Peer-to-peer marketplaces allow users to buy cryptocurrencies directly from one user to another without having to use a conventional crypto exchange. Paxful is one of the leading P2P crypto trading platforms in the world, and it allows users to buy bitcoin and other crypto assets using different methods that are not usually available on centralized crypto exchanges.
One of the ways is the use of Payoneer. Payoneer facilitates cross-border payments between countries by allowing users in other countries to create accounts for major fiat currencies like the USD, EUR, and GBP, which they can use to receive international payments.
From their, they can withdraw to their local bank’s domiciliary accounts, or they can use it for other purposes right on Payoneer. One of the things you can use your Payoneer funds for is to buy bitcoin on Paxful, and you can do this within minutes.
In this guide, we take you through the steps you can take to buy bitcoin on payoneer easily and quickly.
How to Buy Bitcoin with Payoneer
If you’re reading this article, I assume you have a Payoneer account. If you don’t, no problem, you can always create one by visiting the website.
After creating the account and setting up everything, you can fund either your USD, EUR, or GBP account by adding funds or receiving payment from someone. Once you have funds in your account, it is time to buy bitcoin on Paxful.
First, you’ll need to visit the Paxful website to create an account if you don’t have one already. After that, simply log in and click on “Buy”. Bitcoin is set as the default asset so no need to change it.
Next, select your payment method from the over 350 available ones. You’ll see a search bar where you should type “Payoneer” to search. Select it and enter the currency you wish to use and the amount you wish to spend and click on “Find Offers”.
The search will bring up traders who wish to sell the amount of bitcoin you wish to buy, and who accept Payoneer as a payment method. Look for one with a rate you like, and whose conditions you’re comfortable with and then click on the “Buy” button to the right.
The merchant will be alerted and will send you a private message with the email address to send the funds to. Yes, you can use just an email address to send funds via Payoneer. After sending the payment using the transaction code provided, you should take a screenshot of the receipt generated or the payment page and send it to the merchant as proof that you have paid.
They will then release the bitcoin to your account. This may take some minutes, so you need to be patient. From experience, it’s easier to do all of this on the phone since you’ll be able to take the screenshot easily and then send it to the seller.
If the trade doesn’t go as intended, maybe the seller didn’t release the bitcoin, you can file an appeal with your evidence of payment and probably the correspondence between you and them. Paxful will look into it and if there’s sufficient evidence that you did pay, it will release the bitcoin to you.
However, this is a very rare occurrence since defaulters are severely punished and in extreme cases banned from using the platform. Therefore everyone tries to maintain a good reputation. From your wallet, you can move your bitcoin to your personal wallet or to an exchange with the intention to sell it for cash.
Conclusion
Congratulations! You just bought your first bitcoin on Paxful through Payoneer. You can always repeat the process and it gets easier with time. This is a method you can use to buy bitcoin if you receive payment through Payoneer and wish to buy bitcoin instead of withdrawing to your account.
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