Bank Transfers are a popular payment method on Paxful. Learn how easy it is to trade cryptocurrency with automated Bank Transfers.
Before you start buying cryptocurrency with Bank Transfers, add your bank account details to your Paxful profile.
Make sure your bank account is ready to make transactions and check if the account has any transaction limits or geographical restrictions in place. Also, consider using a bank that can easily provide proof of payment, with all of the details visible on one page or pdf file.
The required details for proof of payment on Paxful are:
- Account holder’s first and last name.
- Bank’s name and logo.
- Transaction date, time and status.
- Recipient’s account number and full name.
Searching for an offer
The first step to buying cryptocurrency via Bank Transfer is to look for an offer that accepts Bank Transfers as payment. You’ll also need to enter the amount you wish to purchase and the currency you prefer.
After you find a suitable offer, you’ll need to read and accept the new offer terms before the trade begins. These offer terms are set by Paxful and outline how the trade should be carried out.
Once the trade starts, the trade chat will be disabled. We now automatically send the buyer and seller’s bank account details to each other, making Bank Transfers even safer and easier.
Creating an offer
To buy cryptocurrency with bank transfers, you can also create your own offer.
Here are a couple of tips for your bank transfer offer:
- Set a margin you find profitable as no negotiations during the trade are allowed.
- If you’d like to use the old Bank Transfer process and set your own offer terms, choose “Other Bank Transfer” as your payment method.
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. Head to the trade to see all the necessary details 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 cryptocurrency will go back from the trade escrow to the seller. We’ll also ask you to upload proof of payment.
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 cryptocurrency 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.
Here are some more tips on how to buy cryptocurrency on Paxful.