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Paxful is a little different than other exchanges in that you’re buying your Bitcoin from a specific person. However, it’s a great platform to use to buy Bitcoin in Hong Kong. Similar to Plus500, you’ll register with Paxful to get started. When you’re ready to start buying Bitcoin, visit the site to create an account.
Find “Create Account” located in the top right corner fo the Paxful homepage. Click on it to get started.
You’ll fill out the registration form that pops up so that Paxful has the necessary information. It’s not much. Enter a valid email address, select a username, then type in your password. Agree to Paxful’s terms and services, then choose “Create Account and Free Wallet.”
Paxful will shoot you an email requesting that you validate the address. Click on the link to head back to the platform. That’s all there is to it. You are now ready to begin buying Bitcoin in Hong Kong.
One step you aren’t required to take is enabling two-factor authentication. However, we strongly recommend doing so. It is an extra step during the login process, but you’ll get an additional level of security which serves as protection for your account.
Taking the few moments to enable 2FA is worth your time. Most platforms have this option and your information receives more protection from hacker and users with malicious intentions.
Your account is set up and you have 2FA enabled. Now it’s time to buy some Bitcoin. The first thing you’ll need to do is select your payment method. Paxful provides payment through Paypal, Skrill, Western Union, Apple Pay, gift cards, and many other options.
The number of options you have for buying Bitcoin will vary based on the type of payment method you select. For example, you might have fewer people willing to accept gift cards than who will take Paypal. When you’ve entered your method of payment, type in how much Bitcoin you plan on purchasing.
From the dropdown, select the currency you want to use. There are plenty of options, so you should have no problem finding the right one. Once you’re satisfied with your entries, clck on the green “Buy Bitcoin Now” button.
You’ll see a list of available sellers on the next screen. A cursory look will show you that most of the prices on Paxful are higher than you’ll find on other exchanges. There’s a legitimate reason for the higher prices. Paxful doesn’t offer the same security available on other platforms, so sellers move the price up a bit due to their increased risk.
The problem is that some buyers never pay, while others refuse to complete the transaction, leaving the money in escrow while they run off with their Bitcoin. That means sellers could potentially lose both their payment and their Bitcoin during a transaction. As a result, they pad their prices a bit.
When you find a seller that works for you, review their terms before you enter into discussions. Learn more about their history as a seller and read any reviews they have available. This will give you a better idea of what the seller wants and what you can expect throughout the process.
If you’re satisfied with the terms the seller has to offer, select the button labeled “Buy.” At that point, the seller’s Bitcoin is moved into an escrow account. It will remain in escrow until everyone involved has confirmed the transaction has completed successfully. Now you pay for your Bitcoin based on the instructions given. When you’re done, click “I have paid.”
The seller is alerted that you’ve completed the transaction and paid for the Bitcoin. Once the seller confirms receipt of payment on their side, your Bitcoin is released from escrow and deposited into the Bitcoin wallet you have on Paxful. At this point, you can either keep your Bitcoin on the Paxful platform or send it to a wallet you keep offsite.
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