Paxful Review 2023: Fees, Features, Security, and More!

To sell bitcoins, create a listing, fund your escrow and confirm deposits as they arrive. The Paxful wallet is provided by BitGo, which supports multi-sig wallets, therefore, giving users a security alternative. The funds on the platform are safely and securely protected from fraudulent transactions and scammers.

Regarding the Paxful live chat support, a small caption indicates that replies take 10 minutes on average. However, it is not actually a live chat, you wait much longer for a representative to answer. The forum itself seems quite active and threads on the forum receive replies often. However, perhaps some of the answers are not as relevant as one would want. We are a multi-faceted team of crypto enthusiasts based in Berlin.

Those who came from platforms like PayPal and Skrill also enjoy the fact that they don’t get frequent account limitations. Here, you must verify your account to increase your transaction limits. You go to the Paxful marketplace and get this amazing vendor who’s buying at a fantastic rate. Some users struggle with issues like verification and choosing the right person to transact with.

paxful review

Moreover, the funds are held securely in Escrow unless the seller releases the crypto. However, to avoid being scammed, always trade on the platform, even if the seller requests to trade outside. One of the best ways of withdrawing funds from a Paxful account is through Bitcoin withdrawal. You can also withdraw funds using PayPal, Skrill, Perfect Money, and several other online wallets. The most commonly used withdrawal method used by most of the traders is PayPal and Western Union. Note that clients from Cuba and North Korea are not eligible to open an account on Paxful.

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Bottom line is that you never exactly know how much fee you pay, since the seller can make up his own price. The fees must be higher than 0.5% / 1%, otherwise the seller will make a loss. There’s a cheaper Paxful alternative called Bitvavo.

paxful review

Most consumers prefer sellers with ratings of over 200 for their products. Paxful requires all traders to create an account before they can start trading on their platform. This is done by verifying the provided information and providing some information about the trader’s identity, such as its name, date of birth, and phone number. In addition to the smooth, clean and adaptable user experience on Paxful, you can also expect a robust customer support system when you need to troubleshoot an issue.

Paxful added a “reviews” section to their site as a strategy to improve their image. In this section, positive reviews from their own users are highlighted. Its credibility is no higher than that of the company itself. To top it off, Paxful also requires 2-Factor authentication just to login and use your account. There seems to be a lot of security precautions in place to prevent fraud and theft, and so far it’s paid off.

Despite the fact that the exchange is not regulated by any authority, users have to go through a verification process. This implies that the user of the platform will go through the KYC compliance process to ensure the anti money laundering standards are being followed all over the globe. Since it is a marketplace and everyone can make up his own prices, you never know how much fee you’re paying.

The legit trade that I couldn’t find…

Requires address verification and offers $50,000 per trade limit along with an unlimited lifetime limit. The platform will show a list of available Bitcoin sellers from which the Paxful paxful review user needs to select a suitable one and mention the currency choice and method chosen. The search results display the open orders for buyers to simply select the preferred seller.

paxful review

There are several features that make it attractive to those who are interested in using a bankless method for various financial exchanges. Paxful also provides an escrow service for all Bitcoin transactions. Once a buyer finds a seller and the offer is accepted by the seller, the Bitcoin are automatically moved from the vendor’s wallet to escrow. Paxful also offers a payment processing service for websites, which enables merchants to more easily accept a wide variety of payment methods. The minimum fee is fixed at 0.5%, one of the cheapest fee rates in the P2P crypto community. For crypto storage, Paxful uses BitGo as its wallet service provider.

Paxful Fees

This prevents hackers from getting into your account, even if they have your password. When you send cryptocurrency from Paxful to either another Paxful wallet or an external crypto wallet, there is a transfer fee. The fee amount depends on the cryptocurrency and the amount you’re sending. There’s no fee to receive cryptocurrency to a Paxful wallet. A quality exchange for peer-to-peer crypto trading, but most investors will likely prefer the convenience and ease of use offered by centralized exchanges.

This feature gives users alternatives in how they want to set up the security of their wallets. The buyer deposits cash through Paxful’s payment methods such as prepaid VISA, Gift Card Code, or Western Union to the seller’s account. Once the seller confirms receipt of funds from Paxful’s escrow service, they release Bitcoins to the buyer directly. Sellers can accept over 300 different payment methods, not to mention a capacity to accept over 85% of international buyers. After he received it, he said the market fluctuated again, and asked for $50 more, than I started to think maybe he’s a scammer and see if he can transfer me the btc first. He said due to the paxful policy, he has to received the money before he can transfer me the money.

Paxful is built with customer support in mind thanks to its comprehensive FAQ section as well as forums and 24hour daily monitoring of accounts. Additionally, the platform’s wallets are provided by BitGo, the most popular and secure bitcoin wallet service in the industry. I had spare USD gift card codes I couldn’t use because I am not in USA. Tried to sell them on PAXFUL platform for BTC but ran into problems because buyer refused to pay claiming my codes were already redeemed.

I then went out there to look out for other user reviews. And as expected, there was a mix of good and bad. Paxful has a few levels of verification that correspond with transaction limits. It’s best to verify as soon as you join the platform to avoid any future headaches.

  • While Paxful is a younger platform than LocalBitcoins which has been about since 2012, it is slowly but surely overtaking LocalBitcoins in terms of users and trade activity.
  • You can use a hardware wallet like Ledger Nano X or a mobile wallet such as Trustwallet to store your crypto assets.
  • But you want cash and crypto, not some useless gift cards to buy more pizza.
  • But when starting out with Bitcoin, sell immediately after getting paid.
  • They are strict when it comes to following their TOS and they ban scammers immediately .

Here, you can buy, sell, and store many cryptocurrencies. There are many security measures taken by Paxful to make sure it is a safe marketplace for users. Paxful also provides a rating system for sellers and buyers to encourage good behavior and cultivate a trusted trading environment. While the escrow service helps the system solve the issue of trust between platforms users, the rating system helps users easily identify trustworthy actors. The Paxful mobile interface was developed recently, and it assists traders with buying and selling cryptocurrencies on the go.

Paxful Review: Is it Worth the Hype?

Someone suggested on one of those threads it was BitGo’s fault, yet the reputation of Paxful seems to be mixed. Paxful offers a secure escrow service for Bitcoin transactions. Once you have picked out a seller you want to use and the offer is accepted by the Bitcoin seller, the coins are automatically moved into escrow. But you want cash and crypto, not some useless gift cards to buy more pizza. You want to stack your bitcoins and retire on a private island before your 30th birthday. I use Bitcoin as a way to get paid by clients since I end up with more money in my pocket this way.

Although everything seems pretty neat there are still some things you’ll need to look out for, like how to avoid scams and get a decent exchange rate . While Paxful is a younger platform than LocalBitcoins which has been about since 2012, it is slowly but surely overtaking LocalBitcoins in terms of users and trade activity. Nothing in this Site may be considered as an offer or solicitation to purchase or sell securities or other services. If any provision herein is held to be invalid or unenforceable, then the remaining provisions shall continue in full force and effect.

Overall in terms of safety, Paxful is a trusted platform. What if you send the money but the person doesn’t you the bitcoin? You can open a dispute and a moderator will look into the case.

The thing to be noted here is that you don’t need to compare the integrity of the platform with the seller. If you find a bad seller that does not mean the website is bad. In simple words, you don’t accuse eBay of the bad seller who sold you a bad product. To be on the safe side, pay attention to the seller’s reputation.

Payment methods supported by Paxful

This is a great alternative to exchanges that require you to link a bank account to buy bitcoin. Instead, with Paxful you can redeem crypto through cash, credit cards and even gift cards. Paxful is a peer to peer trading platform that allows its users to buy and sell Bitcoin using more than 300 payment methods around the world. Based on the official statistics available on their website, the marketplace has more than 800,000 happy customers and over 12,000 trusted vendors.

To trade on Paxful, for instance, Bitcoin, log into your account and click on Wallet. There, click on Receive and copy the address of your Bitcoin wallet, or simply use the QR code. Enter your Paxful wallet address into the ATM, website, or app, and confirm sending Bitcoin to your Paxful wallet. Paxful has an extensive FAQ section, as well as a knowledge-based help center. In addition, Paxful offers support through the live chat box you can access through the Paxful logo on the site or the app.

Paxful Review 2023: We Tried It So You Don’t Have To

People have peace of mind about the security of their investment. Paxful should be crowned for the number of payment methods they offer on their platform. If you search on the internet you will not find as many payment methods on any other platform as many as you will get at Paxful.

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