Paxful Review 2021 Updated

Additional aids for the user include a 24/7 live chat and a support forum. Paxful operates in more than 100 countries all around the world, giving you many options when it comes to currencies that you can trade for Bitcoin. Within your account dashboard, you’ll find easy-to-read buttons that’ll direct you to where you need to be to set up 2-factor authentication, or buy BTC, send or receive them. It’s important to note that users can alternatively verify their mobile phone number and activate SMS notifications. They can opt for being notified of a broad range of activity related to their account via email. However, only alerts about critical movements are sent via SMS.

paxful review

The higher a seller’s reputation, the more pricing power they have in the market. The minimum fee is fixed at 0.5%, one of the cheapest fee rates in the P2P crypto community. Though Paxful is available to several major countries, the platform has made certain exceptions. Paxful is not available to traders belonging to any OFAC banned countries like Iraq, Iran, Cuba, and Venezuela. Once the account has been created, an email will be sent to verify and confirm the account. On confirmation, buyers need to visit their profile page once more to verify their mobile number.

Paxful Review In A Nutshell

However if the seller is requesting to make contact and trade outside of the Paxful platform, this is a redflag. This risk of being scammed outside of Paxful is very high. The customer service that Paxful provided is one of the best and fastest when compared to their competitors’. During our review, we were impressed by the quality of customer support in the system.

paxful review

This partnership will make it possible for users to make payments on the BitMart-platform via the Paxful-system. This functionality will push BitMart a big step forward in what the companies call the “peer-to-peer financial revolution”. Once you’ve found your desired merchant, simply click ‘Buy’ or ‘Sell’ to complete the checkout process with the counterparty. After you’ve entered your order parameters, you’ll be able to click the ‘Find Offers’ button to pull up a list of offers, which you can then arrange using the sort options. For newer users, Paxful’s useful tour guide feature can be used to easily get to grips with the platform. We write product reviews and comparison articles in the field of cryptocurrency.

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To start trading on Paxful, users need to head to the official website and click the Buy Bitcoin button. A message box will ask for the Bitcoin quantity and the type of fiat currency to be traded. The site will also display the amount of Bitcoin in terms of the chosen fiat currency. I purchased bitcoin into a paxful prior to their “verification” requirement. Now they refuse to allow me to withdraw and close my wallet unless I provide numerous ID. There are many debates online whether Paxful is legit or not.

  • Traders are offered an impressive choice of ways of replenishing and withdrawing funds.
  • Paxful does not ‘guarantee’ that all their users are trustworthy, especially in the deals that happen outside the website.
  • Paxful is not praised on many online forums and platforms.
  • Tier 1 – Referrals who sign up on Paxful by following your link.
  • To start trading on Paxful, users need to head to the official website and click the Buy Bitcoin button.
  • For alternative options to buy and sell cryptocurrencies, check out our How to Buy Cryptocurrency Page.

Paxful also provides an escrow service for the security of its users. Once you click receive, you will be able to Day trading see the rough estimate of the fees in your Tether wallet. The actual fee is calculated after the deposit arrives.

Verification And Buying Limits On Paxful

Still, Paxful rewarded my BTC to the scammers and banned my account. Search the available Bitcoin sellers and ensure to indicate the currency of choice and preferred method of payment. The search results show the open orders that you can simply click to select a specific seller. When you complete creating your account, Paxful will also create a free Bitcoin wallet for you to help simplify the purchase process. The Bitcoin market’s recent security upgrade has been its biggest challenge to date. Some users have complained through social and mainstream media about restrictions on their accounts.

Paxful has great security features to keep your assets safe, and tons of options to buy, sell and store bitcoin. This is a great alternative to exchanges that require you to link a bank account to buy bitcoin. Instead, with Paxful you can redeem crypto through cash, credit cards and even gift cards. At 300, Paxful presents you with more ways to pay for your bitcoins than any other of the best bitcoin exchanges or trading platform we have come across.

This is a person-to-person trading site where people from different countries can exchange their bitcoins conveniently. Paxful is one platform that takes the safety of your money very seriously. The platform is so secure that blockchain experts named it as one of the safest bitcoin exchanges in the world.

Paxful charges a minimal fee to sellers on transactions, while LocalBitcoins is free for users and charges a minimal 1% fee for advertisements. Paxful has an excellent customer service paxful review team which will help you answer any questions you may have. There is also a comprehensive Support FAQ that covers everything you need to know about the Paxful marketplace.

Regulation Of Crypto Exchange Paxful

Apart from the few cases of scam, Paxful is an incredible trading platform. Paxful had a great 2019 when it completed more than $1.6 billion in peer to peer Bitcoin trades. At first glance that might not sound like a lot, Exchange rate given that an exchange like Binance clears that much volume every couple of days. However, for a peer-to-peer exchange, $1.6 billion is a lot of traffic and it represents steady growth since Paxful’s founding in 2015.

Paxful wallet is user-friendly as it supports multi-sig wallets. This feature gives users alternatives in how they want to set up the security of their wallets. On this PayPal page, a list of available traders is presented. The lowest price for Skrill and Neteller also is in the EUR 7000 range. The lowest price for a bank transfer, in comparison, is EUR 4964. In this way, peer-to-peer markets are more efficient since the price offered by the seller more accurately reflects the demand and payment risk.

The Paxful Exchange Fee

Perhaps, in practice, there are not offers for all the possible combinations because the site works in a P2P fashion. As an example, a quick search for offers in Korean Won or Fijian Dollar yielded no results. If you are trading more than $1500, you will need to provide an ID verification. This peer-to-peer exchange also comes with an escrow service that holds the bitcoins in escrow until both parties are satisfied with the trade.

Among the options, gift cards seem to be incredibly popular. When a buyer and seller reach an agreement and decide to trade, the required bitcoin in the sellers paxful wallet will be automatically moved to the paxful escrow wallet. This is to ensure that the buyer doesn’t make payment only to find out that the seller already cancelled the transaction.

Paxful Review: The Most Flexible Exchange To Buy And Sell Bitcoin

No matter where you are in the world you’ll be able to reach the Paxful support team as they’re available 24/7. According to Paxful the best way to get in touch with customer support is via the live chat. More information on how to start a live chat is available on Paxful’s website. The level one Paxful verification only requires a valid email address and Promissory Note phone number, similar to the requirements for using many Bitcoin ATMs. At verification level one buyers and sellers can transact up to $1,500 without needing to provide any further documentation. While Paxful does their utmost to ensure the security of every transaction it’s still important to do your own research especially when dealing with cash.

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