This is a very impressive feature of this peer-to-peer marketplace. You will also need to watch out for the up to 5% fee for selling cryptocurrencies for gift cards. There are no charges for sending Bitcoin to a Paxful customer. However, you will be charged after the first five transactions made per month. After your first five transactions , you will be charged a fee of $1.00 or 1% of the amount you send.
With this feature, a user will not only trade with other users from their country but with users from any country that accepts his payment method. Paxful is a P2P market place that supports over 300 payment methods. In other words, it supports any payment method that you can think of.
These can be very beneficial as the buyers and sellers can connect and transact without leaving a digital footprint, I.e. bank transfer record or credit card statement. While most exchanges have two or three payment options, Paxful has dozens. It’s possible to use everything from a gift card to physical gold to a bank transfer. A. You can create a Paxful account using just your email address. However, when you start buying or selling bitcoins, you will need to verify your account.
Step 3: Deposit And Withdrawal Methods
Users from any OFAC banned countries are unable to use the platform, this includes Iran, Iraq, Venezuela, and Cuba . The platform supports users in well over 100 countries and currently boasts more than 12,000 trusted vendors, and 4.8 million users. It’s currently one Credit note of the longest-standing peer-to-peer Bitcoin exchange platforms and was founded by finance aficionado Artur Schaback and developer Ray Youssef in 2015. Since then, it has established itself as one of the top five P2P exchange platforms for Bitcoin by trading volume.
Your wallet is as secure as your password and two-factor authentication, so having a complex password and 2FA enabled will keep your wallet adequately protected. Paxful’s servers are guarded in accordance with the highest banking specifications. Once you’ve initiated your purchase from your chosen seller, you’ll need to complete the steps shown on Paxful. The details will vary depending on the purchase method you’re using. If you do not yet have a Paxful account, you will be asked for your email to begin the registration process.
Deposit Fees And Deposit Times
Paxful has a highly rewarding peer program for power users who want to be ambassadors of the brand. As a Peer, you will spread the word about Paxful and receive cool perks like a Peer badge, swag, VIP support, and access to exclusive meetups. Ambassadors receive bonuses for hosting meetups in their local area and teaching others paxful review about financial freedom. Associates are compensated monthly and get to visit the Paxful office and team. Every trade has a chat that is used to communicate with the buyer or seller and to upload supporting documents. The escrow system works safely by keeping the bitcoin in each trade in a 3rd party safety deposit account.
And you can choose from the most reliable locally-based people who want to sell Bitcoins. Their payment process is seamless and if you want to make a cash deposit to your Paxful account, you can do that easily too. Later you just need to upload your receipt, after which you will receive your Bitcoins in your wallet. Paxful has an amazing customer support team and a virtual assistant PaxBot to provide immediate assistance for all sorts of questions. As for users, they’re obliged to adhere to the rules of the company. They’re also expected to comply with the legislation of the country of their residence and the country of the company’s registration.
- Support representatives either answer immediately or reply later via email.
- I then went out there to look out for other user reviews.
- There nonetheless are cases of disagreements between the buyer and sellers long after the coins have been moved to the escrow account.
- Here, you’ll be asked to enter your email address and choose a password—make sure it’s long and complicated to keep it secure.
Paxful is an innovative online marketplace where you can ‘buy bitcoins instantly’ in a ‘secure and easy’ process. And according to the company website, this is made possible by the number of services availed by the online trader. These include an escrow account, free wallet, a free client account, and detailed feedback service that helps you build a portfolio and online reputation.
Like most other peer-to-peer marketplaces, Paxful maintains a publicly visible user profile. Key features making up the trader profile include min/max trade, the rate per bitcoin and trading costs, and the current rate. But most importantly, this profile also points out the seller’s reputation.
Notably, Paxful offers a seamless experience as it is an easy-to-use platform. Paxful brings users the ability to buy Bitcoins with almost any conceivable payment method. The user experience is extremely intuitive and while everything seems pretty neat there are forex trading still some things you’ll need to look out for. First, make sure you’re getting a decent exchange rate. Depending on your payment method, the exchange rate can sometimes reach 2x of the “official” price of Bitcoin that can be found on traditional exchanges.
In traditional exchanges, users get help from the platform as a middleman to complete the trade. While in P2P exchanges like Paxful, buyers, and sellers complete the trade themselves. This gives them the payment flexibility for buying or selling Bitcoins. Paxful employs several security measures aimed at securing their client deposits.
It doesn’t have as much hassle as you’d get in other payment methods like Skrill and PayPal. Don’t keep holding (in this industry, it’s called HODLing) money on this or any new york stock exchange other platform long-term if you don’t know what you’re doing. Before doing any of these, it helps to learn how Bitcoin, cryptocurrency, and other currency markets work.
Is Paxful Safe To Buy Bitcoin?
The entire interface of the Paxful web platform is highly sophisticated and user-friendly. It has a lot of unique features and customizations that help users, especially newbies, to get the best trading experience. During our review, we saw that the web platform is well optimized to give the perfect user experience. Over the years, Paxful has worked hard to tighten their security by using ID verification and two-factor authentication using Google Authentication. If you are trading above $1500, you will need to provide an ID verification. For trade above $10,000, you will need both ID verification and proof of address.
Paxful offers better fee structure, has more payment options and offers a higher limit of buying for the non-verified customers ($1500 vs $1000 on LBC). Paxful may just seem to be a marketplace with a staggering number of payment methods. However, a Paxful press release at the end of 2019 revealed that 45% of Paxful users were based in Africa. That may surprise a lot of you who might have thought most users were based in developed markets. However, where Paxful stands apart from the crowd is by offering the ability to buy Bitcoin with the most exotic payment methods out there.
To do that, filter for the currency in which you want to pay for the bitcoins as well as the payment method you want to use. Mohammed Ray Youssef and Artur Schaback are the co-founders of this exchange. It was launched in 2014 under the name ‘EasyBitz’, then in 2015, it was changed to Paxful. Paxful is popular for being a peer-to-peer network, as it does not store cryptocurrency on its own system.
Paxful fees is a lucrative asset for users, as it does not charge anything from buyers. They charge 1% from sellers, which prompts them to include the fees in the price itself. Hence, the price of Bitcoin on Paxful might be higher than other exchanges, but then it is the only platform that provides you with the freedom of exchanging cash with Bitcoins. The main function of the exchange is the sale of crypto assets .
Paxful Withdrawal Fees
Since April , ID verification is mandatory for all US citizens. Cryptocurrencies can fluctuate widely in prices and are, therefore, not appropriate for all investors. Trading cryptocurrencies is not supervised by any EU regulatory framework. Any trading history presented is less than 5 years old unless otherwise stated and may not suffice as a basis for investment decisions.
There is no how P2P bitcoin exchanges can be mentioned without including Paxful. It has increased the adoption of bitcoin with its wide variety of payment methods and is easy to navigate interface. It is also important to note that not all currencies have offered; for example, when you search for currencies like KRW you will find no available offers for them. The amount of bitcoin she wants to buy will be taken from Jay’s paxful bitcoin wallet and be held in the escrow. In the escrow, the bitcoin is not accessible to Jay or Damilola.