’s first and last name.
  • Bank’s name and logo.
  • Transaction date, time and status.
  • Sender’s account number and full name.

Trading 

Searching for an offer

The first step to selling cryptocurrency with bank transfers is to look for an offer that accepts bank transfers as payment. You’ll also need to enter the amount you wish to sell and the currency you prefer.

After you find a suitable offer, be sure to read the offer terms before opening the trade. This will show you a brief summary of what the buyer will be requiring from you in regards to payment.

Once you have started the trade, a more detailed set of instructions will appear in the trade chat. These are called trade instructions. Buyers will always ask for your bank details. Read here how you can add and store your bank details in your profile and trade chat.

Creating an offer

To sell cryptocurrency for bank transfers, you can also create your own offer.
Here are a couple of tips for your bank transfer offer:

  • Set a margin you find profitable as no negotiations during the trade are allowed.
  • Write clear offer terms and instructions.
  • Make it clear who will be bearing the transfer fee if any.

After creating and publishing your personalized offer, wait for a buyer to start a trade with you. Once a trade has started, you will receive a notification. Feel free to discuss all the necessary details with your trade partner.

Completing a trade

Once the buyer has paid you, marked the trade as Paid and uploaded proof of payment, double-check if the payment has been successful on your end.

The last step for you is to release cryptocurrency from the trade escrow. Click the Release button only if you are absolutely sure about receiving the payment.

After a trade

Once the trade is completed, you can leave appropriate feedback for your trade partner. Also, if you like trading with the user, you can add them to your trusted list

Here is some more information on how to sell cryptocurrency on Paxful.

 

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