Paxful is a unique type of exchange wallet. On most exchanges, you are buying Bitcoin directly from the exchange site. With Paxful, trades are done person-to-person, with a wide selection of individual sellers to choose from. The major benefit is that there are over 300 options for buying Bitcoin, including credit card, E-Wallets, gift cards and more.
This guide covers:
CREATING YOUR PAXFUL ACCOUNT
Haven’t created an account at Paxful yet? No worries, we’ll walk you through it.
Just head to https://paxful.com/ hit the Create Account button, and follow these steps:
- Fill out the details and hit CREATE A FREE PAXFUL ACCOUNT
- You will be sent an email. Open it and hit the VERIFY EMAIL button
Now your account is verified and you will see four sections related to setting your account up. These are: Profile, Security, Developer, Verification.
Under Profile, you will be asked to complete your account profile:
- Set two security questions
- Verify phone number
- Select preferred currency
- Hit SAVE CHANGES at the bottom of the page.
To buy Bitcoin on Paxful you will first need to hit the BUY BITCOIN button at the top of the screen.
Next, you’ll need to fill out this info:
- The method you want to use to buy Bitcoin We recommend debit/credit card, E-Wallets or gift cards. With those methods, your payment will go through in just minutes. With bank transfers, it can take up to several business days.
- Choose the amount
- Choose your currency
- Hit the SEARCH FOR OFFERS button to be shown the list of matching sellers
Next, you will see a list of all sellers matching the parameters you set.
- Tap on any SELLER to view their profile, including feedback from people they have done business with in the past.
- Under the BUY BITCOIN WITH column, you can see important details, such as whether or not the seller requires you to provide ID.
- The AMOUNT LIMITS column shows you how much you can purchase from the seller
- The RATE PER BITCOIN column shows how much you will actually for every dollar spent.
To continue with the purchase, follow these steps:
- Select the seller you want, and hit the BUY tab on the right.
- On the following page, confirm the amounts and hit BUY NOW (your transfer will then be placed in escrow)
- On the next page, you will have the option to chat with the seller, view offer details, and use the Upload if the seller needs you to send ID, you will see an Upload tab to send photos of your ID and selfie (if required)
- The seller will share a secure payment link for you to enter your payment information.
- When you have made the payment, hit the PAID button to confirm it’s done.
You will receive a confirmation as soon as the purchase is complete and the Bitcoin is available in your account.
DEPOSITING TO GALAXY
Once you have Bitcoin available on Paxful, you’re ready to send it to fund your sports account.
First, go to the Galaxy website since that’s where you will be getting the address to send the funds to.
Just log in to your account and follow these steps:
- Open the Cashier
- Select Deposit
- Select Bitcoin
- Enter the amount to deposit (this must be the exact amount you want to deposit)
- Claim a bonus (optional)
- Hit GET ADDRESS
You will now need to copy this address by hitting the small copy icon (like two sheets of paper) to the right side of the address. Please do NOT type the address by hand. Always use the copy-paste feature!
Next, return to Paxful, and follow the steps below:
- Go to WALLET at the top of the page
- Hit SEND BITCOIN
- On the next screen, enter the AMOUNT to send.
- Paste the address you copied earlier from the Bitcoin Cashier in the BITCOIN ADDRESS
- Enter your Paxful password to confirm
- Hit Continue
Your deposit will then be posted to the blockchain. It usually takes 10-60 minutes for deposits to be confirmed.
You can check the status of any transaction by going to the blockchain website and entering your deposit’s address: https://www.blockchain.com/explorer.
WITHDRAWING FROM GALAXY
To make a withdrawal from Galaxy to Paxful, simply follow these steps:
- From your Paxful account, hit WALLET at the top of the screen.
- You will see your Bitcoin address on the screen
- Hit COPY ADDRESS
Now, go to your Galaxy account and:
- Open the Cashier
- Select Withdraw
- Choose Bitcoin
- Enter the amount
- Paste the Bitcoin address you had copied from Paxful
- Hit Verify Withdraw
- Request the code to your mobile phone to confirm the payout
It normally takes only 2-3 hours for your withdrawal to be sent but may take up to 48 hours in some rare cases.
When the Bitcoin arrives to your Paxful wallet, hit the BUY BITCOIN tab at the top of the screen, and then select SELL BITCOIN from the drop-down:
You will then see a list of options for selling your Bitcoin:
For example, suppose you want to receive a bank transfer.
- Select ‘To Bank’ and hit Withdraw
- Scroll down and you will see the list of potential buyers who will send you funds via bank transfer in exchange for the Bitcoin
- Choose a buyer, then hit the SELL button the right side
- Confirm the amount you wish to sell, then hit SELL NOW
On the next screen, you can confirm your banking details, chat with the buyer and complete the request.
We highly recommend selling the Bitcoin as soon as you receive it. This way you can protect yourself against any possible drop in the value of Bitcoin.