Paxful Review 2022 – The complete guide

Paxful Review 2022 - The complete guide

Because it is becoming harder to obtain Bitcoin through mining, an increasing number of people are preferring to purchase Bitcoin on peer-to-peer cryptocurrency exchanges. Paxful is a peer-to-peer exchange and digital wallet service that accepts more than 300 different payment methods from consumers in more than 190 different countries across the world for purchasing Bitcoin.

As peer-to-peer marketplaces for purchasing cryptocurrencies gain in popularity, platforms such as Paxful are providing a much-needed trading solution to both new and experienced investors in countries where there are no other options for acquiring bitcoin and other cryptocurrencies other than through traditional financial institutions.

Why you should use Paxful?

The following are some of the reasons why you should start trading cryptos with Paxful:

  • Codes for referring others
  • There are no commission costs.
  • Trading using escrow is safe and secure.
  • Positive feedback on wallets
  • Full account features in a mobile app
  • Hundreds of payment options are available.
  • Select crypto venders matched to your specifications and cost
Paxful Review 2022 - The complete guide

Paxful: General overview

Paxful is a peer-to-peer trading platform that was founded in 2015 by a group of engineers with the purpose of making Bitcoin more accessible to more people. A direct exchange platform, where buyers and sellers of cryptocurrencies may meet and conduct business directly with one another, is provided by the platform.

The buyer pays funds into the seller’s account using one of the payment methods available on Paxful, such as prepaid VISA, Gift Card Code, or Western Union. When the seller receives confirmation that the funds have been received by Paxful’s escrow service, the seller releases Cryptocurrencies to the buyer directly. In addition to being able to take more than 300 different payment methods, sellers also have the ability to accept more than 85 percent of foreign buyers.

The platform is accessible from anywhere in the world, and the minimum purchase amount in Paxful is just $10. Users do not need to establish a login or password to access the marketplace, which is another advantage of Paxful against centralized exchanges. All they need is their email address to enter the marketplace

If you live in a country where centralized cryptocurrency exchange platforms are prohibited or unreachable for whatever reason, Paxful is one of the finest choices since it can be used from any location with an internet connection, which makes it one of the most convenient options.

Prominent features:

  • Security

    The Paxful wallet is supplied by BitGo, which offers multi-signature wallets, so providing users with an additional layer of protection. A separate escrow service is included with this peer-to-peer exchange that holds the bitcoins in escrow until both parties are pleased with the transaction. A rating system for sellers and buyers is also provided by Paxful in order to encourage positive behavior and the development of a trustworthy trading environment. While the escrow service aids the system in resolving the issue of trust between platform users, the rating system aids consumers in quickly identifying reputable actors on the site.

  • Trading Interface

    The trading interface on Paxful is extremely user-friendly. You will have access to both a mobile trading application and a desktop trading application. To initiate a transaction, all you have to do is click on the "New Order" button to put a bid or ask for an order from a seller or buyer, respectively. Sellers may advertise on Paxful's Facebook and Instagram pages, therefore attracting more buyers. For example, merchants can list their cryptocurrency deals on Paxful's Facebook page or post them on the platform's Instagram page.

  • Fees for Paxful

    When you trade on Paxful, the fees are really minimal. When you process withdrawals from the exchange to your credit card bank account, you should anticipate paying a service charge of between 1 percent and 2 percent. For example, while there are no fees associated with purchasing Bitcoin on Paxful, most sellers will be charged transactional fees ranging from 0.1 percent to 5 percent of the purchase price.

  • A variety of payment ways

    The peer-to-peer exchange and digital wallet provider Paxful allows the majority of fiat money transactions, including those through PayPal, Western Union, VISA/Mastercard gift cards, Amazon gift cards, and plenty of other services. Paxful, in addition to these payment options, also facilitates the exchange of Bitcoin with more than 300 different payment systems.

  • Customer Service

    A thorough customer service system is also available on Paxful, in addition to a seamless, clean, and adaptive user experience should you need help troubleshooting a problem. Paxful was designed with customer service in mind, and this is seen in its thorough FAQ area, as well as its forums and 24-hour daily account monitoring.

Available Cryptocurrencies

Users of Paxful have the opportunity to purchase and sell the cryptocurrencies listed below:

  • Bitcoin
  • Tether USDT
  • Ethereum

Payment options accepted by sellers on Paxful total over 300; the most common being credit cards, PayPal, Amazon gift cards, wire transfers, and Western Union, with the least popular being bank transfers.

Always keep in mind that different payment methods will result in a variety of different currency exchange rates. For example, non-refundable payment methods (such as bank transfers and cash) will often have lower exchange rates, but payment methods that allow for chargebacks (such as credit cards and PayPal) would typically have higher exchange rates than non-refundable payment methods).

How to Use Paxful to Trade Crypto:

To buy crypto on Paxful, go to the ‘Buy Bitcoin’ section and select your payment method. There are over 300 different payment methods to choose from. Purchasing bitcoin using this wallet software is as simple as it gets. When you compare different sellers, you’ll know you received a decent deal.

When you’re exploring the marketplace, you’ll see a variety of pricing. However, be sure that a buyer or seller has been confirmed by Paxful’s team of professionals before contacting them. The majority of customers choose merchants with product ratings of above 200.

Make careful to check out the vendor by checking their profile photo or verifying their ID before you pay. If everything is in order, enter the amount you wish to spend, and your transaction will be held in escrow until the seller delivers their bitcoin. Release the cash from escrow and purchase the coins after they’ve done so.

When you use the Paxful wallet app to place an order, the funds are kept in escrow until a bitcoin seller meets their promise to pay the coins to you. The coins may take a little longer to arrive in your wallet as a result of this process. When you use Paxful Wallet to purchase or sell cryptocurrency, it is kept in escrow on their platform until the transaction is completed properly. Even if something goes wrong with the seller’s delivery of the items you ordered or vice versa, your money will be safe. This guarantees that neither the buyer nor the seller will lose more than what was agreed upon.

The greatest thing about the Paxful wallet software is that it allows you to sell bitcoin even if it does not belong to you. Over 87 thousand suppliers and over 30 thousand consumers from all over the world have been confirmed as of today.

Fees overview

Vendors on Paxful are free to establish their own prices for the cryptocurrencies that they are selling. Your identity verification status, the moment at which you wish to pay, and the currency combinations in which you are interested all influence the rate at which you will be charged.

In exchange for every successful sale, Paxful charges a one-percent commission. Sellers are charged a fee, which is automatically transferred into escrow with the amount requested by the customer, which is then released. In layman’s words, this implies that every time you sell something on the Paxful platform, you will be charged a fee equal to one percent of the total amount of bitcoins involved in the transaction. The money will be held in escrow until both parties have successfully completed the deal; only then will you be able to determine whether or not to release the cash.

When purchasing cryptocurrencies using Paxful, there are no fees to pay.

Is Paxful a safe option?

Paxful Review 2022 - Security

Paxful’s platform includes KYC (Know Your Customer) and AML (Anti-Money Laundering) systems that safeguard the whole marketplace, despite the fact that it is not a regulated organization in any of the countries where it is offered.

Furthermore, for each deposit and withdrawal session, Paxful creates a new wallet for the customer, lowering the risk of hacking. Paxful has improved user account security over time by implementing ID verification and two-factor authentication using Google Authenticator.

If you’re dealing for more than $1500, you’ll be required to present identification. This peer-to-peer exchange also includes an escrow service, which holds bitcoins in custody until both parties are happy with the transaction. Paxful wallet is simple to use since it enables multi-signature wallets. This feature provides users with options for how they wish to secure their wallets.BitGo, the most popular and secure bitcoin wallet provider in the business, also provides wallets for the platform.

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