Bitcoin’s yearly average is currently at its peak – it’s circling the $9,000 mark, which has only happened once before (at least amid the bullish halving sentiment).
Regardless, the rise in price is great news for investors, and it may have even reversed the losses caused by Bitcoin’s crash back in March. But this is not the only parameter that’s fortifying trader sentiments.
A recent Forbes post revealed that Bitcoin prices are likely to touch the $10,000 mark before halving of the pace of Bitcoin production.
Additionally, crypto-asset analyst Yassine Elmandjra has confirmed that Bitcoin is about to hit a new record high for yearly moving average price!
With multiple of the currency’s behaviors pointing towards profitable trading in the coming times, the time is ripe to get your hands on some Bitcoins.
If you’ve bought a Bitcoin before, don’t worry – we’ve got you covered!
Let’s first understand what makes Paxful perfect for beginners looking to buy Bitcoin.
Why Paxful Is Right For You
Finding the right platform to buy Bitcoins can be a huge challenge – some charge insanely high fees, while others can be a pain to use.
Paxful makes purchasing a Bitcoin a lot easier than most trading platforms. All you need to do is create an account and pick your preferred payment option.
You can buy Bitcoin with credit and debit cards, and even redeem gift cards to buy Bitcoin.
You can pay with cash, via an online wallet, or exchange other cryptocurrencies with Bitcoin. They also have an option for you to exchange gold with Bitcoin!
How To Buy Bitcoin
Step 1: Create An Account On Paxful
Creating an account on Paxful is super easy owing to the clean, uncomplicated interface.
To create an account:
- Open your web browser and go to the Paxful website.
- On the home page, click on the “Create Account” button on the top right corner of the webpage.
- The “Create An Account” page will appear.
- Type in the required information – they ask you for an email address and a password. Keep in mind that the email address can only be changed within the first week of you signing up, and only if there is a typo in the address.
- Your password should be at least six characters long and must have at least one lowercase and one uppercase character. Additionally, it must have a number and a special character.
- Check the “I agree to Paxful’s Terms of Service, Affiliate Program Terms of Service, and Privacy Notice” box.
- Next, click on the “Create a free Paxful account” button.
- You will see a captcha verification box, complete it. You will receive an activation email on your email address.
- Go to your inbox, open the email, and click on the “Confirm Email” box.
And that’s it, you now have a Paxful account!
When you register, a username will be created for you automatically. You can edit it to your liking later. Keep in mind that to personalize your username, you will need to verify your email.
Paxful is the only thing you need to buy a Bitcoin. They even give you a free wallet to store your Bitcoins!
You can access the Paxful wallet regardless of where you are, and since your private keys are stored on the cloud, even if your hard drive fails or you lose your phone, you will still be able to access your Bitcoins.
The wallet is 100% free to use – they charge no commission fees whatsoever!
Step 2: Set Up Search Requirements
- First, log in to your Paxful account.
- Click on the “Buy Bitcoin” button.
- The “Buy Bitcoin” page will appear.
- Now, click on the “Show All” or the “Any Payment Method” field and select your preferred payment method.
- Alternatively, you can click on the “View Offers For All Payment Options” button to see the list of payment options available.
- Click on the “Any Currency” field and choose a currency from the list. Then, enter the amount you want to trade in the “Amount” field.
- Pick your country from the “Location” list.
- Click on the “Search For Offers” button, and the offer list should be updated according to your search requirements.
Step 3: Find An Offer
Looking for the right offer is key to ensuring that you make money with every trade you make. The list of offers begins with offers by:
- The most active sellers on the platform.
- Sellers having the best rating and reputation.
- Sellers offering best margins or discounts.
Remember to check the tags for additional information about the offer. If you like an offer, click on “Buy.”
The Offer page will appear. You must study all the details of this offer, such as:
- Buying limit – is the offered amount too high or too low?
- Seller rate – does the offer look profitable?
- Time limit – can you execute the payment in time?
- Offer terms – do you have to submit additional documents or comply with specific requests?
After doing your due diligence, enter the amount you are ready to trade in the “Fiat Currency” or the “BTC” field. Then click on the “Buy Now” button.
Step 4: Trade
At this point, the trade has begun. A trade chat page will appear, and you must discuss all the details of the trade. Make sure you follow their instructions carefully when buying.
Make the payment, and after you do, click on the “Paid” option.
A confirmation dialog box will appear. Click on “Yes, I have followed all the instructions above.”
The seller will release the BTC from the trade escrow to your Paxful wallet.
Creating an account, buying Bitcoins, and receiving Bitcoins from other wallets is free!
However, selling Bitcoins incurs charges. Selling them is as easy as creating an offer and putting in the details (units to sell, preferred payment method, and the like).
Bank Transfers incur a 0.5% fee, whereas credit/debit card transfers, digital currency exchanges, payments via online wallets, cash payments, and payment via goods & services incur a 1% fee.
There is a 3% fee for payment via all gift card types except iTunes and Google Play cards. Payment from these cards will incur a 5% fee.
There are different payment slabs when sending out Bitcoins from external wallets.
If you’re sending out between $0 and $9.99 worth of Bitcoins, you will be charged 0.0001 BTC. Sending out between $10 and $19.99 worth of Bitcoins costs 0.0002 BTC.
If you’re looking to send more than $20 worth of Bitcoins, the charges are 0.0005 BTC.
On the other hand, if you’re sending out BTC from your internal wallet, the first five transactions per month are free. From the sixth transaction onwards, you will be charged $1 or 1% of the sending amount, whichever is greater.
How To Recover Bitcoin
If you’re using the Paxful wallet, and get hacked, scammed, or accidentally send your Bitcoins to the wrong address, your transaction cannot be reversed.
The transactions on the Bitcoin network are designed to be irreversible – the company has no control over them.
Reading Paxful’s security guide should help you increase the protection of your funds.
If you’re using an external wallet, and your hard drive breaks, or you lose the hardware wallet, you can use your backup file or recovery code to get access to your Bitcoins.
Keep in mind that external wallets also do not protect you against scams, hacks, or accidental transfers.
Recover Your Paxful Account
If you lose access to your account or you lose your phone and have two-factor authentication enabled, you can contact customer support to recover access to your account.
If you forget your password, you can use Paxful’s dedicated page to get back access to your account.
Paxful doesn’t have chat support, but they do have a “Contact Us” bubble that you can use to get support fast.
All you have to do is type in your name and pick your request type, and describe your problem. You can also add links or images to elaborate.
Someone from the Paxful support team should contact you in a few minutes with a solution.
Their service is great – you get a response within minutes of contact.
But this is not all.
When trading, if there is some miscommunication between you and the trader, you can click on the “Dispute” button.
Moderators will intervene and help sort it out quickly, enabling you to move on to new trades without much hassle.
Their support page has a beginner-friendly guide enabling anyone to learn to use Paxful. In case you have any technical questions, they offer a host of informative articles that should solve your problems.
However, if you have further questions, you can email them at email@example.com.
Now you know how to buy and sell Bitcoins and also know how to troubleshoot problems if you run into any, you’re well on your way to making some money trading cryptocurrencies.
Using Paxful, you should be ready to trade your first Bitcoins in minutes!