Buying Cryptocurrency with Digital Currencies (Altcoins)

Modified on Thu, 20 Jul 2023 at 04:38 PM

Paxful allows you to buy cryptocurrency with other digital currencies, or altcoins. This article will show you exactly how to do it.

Before trading

Before buying cryptocurrency with digital currencies, make sure you have enough coins in your wallet. Also, make sure you have studied all the specifics related to the cryptocurrency you chose and are aware of any possible transaction limitations or specialties.

Trading

Searching for an offer

The first step to buying cryptocurrency with digital currencies is to look for an offer that accepts the specific cryptocurrency you’re looking for. You’ll also need to enter the amount you wish to purchase and the currency you prefer.

Note: You still have to choose preferred fiat currency as it will be used as a reference point to the market price of a cryptocurrency. However, it is advised to choose USD as cryptocurrency worldwide price is set in this currency.

After you find a suitable offer, be sure to read the offer terms before opening the trade. This will give you a brief summary of what the seller will be requiring from you in regards to payment.

Once you have started the trade, a more detailed set of instructions will appear. These are called trade instructions. What the seller will require from you will vary depending on which specific online payment you’ll be using.

Note: The seller is responsible for providing you with a correct wallet address. Do not rush into making the transaction, but double-check with the seller if the wallet address is final and 100% correct.

Creating an offer

To buy cryptocurrency with digital currencies, you can also create your own offer.
Here are a couple of tips for your offer:

Set a margin you find profitable, as no negotiations during the trade are allowed.
Write down clear offer terms and instructions.
Make it clear which side is bearing the transaction fee, if any.

After creating and publishing your personalized offer, you have to wait for a seller to start a trade with you. Once a trade has started, you will receive a notification. Feel free to discuss all the necessary details with your trade partner and transfer funds to the wallet address provided.

Completing a trade

Once you have paid the seller and uploaded proof of your payment (a transaction number), click Paid. If you don’t click it, the trade will eventually expire, and the cryptocurrency will go back from the trade escrow to the seller.

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.

If you need any assistance from our Support team, do not hesitate to contact us. Check out this article on How to Contact Support.