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What is Paxful?
Paxful (www.paxful.com) is a Bitcoin trading platform that facilitates Bitcoin trades. It works in the same way as Amazon.com where people sell and buy goods without the intermediation of a third party. This is referred to as a peer-to-peer market. It should be noted that Paxful is not an online shopping site, but it uses the same concept as Amazon.
So when the developers of Paxful created the platform, their mission was to build a peer-to-peer marketplace where buyers and sellers could interact and trade. The site functions as an intercessor between parties as well as providing a platform where users can interact.
Paxful has become a popular platform for Bitcoin trading. The website is very user-friendly and it offers a range of services including different payment options. This Paxful review will give answers to questions such as “Can I trust Paxful?”, “Is Paxful legit?” and many more.
Where is Paxful located?
Paxful is located in Wilmington, Delaware, USA.
When did Paxful start operating?
Paxful was established in 2015 by Ray Youssef and Artur Schaback.
Paxful supports almost all countries except the following: Balkans, Belarus, Burma, Cote D’Ivoire, Cuba, Congo, Iran, Iraq, Lebanon, Liberia, North Korea, Somalia, Sudan, Syria, and Zimbabwe.
There is no limit as to the amount of Bitcoin you can buy and sell on Paxful.
Paxful supports a wide range of payment methods making it possible for users across the globe to trade Bitcoins much more easily.
To buy Bitcoins on Paxful,
- First deposit money into your Paxful wallet.
- Then key-in the amount of Bitcoin you want to buy, and then click the Buy button.
- Once you have done this, the trade is opened with instructions, which you need to follow to make the payment.
- Once you have made the payment, you need to click on the” I HAVE PAID” button. If you do not click on it, once the trade has expired, the Bitcoins in escrow will be returned back to the seller.
- Once you have clicked the button, the Bitcoins will be automatically be sent to your wallet.
- Bear in mind that once the trade starts, the Bitcoins are sent to the site’s escrow and therefore, the trader at this point cannot cancel the trade. Only you as the buyer can cancel the trade.
There are numerous ways you can deposit money into your Paxful digital wallet, you just need to choose a payment method that works for you.
Before you buy Bitcoins through Paxful, here are a few helpful tips,
- Make sure to first read and understand the terms of the offer.
- Select a vendor with a good reputation.
- Cancel the trade if you have lost interest in it. This releases the Bitcoins back to the vendor who can continue to trade with interested parties.
The least a vendor can offer a buyer is 0.001BTC. Paxful charges a fee of 1% for every seller and it’s the seller who pays the fee and not the buyer.
To sell Bitcoins on Paxful,
- you first need to deposit some BTC into your Paxful wallet, after you login Paxful wallet. You will notice that when clicking on your wallet, you will see the amount of BTC in your account under Account Balance. You will also notice that there are three buttons.
- Send Bitcoin – once you key-in the amount of BTC you want to send, you click on this button.
- How to Send to BackPage – on clicking this button, you will be redirected to a page that explains how you can to send BTC to Backpage.com, a classified advertising site.
- Help Using Wallet – when you click on this button, it will to a page that offers all the information you need to know about your wallet and how to go about selling BTC.
Aside from that, you will also an area on the page that shows your bitcoin address. Copy this address by clicking on the Copy Address button. This address is important because you need it to receive BTC. The next time you want to receive more BTC, you can either use the same address or generate a new one. Most users prefer to generate a new address to keep their transactions private, while others do it for record-keeping purposes.
Once you have received some BTC in your account, you will receive a notification through email to confirm that the Bitcoins are in your wallet. From there, you can go ahead and start selling by accessing the Sell page.
Once on the Sell page, enter the amount of BTC you want to sell, your currency of choice, and the payment method of your choice. Then click on the Sell button. You will receive a notification once the transaction is complete.
The only available cryptocurrency on Paxful is Bitcoin.
May 21st, 2018: Paxful has confirmed that it is going to build a blockchain incubator hub in Lagos, Nigeria. This way the company wants to increase its investments around Africa. According to the current plans the incubator will be launched in fall of 2018. The incubator will offer a co-working space, mentoring programs, blockchain trainings (both individual and corporate), and network of advisors for ICOs. The Regional Director of Africa was appointed Chuta Chimezie by Paxful. He has to look after the successful conduction of the business and take care of the brand awareness. The company chose to work with Nigeria as the largest number of Paxful users from the whole continent of Africa are from Paxful.
Paxful Verification Factors
When you register an account with Paxful, you will be sent an email with a link to verify your email address. Once you have verified your email by clicking on the link, you can then sign-in into your account. From there you can enable the 2-factor authentication feature to increase your account’ security level. The 2FA ensures that the integrity of your account is not compromised.
To become a verified vendor, you are required to provide a number of things, These include:
- A proof of address, which has to be printed and sent via mail.
- A high-resolution picture of your ID (front and back) or passport.
- And a video or yourself holding your ID or passport.
- Buyer fees: Paxful does not charge buyers any fee. However, a conversion fee is applicable, which the buyer pays the seller.
- Seller fees: Bitcoin sellers are charged a 1% fee by Paxful.
- Wallet fees: The Paxful wallet is free. But, there is a fee charged by the sender referred to as the miner’s fee, which goes to support the Bitcoin Network. This fee is charged in Bitcoins, and it is currently 0.0008 bitcoin.
Is Paxful safe?
Although Paxful is fairly new, it has created a reputation for being trustworthy. It has a good track record and it is a legitimate, and genuine peer-to-peer marketplace. But, buyers need to be cautious. There have been complaints of buyers getting fleeced by fraudulent sellers. So, only buy from a seller with a good track record.
If you have any issues or queries, contact Paxful’s customer support via phone, email, social media or direct message.
How to use Paxful?
- Go to the Paxful’s official website
- open an account
- verify your email address
- deposit cash into your digital wallet and then go ahead and start buying Bitcoins.
- There is a huge list of Bitcoin sellers from around the world, so choose wisely. Pick a seller who has high reputation ratings.
When you get to the Sells page you will notice that each seller indicates the payment methods they accept; their maximum and minimum order amounts; and their prices.
To Sum it Up
- Paxful has a user-friendly interface.
- Paxful makes it easier for buyers and sellers to trade Bitcoins.
- There are no limitations, so you can buy or sell any amount of Bitcoin.
- Paxful has an escrow service where funds are held until a transaction is confirmed by both parties.
- The site has a reliable customer support team that responds quickly to inquiries and queries.
- Paxful supports a huge variety of payment options.
- Paxful offers a 2- authentication feature which is used together with the Google Authenticator.
In short, Paxful is a good place to buy and sell Bitcoins. However, when you are using the site, keep in mind that there are fraudulent buyers and sellers looking to defraud legitimate users. This is the only main issue with using the website. Fortunately, there is a forum, and resource page that the customer support team uses to inform users on everything that is going on the website.
Thank you for checking out this review and make sure you explore our website more and learn everything about cryptocurrencies and related platforms.