We applaud Paxful for being an early example of a decentralized exchange. We believe that decentralized exchanges will have an important role to play in the future of Bitcoin and cryptocurrency in general. But without important changes, Paxful is going to alienate users and become nothing more than a fringe buying option – a place to trade gift cards for Bitcoin and not a lot more. My experience with Paxful has been extremely disappointing.If you’re a scammer, Paxful seems like the ideal platform for you.
CaptainAltcoin.com does not offer any sort of paxful bitcoin review financial or investment advice. Please make sure to do your own research, make educated financial decisions and consult your Financial Advisor. Paxful became known thanks to a particular niche and has been loyal to its vision. All things considered, Paxful is quite a powerful platform and is considered to be a fair alternative for “normal people” to buy and sell Bitcoin. Regarding the Paxful live chat support, a small caption indicates that replies take 10 minutes on average.
This helps them complete trades with more confidence as users who break the terms of a trade can be reported and see their reputations fall accordingly. Even so, while the company includes these security measures, there is still a chance that some sellers and buyers may attempt to act dishonestly. The Paxful customer support service lets users report any fraud or potential scams, and they have a strong track record of assisting users who have become the victims of fraud on its platform.
Verification Levels
Paxful is committed to maintaining a secure trading environment, heightened by various security measures such as a dedicated escrow system and accurate user verification processes. Paxful delivers a smooth crypto trading experience within a supportive community, ensuring Paxful users have a pleasant and straightforward experience on the platform. Paxful has an acceptable level of trust if you compare it with other exchanges available on the internet.
For Paxful, this means only facilitating the trade of assets with excellent fundamentals and a proven history. Another exchange that follows this practice is Coinbase, a platform we’ve covered at length in our Coinbase review. Before initiating transactions, users should assess the reputation of prospective trade partners on Paxful. Doing so contributes to a more secure trading experience and helps prevent scams.
Buying/Selling TETHER
Once everything is properly set up, enter the amount you are willing to spend, and your money will go to Paxful escrow. Once the seller has provided the coins, you can then release the money on escrow to the seller. However, before you contact a buyer or a seller, ensure that such a person has been verified.
- What’s more, high-volume users can enter the Traders’ program and get perks like priority support for disputes and extra promotion for their sell offers.
- While users residing in the United States must fulfill requirements for verification levels 1, 2, and 3, those in the European Union and Canada must complete at least levels 1 and 2.
- In addition, the Paxful app can easily be switched between light and dark, improving contrast and usability.
- They’re charging me fee’s for no reason I don’t even use Paxful.
- Like Coinbase Commerce, this system allows businesses to integrate crypto as a payment method easily.
When picked, purchasers can go into just how much crypto they wish to buy through Paxful Escrow, where funds will continue to be securely up until the vendor ships it back out to them. Paxful also includes a credibility system to help determine sellers with high scores for even more comfort. Paxful comes with a robust support system that addresses most user concerns.
Additional Security Features
We write product reviews and comparison articles in the field of cryptocurrency. The U.S. users must complete levels 1, 2, and 3 to trade on Paxful. After this, click on ‘Create Account.’ Fill in all your details and click on ‘Create Account.’ Shortly, you will get the verification link at your email address.
From features like the secure escrow service and a commitment to security and customer service, Paxful provides a platform for anyone interested in Bitcoin and Ethereum transactions. There are tons of trading exchanges available on the internet. The beauty of Paxful is that when you buy on this website you don’t have to pay anything in transaction fees to the platform.
Does Paxful have a mobile app?
Paxful also holds the right to refuse the processing of any transaction that may look suspicious or violate any countrywide laws. It is one of the longest standing Peer to Peer exchanges in the world. Paxful was founded by Ray Youssef & Artur Schaback back in 2015.
For these reasons, we recommend that users try other options for buying Bitcoin. This means that all sellers, even the scammy ones, are central to Paxful’s business model. The fact that Paxful is full of scammers, bent on nothing but taking advantage of the site’s most gullible users, means that many of the trades which Paxful profits from are fraudulent. In contrast to CEXs like KuCoin or Coinbase, which offer hundreds of coins and tokens, Paxful has only a few cryptocurrencies. On this platform, you can buy or sell BTC, ETH, USDT, or USDC.
Step 1 – Register A Paxful Account
With that said, there are still a few countries from which residents will be unable to assess Paxful. The following countries are prohibited from using Paxful and cannot buy crypto on the platform due to OFAC sanctions. Furthermore, Paxful takes a stern approach when it comes to listing assets. The platform’s founder has stated that he will put customer safety above profits.
- This coin doesn’t take away from Bitcoin’s value; it is assigned value by the market.
- With a strong team of developers behind the service along with an intuitive platform, Paxful represents an excellent gateway to quickly enter the bitcoin market.
- Certain countries may be restricted due to compliance requirements or operational limitations.
Due to this the processing time of each transaction is 7 days. In a nutshell, it is very safe compared to most centralized exchanges that keep your Private Key with themselves. And as expected the chances of you losing your asset even if the exchange is hacked are drastically reduced. Coming to external wallet transactions, the fee varies from platform to platform. Just to clarify, these fees are not charged simultaneously but are based upon the type of transactions you undertake.