Paxful is a cryptocurrency exchange and digital wallet service that operates peer-to-peer.
Customers may purchase and also sell cryptocurrencies using any of 350+ payment options.
Our review will go through establishing a Paxful wallet, the account login process, minimum deposit criteria, sending fees, and other topics.
Learn whether you should start buying and selling Bitcoin at Paxful. Paxful was established in 2015. (Originally EasyBitz).
Today, the firm has 4.8 million members and employs over 200 people worldwide, with offices in Hong Kong, Estonia, etc.
Its headquarters are in the New York City (NYC) office of the United States.
Paxful vendors may be found worldwide, from Pakistan and Malaysia to the UAE, India, Zimbabwe, and also Indonesia.
Summary
| Guide | Paxfull Review |
|---|---|
| Established | 2015 |
| Regulated | None |
| Trading Platforms | Web and mobile |
| Assets | Cryptocurrency |
| Website | Click here |
The creator and CEO’s ambition was to build a society where money was accessible to everybody, with cryptos connecting the links.
In 2017, the company’s humanitarian program #BuiltwithBitcoin was established. Hence supporting philanthropy projects in Ghana, Nigeria, Kenya, and also Uganda.
Fees
When you buy Bitcoins on Paxful, you will not have to pay any fees to the site.
However, different merchants may impose fees or a premium depending on your payment method.
Sellers on Paxful pay a 1% commission to the firm. In addition, there are standard Bitcoin network fees that the sender must pay for money to be sent across the network.
These fees get paid to Bitcoin miners rather than Paxful.
Opening Account And Account Levels
To begin using the Paxful trading platform’s unique features, traders must first open a live account and also complete the obligatory registration criteria, including ID verification for specified countries.
Note that the clients from Cuba and North Korea are ineligible to establish an account with Paxful.
Furthermore, for high-volume traders and large wallet limits, clients must complete additional KYC criteria and ID checks, including answering particular security questions and video verification.
The following are the required limitations and verification levels:
- Level 1 requires phone and email verification and also has a lifetime maximum of $1000 per trade.
- And level 2 necessitates ID verification and provides a $10,000 per trade limit as well as a lifetime restriction.
- Level 3 necessitates address verification and provides a $50,000 per trade limit as well as an unlimited lifetime limit.
- Level 4 necessitates further due diligence and provides over $50,000 per trade with an infinite lifetime limit.
Deposit and Withdrawal
Although Paxful is available in several important nations, the platform has made several exclusions.
Paxful is not available to dealers from OFAC-banned nations like Iraq, Iran, Cuba, and Venezuela.
Traders can utilize over 300 payment methods for their deals; however, they will vary by location depending on the currently active traders.
The site only allows the sale of two cryptocurrencies, BTC and USDT, which may be purchased using any supported payment method.
Their ID verification levels determine traders’ purchasing and selling limitations on the platform.
They must complete further stages of verification to trade at greater limitations.
The largest trading limit available on Paxful is $50,000 per trade with an unlimited lifetime trade limit. However, users must verify on level 4 to do so.
Paxfull Wallet
The Paxful Inc wallet is a free, easy, and secure solution to handle cryptocurrency or access the Bitcoin P2P.
You can also download the wallet to a computer, a mobile device, or an API trade.
Users enjoy 0% commission costs, cloud backup protection, and strict security precautions. BitGo is in charge of online wallet services.
Customer Support Of Paxful
Customer service is minimal. You can access an online contact form and a live chatbot by clicking on the Paxful logo in the bottom right corner of the website or the mobile app.
There is no support email address and no phone number. The postal address for the exchange’s office is 3422 Old Capitol Trail PMB# 989, Wilmington DE, 19808, USA.
Paxful also has a comprehensive FAQ page and a help center (knowledge base).
Topics covered include creating a Paxful account, ID verification, purchasing Bitcoin, and English and global language options.
Twitter and other social media outlets also give the most recent news and assistance.
Escrow Service
Paxful also acts as an escrow agent for all Bitcoin transactions. When a buyer finds a seller and accepts the deal, the Bitcoin gets transferred automatically from the vendor’s wallet to escrow.
The seller cannot terminate the deal at this point. The buyer, on the other hand, has a limited time window in which to send the money to the seller and stamp the payment as ‘complete.’
If the buyer fails to do so within the specified time range, the transaction gets automatically canceled, and the Bitcoin gets returned to the seller’s wallet.
When both the buyer and the seller have confirmed the transaction and all terms have been satisfied, the funds get sent to the buyer’s wallet, and the transaction will be completed.
If there is a disagreement between the two parties at any time, the procedure will go into dispute.
Paxful moderators will next analyze all of the information, consider all relevant data, and eventually decide who will receive the bitcoins.
Having said that, most transactions go successfully because of Paxful’s strict moderation, which cracks down on prospective fraudsters.
Security
Peer-to-peer transactions have the potential to create an unfair market environment.
Some internet concerns question if Paxful is genuine or a forgery, and they warn of linked PayPal frauds.
We encourage keeping transactions within the Paxful marketplace to ensure genuine trade to retain dispute and escrow protection.
This will also assist in lessening the likelihood of fraud. The Paxful BitGo wallet service provider also guarantees cutting-edge security measures to safeguard customer assets.
This includes two-factor authentication for account login, three-dimensional secure payments integration, and also dual-factor code requirements for all crypto transactions.
Conclusion
Paxful is a one-of-a-kind peer-to-peer cryptocurrency marketplace and wallet service.
The exchange provides 350+ payment ways, safe logins, and also crypto vendor opportunities, which impressed our reviewers.
Some investors may be concerned about the lack of customer assistance and unregulated services.
Also, keep in mind the hefty vendor fees and the limited number of digital currencies accessible for investing.
The platform not only has a broad range of services and offers, as well as the greatest variety of deposit ways, but it also attempts to charge as little as possible, which places it on the list of best cryptocurrency exchanges in the United States.
The minimum cost is set at 0.5 percent, making it one of the most affordable fee rates in the P2P crypto community
FAQ
Do I need to provide an ID to sign up with Paxful?
Paxful is a cryptocurrency trading platform and also Bitcoin wallet that operates peer-to-peer. After you’ve fulfilled the ID verification procedures, you may quickly and conveniently establish an account. Subject to eligibility, a business account is available.
How many people use Paxful, and is it a good wallet?
Over 3 million customers have used the Paxful wallet to buy and sell over 40,000 BTC. The wallet is practical, secure, and also easy to use on PC and mobile devices.