Yes, bitcoin transactions don’t have to go through central authorities such as banks, but that doesn’t mean you can’t use bank transfers to buy bitcoin! On Paxful, bank transfers continue to be an extremely popular payment method. In fact, it’s the second most used method, and the trade volume associated with bank transfers reached 21 million USD in late October this year.
Compared to other bitcoin exchange platforms, Paxful offers users the opportunity to conduct bank transfer transactions with extremely low fees. Besides regular bank transfers, Paxful offers a range of possible bank transfer-related payment options such as domestic wire transfer, IMPS transfer, PayID, and Interac Online — to name a few. These options all come with different speed and convenience, but all serve to make it easy for you to buy bitcoin!
Follow these simple steps to buy bitcoin with bank transfer on Paxful
1. Log in to your Paxful account and click the “Buy Bitcoin” button.
2. You’ll then be directed to the “Buy Bitcoin” page.
3. As you click “Any payment method” or “Show all,” you’ll see a massive list of all the possible payment methods on Paxful. You can either click directly on “Bank Transfer” under “Popular payment options in the USA,” or see the 9 options within bank transfers on the top.
4. The rectangular “Bank Transfer” button will lead you directly to a list of offers that take traditional bank transfer; but if you click on the square “Bank Transfers” button on the top, you’ll be given additional options within bank transfers to make your purchase. Some of these options offer more instant and more convenient services than traditional bank transfers.
5. After you select your preferred payment method, please enter the amount of bitcoin you’d like to buy and the currency you’d like to buy it in.
6. Hit the blue “Search For Offers” button below your trade volume and you’ll be shown all the available offers with the type of bank transfer in your trade range.
7. Before you make a decision on whose offer to take, make sure you check these following points: seller’s offer terms and instructions, their bitcoin rate, their reputation (the thumbs-up count below their username), and their availability. It’s always safer to go with someone with a more positive reputation, and who has recently been online.
8. Once you find a seller that you’d like to trade with, click the blue “Buy” button and you’ll be led to the page with the seller’s detailed offer terms and recent feedback given by past traders.
9. If you’re fine with the seller’s terms, enter how much bitcoin you’d like to buy, then either click the blue “Buy now” button“ or the “Accept terms and buy bitcoins now!” button on the page.
10. You’ll now be directed to the trade chat page. This is where the trade happens! Read the pop up window carefully and click “Got it” to proceed to the live chat with the seller.
11. On the right of the screen you’ll see a live chat window. This is where you can review the seller’s instructions as well as directly communicate with him/her. Feel free to clarify concerns or questions with your seller.
12. After you’ve transferred agreed funds to the seller and upload any required documents, mark the transaction as paid by clicking the blue “Paid” button on the left. If you’re on a mobile device, head to “Actions” first and then mark your transaction as paid. Once the seller receives confirmation that payment has been made, the bitcoin will be released and transferred to your digital wallet. This process may take anywhere between minutes and days depending on the bank and transfer method.
Cha-ching! Many users on Paxful still prefer to use bank transfers to trade bitcoin, and we’re not surprised! The process is easy and reliable. If you haven’t tried trading with bank transfers yet, now’s your chance!
As always, feel free to reach out to our support team at [email protected] or via our live chat feature if you have any questions about using bank transfers on Paxful.