There are a variety of online wallets such as PayPal and Skrill that you can use to buy bitcoin on Paxful. This article gives you an overview of buying bitcoin using any of the supported online wallets.
Before buying bitcoin with your online wallet, please ensure that you have sufficient funds on it and that your transaction will not be blocked due to your daily limit or other geographical restrictions.
Searching for an offer
The first step to buy bitcoin with online wallets is to look for an offer for the online wallet of your choice. You’ll also need to enter the amount you wish to purchase and your preferred currency.
After you find a suitable offer, read the offer terms before opening the trade. This will show you a brief summary of what the seller requires from you regarding the payment.
Once you have started the trade, a more detailed set of instructions will appear. These are called trade instructions. The seller’s requirements may vary depending on the online payment you’re using. For example, online wallets such as PayPal, Skrill, and Neteller will normally require an image of your ID.
Creating an offer
To buy bitcoin with online wallets, you can also create your own offer.
Here are a couple of tips for your offer:
- Set a margin you find profitable as no negotiations during the trade are allowed.
- Write clear offer terms and instructions.
- Make it clear as to who will be bearing the transaction fee if any.
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 transfer funds to the account provided.
Completing a trade
Once you have paid the seller and uploaded proof of your payment, click Paid. Your payment is not confirmed unless you click Paid and if you forget to do so, the trade will eventually expire and the bitcoin will go back from the trade escrow to the seller.
The last step is for the seller to confirm the payment. Please be patient because this may take some time. Once the seller has confirmed the payment, they should release the bitcoin to you and complete the trade.
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.