Gold is one of the most valuable commodities whose value increased over time. On Paxful, you can trade your cryptocurrency for gold. Here’s everything you need to know about trading with gold.
Before you start buying cryptocurrency with gold, make sure you have a trustworthy source for the gold. One of the ways to obtain gold is to order it on a website and have it shipped to a specific address. If you decide to use your own private source or to deliver the gold in person yourself, you still must ensure minimal risk.
When you try to pay with gold to buy cryptocurrency, your potential trade partners may request the following as proof to validate the transaction:
- Proof of purchase (a receipt).
- Certificate of authenticity for the gold item.
- Photo of your ID.
- Photo of the actual gold item you are offering.
The tracking number issued by the parcel service (in case the gold is being shipped to them directly).
Searching for an offer
The first step to buying cryptocurrency with gold is to look for an offer that accepts this type of payment. You’ll also need to enter the amount you wish to purchase and the currency you prefer.
Choose the best rate of cryptocurrency to have the highest profit possible. Also, pay attention to the reputation of your potential trade partner and choose the location carefully, to ensure that you can deliver the gold to your trade partner. And finally, read through the offer terms and trade instructions carefully. Note that cryptocurrency sellers may request additional verification and have other specific requirements for verifying proof of payment.
Talk to your trade partner in the trade chat. Clarify how you will deliver the gold and whether your trade partner is okay with what you are offering.
- Prefer public places for trades in person.
- Use trackable shipping methods for delivery by mail.
Creating an offer
To buy cryptocurrency with gold, you can also create your own offer.
Here are a few things to keep in mind:
- Set a margin you find profitable and agreeable as no negotiations are allowed during the trade.
- Write clear offer terms and instructions.
- Be clear about what proofs of payment you are willing to present for the gold you possess.
- For in-person trades, be very clear about the meeting location and exchange procedure.
Once you’ve created and published your personalized offer, wait for a seller 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 on the trade chat, and proceed with the trade accordingly.
Completing a trade
Once you have provided all the documents requested by the cryptocurrency seller, click Paid. From this point, you will have 21 days to deliver the gold to the trade partner whether by post or in person. If the seller does not confirm receiving the gold within this timeframe a dispute will start automatically and our moderators will step in for assistance.
Note: Calculation of 21 days starts from the moment the trade is marked as Paid.
The last step will be for the cryptocurrency seller to confirm receiving the payment. Please be patient because this may take some time. Once the seller has confirmed the payment, they should release the crypto to you and the trade will be complete.
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.
ID and address verification
Another important aspect to consider is your ID and address verification. You must complete your ID verification and address verification to trade with gold. This verification is important to protect our cryptocurrency sellers from any fraudulent activity. Therefore, it is not possible to trade crypto for gold or vice versa without being fully verified on Paxful.
Note: Full verification is mandatory for offers and trades that start from 50 USD.