Paxful Review: Is Paxful Legit & Safe In 2021?

Paxful Review: Is Paxful Legit & Safe In 2021?

When you refer a friend you will be eligible to receive 50% of their trading fees. On the other hand there is Paxful which has dozens of payment options but the only coin available is Bitcoin. It’s not even possible to exchange coins directly on Paxful or through a Paxful wallet. By and large they don’t compete with each other but each has a strength that compliments the other’s weakness.

Paxful Review: Key features

Yes, Paxful charges different withdrawal fees depending on the volume of the withdrawal. Navigating the peer-to-peer exchange is also seamless and most newbies will find it straight-forward. The peer-to-peer marketplace is available on mobile devices for Android and iOS devices as well as on the web. Go to your email address and click on the activation link to verify your registered email. Tap on “Create Account” and Paxful will send a link to verify your email to your inbox.

Buying Cryptocurrency

• At this level a user must submit a copy of their driver’s license or passport in order to verify their identity.
• If at any point there will be a disagreement between the two parties, the process will move along to dispute.
• Plus, we also tried exchanging BTC for other tokens within the Paxful wallet app, and to our surprise, there were no commission fees.
• The reason for Paxful supporting the purchase of only Bitcoin (BTC), Tether (USDT), and USD Coin (USDC) is to keep users of Paxful safe.
• In comparison to other similar centralized exchanges, Paxful trading fees are very high as the industry average sits around 0.20%.
• You can also click into the seller’s profile to see what past buyers had to say about them.
• I tried trading them immediately they were activated so i was 100% sure they weren’t used.

Consequently, the Bitcoin will get returned to the seller’s wallet. Because Paxful facilitates crypto trading between users rather than selling assets itself, escrow services are integrated directly with the platform. By taking this approach, Paxful adheres to cryptocurrency’s decentralized ethos while still ensuring its users’ safety. Whether Paxful or Coinbase is better depends on your situation and goals. If you’re looking for a platform that offers you a lot of payment options and provides you with a way to buy crypto without worrying about fees, Paxful can be a good choice.

Our firsthand experience of this exchange found zero charges for buying crypto. Yet, sellers shoulder fees that change depending on the chosen payment method to sell crypto. The Paxful platform keeps adding new payment methods from time to time.

• This service fee is paid by the seller of the cryptocurrency and it amounts to 1% of the entire trade volume.
• However, the buyer has just a little time to send the money to the seller.
• To create an offer on Paxful and Sell BTC, you will need to first place a deposit.
• While Paxful does their utmost to ensure the security of every transaction it’s still important to do your own research especially when dealing with cash.
• Increases trading volume limits, provides access to additional trading methods such as Bank Transfer.
• Note that you’ll have to verify your phone number and identity to trade on Paxful.

How to use Paxful safely?

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 still some things you’ll need to look out for. 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. Second, make sure your seller has enough reputation and has conducted enough trades in his past to avoid getting scammed.

They own your money!

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. With a background in professional poker, George became interested in cryptocurrency after looking for potentially lucrative investment opportunities. He now spends a lot of time navigating through the wealth of misinformation on altcoins in order to decide which will be the next addition to his portfolio. If you do not yet have a Paxful account, you will be asked for your email to begin the registration process.

The moderator handling the dispute has not carefully reviewed the evidence in the chatbox and instead requested a bank statement and a video, both of which I provided. Unfortunately, the scammer also submitted a forged bank statement, further complicating the issue.It has been three days, and I feel increasingly frustrated and regret ever using Paxful. I need urgent intervention to resolve this matter and protect my asset. Paxful’s system works to pair sellers and buyers together to conduct trades efficiently. Once you’ve matched with a trading partner, you’ll be able to communicate with them through the system to negotiate and discuss the transaction details. Once you organize the deal, the system will forward you to an escrow service where you can finalize the transaction.

Paxful has no limitations on supported countries – all users are eligible for registration regardless of their paxful review location. However, buyers and sellers will have their own conditions on countries that they support. Some payment methods are commonly internationally accepted (such as Western Union), others will be country-specific.

Creating and Verifying a Paxful Account

This disparity between reports could result from increased queries during busy periods, but it remains something to consider before using the exchange. Paxful is likely to work best for someone who is interested in completing online transactions, or who wants to purchase cryptocurrencies without paying a fee. However, whenever dealing with a new asset class like crypto, it’s important to assess your risk tolerance.

However, every supported payment method is only available via peer-to-peer transactions. LocalCoinSwap is a peer-to-peer multi-custodial trading platform that provides both custodial and non-custodial trading for Bitcoin, Ethereum, and other cryptocurrencies. Launched in 2018, LocalCoinSwap prides itself on being driven by the community. It provides a significant variety of both payment types and fiat currency support that is quite vast. If at any point there will be a disagreement between the two parties, the process will move along to dispute.