Paxful, established in 2015, was formerly known as Easy Bitz. The exchange employs over 200 people worldwide and has offices in the Philippines, Estonia, and Hong Kong. It has more than 4.8 million members.
Traders from Malaysia, the United Arab Emirates, India, Pakistan, Indonesia, and Zimbabwe are among the active traders on Paxful, which has users worldwide. The CEO and founder’s goal was to create a crypto community that traders eager to buy and sell Bitcoin and other digital currencies could access.
Paxful is a relatively dependable and straightforward platform that enables crypto buyers and sellers to communicate directly to sell or buy Bitcoin and other major cryptocurrencies, unlike different order book-based exchanges. In this Paxful review, we delve into the exciting features and functionalities that make Paxful a preferred choice for cryptocurrency enthusiasts. We also uncover the ease of trading, security measures, and the vast array of options available on this platform. Here, we will explore the thrilling realm of Paxful and its impact on the world of digital currencies.
Paxful Review
- Official website: https://paxful.com/ Found in 2015 Headquarters: New York, US
- No Native Token
- Bitcoin (BTC), Ethereum (ETH), and Tether USD are listed as cryptocurrencies (USDT)
- Pairs traded n/a
- 140+ Fiat Currencies Supported
- Supporting Nations
- Most nations, barring those that OFAC has banned
- Deposit Requirement: 0.005 BTC
- Deposit Charges Change Based on Payment Method
- Transfer Charges
- buyer’s fee: null
- Selling fee: Variable
- Fees for Withdrawals Vary by Payment Method
- Application Yes
- Mail, Frequently Asked Questions, and Live Chat
They were founded in 2015 by renowned programmers Ray Youssef and Artur Schabacker. One of the top five peer-to-peer exchanges for Bitcoin trading in terms of volume is Paxful. This Paxful review covers all the essential elements, including transfer costs, deposit and withdrawal options, strengths and limitations, among many other things.
How Does Paxful function?
Paxful guarantees to make trading Bitcoin as easy as possible. Users must go to the official website and select the Buy Bitcoin option to begin trading with Paxful. The text field requests the quantity of Bitcoin and the kind of fiat currency exchanged. The website also shows how much Bitcoin is linked to the chosen fiat money.
Step 1
To start purchasing Bitcoin, do the following: To create a Paxful account, the user must first fill out the form with a valid email address, username, and password.
Step 2
Paxful advises you to create a free wallet after creating your Account to make shopping easier.
Step 3
Select the one that best suits your needs from a comprehensive list of available payment methods, such as credit card, PayPal, bank transfer, NetTeller, and others.
Step 4
Users of Paxful must choose a suitable vendor from a list of accessible Bitcoin merchants and identify their preferred currency and payment method. Open orders are displayed in the search results, making it simple for buyers to choose their favourite sellers.
Step 5:
After choosing a seller, Paxful gives the customer the option to see the vendor’s profile and make an informed choice. Bitcoin can be purchased from pre-selected sellers, or buyers can choose another cryptocurrency. Through the site, you can get in touch with the vendor and only confirm the transaction if you’re happy.
Step 6
When the seller starts the transaction, Paxful guides the buyer toward an escrow provider and finally toward the preferred mode of payment.
Is It governed?
Although Paxful is not a regulated wallet, using it is secure and safe. It is crucial to remember that the Platform should not be confused with seller honesty by customers. Although the Paxful Platform is KYC compliant and requires the customer’s ID for verification, it is not governed by national laws. Users can utilize the site safely because money-laundering prevention and KYC procedures are in place.
Paxful Products & Services
One of the top cryptocurrency exchanges in the world, Paxful offers virtual crypto coins and margins that distinguish the site. This section showcases a few of their various goods and services, including:-
Purchase Of Cryptocurrency Using Paxful
With Paxful, traders can easily purchase and sell various digital currencies from anywhere on the globe without having to pay a transaction fee. However, buyers on the Paxful market purchase cryptocurrencies from their favourite sellers at the prices set by the sellers. This Nigerian cryptocurrency exchange rate may change depending on several variables, including currency pairs, payment methods, etc.
Sale Of Cryptocurrency Using Paxful
The seller will be charged a transaction fee when selling cryptocurrency to the buyer using Paxful. However, depending on the manner of payment, sales commissions change. For bank transfers, Paxful charges 0.5 per cent; 1 per cent; 2 percent; 3 per cent; for cryptocurrencies, fiat money, credit cards, debit cards, and online wallets. The buyer pays this charge through the escrow service at the beginning of the transaction, which is released to each seller after the transaction.
Advantages & Disadvantages
Advantages
- Delivers biometrics. More than 300 payment options.
- Transaction cost that is set.
- A quick and effective support system.
- Safe escrow trading.
Disadvantages
- Unregulated exchange of digital currencies
- High rate of exchange.
- Deception by the seller is a possibility.
- Develop a Account Paxful
Traders must have a live account and fulfil all essential registration requirements, including identity verification for a specific location, to access the distinctive features of the Paxful Trading Platform. Please be aware that Paxful does not allow clients from Cuba or North Korea to open accounts.
For significant volume traders and wallet caps, consumers must complete additional KYC requirements and identification verification, including responses to particular security questions and video validation.
The limitations of the requirements and their levels of assurance are: –
Level 1
They give $ 1000 for each lifetime transaction limit with needed confirmation by phone and email.
Level 2
A $ 10,000 transaction restriction and an ID verification requirement are both included.
Level 3
We offer a $ 50,000 per transaction limit and an unlimited lifetime limit, and address verification is necessary.
Level 4
It is necessary to improve due diligence by providing limits that are unlimited in the long term and exceed $50,000 per transaction.
Please be aware that Paxful has the power and authority to cancel a transaction entirely with a single withdrawal or deactivate a customer’s Account. If the seller is in a blocked country at the time of Paxful login, the Platform will only use this right if it notices a violation of the Terms of Service.
How Do I Purchase Bitcoin Using Paxful?
By following these easy steps, Bitcoin purchasers can begin purchasing cryptocurrencies on the Paxful Platform: –
The Paxful Exchange registration process is among the simplest, taking only a few minutes and a single click. Visit the official trading website and select Create Account to register. To establish an account, fill out the form with your contact information, including your name, email address, password, and phone number. Then click Enter.
You will receive an email confirming the creation of your Account once it has been created. The purchaser must return to the profile page after confirmation to validate their mobile number. The site will enable buyers to fund their Paxful wallets after verification. Currently, buyers can make deposits using several different payment methods.
However, the Platform needs identification documentation to authenticate your Account before you can invest in Paxful Wallet. Customers who have money in their wallets can begin purchasing bitcoin. Return to your dashboard and select Buy Bitcoin and the quantity you desire to purchase. From the website, choose your preferred method and currency.
Paxful will provide you with a list of qualified sellers after you’ve chosen your payment method and currency. By using photo IDs or selfies, buyers can rate merchants and check that they are verified on the Platform with over 200 reviews.
The customer enters the desired level of encryption after choosing a trusted seller. The vendor will eventually receive the digital currency given to each customer after the money is paid directly to Paxful Escrow.
Paxful Charges
Paxful, a cryptocurrency trading platform, levies a variety of service fees. It belongs to the following groups:
Trading Fees on Paxful
First and foremost, Paxful offers completely free cryptocurrency purchases. Regardless of the payment method chosen, buyers are not required to pay any fees when purchasing cryptocurrency. However, for each sale, the sellers must pay a fee ranging from 0.5 per cent to 5 per cent of the total order. The fee for selling Bitcoin and other cryptocurrencies via bank transfers is the lowest at 0.5 percent, although the fee for selling them via gift cards can range from 3 to 5 percent, depending on the type of gift card. There is a 1 per cent fixed fee for selling cryptocurrency using other payment methods.
Transmission or reception fees when using Paxful
Additionally, bitcoin deposits are cost-free; however, cryptocurrency withdrawals or transfers may incur fees depending on the magnitude of the transaction. Transfers over $20 in USDT will cost $5 USDT, while transfers over $20 in Bitcoin will cost 0.0005 BTC. When moving USDT and BTC to other Paxful wallets, Paxful merchants will get 5 free monthly transfers.
Conversion cost on Paxful
Finally, addressing the exchange charge, it should be noted that while the conversion or transfer from USDT to BTC is free, it has a 0.1 per cent fee that must be paid in Bitcoin. For more information about Paxful pricing, follow this link as well.
authorized payment method for Paxful
Several payment options are available through Paxful for purchasing Bitcoin and other cryptocurrencies.
- Skrill
- PayPal
- Neteller
- a credit or debit card
- counter
- Amazon gift card
- gift card for iTunes
- Direct payment in cash
- Cryptocurrency
Methods For Deposit & Withdrawal On Paxful
Despite serving several powerful nations, Paxful has made a few exclusions. Trades from OFAC-banned countries like Iraq, Iran, Cuba, and Venezuela are not permitted on Paxful.
More than 300 different payment options are available to traders, although they differ depending on which traders are active in each region. Only two cryptocurrencies, BTC and USDT, are supported for sale on the Platform, and they can be sold using any accepted payment method. Based on their degree of ID verification, traders are subject to buying and selling limits on the site.
You need to finish a higher level of validation if you want more considerable trading limits. Paxful’s most significant trading cap is an unlimited lifetime trading cap of $50,000 per transaction, which calls for level 4 verification for the user.
Paxful Exchange offers two platforms for exchanging cryptocurrencies. –
Paxful’s web page
This Platform resembles other trading platforms a lot. Buyers and sellers can buy and sell various orders using these web-based services. Based on your preferences, the online interface will automatically look for the best deal for your transaction.
Mobile Paxful interface
The recently created mobile interface for Paxful enables cryptocurrency traders to purchase and sell on the fly.This mobile interface can also be used by traders as a wallet.The Paxful Bitcoin wallet app offers all of the features available in a web application.
wallet Paxful
Paxful, created primarily as a platform for exchanging cryptocurrencies, also functions as a web-based tether and bitcoin wallet. Paxful is a cloud-based wallet that can be used on any internet-enabled device anywhere on the globe. Users can only deposit or withdraw BTC after completing the Level 1 verification process, depending on the user’s region. Since the Paxful wallet is directly linked to the exchange platform, traders can buy and sell Bitcoin from these top cryptocurrency wallets or free services with ease and speed.
Paxful app for smartphone
All smartphones, including Android and iOS, can download the Paxful Bitcoin Wallet app. The smartphone app offers a quick and secure way to access the cryptocurrency market. The following are some of the features of the Paxful mobile app:
- Current balance
- View current Bitcoin transaction statuses.
- View the current exchange rate for converting cryptocurrencies to fiat money.
- You may save, transmit, and receive digital currency with a mobile wallet app.
Supported Coins And Nations by Paxful
The Platform supports Bitcoin (BTC), Ethereum (ETH), and Tether USD as supported cryptocurrencies (USDT). The Paxful trade platform is accessible in nearly all nations. However, in 2020, the Platform decided to exempt some countries from its provisions because they engage in financial activities that endanger US national security, foreign policy, or the US economy. It deleted the following OFAC-banned countries from its list of supported countries:
- Yemen
- Syria
- Darfur
- Sudan
- Somalia
- Congo
- Korea, North
- Cuba
- Libya
- Lebanon
- Iran
- Iraq
- sanctioned in the Central African Republic
- Burundi
Customer Support for Paxful
Although there is little in the way of customer service, the Platform has a large selection of FAQs and a knowledge-based help centre. Through online forms or live chat boxes accessible through the Paxful logo on the website or mobile app, Paxful help is provided. There are no phone numbers or email addresses on the Paxful website. However, you may use it to post the most recent bitcoin exchange news on various social media platforms, including Facebook and Twitter. The following address is where you can mail Paxful: – 3422 Old Capitol Trail PMB # 989, Wilmington DE, 19808, USA.
The Conclusion: Paxful Review 2023
In our Paxful review 2023, picking a peer-to-peer bitcoin exchange requires making a concession. For efficient and quick service, merchants either choose pricey extra features and a variety of payment options or settle for less expensive but nonetheless remarkable capabilities. Paxful is continually working to buck this pattern. The Platform is listed among the top crypto exchanges in the US because it provides:
- Various services and promotions.
- The finest selection of deposit options.
- A commitment to charging as little as possible.
The base fee is fixed at 0.5 per cent. This is one of the most affordable tariffs in the P2P cryptocurrency scene.
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