Do you want to know what Paxful is all about? This Paxful review will give you all that.
Paxful is a legit and secure cryptocurrency platform globally. As a P2P crypto site, Paxful is safe to use with escrow service and makes it easy to trade Bitcoins, Ethereum and Tether with 350+ payment methods. Also, withdrawal is quick.
When cryptocurrency became mainstream, it kickstarted many opportunities. One of such is the ability to buy, sell and invest in crypto coins and make huge profits through crypto exchanges.
But what if you want to determine how much to buy and sell a crypto coin like Bitcoin so as to maximize profit, this is where Paxful comes in.
Therefore, this review post looks at Paxful products and services. Also, is it a legit and safe crypto platform for trading?
About Paxful
Founded in 2015, Paxful provides a platform for buyers and sellers to transact in cryptocurrency, specifically, Bitcoin, Ethereum and Tether.
Paxful is not a typical exchange platform like Binance, Coinbase, or Bundle Africa where you buy or sell to the unknown. Rather, on Paxful you buy or sell to someone.
Therefore, it is a peer-to-peer marketplace that invites different people to trade Bitcoin and other crypto coins at their own rates.
Another core strength of Paxful based on review is its payment methods. Paxful makes it easy to transact crypto on its platform by allowing multiple payment methods since it is a peer-to-peer platform.
Is Paxful Legit?
Paxful is legit and licensed as a peer-to-peer platform for buying and selling digital assets. The company is registered with the USA FinCEN and complies with AML Policy.
Is Paxful Safe?
Paxful is a safe platform that has adequate security measures to ensure its users are safe.
For instance, users are verified and account upgrade demands higher verification process such as Government ID.
Additionally, The escrow feature ensures best practices between sellers and buyers.
However, to be safer on Paxful, trade with a vendor that has a trusted badge and good reviews.
Is Paxful Wallet Safe?
Your crypto on Paxful wallet is safe. Paxful uses BitGo, one of the most secured wallet providers in the industry. Also, your public and private keys are safely stored by Paxful.
However, be security conscious. Keep your login details private, use a strong password and 2FA. Use a unique password on every website especially when it involves money.
How Paxful Works
Paxful works as a P2P crypto platform where individuals can buy and sell crypto to other individuals and be able to set their own prices, unlike a crypto exchange.
Paxful operates both on the web and mobile apps. So you are not restricted to a particular medium.
The Paxful website allows you to do everything Paxful stands for, most notably the ability to transact cryptocurrency on this platform. You can buy, sell, send, receive, convert and earn Bitcoin, Ethereum and Tether.
To sign up through the Paxful web platform, click here
Also, the Paxful mobile app works as a crypto trading app. You can trade Bitcoin, Ethereum and Tether easily; see crypto offers, exchange rates etc.
Paxful mobile app is available on Android and IOS, so, you can download the app, register and start crypto trading.
Paxful P2P Cryptocurrency Trading
Paxful is a platform to buy and sell cryptocurrency through P2P trading. The benefit of this is that each user can determine how much to buy and sell crypto coins.
Different people from all over the world are willing to trade Bitcoin, Ethereum and Tether at a competitive price. This is why no uniform price exists on Paxful unlike a crypto exchange or broker platform.
As a Paxful user, if you don’t want the crypto price you are seeing, simply create yours and wait for your peer.
Another benefit of Paxful P2P trading is the multiple payment methods. Paxful’s aim is to reach everybody even the unbanked. So, if you don’t have a bank account. Don’t worry.
There are over 350+ payment methods available including cash. You just need to find a trader that matches your payment method.
How to Buy Bitcoin, Ethereum and Tether with Paxful P2P
To buy Bitcoin, Ethereum and Tether on the Paxful P2P marketplace, follow these steps:
- Tap on the Buy button on top
- Next, select your preferred payment method. This will display vendors that accept this payment method or leave it blank to show available vendors
- Thereafter, enter the price (and currency type)
- Then, browse for a vendor that has a suitable offer. Note the vendor’s badge, previous successful orders and requirements.
- Lastly, Trade, send payment and receive your crypto coin.
Alternatively, you can decide how much to buy crypto coins on Paxful. To do this, tap create your own offer located at the bottom of the vendors’ list
How to Sell Bitcoin, Ethereum and Tether with Paxful P2P
If you want to sell Bitcoin, Ethereum and Tether on the Paxful P2P marketplace, follow these steps:
- Tap on the Sell button on top
- Next, select your preferred payment method. This will display vendors that accept this payment method or leave it blank
- Then, enter the price (and currency type)
- Thereafter, search for a vendor that has a suitable offer. Note the vendor’s badge, previous successful orders and requirements.
- And lastly, trade and send the crypto coin
Alternatively, you can decide how much to sell your crypto coins on Paxful. To do this, tap create your own offer located at the bottom of the vendors’ list
Send and Receive Bitcoin, Ethereum and Tether
Send or receive feature is possible on Paxful. To send Bitcoin, Ethereum or Tether on Paxful, follow this:
- Tap on the Wallet
- Next, tap Send on the coin tab you want
- Then, enter the amount
- Lastly, enter the Crypto coin address or Paxful username
Paxful Wallet
Paxful wallet is a digital wallet that allows its users to send, receive, store and manage their cryptocurrencies namely: Bitcoin, Ethereum and Tether.
When you open an account with Paxful, you get free Bitcoin, Ethereum and Tether wallets.
- Bitcoin wallet: With Paxful Bitcoin wallet, you can buy, sell, send, receive, convert and earn bitcoin. Also, view bitcoin’s current price.
- Ethereum Wallet: The Ethereum wallet lets you send, receive, buy, sell and convert Ethereum.
- Tether Wallet: Send, receive, buy, sell and covert with the Tether wallet, and also view the current price.
Paxful wallet is secure and gives you the freedom to access your funds anytime and anywhere
In summary, Paxful wallet allows you to do the following:
- Buy and Sell Bitcoin, Ethereum and Tether
- Send, Receive and convert
- View the previous transaction
- View and copy addresses of Bitcoin, Tether and Ethereum
- Earn interest with Earn Bitcoin
- Send and Receive Bitcoin with Lightning system: High speed and low fees.
Paxful Fees Review
Generally, Paxful does not charge a fee when you buy or receive Bitcoin, Ethereum and Tether on the platform, while other transactions come with a fee.
Below are the full Paxful fees and charges:
Trading in Cryptocurrency(Bitcoin, Ethereum and Tether) Fee
| Payment Method | Sell | Buy |
|---|---|---|
| Bank Transfer | 0.5% | No fee |
| Other Bank Transfer | 1% | No fee |
| Debit/Credit Card | 1% | No fee |
| Cryptocurrencies | 1% | No fee |
| Online Wallet | 1% | No fee |
| Cash | 1% | No fee |
| Goods and Services | 1% | No fee |
| Gift Cards | 5% for iTunes and Google Play 3% for all other gift card types | No fee |
Paxful Sending and Receiving Bitcoin Fee
| Wallet Type | Send | Receive |
|---|---|---|
| External Wallet | Dynamic Ethereum or Tron network fee+ Paxful Wallet fee Paxful wallet fee: $0-$9.99 = 0.00008 BTC fee $10-$19.99 = 0.00016 BTC fee $20+ = 0.0004 BTC fee | No fee |
| Internal Wallet | Free up to $1,000 USD per month After $1,000 USD per month, a fee of 1 USD or 1% of the amount sent, whichever is greater | No fee |
Sending and Receiving Ethereum Fee
| Wallet Type | Send | Receive |
|---|---|---|
| External Wallet | Dynamic Ethereum or Tron network fee+ Paxful Wallet fee Paxful wallet fee: $0-$9.99 = 0.0005 ETH fee $10-$19.99 = 0.001 ETH fee $20+ = 0.002 ETH fee | No fee |
| Internal Wallet | Free up to $1,000 USD per month After $1,000 USD per month, a fee of 1 USD or 1% of the amount sent, whichever is greater | No fee |
Sending and Receiving Tether(USDT) Fee
| Wallet Type | Send | Receive |
|---|---|---|
| External Wallet | Dynamic Ethereum or Tron network fee+ Paxful Wallet fee Paxful wallet fee: $0-$9.99 = 1 USDT fee $10-$19.99 = 2 USDT fee $20+ = 5 USDT fee | No fee |
| Internal Wallet | Free up to $1,000 USD per month After $1,000 USD per month, a fee of 1 USD or 1% of the amount sent, whichever is greater | No fee |
Lightning Fee
| Wallet Type | Send | Receive |
|---|---|---|
| External Wallet | 1% of the amount | No fee |
Cryptocurrency conversion Fee
| Conversion Type | Fee |
|---|---|
| All cryptocurrency conversion | 0.5% |
Paxful Vendor
Paxful vendor is for those who want to start the business of buying and selling crypto coins on Paxful. You can become a vendor on Paxful and be making profits in trading crypto coins.
With over 6 million users and the right toolset, Paxful can be a platform for becoming a successful bitcoin trader.
As a vendor, your business is to set up your store and start to sell and buy Bitcoin, Ethereum and/or Tether.
Since, Paxful is a marketplace, your customer reviews, price and previous business dealing are the things that increase your reputation and drive more sales.
Benefits of Paxful Vendor
Some of the benefits of being a vendor on Paxful are:
- 350+ payment methods
- Transaction fees 0-2%
- VIP support for high-volume vendors
- Overview of transactions and earnings
- Affiliate program to onboard new vendors and expand your business
Paxful Pay
Paxful Pay is a payment solution for merchants and vendors to accept crypto anywhere in the world. It can be integrated into a website as an API or WordPress WooCommerce plugin.
If you own a website like e-commerce, crypto sites, or travel, you can use Paxful pay as the crypto payment gateway to receive crypto seamlessly.
How Paxful Pay works
Customers that want to use Paxful pay to make payment on a website will do the following:
- At the point of payment, they will select Paxful pay as the payment option
- Then, log in their account details or create a new account
- Thereafter, confirm payment
Read more on Paxful Pay here
Virtual Bitcoin Kiosk
Paxful Virtual Bitcoin Kiosk is a digital shop deployed on a website or channel to buy and sell Bitcoin to customers with over 300 payment options.
Customers can buy bitcoin from you and sell it outside the Paxful website. Hence, it is suitable for websites, blogs, and YouTube channels that want to offer a quick way for people to trade their Bitcoin.
The good thing about it is that you still have all the support and features of Paxful such as the 300+ payment methods, customer care and affiliate revenue.
Read more and sign up for Virtual Bitcoin Kiosk here
Paxful Supported Coins
The crypto coins you can trade on Paxful are:
- Bitcoin
- Tether
- Ethereum
Paxful Limit and Verification Requirement
Paxful puts in place a limit on all its 3 levels except the 4th level. Therefore, to upgrade, one must meet the verification requirement. This is to increase the security level and ensure safe cryptocurrency trading on the platform.
Hence, below are the verification need and trading limits for each level:
| Level | Verification Needed | Per Trade Limit | Trade Volume Lifetime Limit | Send from Wallet Lifetime Limit |
|---|---|---|---|---|
| 0 | – | $0 | $0 | $0 |
| 1 | Phone | $1,000 | $1,000* | $1,000* |
| 2 | Email and ID | $10,000 | $10,000 | $10,000 |
| 3 | Address | $50,000 | Unlimited | Unlimited |
| 4 | Enhanced Due Diligence | Higher than $50,000 | Unlimited | Unlimited |
Paxful Payment Method
Paxful offers more than over 350 deposit and payment methods, the common ones are:
- Bank Transfer
- Paypal
- Chipper Cash
- Mtn Mobile Money
- Payoneer
- Amazon gift card
- Cryptocurrencies
- Cash App
- Cash Deposit
- Perfect Money
The review of Paxful shows it offers a huge number of payment methods in order to reach everyone no matter the restriction.
Paxful Review: Pros and cons
Based on the Paxful review so far, these are some of the good and bad sides of Paxful:
| Paxful Pros | Paxful Cons |
|---|---|
| Over 350 Payment Methods | High crypto exchange rate |
| Freedom to create price offer to buy and sell crypto coins | Scam Possibility from bad vendors |
| Safe Escrow feature | No uniform price |
Paxful Alternatives
Below are some of the best Paxful alternatives:
- Binance
- Yellow Card
- Coinbase
- Bundle Africa
- Luno
Paxful is a P2P crypto platform and not a crypto exchange like Binance or a crypto broker. Yet, these crypto platforms fit in as Paxful alternatives since they all offer cryptocurrency trading
FAQs
Although Paxful offers over 350+ payment methods, the best payment methods commonly used are Bank Transfer, Paypal, Chipper Cash, Payoneer, and Amazon gift card
Paxful’s transfer to the internal wallet is free for up to $1,000 USD monthly. However, there is a fee for external wallet transfers. Check the full breakdown of the Paxful fee above
Yes, there is a fee. Pay as low as0.0004 BTC fee sending Bitcoin on Paxful to an external wallet. However, it is free for the internal wallet. For proper breakdown, check the Paxful fees above
Really, Paxful and Binance should not be compared based on differences in operation. However, Binance is the most preferred due to the price and number of crypto coins.
There are 4 levels on Paxful. For every level, Paxful places a limit. Hence, to upgrade to the next level, the requirement must be met such as email, ID, address etc.
Final Thoughts: Paxful Review
Paxful is a reliable peer-to-peer cryptocurrency platform globally. The ease, multiple payment methods, bonus, and security are reasons why Paxful is one of the best crypto platforms.
Since it gives users the freedom to buy and sell crypto coins to other users at the desired price, it is a perfect platform for certain people but not ideal for others.
Hence, if you desire to trade in real-time with different cryptocurrencies, consider other crypto exchanges. like Binance
Therefore, try it and let me know your experience.
Lastly, let me know your opinion by dropping comments below.
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