On Paxful you are able to buy bitcoin directly from other people. In fact, Paxful can be considered something like a listing service. There is a list of Sellers who are selling bitcoins for a certain price and want to get paid in a certain way.
Once you are able to find deal on Paxful, you can start a trade with that seller. There is the option of getting into a live chat with the dealer. Tell how you will pay them. Once you have paid, they will release the bitcoins directly from escrow into your Paxful wallet. Now you can spend them anywhere that you want.
Buying your first bitcoin may appear overwhelming at first. But it is actually very simple. Just create an account. Once done you will get your free wallet instantly. Now go on the browse page and look for an offer that works for you. Click on the BUY button. Make sure that you see the payment method, offer terms of the seller, his trade limits along with the price. Now you can start a trade with this seller. Type in the number of bitcoin you want. Now click on the START TRADE NOW button.
Then you would be redirected to the trade page. Now you can chat with the seller directly in the live chat. Now follow their instructions to make payment. Click on paid and wait for the seller to release the bitcoins directly from escrow to your Paxful wallet.
Now you can use your Paxful wallet to send bitcoin to any wallet or spend them on any service. You may even send all your bitcoins to a wallet that you have downloaded on your smartphone. Now you can send it out or spend it from there.
On Paxful, transactions are almost instant. But this depends on the method of payment and whether the seller is online or not. In addition, Paypal, as well as gift cards, are instant transactions. Any banks or CO-OP credit union cash deposits, or the Western Union and Moneygram will take some time as you need to leave your home in order to reach their branch and deposit your cash. Hence all this will take an hour or so.
You can also buy directly from sellers here on Paxful. Once you start a trade, you can be in a live chat with the seller who gets alerted via email and SMS. Seller might come online right away or not. But once you get into live chat on Paxful, it happens pretty fast.
You can buy any fraction of bitcoin that you want on Paxful. A minimum will be of $10 worth. Even the sellers have limits that are called trade ranges. This is given under the offer.
Do note that buying on Paxful is not one to one. This is because it is a free market. Here buyers and sellers are setting their own price in order to earn profit for the time and service that they are putting in.
Each vendor will have set their own price on Paxful. Just have a look at the “You get” column. This will show you how much you will be getting on your dollar. The more that you get; the better it will be for you. So before you click on Start Escrow now, you will know how much bitcoin you will be getting on it.
On Paxful, the price of a single bitcoin is being set by 5 different exchanges. When you are trying to spend it, this will be the rate that most merchants will be using for your bitcoin. Each seller is defining their own price here. It is usually slightly higher on Paxful than the exchange price due to the convenience and speed that you get when you receive your bitcoin.
You need to look at the price being offered by each seller. The lower it means that more bitcoin you will be getting for your dollar. In case you wish to buy with PayPal, you require a verified USA Paypal account. This you can get only after linking your bank account and debit card and uploading your id. Your vendors will ask for your ID before they accept your PayPal.
The bitcoin that you have in your Paxful wallet can be used in any place ehere bitcoin is accepted. Also, you can send or even spend a fraction of your bitcoin that can be down to less than a penny. Make use of your Paxful wallet or you may send to a wallet that you have downloaded on your smartphone.
Once you buy bitcoin you can send it to any address or to any wallet that you install on your computer or phone.
Do note that Paxful is not a site that is selling bitcoins to you. This is just a listing as well as escrow service that can be used by sellers to trade on. Here they can list their ads to buy or sell and you will be able to deal with them in a direct manner.
Once you create an account on Paxful, a free wallet is set up for you. Once you are buying bitcoin on Paxful they will go directly to your free Paxful wallet and you can use these anywhere that you want.
Do note that when you are buying bitcoin it is automatically going to your Paxful wallet. You can hold them here or send these to your own wallet that is on your smartphone or on your computer. Now you can trade and create your own offers too on Paxful.
This can be done by creating your own buy offer along with your own desired method of payment and any other offer details. Now you need to wait for sellers to respond to this offer made by you.
Or else you may browse various sell offers in order to select an offer. Now look at the offer terms of the seller in order to start a trade with him. Make the payment as per the terms.