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Paxful is a digital wallet service and peer-to-peer exchange that has users in nearly 200 countries and supports over 450 payment methods for buying Bitcoin.
This is a much-needed solution for seasoned investors and traders in countries who otherwise have no access to Bitcoin or Altcoins.
Paxful customers can use the following deposit methods:
Bank transfer
PayPal
Skrill
Neteller
debit or credit card
western union
Peionia
iTunes gift card
amazon gift card
cash
Cryptocurrency
The seller releases the Bitcoins to the buyer after confirming receipt of the funds from the platform’s escrow service.
Paxful is available worldwide. The minimum purchase amount is $10 equivalent.
To sign up, you will need to enter your name, country, mobile number, email address, and password.
Paxful has a relatively large number of verification levels (4). First, you’ll be asked to verify your phone number and email address. The transaction limit is $1,000.
Second, you must undergo identity verification. The transaction limit is $10,000.
At Level 3, the platform requires address verification and the limit is set at $50,000 per transaction. At the highest level, the limits are exceeded, but require enhanced due diligence. High volume traders will find this a worthwhile option as Paxful can be used anywhere there is a reliable internet connection and can be used even where cryptocurrency trading is prohibited.
Paxful has desktop and mobile trading apps. Click the New Order button to get started. Before committing to purchase from a seller, we recommend verifying her identity with the seller. Once you’ve rated the seller to your satisfaction, enter the amount you’d like to spend. The seller will transfer the crypto to you. Until then, the funds are in escrow.
Paxful offers low fees and a variety of payment methods. A service fee of approximately 1% is charged to process withdrawals from Paxful to your account. Here are some other key features:
Paxful is an unregulated but very secure platform. We follow strict KYC and AML (Know Your Customers and Anti-Money Laundering) procedures. For each deposit, the platform will create a new wallet for the user, reducing the risk of hacking. Paxful also introduced two-factor authentication a few years ago.
Paxful is more than just a trading platform. Bitcoin and Tether wallet. This cloud-based wallet can be used anywhere in the world as long as internet access is stable.
The wallet is directly linked to Paxful’s exchange platform, allowing users to buy and sell bitcoins quickly and seamlessly.
Provides biometric authentication
Fixed transaction fee
Hundreds of payment methods
fast and responsive support
Secure escrow transactions
Only Bitcoin, Tether and Ethereum tradable
Trading can be difficult for beginners
With the Paxful Wallet app you can always keep your funds under control. Paxful also offers a variety of payment methods, but bank transfers are the most popular option.
The platform holds all funds in highly secure escrow until both the buyer and seller receive full assurance that the transaction will be completed as agreed. The escrow facility provides much-needed trust in a market that has yet to establish a reputation in this regard.
The support team is friendly and quick to respond when issues arise. They are patient and can help inexperienced users navigate the process. They will answer your questions to your complete satisfaction.
Too often compromises are made when choosing a peer-to-peer cryptocurrency exchange. In most cases, you will have to choose one of the numerous payment methods with low fees and additional features.
Paxful is one of the providers bucking this trend. The minimum commission is set at just 0.5% and there are no fees for buying cryptocurrencies. The fees charged by the seller depend on the payment method. Gift card payments are the highest, averaging 4%.
Overall, the pluses of this platform outweigh the minuses. It features a sleek design, peer-to-peer cryptocurrency trading, a wide range of deposit methods, and no fees for cryptocurrency purchases. Unfortunately, we have a limited selection of cryptocurrencies to choose from, and that may change as we grow.
Contribution An objective review of Paxful.com first appeared in CoinJournal.
