Bank Transfers are a widely used payment method on Paxful. Discover how simple it is to trade cryptocurrency with automated Bank Transfers.
Before You Start Trading
To buy cryptocurrency using Bank Transfers, make sure to add your bank account details to your Paxful profile.
Ensure your bank account is set up for transactions and check if there are any transaction limits or geographical restrictions. Using a bank that can provide proof of payment with all relevant details in a single document or PDF is also helpful.
The required details for proof of payment on Paxful include:
Account holder’s first and last name
Bank name and logo
Transaction date, time, and status
Recipient’s account number and full name
TRADING
Searching for an Offer
The first step in purchasing cryptocurrency via Bank Transfer is to find an offer that accepts Bank Transfers as a payment method. You'll also need to specify the amount you wish to buy and your preferred currency.
Once you’ve found a suitable offer, review and accept the offer terms before the trade begins. These terms, set by Paxful, outline the process for completing the trade.
After the trade starts, the trade chat will be disabled. We automatically exchange bank account details between the buyer and seller, making Bank Transfers safer and easier.
Creating an Offer
If you'd prefer to buy cryptocurrency via Bank Transfer, you can create your offer. Here are a couple of tips for your bank transfer offer:
Set a margin that works for you, as no negotiations are allowed during the trade.
If you'd like to use the older Bank Transfer process and customize your offer terms, select “Other Bank Transfer” as your payment method.
After creating and publishing your offer, wait for a seller to initiate a trade with you. You’ll receive a notification once a trade starts. Head to the trade to review all the details and transfer funds to the provided account.
Note: There are no fees associated with buying cryptocurrency.
Completing a Trade
After making the payment to the seller and uploading proof of payment, click "Paid". Your payment won’t be confirmed until you click this button. If you forget, the trade will eventually expire, and the cryptocurrency will be returned to the seller from escrow. We’ll also prompt you to upload proof of payment.
The final step is for the seller to confirm the payment. Please be patient, as this may take some time. Once the seller confirms the payment, they should release the cryptocurrency to you, completing the trade.
After the Trade
Once the trade is finished, you can leave feedback for your trade partner. If you’re happy with the transaction and want to trade again in the future, you can add them to your trusted list.
Here are some additional tips for buying cryptocurrency on Paxful.
For any trade issue, please file a dispute. Check out this article for the steps: How Do I Start a Dispute 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.