When I complained about this, they stayed silent after banning my account. I don’t know if it is their own fraud tactics or if the platform is irresponsible to the customers. Paxful deals over 350 repayment methods to its customers for purchases, from traditional techniques like cable transfers and credit cards to extra contemporary options like PayPal and Apple Pay. Customers should keep in mind that these may vary based upon area. Moreover, there might be restrictions for buyers wishing to get particular paxful bitcoin review cryptocurrencies via Paxful; buyers from OFAC prohibited nations can not use it. Additionally, all traders receive a reputation score that is based on their trading history, activity, and feedback from other Paxful users.
- If the โCash Depositโ method is chosen, the sellers who accept cash payments will appear on the screen, and users can take their pick.
- You donโt need to have any technical knowledge about the cryptocurrencies to buy from Paxful.
- The other common allegation of fraudulent activity by Paxful is rooted in the way the company handled โforksโ of Bitcoin.
- The supposedly cool thing aboutย Paxfulย is that there are no fees for the buyer.
Currencies and Payment methods on Paxful
Paxful has been around since 2015 and now employs over 200 people with offices based in New York, Hong Kong, Tallinn (Estonia) and Manila. CryptoVantage.com is committed to simplifying cryptocurrency for everyday people. Learn more about CryptoVantage.com and our team on the About Us page. Interestingly the exchange does still offer ETH-based USDC and USDT. Paxful did offer Ethereum for a number of years but decided to drop the asset in late 2022. Paxful CEO Ray Youssef criticized the coin for its switch to proof-of-work consensus, which he claimed made it the same as fiat money.
Paxful Review: Costs and fees
The primary goal of Paxful is to make cryptocurrency accessible to everyone. To achieve its goal, Paxful has integrated more than 300 payment methods. Everything from PayPal to cash in person and gift cards at most major establishments can be used to buy Bitcoin on Paxful, meaning that users will always have a payment method that suits their needs.
Paxful Wallet Review
The program allows people like you and me to earn rewards by identifying & reporting security and technical issues. His extensive experience and features in top-tier publications like Forbes and CNN underscore his deep understanding of the crypto world and its future potential. Transactions made on Paxful can be tracked to some extent, as Bitcoin transactions are recorded on the public blockchain. Paxful also implements KYC (Know Your Customer) and AML (Anti-Money Laundering) policies to comply with regulations involving identity verification and transaction monitoring. When moving cryptocurrency like Bitcoin, transaction costs differ and depend on the type of cryptocurrency in question and the quantity being transferred.
Paxfulโs rapid expansion rates in Nigeria and Kenya highlight the platformโs influence on areas without banking infrastructure. The Paxful forum is full of scam accusations against other users. Someone also posted a thread on Bitcointalk, warning about the modus operandi of those scammers. Keep in mind that these measures arenโt impenetrable and that a talented, motivated hacker can still potentially get into your account. However, according to Cointelegraph, one of its founders was recently arrested on weapons and drugs charges. Tom is a cryptocurrency investor from Edinburgh, United Kingdom.
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If such users from the EU or Canada want to withdraw funds from their accounts on Paxful, they will have to successfully complete level 3 of verification as well. Since it is a marketplace and everyone can make up his own prices, you never know how much fee youโre paying. Please do some good research about the current market price. Being a p2p marketplace, Paxful allows its users to buy and sell Bitcoin easily and safely to other users. These measures, which are standard at the most reputable Bitcoinexchanges, include security questions, two-factor authentication, SMS verification, and heavily-encrypted servers.
In contrast with buying crypto, which is completely free, selling entails an escrow fee from 1% to 5%, depending on the payment method. Because 2015, this system has actually been operating internationally and focusing on cryptocurrency exchange. Furthermore, various safety functions supply security from scams or burglary on this global marketplace.
- Service fees are 1.00% per trade, but it is only paid by the seller.
- If you are a trader on Paxful, it is essential to know about the margins and how it plays on your trade.
- In this Paxful review we will research this marketplace, find out if it is safe to trade here and we will share our final score.
- The seller first said that none of the codes were working, then 12 minutes later admitted that some codes started working.
- Notwithstanding any such relationship, no responsibility is accepted for the conduct of any third party nor the content or functionality of their websites or applications.
People around the world can gain access to this platform on their mobile phones and PCs. Paxful is not regulated in any country, yet it is a safe platform. However, it is highly important not to mistake the platformโs integrity for the sellerโs integrity.
Such precautions help prevent possible scams and impersonation (which might happen off-site). Paxful supports trading on over 4 cryptocurrencies on their platform. This exchange currently supports 4 of the top 30 market cap cryptocurrencies.
The majority of them offer price charts and order book history, which is fine for any cryptocurrency exchange. However, the motto of Paxful is simplicity and speed, so it offers a clean and easy to use interface. It does not include charts and other widgets that make the screen complex. At Paxful you will find the option of buying Bitcoin and selling Bitcoin, payment method to choose from 300 listed methods, and currency in which you want to pay for the Bitcoin. Today, when it comes to purchasing Bitcoins you usually go to a Bitcointrading platform (e.g. Bitstamp and Kraken) or a Bitcoinexchange (e.g. Coinbase and Coinmama).
As a cherry on top, KuCoin features a P2P marketplace among its crypto buying/selling options. One of the best things about Paxful is, hands down, its massive selection of payment methods. On your average centralized exchange, youโre pretty much stuck with a bank transfer, credit/debit card, or some flavor of third-party payment methods like PayPal.
As a side note, you can also send crypto to another Paxful user (or your own alternative account), in which case you can either paste the address or simply type in the username. Level 2 verification also removes the 0.002 BTC requirement for your offers to be visible in the marketplace. We use dedicated people and clever technology to safeguard our platform.