Paxful is a leading decentralized crypto peer-to-peer trading platform that serves users from all over the world. The platform offers an affordable way for anyone to buy Bitcoin, USD, and Ethereum without having to use a centralized exchange.
One of the advantages of using such a platform is the fact that they allow you to use payment methods that are not usually allowed on conventional exchanges. Payoneer is one of such options, which although may be listed on the P2P platforms of centralized exchanges, is not very popular.
With Payoneer, you can easily buy Bitcoin with USD, EUR, or GBP without having to withdraw the money to your local bank account, since it will cost you a lot more to do that. Instead, why not just use it to buy crypto, then sell it at zero fees on an exchange with better exchange rates?
In this article, we show you in detail how you can use the funds in your Payoneer account to buy Bitcoin, but you can use the same guide to buy Ethereum, USDT, or any other supported crypto asset on Paxful.
How to Buy Bitcoin
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First, you need to have the funds ready in your Payoneer account. This may be payment for work, or funds from some other sources. Now follow these steps to buy Bitcoin.
- Log into your Paxful account. If you don’t have one, you’ll need to create it and go through KYC to be able to trade.
- Next, proceed to the Buy button on the top-left and click on it. A pop-up page opens, with options for buying Bitcoin by default.
- Fill in the information required, including payment method, which you should choose Payoneer, and the amount you wish to spend on buying Bitcoin
- After filling in the required information, clock on Find Offers
- You’ll then see offers that fit the information you provided
- Look for one of the merchants with the best offer in terms of rates and then click on the Buy button against their name.
- You’ll now see details about the merchant, including their conditions. You may also scroll down to see reviews about the person before going ahead to click the Buy button.
- Once you click the Buy button, they will contact you via private chat with details of the account to send the funds to, the exact amount, and the transaction code.
- Pay the exact stated amount to the provided email address and then take a screenshot of the receipt or payment page and send to them via private chat.
- Once they get the screenshot, they will just wait to receive the funds and then release the bitcoin to your Paxful account. You should see it in a few minutes.
- After that, you may wish to send the Bitcoin to an exchange to sell, or send to your private wallet, it’s all your choice.
In Case of Any Issues
Congratulations, you have successfully purchased Bitcoin using your Payoneer account. If you have any issues with your trade, for example you sent the payment but the merchant refused to send you the Bitcoin, you can file an appeal.
An appeal is a complaint you lodge concerning a trade. You should use evidence such as your private chats, screenshots etc to support your claims. If the Paxful team determines that your argument is valid, they can release the Bitcoin to you with or without the merchant’s consent.
This is possible because the Bitcoin was locked in an escrow account the moment you clicked on the Buy button, which takes control of Bitcoin from the merchant. Misunderstandings are however rare because an attempt at defrauding a user comes with serious consequences such as suspension or complete ban from using the platform.
Merchants therefore try to maintain a clean record as much as possible. Generally, anyone you see listed as a merchant is not likely to be a scammer, so you can trade with coincidence.
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