Buying bitcoin can be tough at first.
Follow these simple tips everything will go even faster and easier.
- Find a Vendor with Good Reputation. A vendor’s reputation is displayed in green with a + before it. For example +1305 -1 means they have +1305 good feedbacks from buyers and only 1 negative. Anyone with over +200 feedback is ok but if you can find a verified vendor with this seal then that is best. Look for VERIFIED Seller with this seal.
- READ the TERMS of the offer BEFORE you start the order, always! Vendors should mention what they expect and what you will need to provide. For example, for gift cards, many vendors REQUIRE a receipt showing it was bought with cash. If they ask for this and you cannot provide it then it is better not dealing with them and looking for someone else. If you agree then make sure you have everything ready like the gift card with receipt in hand BEFORE you start the order.
- Be Aware of the PRICE. Buying bitcoins is never 1 to 1. Vendors charge a fee to convert a gift card or cash into bitcoin. The price depends on who you buy from. It always tells you the price before you start the order so don’t be surprised if your $25.00 gift card gets you $20 or less in bitcoins. For a better price try cash or bank deposits.
- Read the instructions. First, click on INFO (at the bottom of the screen on mobile) and then read the instructions, they are also printed out at the very beginning of the chat.Try reading them first and if you need help just ask in the chat.
- Click I have read the instructions and Paid button ONLY when you have actually paid. This stops the countdown timer and the order from expiring. This is important because if you sent the vendor the payment info such as a gift card code and the offer expires then the escrow is released and your bitcoins are gone. If the vendor is not 100% honest or forgets then you may not get your bitcoins so be sure to click the blue Paid button once you have actually paid. If you click it and you have not paid or followed instructions then the vendor may think you are a coinlocker harassing or a competitor trying to lock up his funds.
- No Brokering Gift Card Codes: Brokering is when you buy a gift card code from someone thinking you can sell them later. Even if you checked the code when you bought it the person who sold you the code anytime without your knowledge and this is why it is against the Paxful TOS. If you keep trying to give vendors bad codes you will be reported and this can get you banned, not to mention waste your time and others. Only use gift cards you have bought yourself.
- Only trade FOR THE WHOLE AMOUNT OF THE GIFT CARD! IF you have $50 gift card you cannot trade for $33, you must trade for $50! Remember this as the way redeeming gift cards work the vendor can only take the whole amount so if you start an order for $33 and he takes $50 then the only way to get the rest back in bitcoin is by starting a new trade for the difference. Vendors ranges may not meet that amount or the vendor may take down his offers or go offline so don’t make this mistake.
- NEVER ask the vendor to release the bitcoins first. This is grounds for an instant ban as it screams scammer. The escrow is there so you know the bitcoins are there and waiting for you until you complete payment.
- Be polite: Vendors go through a lot of tough customers and being polite can save you a lot of time. Being polite is about a lot more than your language it is about following their instructions as well and if there is a dispute the moderator will take language into account.
- Not Interested? Cancel!! if you are no longer interested and have not yet paid the vendor. It will free up their escrow and let them continue to trade with others. This is good manners. If you do not do this the vendor will have to file a dispute or report you and you may get negative feedback. You can see your active open trades on your dashboard. Click chat and go in and cancel them by clicking on ACTIONS ( at the bottom on mobile) and then click the red Cancel button.