Home PaxFul: Here's how to buy BTC or USD peer-to-peer

PaxFul: Here's how to buy BTC or USD peer-to-peer

Bitcoin World

6 min read

Note: The Paxful app is closed and has been replaced by the Noones app . The good news is that the interface remains the same with some improvements.

Paxful is a peer-to-peer cryptocurrency exchange platform launched in 2015 by Ray Youssef and Artur Schaback. Paxful's goal is to provide financial access to anyone, anywhere, anytime.

Today, the platform is one of the leaders in peer-to-peer markets in the world. This means that the platform allows crypto buyers to meet sellers, without an intermediary. Paxful currently manages over 9 million user accounts with over 400 payment methods. This means that you can buy or sell bitcoin with all possible payment methods.

Similarly, regardless of your country, your identity is not a problem on Paxful. You can buy or sell Bitcoin and pay or receive with your local currency, even the CFA franc!

What cryptos can you buy and sell on Paxful?

Paxful is a platform that allows you to connect with other people worldwide to buy and sell cryptocurrencies (bitcoins (BTC) and Tether (USDT)). This is known as "peer-to-peer" trading.

On the Paxful platform, when you sell your cryptocurrencies, you decide the price and the payment methods you accept. You have complete control over your transactions. You even decide with whom you want to make your transaction. And, you can also do it without KYC (Know your customer). You do not need to provide your identity documents to be able to use the platform.

The platform also offers you the possibility to store your cryptocurrencies in their wallet for free and transfer them to other Paxful wallets for free.

In African countries where the population remains predominantly unbanked, Paxful offers the mobile money electronic payment possibilities that are very widespread in Africa.

How to use Paxful to buy USD, ETH or BTC

On Paxful , you can buy and sell Bitcoin, ETH, or USD. You can choose from a wide selection of people worldwide. Depending on the amount you want to buy/sell, the cryptocurrency you want to acquire, and your preferred payment method, you'll find a profile that suits you.

Want to get started at Paxful? Here is the step by step tutorial to follow.

First step: Registration on the site.

The process is very simple. First, go to the official Paxful website . From your browser, go to the Paxful homepage and click on "Create an account." You will only need to create your account with a phone number or email address. If you have an African phone number, this will be perfectly possible.

Step 2. Get your account verified

After creating your account, be sure to verify your phone number or email address. A code will be sent to your phone or email address for this purpose. There are several verification levels available. These levels unlock various trading opportunities on the marketplace, and the verification process helps secure the platform.

As soon as your account is created, you'll receive a free Paxful wallet to get started. This digital wallet will allow you to store all your hard-earned cryptocurrencies. To learn more about the wallet's features and any restrictions, visit the Paxful Wallets section of the Help Center.

Also be sure to have your phone number and identity verified to trade with higher limits and unlock even more benefits.

Step 3: Choose your payment method currency

Ideally, you should choose your currency from the outset. If, for example, you want to pay in CFA francs , it's best to look for a seller who accepts it.

It's very simple, you just need to choose the currency from the drop-down menu.

Once this is done, you can also choose your payment method.

You are spoiled for choice when it comes to paying and receiving your money. As indicated in the preceding lines, on the African continent few already have bank accounts. To overcome the problem, Paxful offers the possibility of buying and selling bitcoins (BTC) with the most used and popular payment methods in African countries: Tigo Pesa, Airtel Money, M Pesa, MTN Mobile Money, etc.

MTN Mobile Money is a fast, secure and affordable way to store funds, send money, make payments and other transactions on your mobile phone. MTN Mobile Money is available in several African countries. This is also what makes it so popular, especially for monetary exchanges.

This service widely used by the African population, among others, to withdraw cash, recharge an MTN airtime account, and pay bills. The service is offered by MTN in partnership with more than 10 African banks.

Example: Buy bitcoin (BTC) with MTN Mobile money

After logging in, set MTN Mobile Money as your payment method and choose your preferred currency. You can also enter the amount you want to spend. This will generate a list of offers that match your requirements.

Step 4: Check Seller Feedback

Do not hesitate to click on the profile of the seller that interests you the most. In addition to identifying the bitcoin sellers who offer the best rates, you will also need to make sure that they have a good reputation. Take a look at their transaction history and reviews to get an idea of how trustworthy they are. You should also carefully check their terms.

It is also recommended to only choose sellers who have the “Paxful Verified Offers Only” badge.

Some sellers may ask you to show a valid ID and proof of payment. Make sure you have them on hand when you buy bitcoins with MTN Mobile Money.

Start the transaction

Once you find what suits you, press “Accept Terms” and buy bitcoins to begin the transaction.

This will open a live chat window where the seller will give you further instructions. Instructions depend on each seller. Some will, for example, ask you to add a wording to your transfer and others specify the maximum you can purchase, for example.

After making the payment, press "Pay". The Escrow system will release the bitcoins once the seller confirms receipt of the payment.

After sending your payment, remember to mark the transaction as paid. This puts control back in the hands of the seller, who can confirm your payment within minutes. Once confirmed, it will be able to release the bitcoins from the Escrow deposit to your Paxful wallet. The transaction will then be complete!

Who can guarantee me that the seller will send me bitcoin?

In fact, it is the system called "Escrow" that guarantees that the funds will be sent. This means that it is the company Pafxul that will "hold" the payment until you have received the bitcoins. This gives us all the security on our transactions. Likewise, the platform has the identities of buyers and sellers. In the event of a problem in a very rare case, the company could simply block dishonest sellers.

Another thing: It's not in the sellers' interest to be dishonest. The goal for them is to sell their bitcoin. They are brokers and these are their businesses. They have every interest in getting good grades and continuing to make sales.

If you have any questions or comments, please let us know in the comment section.

Here are articles that may interest you if you are looking for other ways to obtain cryptocurrencies.

Watch the Paxful video tutorial :

How to buy bitcoin in Africa
The best sites to buy cryptos in Africa
Le tutorial on LocalBitcoin (a simple alternative to Paxful).
The African cryptocurrencies to know

Note: There is no financial advice in this or any other article on this site. This is information of which you are the sole judge and master. Be responsible with your investments and only invest as much as you are willing to lose.

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