You are welcome to my Paxful (paxful.com) Review!
You here because you want to know if you can still make money from buying and selling bitcoin with Paxful.
Trading in the digital currency is the new money market.
The fact that it’s easy and devoid of any central repository makes it an open market for anyone who wants to start making money buying and selling Bitcoin with Paxful exchange.
Granted, there is no shortage of brokers to facilitate these trades, but finding a reliable one is tasking.
Is the question ” is Paxful any good”compared to other bitcoin exchange websites?
Paxful At A Glance
Exchange Name: Paxful
Instant Phone Contact: +1 (865) 272-9385
Business & Support Email: email@example.com
What is Paxful About, Exactly?
Paxful is one of many brokers. In this article, we will review Paxful, how it works, pros and cons, and whether Bitcoin traders should consider it legit or scam.
You will also watch the YouTube video review of the inside of Paxful and how you can buy Bitcoin and several other cryptocurrencies in Paxful website.
Paxful is a person-to-person Bitcoin trading platform created by Ray Youssef and Artur Schaback in 2015. Paxful has its headquarters in Wilmington, Delaware.
According to its core mission, Paxful endeavors to be PayPal + Uber and basically Wall Street for the masses.
Well, whether Paxful is accomplishing this ambitious goal remains to be seen.
How Does Paxful Work?
The Paxful website is simple. Navigation and all the tools you need to accomplish your desired tasks are right at hand. In fact, if you have been to Local Bitcoins you will realize they have similar features.
Executing a trade on Paxful begins with creating an account. Once you are set to begin a trade, select the cryptocurrency you would like to trade and the amount.
You will be provided with a list of all the sellers meeting your criteria along with a smaller list of popular vendors that Paxful provides, just to be helpful.
Click on “Trade” to initiate negotiation with the vendor via Live Chat.
Paxful has an inbuilt escrow to provide customers with security from scammers. As soon as you click “Trade” the Bitcoins being traded are transferred into escrow.
Escrow means that Paxful takes the Bitcoins being traded from the seller and holds them for the buyer until the transaction is completed.
Once the Bitcoins are in escrow, the seller cannot cancel the trade but the buyer can.
If the buyer cancels the trade, the Bitcoins will be reverted back to the vendor’s wallet.
If the trade proceeds successfully, the buyer will ultimately click “Mark as Paid” to close the trade.
The escrow will then release the Bitcoins to the buyer. Paxful Bitcoins transmit in approximately 3 hours.
How to Create a Paxful Account | YouTube
Paxful Payment Methods
Paxful boasts of over 300 methods to buy Bitcoins.
Most popular payment method on Paxful platform are listed below:
- Buy bitcoin with iTunes gift cards
- Buy bitcoin with Amazon gift cards
- Buying an exchange bitcoin with Bank Transfer and cash deposit
- Buying of bitcoin with PayPal, Neteller, and Skrill
- You can also do bitcoin exchange locally by exchanging cash in person
- You can also buy bitcoin with Ripple, Litecoin, and Ethereum
Buyers have the option of using online payment methods like PayPal, Neteller, SolidPayTrust, Payza, Skrill and Google Wallet among others.
Customers acknowledge that these are among the most secure methods to purchase Bitcoins.
This is attributed to the fact that the buyer has more control over the money and can reverse the transaction if the deal begins to go south.
Paxful also takes Debit and/or Credit cards. These purchases attract higher fees because of the risk involved.
Sellers are advised to be vigilant when dealing with credit and debit card deals to avoid being scammed.
Bank transfers, like online payment processors, instill considerable confidence in the buyer.
The buyer can deposit cash directly into the vendor’s account, do a bank transfer or use Western-Union.
Serious vendors prefer this method of payment compared to credit cards or gift cards. The only downside to this method is you may have to show up at the bank in-person to complete the transaction.
Paxful also offers the option of buying Bitcoins through gift cards from major stores and brands.
This is the most commonly used mode of payment on Paxful despite the fact that it’s the most insecure.
How does it work? The vendor asks the buyer to purchase a particular gift card as a form of payment.
Once the purchase is made, the buyer sends the seller the code plus a picture of the receipt.
Once the seller verifies that the gift card is genuine, the transaction is complete and the buyer can receive the purchased Bitcoins.
It is not uncommon for scammers to claim that the gift card is invalid thus robbing the buyer of the money and the coins.
Buyers are advised to tread carefully when purchasing Bitcoins using this method.
Bitcoin Escrow Services on Paxful Exchange
Escrow is a system put in place to preserve bitcoin by a third party when bitcoin exchange transaction is in progress.
The bitcoin can only be released when both the buyer and the seller meet a specific condition.
The Escrow amount will be deducted from the seller’s wallet and put into the Escrow account at the beginning of the trade transaction.
If the trade is completed and the buyer parted with the money successfully i.e., the funds credited to the seller’s account.
The bitcoin will be released from the Escrow account to the buyer, and the necessary fee is taken.
If in any case the trade is not completed, and the seller could not get his/her account credited by the buyer.
The bitcoin will be released from the Escrow account back to the seller without any fees taken.
How to Sell Bitcoin On Paxful | YouTube
Fees Paid on Paxful Platform
Paxful Fees Charges While Selling Bitcoin
Paxful charges certain fees on every bitcoin sold.
The fees charged depend on the payment method you accepted from your buyer while selling your bitcoin.
Fees According to Payment types are:
- iTunes and Google Play 5%
- Other Gift cards 2%
- Bank Transfers: 1%
- Credit/Debit Cards: 1%
- Digital Currencies: 1%
- Online Transfers: 1%
- Cash Deposits: 1%
Paxful Fees Charged While Buying Bitcoin
Paxful will not charge you any fees while buying your bitcoin on the platform.
Whenever you are buying bitcoin on Paxful platform; the customers, i.e., the sellers set the rates.
Various factors determine the rate set; such factors include:
- Payment method
- Currency pair and,
- Your verification status
Paxful Fees Charged While Sending Bitcoin
Paxful will charge a flat fee of 0.0005 BTC for every bitcoin sent from your bitcoin wallet outside Paxful exchange.
No fees are charged when you are sending bitcoin to other Paxful users.
Buying Limit On Paxful Exchange Platform
The limit of bitcoin or crypto you can exchange with any seller on Paxful exchange depend on the amount you want to purchase and the volume the person you are trading with has.
often, you are not allowed to exchange beyond the volume of bitcoin or crypto you have in your account.
What to Like About Paxful
- It offers a wide range of payment methods and currencies. You can purchase or sell Bitcoins from anywhere in the world.
- The site is simple to understand and navigate thus making trading easy
- Paxful’s security measures are commendable especially because of the inbuilt escrow. Though there are scammers, it doesn’t speak to the integrity of the site because there are scammers everywhere.
- No fees for buyers and a low 1% for sellers.
What Dislike About Paxful
- There are a lot of negative reviews regarding scammers
- Customers complain about unresponsive support service
- Sellers charge exorbitant fees to buyers who trade using uncommon currencies
Countries Not Supported on Paxful Platform
Paxful claimed to be complying with the Office of Foreign Asset Control (“OFAC”).
OFAC is a department in the US Department of the Treasury.
They manage and enforces trade and economic sanctions that are as a result of US foreign policy and the US national security objective.
This is usually against selected countries, identified narcotics traffickers; regimes identify with being supporting terrorists.
Mostly, Paxful users from the following targeted countries are banned from the use of Paxful platform:
- Central African Republic Sanctions
- North Korea
- Crimea region
- South Sudan-related Sanctions
- Sudan and Darfur
Paxful also goes extreme to block every individual that is identified according to OFAC policy that threatens their people or international stabilization as a whole.
Example of such country includes:
The Democratic Republic of the Congo
- Palestinian Legislative Council
- Non-SDN Iranian Sanctions
- Western Balkans area and Belarus
A different list of countries and individual also blocked from Paxful platform usage includes a list of the following countries and organizations.
- UN Consolidated Sanctions list
- The EU Consolidated Sanctions list
- HM Treasury Consolidated list
===> Start With Paxful Exchange Here.
Is Paxful a Scam?
Paxful is not a scam. The challenge is this; there may be many scammers on Paxful website. This is very common with all bitcoin exchanges.
Many Paxful users may mistake Paxful platform integrity (Users) and vendor integrity (Owners).
You must be able to distinguish the person that scam you.
Is it the vendor or the user on the Paxful platform?
I agree with you that the management of Paxful ought to provide an enabling environment to be able to trade your crypto without experiencing any scam.
Users of Paxful should know that Paxful is a Peer to Peer crypto exchanges.
If you are the buyer and you do not take proper precaution, you may be scam by the seller.
But when that takes place, what Paxful do to resolve the case is what is essential.
There is some precaution you must observe as a Paxful user.
Please note the following:
- Paxful exchange has a support forum that will always assist you when you are in problem. You can ask any question from Paxful forum.
- Never entertain communication with any Paxful users outside the platform
- Ensure you have evidence of every of your trade transaction via screenshot in case of dispute for any to properly engage the moderator.
- Make sure you only engage Paxful recommended sellers or buyers; they have been around for a while, and they are proven not to be scammers because of there reputations.
- Before trading your bitcoin or any crypto ensure that the person you are trading with is online, your order can easily time out when the person you are trading with is not active online.
- Never release your payment until you have received your crypto if you are the buyer and if you are the seller, never conclude the transaction until your account is credited.
- You must always watch your back and ensure you have a great antivirus on your system that can withstand malware that could be thrown at you by scammers.
I can assure you that Paxful exchange is very legit, but some Paxful users may be scammers.
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Do you think you can make money with Paxful? Are you now prepare to use Paxful exchange for your buying and selling of Bitcoin and other Cryptocurrency?
Kindly drop your thought in my comment area. Also, you are free to ask any question. Thanks for visiting my website.
Is Paxful Worth Your Money?
What do you think? Can you really make money with Paxful? Do you think Paxful is a scam?
You can make money with Paxful but is a risky business trading cryptocurrency. A very volatile business, you may lose all your money in the process.
Buying and selling Bitcoins is still a budding industry with a long way to go. What do you think of Paxful? Is Paxful any good, compared to other cryptocurrency trading websites?
Can you easily make money buying and selling bitcoins on Paxful?
There is plenty of time to refine the methods of trade as well as the sites. As far as legitimacy is concerned, Paxful is legit.
The downsides associated with trading on this platform are not unlike any other Bitcoin platforms. If you are going to trade anyway, there is no reason not to do it on Paxful.
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