Bank Transfer trades on Paxful are now automated to make crypto trading simpler and more secure.
From now on, when you create or edit a Bank Transfer offer, the trade chat will be disabled. Instead, Paxful will automatically share the buyer's and seller’s account details with each party. We've also implemented new, standardized Offer Terms for these trades to define the conditions of the transaction clearly.
How to sell and buy cryptocurrency with an automated Bank Transfer
1. Go to the Paxful homepage and click “Create an Offer.”
2. Select the cryptocurrency you’d like to trade—Bitcoin, USDC, Tether, or Ethereum—and ensure the correct option is chosen: select “Sell” if you're selling, or “Buy” if you're purchasing.
3. For your payment method, select “Bank Transfer.” Then, choose the currency you wish to receive and the country where your bank account is located.
4. To proceed with an automated Bank Transfer trade, you’ll need to accept Paxful's updated terms.
5. Pick the bank account(s) you want to use for this offer and enter the bank name(s). If you haven’t added a bank account yet, you can do it here. Click “Next Step” when ready.
6. Set your rate, trade limits, and offer margin, then proceed to the next step.
7. By default, the offer will include the tags “guided trade,” “no third parties,” and “receipt required.” The “guided trade” tag is mandatory, but you can modify or remove the others as needed.
8. Carefully review Paxful's updated Offer Terms. Then choose your preferences for partner verification, offer visibility, and (optionally) provide a reason for the Bank Transfer.
9. Click “Create Offer” to publish it and go live!
📍How to Complete a Sell Trade
When a buyer starts a trade with your active offer, your cryptocurrency will be safely held in escrow until you're ready to release it.
You’ll be able to see the amount of crypto you’re selling, the amount you’ll receive, and both your account details and the buyer’s.
- Once the buyer marks the trade as Paid and uploads proof of payment, check your bank account to confirm the funds have arrived.
- After confirming payment, click “Send Bitcoin” to release the crypto.
- You’ll need to enter your 2FA code to complete the transaction and release the funds from escrow.
- And don’t forget to leave feedback!
📍How to Complete a Buy Trade
When a seller accepts your offer and starts a trade, their cryptocurrency will be securely held in escrow and will only be released once they confirm receiving your payment.
You’ll see the amount of crypto you’re buying, the total amount you need to pay, and the seller’s bank account details.
- Choose the bank account you’ll use to make the payment, then click “Confirm.” At this point, your account details will be shared with the seller.
- Next, transfer the payment to the seller’s bank account. Be sure to collect a receipt or take a clear screenshot/photo of the payment confirmation to use as proof.
- After the transfer, mark the trade as “Paid” and confirm it on the Self Declaration pop-up.
In the next pop-up, upload your proof of payment by selecting the file and clicking “Upload.” Click “Upload” again to send it to the seller. - Once the seller verifies that they’ve received the funds, they’ll release the cryptocurrency to your wallet, completing the transaction.
- And don’t forget to leave feedback!
If you need any assistance from our Support team, do not hesitate to contact us. Check out this article on How to Contact Support.