There are a variety of cash payments that you can use to buy bitcoin on Paxful. This article gives you an overview of buying bitcoin using any of the supported cash payments.
Before buying bitcoin with cash payments, here are a few things to consider:
- Some payment methods such as Cash By Mail or Cash In Person, require full ID and address verification (for amounts higher than 50 USD per trade).
- In case of some disputes, it is very difficult for Paxful to provide assistance — be ready to file a Police report in such cases.
Searching for an offer
The first step to buying bitcoin with cash is to look for an offer that accepts cash as payment. You’ll also need to enter the amount you wish to purchase and your preferred currency
When you find the offer that suits you, be sure to read the offer terms before starting the trade. This will show you a brief summary of what the seller requires from you regarding the payment. In the case of Cash In Person, the offer terms should provide a brief list of meeting preferences.
After reading through the offer terms and confirming that you can comply with all the requirements, it’s time to start the trade. Once the trade has begun, a more specific set of instructions should appear for the meetup. Usually, for cash trades, sellers will require a teller receipt from you. If at any point during the trade you feel confused about the instructions, feel free to send a message to the seller via trade chat. They should be able to help you with any questions that you may have.
Creating an offer
To buy bitcoin with a cash payment, you can also create your own offer. Here are some things to consider:
- Set a margin you find profitable as no negotiations during the trade are allowed.
- Write clear offer terms and instructions.
- Make it clear how you provide proof of payment and how much time you need to conduct the payment.
- In the case of Cash In Person, state clearly, where you want to meet.
Tip: Prefer public places for Cash In Person trades.
After creating and publishing 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 and make the payment.
Completing a trade
For a Cash In Person trade, once all the details have been settled, it’s time to meet up with your seller. Go to the specified location and give the cash to the seller. Once this is done, click Paid and wait for the seller to release your bitcoin into your Paxful wallet.
Note that in the case of Cash By Mail, the trade may require a lot of patience from both sides.
With other cash payment methods, the payment process itself is usually quite simple. In any case, always make sure you have the correct details of the recipient, all possible proof of making the payment and remember to click the Paid button in the trade chat.
Once the seller has released BTC into your wallet, the trade is 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.