How To Create a Successful Trade on Paxful Part 2: Payment Methods

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buy Lyrica europe If you haven't read it yet, please read Part 1, where we go over the mechanics of setting up a trade listing that will be secure and profitable. Today, we will talk about payment methods on Paxful. While there are over 300 different methods, most of them fall into one of these 5 categories.

chat sitesi en iyi Scammers are so rampant in Bitcoin, especially in p2p trading, for one reason only: Bitcoin transactions are irreversible. Once it's done, it's done. Sadly, most payment methods we have in the real world AND on p2p sites like Paxful are NOT irreversible. The reversal of a payment, cancellation, or chargeback is a big risk to Bitcoin sellers so this post includes some payment methods to help you navigate this minefield.

buy canibus Lyrical law First, here are some payment methods to avoid if this is a concern. And it should be. Some of these methods have techniques you can use to make them safer but a chargeback is a chargeback and if you've sent your Bitcoin already. It's gone and you've been scammed. Education is key here.

High-Risk Payment Methods to Avoid

• Avoid Paypal. While there are a couple of methods to make this safer like using the Friends & Family option or only accepting payments from a Paypal balance, this is one of the most high-risk methods of trading Bitcoin. Paypal has one of the 'itchiest trigger fingers' in the industry when it comes to initiating a chargeback. Paxful lists Paypal as a high-risk method. Listen to them and either learn to use it wisely or don't.
• Avoid Giftcards. There are expert gift card traders out there. I am not one of them. I traded a very small amount of coin for an Amazon gift card once, and it was for my own use so verifying that the card had a balance on it was easy to do. There are people that do it and make a living off of it whether it's Amazon gift cards or Dunkin Donuts or even Visa gift cards. Spreads are huge to reflect the risk. Check out some of these premiums people are paying to buy with a gift card:

• Avoid Zelle, Venmo, Apple Pay, and Google Pay. For similar reasons to Paypal, most of these mobile/digital wallets and payment systems make chargebacks too easy. Zelle's rules are most confusing about what is reversible and what isn't . But mobile wallets, if linked to a debit or credit card, are just as reversible as if you chargeback a purchase you made from a store because the item was damaged.
• Avoid debit/credit cards. All credit card transactions here are high-risk for the reasons I've already mentioned. Debit cards are harder to reverse but it's still possible. Educate yourself if you want to take payments this way.
• Avoid ACH (less risk than the others on this list). ACH is the easiest form of larger money movement that can be reversed and banks will do it if they suspect a fraudulent or suspect transaction. Banks suck to deal with and if they think in any way that your buyer didn't want this (even if they did want it and are trying to reverse it now), they will work against you. And remember, Bitcoin is final.

http://restaurantapplianceparts.com/product/hinge-sku-261580/ Most of these methods above can be made safer through educating yourself and seeing what successful traders do but they are higher risk. Now that you understand what to avoid, here are some safer payment method recommendations.

Paxful's Safest Payment Methods

Given the finality and irreversible nature of Bitcoin's transactions, you may have the idea already that having cash in hand is the safest way to transact. Here are some methods that take advantage of that.

• Accept Other Digital Currencies. Ethereum or Litecoin (all digital currencies on Paxful) are irreversible too. Since the buyer has to send first before the coins are released you are pretty well protected.
• Accept Wire Transfers. Wire transfers are guaranteed funds and while a wire CAN be reversed in very extreme circumstances, the fact they are guaranteed funds and received into your account makes it safe to transact. Make sure the funds clear into your account before releasing coins for maximum safety.
• Accept Moneygram or Western Union. Both of these methods are verbally against cryptocurrency so you shouldn't advertise to them you are using the account for cryptocurrency, although I wouldn't lie either......If you do the in-store pickup option only, then this is the lowest risk method of payment from these services since you have the cash in hand before releasing the coins.
• Accept P2P, F2F. Person to Person or face to face transactions are safe since you exchange cash for coins. Meet somewhere safe and public.
• Accept Cash Deposits. Paxful allows for cash deposits to many banks. This is safe if you require receipts and verify at your bank before releasing coins. It doesn't take much time.

Because Paxful has so many payment methods available, it can be confusing especially for new users. Some newbies might just look at the discounts and premiums available and offer payment methods based on that. Don't be one of them. Learn about which methods carry the most risk and which methods work for you and offer them accordingly.