As it is becoming more challenging to obtain Bitcoin through mining, an increasing number of people are electing to purchase Btc on different cryptocurrency exchanges. Paxful is a cryptocurrency exchange and digital wallet platform that accepts more than 300 different payment methods from consumers in more than 190 different countries across the world for purchasing Bitcoin.
As peer-to-peer marketplaces for purchasing cryptocurrencies are getting popular, portals such as Paxful provide a much-needed trading solution to both trained and untrained investors in countries where there are no other options for obtaining bitcoins other than through traditional financial means institutions.
So, if you want to know more about Paxful, you are in the right place. We have compiled an ultimate guide and completed Paxful review to help you learn about it, so let’s dive right in.
What is Paxful?
It is a peer-to-peer trading platform founded in 2015 by a group of engineers to make Bitcoin more accessible to more people. The site enables a direct exchange where cryptocurrency buyers and sellers may meet and interact.
How does it Work?
The buyer pays funds into the seller’s account using one of the payment methods available on Paxful, such as prepaid VISA or Western Union. When the seller receives confirmation, that Paxful’s escrow service has received the funds, the seller releases Btc to the buyer directly. In addition to accepting over 85 percent of foreign buyers, sellers can take more than 300 different payment methods.
There is no minimum purchase quantity with Paxful, and the site is accessible from anywhere in the world. In addition, users do not need to register a username or password to access the marketplace on Paxful, as they only require their email address. It is another benefit of Paxful versus centralized exchanges.
Suppose you live in a country where centralized cryptocurrency exchange networks are prohibited or unreachable for whatever reason. In that case, Paxful is one of the finest solutions because you can use it from any location with internet access. Therefore, this makes it one of the most convenient options.
Is Paxful a Safe Trading Platform?
AML (Anti-money laundering) and KYC (Know Your Customer) processes are included in Paxful’s platform, even though it is not regulated in any area where it is available.
Furthermore, Paxful creates a new wallet for the customer with each deposit and withdrawal session, lowering the possibility of a hack. Users’ accounts at Paxful are now more secure and thanks to ID verification and Google Authenticator two-factor authentication for it.
This peer-to-peer exchange also includes a separate escrow service, which holds the bitcoins in trust until both sides get happy with the transaction. Because it enables multi-signature wallets, the Paxful wallet is exceptionally user-friendly. This feature provides users with various options when it comes to configuring the protection of their wallets. This platform’s wallets come from the most well-known and safest provider of Bitcoin storage services, BitGo.
Benefits & Features of Paxful
BitGo supplies Paxful wallet and offers multi-signature wallets, providing users with an additional layer of protection. This peer-to-peer exchange also includes a separate escrow service. It holds the bitcoins in trust until both sides are contented with the transaction.
Paxful also provides a review process for buyers and sellers to encourage positive conduct and the development of a trustworthy trading environment. While the escrow service aids the system in resolving the issue of trust between platform users, the rating system aids users in quickly identifying reputable actors on the site.
Interface and Verdict
The trading interface on Paxful is exceptionally user-friendly. You will have access to both a mobile trading application and a desktop trading application.
To initiate a transaction, all you have to do is press the New Order button. It puts a bid or ask for an order from a seller or buyer, respectively. Additionally, sellers can advertise on Paxful’s Facebook and Instagram pages, attracting more buyers. For example, merchants can list their cryptocurrency deals on Paxful’s Facebook page or post them on its Instagram profile.
When you trade on Paxful, the fees are meager. For credit card withdrawals, you should anticipate paying between 1% and 2% of the amount withdrawn from the exchange. For example, while there are no fees associated with purchasing Bitcoin on Paxful. It charges most of the sellers a transactional fee. It ranges from 0.1 percent to 5 percent of the purchase price.
Multiple Payment Methods
Paxful accepts most fiat money transactions, including those through PayPal, Western Union, VISA/Mastercard, and a lot of other services. Paxful, in addition to these payment options, also enables the transfer of Bitcoin with more than 300 different payment systems.
A thorough customer service system is also available on Paxful and a seamless, clean, and adaptive user experience when you need help troubleshooting a problem. Paxful was designed with customer service in mind. This is reflected in its comprehensive FAQ section and its forums, and 24-hour daily account monitoring.
With the Paxful wallet software, you can purchase and sell bitcoin while remaining completely controlling your funds throughout the transaction. It provides consumers with a wide range of payment options along with bank transfers. Additionally, paxful secures all the payments in the escrow account until all parties get their respective portions of the transaction. This characteristic contributes to the development of trust between sellers and buyers. So, I hope, this Paxful review will help you a lot to be a part of this community. Thank You!