Did you know you can make money on Paxful by trading bitcoin and other cryptocurrencies? And the best part is you don’t even have to take those costly trading courses & learn to read those complex charts & zig zag lines to win this game!
Yes, you read it right! In this guide, I am going to show you how exactly Paxful works and how you can leverage this marketplace to mint bitcoins and earn your bread and butter.
I am sure, you must have heard of this platform before as this is the leading peer-to-peer marketplace to buy & sell bitcoin. It is widely known for not only offering more than 300 payment options but also for providing user friendly interface & highly secured bitcoin wallet.
Here buyers & sellers post their trade offers along with the price of their choice & the payment method. To have a look check this image:
Did you notice, how these sellers are charging 6% on an average above the price of Bitcoin? And you know, the payment methods listed here are not as popular as PayPal. People often prefer to buy cryptocurrencies with PayPal. Thus, when it comes to PayPal, the price is bit more high. Take a look here:
Sellers here are charging 9% above the Bitcoin price. This is how people here make the pure profit without having to worry about the charts, lines & the market sentiments. All they do is set the percentage above the bitcoin price on which they want to sell it for.
And you know what, this is just a trailer! Real profit is in trading gift cards for bitcoin. People often arbitrage the gift cards on ipayyou for maximum profit but it carries the risk and that is as huge as the profits. To be very frank, I personally stay away from the gift cards.
There are around 120+ gift card options available on Paxful. Be it Amazon Gift Card, Google Play Gift Card, iTunes Gift Card, OneVanilla Prepaid Gift Card, American Apparel Gift Card, AT&T Gift Card or a Best Buy Gift Card, you will find it all on this user friendly p2p exchange.
Now, you might be wondering why would anyone want to pay high price. Am I right? Because When I started, I also had the same question.
This is because, the payment options available here are not found on any other cryptocurrency exchange. Above all, most of the crypto exchange available in the market allow users to buy Bitcoin with Credit card which is more expansive than these payment methods. This is because of the service charge which is taken by both, the Banks & the crypto exchange.
Now this might seem quiet simple at first glance but there is one thing, you have be little careful & take few precautions to avoid being scammed when trading on Paxful.
It is not something that is controlled by Paxful as it is a peer-to-peer marketplace. You have to take care of yourself and use your common sense to judge the third person.
Though, Paxful is working real hard to make their platform highly safe & available to all which is why it is known to be the world’s leading peer-to-peer crypto exchange. However sometime you may come across perpetrator who misuse the platform for their own benefit.
But, if you’ll use your mind then you’ll be able to judge who’s legit and whose not. It is not a rocket science. If you find something suspicious please report it to the team and they will check the account and the trade details. And if they will find anything that violates the Paxful policy, trader’s account will be permanently banned & all of their funds will be seized.
Tips To Avoid Scammers On Paxful:
1. Always Trade with the person available in your region. (Once the trade opens up you’ll be able find their locations in the details tab.
2. Second thing to look after is the number of trades they have made & their feedback.
3. Third thing to look is if the user is blocked by other users. If you see their number of trades are less the number of users who has blocked them then it is better to stay away.
4. Never ever accept the third party payments. What I mean with this is that you might see few people that would say that they will use their friend’s bank account or the PayPal. Say a Big NO to it. This could lead to charge backs and above all it Violates the Paxful Policy.
5. Always ask the buyer or the seller to post the receipt of the payment. (Try to mention this in your TnC, you’ll learn more about it below in this post).
6. Never ever trade outside the Paxful ecosystem. You may see few perpetrators who would lure you to trade outside the Paxful. Don’t fall for them and If you come across any of such incident please report it to the team.
Now you have learned the ins and out of avoiding scam, lets see how to make an offer on Paxful.
How To Make An Offer/Post An Ad On Paxful:
I am assuming you have created your account on Paxful and verified your email and phone number to get going. However, if you haven’t yet then I would recommend to do it now here so you can easily follow the steps according to this guide.
1. Login to your account and go to create an offer in the header section.
2. Now it will ask you if you want to create an offer to buy or sell bitcoin.
3. Choose the one you’re looking for.
4. Select your payment method and click next.
5. Now you’ll be asked to enter your trade price. You can either enter the market price or choose the price above or below the MP. Always, enter the price that would yield you some profit. After all, you are here to make the profits. Check what other traders have quoted and try to be as competitive as possible.
6. Once that is done then it will ask you to enter your minimum and maximum trade limit & time for trade to expire. That means how much of Bitcoin you want to buy or sell.
7. Once you are done with the above step. Paxful will ask you enter 3 tags and your offer label. Think of it as a cover letter. When seller or a buyer will see your ad this what they will come across the first along with the price you have quoted.
8. The next step is to enter your terms and conditions & trade instructions. Remember in the above I suggested you to avoid third party payments. This is where you’ll have to clearly mention all these stuffs.
9. And the final step is to enter the targeted countries and your working hours. Like I said earlier trade only with the users of your own country.
Though there is no such hard thumb rule but to be on the safer side this would be the best thing you can use. And as you gain the trading experience on Paxful, you can modify these setting later anytime.
Check this official video and you’ll have the lot better understanding of creating a buy and sell offers on this P2P search engine for cryptocurrencies.
Once you perform all the above steps hit submit button and voila! Your ad will go live. You can even copy the link to that ad and share it with your friends and colleagues.
After, your ad goes live traders will be able to see it on the buy and sell page. And you will receive the notifications if any trader selects your ad or an offer to trade with you.
As soon as you click on the notification, it will take you to the chat session where you can proceed with the trade, may ask questions (if any) with the buyer/seller and share your payment details.
Isn’t it easy?
Considering the ease of use, Paxful is an appealing trading platform to buy & sell Bitcoin which is trusted by more than a Million users whole across the globe. Hence, it is worth considering when looking for a marketplace to make money by trading bitcoin.
Now you’re aware of the tactics used by the traders to make money on Paxful, try your hands and do share your experience with us in the comments .
PS: Bam! As you have come so far. I want to share an exclusive deal with you. When you sign up on Paxful using this link, you’ll be rewarded with $5 worth of Bitcoin if you will verify your account & make the first trade of as little as $20.
Thank you for reading this guide, if you find it helpful then please do share it with your friends on social media.