Paxful is the ideal exchange for those purchasing bitcoin with unusual currencies or to trade rapidly with good security and top service.
The Bottom Line: With over 300 payment methods that can’t be found on many regular exchanges, Paxful offers global service using Escrow, 2FA, and encryption to ensure the security of funds. A simple interface, great customer service, low fees, and quick trades are the hallmarks of this exchange.
Paxful at a glance
Getting going with Paxful is relatively easy. Buyers can quickly find sellers by searching various categories, such as payment method or currency. For sellers, it’s straightforward to set up an advertisement for a trade – simple follow the prompts.
The platform is very simple to figure out for new users, with intuitive navigation. There is a great rating system to use in order to score sellers and buyers to keep a high quality of trades on the platform. Use this rating system when considering a future trade with a potential seller or buyers.
Users can benefit from over 300 payment methods, and expert users can enjoy the available APIs for more advanced features.
From the beginning, users are encouraged to set up 2 Factor Authentication as a means to add an extra personal security layer to your account. Users can also see their login history on their account to check for suspicious entries activity.
For added protection of funds during the trade process, funds are held in escrow to make sure both sides of the trade hold up their end of the deal. The bitcoin is manually released by the seller when they confirm payment.
On top of this, Paxful’s hot wallet is secured using multi-signature technology, thanks to their partnership with BitGo. Although not clear about the specifics, Paxful maintain that their servers are secured using the highest grade of encryption.
Paxful is a crypto marketplace offering p2p trades for bitcoin only. They have over 300 payment methods to purchase bitcoin, such as wire transfer, gift cards, Western Union, PayPal, MoneyGram, and Credit and Debit card.
Paxful is a very simple platform to use, making it a great place for beginners to purchase bitcoin easily. That said, it doesn’t have many resources to help amateur investors improve their techniques.
There is an FAQ section and blog, but these mainly provide tech updates on Paxful and operational help with the functioning of the platform.
For more advanced users, you’ll find guides on how to use the APIs and video guides on certain types of integration.
While most crypto exchanges have a bad reputation when it comes to customer support, the ratings tell a different story about Paxful. Revered for its top notch customer support, Paxful has a comprehensive FAQ on the website featuring articles and videos to help master the platform.
If you have a more specific inquiry, you can contact the support team through a variety of methods. There is a live chat feature on the website which is quick to respond with knowledge insights into the problem. You can also reach the support team via social media, but this can be hit and miss.
If you have a more complex issue, you can raise a ticket by sending an email to the support team or calling them directly. Issues tend to be solved in less than a week.
Users can also head over to the active support forums to ask the community questions. This is a relatively lively place with helpful users answering questions daily.
Buyers pay no fees to Paxful when purchasing bitcoin, however, sellers pay 1%. Sellers can also charge buyers fees for different payment methods – non-refundable payment methods tend to be cheaper as opposed to payment gateways that allows chargebacks, like credit cards or PayPal.
Sellers will also pay bitcoin network fees but these are independent from Paxful.
What You Need to Know
Paxful is a straightforward peer-to-peer marketplace for buying and selling bitcoin. Boasting a clean, simple interface, the platform offers an enormous range of payment methods across a broad selection of countries. The great customer support and comprehensive FAQ section makes the platform simple to handle, while the low fees make Paxful an enticing choice for buyers looking for a quick route to bitcoin. Paxful is the ideal exchange for those purchasing bitcoin with unusual currencies or to trade rapidly with good security and top service.