Paxful is a peer-to-peer marketplace for bitcoin and other cryptocurrencies. It has been around since 2013, but it has recently made waves with its new crypto wallet which allows users to buy, sell, send, receive, and store digital assets.
Paxful is a peer-to-peer cryptocurrency marketplace that allows users to buy and send bitcoin instantly. The company has been in the crypto market for a while now.
Bitcoin and cryptocurrencies in general have experienced a revival in interest in 2021. Many individuals are seeking to purchase Bitcoin these days, whether it’s because they anticipate a high inflation phase once economies across the globe begin to reactivate and want to protect their money, or because they expect Bitcoin’s price to hit a new record high, or for any other reason.
And, let’s face it, we’re all guilty of it. You’re undoubtedly one of them if you’re visiting this site and reading this post.
If you’ve been searching for a site to purchase Bitcoin, you’ve undoubtedly heard of Paxful and are wondering if it’s secure, a scam, or a genuine alternative. For a Paxful review that will help you determine whether it’s right for you, keep reading.
What exactly is Paxful?
Paxful is a cryptocurrency exchange that allows users to purchase and sell Bitcoin. It’s more of a peer-to-peer bazaar than a bitcoin exchange.
To put it another way, Paxful connects individuals who want to purchase Bitcoin with those who want to sell them and facilitates the transaction.
Paxful began as a payment processor named easybitz.com in 2014. They relaunched as Paxful in 2015 and began offering services geared at enhancing Bitcoin’s real-world usefulness, such as a peer-to-peer market for purchasing Bitcoin. Paxful’s primary activity at the moment is this.
Paxful has a significant edge over comparable services in terms of payment choices. Paxful offers over 330 payment options, while most exchanges only have three or four (credit/debit card, wire transfers, bank transfers, and cryptocurrency).
Who is Paxful designed for?
Paxful is a Bitcoin marketplace, which means it caters to those looking to purchase Bitcoin. However, there are hundreds of locations where one may do so.
Paxful stands apart from other exchanges and peer-to-peer marketplaces because of the variety of payment methods it provides.
There are over 330 payment methods available as of this writing, including bank transfers, credit cards, cash (in over 160 fiat currencies), PayPal, and gift cards from a variety of retailers, including Walmart and Amazon.
Let’s suppose a family member handed you a Walmart gift card, but you don’t want to purchase anything at Walmart. It’s no issue. You may use your gift card to purchase Bitcoin on Paxful.
Review of Paxful: A Quick Look at the Features
- A peer-to-peer marketplace for buying and selling Bitcoin that is safe and secure: Paxful’s security procedures are on pace with the best cryptocurrency exchanges, and you may use 2FA for logging in, buying, selling, or even all of them for further protection. However, since Paxful is peer-to-peer, you must be on the lookout for possible fraudsters.
- App for mobile devices: It works on both Android and iOS smartphones and allows you to buy and sell Bitcoin as well as act as a Bitcoin wallet.
- Paxful’s escrow service keeps the Bitcoins involved in a transaction until all parties certify that all criteria have been fulfilled.
- Paxful is head and shoulders above all other cryptocurrency exchanges and marketplaces in terms of payment choices. There are over 330 payment methods accessible, including bank transfers, online wallets, and payment processors, as well as cash, gift cards, debit or credit cards, other cryptocurrencies, commodities, and assets.
What is Paxful and how can I utilize it?
Without some basic instructions on how to utilize Paxful, this review would be incomplete. Here are some basic purchasing recommendations for Bitcoin on Paxful.
Create an account in the first step.
- Go to Paxful’s website and click the “Create Account” button in the upper right corner.
- Click the “Create Paxful Account” button after entering your email address and creating a strong password.
- After that, you must validate your email address. You will get an email at the address you enter. To confirm, locate it and click the link. This will provide you with a basic degree of assurance.
- To get the most out of your Paxful account, you’ll need to validate your ID and address once you’ve verified your email.
The second step is to purchase your first Bitcoins.
- The top six payment methods presently utilized in your nation or area will be shown on your main dashboard. On the left, you can see the current Bitcoin price in the currency you’ve chosen, as well as how many Bitcoin you’d receive for a certain quantity of money. We can see that 100 USD is equivalent to 0.00850436 BTC. Let’s say you’d want to spend $100 on Amazon gift cards.
- In the top six choices, Amazon gift cards are right there. But, just for kicks, use the “Show all” option.
- You may enter “Amazon” into the search bar in this box. But first, let’s look at what occurs when you choose “Gift cards.” There are 120 different gift card choices to choose from.
- Walmart, iTunes, T-Mobile refills, Barnes & Noble, Calvin Klein, Victoria’s Secret, and many more gift card choices are available. Go ahead and click Amazon, which is right at the top.
- You’ll be returned to your main dashboard immediately. However, the “Amazon Gift Card” is currently the preferred method of payment. Select “Search for Offers” from the drop-down menu.
- You’ll now see a list of vendors ready to give you Bitcoin in return for your Amazon gift card worth $100. The amount of “thumbs-up” the seller has (a large number makes it much less likely to run into a scammer), whether they are online now or recently (speeds up transactions), whether they have any conditions, and the price are the key things to look for. Find the best price for you and then click “Buy.”
- This last page asks you to confirm that you wish to proceed with the transaction and provides instructions for utilizing Paxful’s escrow service to finish it. If you follow all of the procedures, you’ll have your Bitcoins in your Paxful wallet in no time.
Paxful’s primary competitor among peer-to-peer markets is LocalBitcoins. Until recently, the former had the benefit of being able to trade anonymously.
However, since LocalBitcoins just began demanding KYC, that benefit has vanished. Coinswitch is a good choice if you need to purchase anonymously, but they offer much fewer payment methods.
Paxful also has the disadvantage of not being a crypto exchange. It’s helpful if you want to purchase Bitcoin using one of the 26 cryptocurrencies mentioned, or sell Bitcoin for one of those tokens.
However, despite the fact that both Litecoin and Ripple are mentioned, you cannot purchase Litecoin using Ripple. You’ll need a professional exchange, like as Binance, Kraken, or Coinbase Pro, if you want to get into crypto trading.
Paxful Review: Frequently Asked Questions
Is Paxful a reliable and secure service?
Paxful is a completely legitimate company. They are a massive marketplace where over 20.000 transactions are made every day. Users are additionally protected from fraudsters because to their escrow function.
There have, however, been instances of people being conned. This isn’t to say Paxful is to fault or isn’t legitimate. Consider it akin to eBay. Although eBay is legitimate, there are some people who are untrustworthy.
Paxful is a Bitcoin wallet, right?
Both yes and no. Paxful is a Bitcoin-buying marketplace on the internet. However, they do offer a free wallet address to their customers.
The Paxful mobile app is also a fully functioning Bitcoin wallet that allows you to purchase and sell Bitcoin through the Paxful marketplace.
What is Paxful’s revenue model?
You may be wondering how Paxful earns money if all transactions are peer-to-peer. They impose costs for certain procedures, which is the solution. Those purchasing Bitcoins do not have to pay any fees.
Users who sell Bitcoins, however, must pay a charge. The cost of selling Bitcoin will vary depending on the form of payment, ranging from 0.5 percent for bank transfers to 5% for Google Play and iTunes gift cards.
There are also withdrawal fees with Paxful. The cost of sending Bitcoin to an external wallet varies from 0.001 to 0.0005 BTC, depending on the amount being sent.
Is it necessary to show identification to use Paxful?
Yes. You’ll require email, ID, and address verification to use all of Paxful’s services and satisfy all of the criteria for buying or selling Bitcoin.
You can purchase Bitcoin in a variety of methods these days. There are hundreds of different cryptocurrency exchanges, numerous peer-to-peer markets, and even Bitcoin ATMs and over-the-counter offices in certain locations across the globe where you may make your purchase.
Peer-to-peer markets are straightforward: they connect individuals who want to sell with those who want to purchase. In many instances, they also provide escrow services to help customers avoid being defrauded.
The primary benefit Paxful has over all other exchanges and peer-to-peer marketplaces, as this Paxful review should have made apparent, is the variety of payment methods accessible to you.
So whether you have some spare cash or a gift card that you don’t know what to do with, Paxful can help you get your hands on some Bitcoin.
So, what are your thoughts? Are you tempted to invest in cryptocurrencies with that Hotels.com gift card you have sitting around? If that’s the case, go visit Paxful and get started.
- Cryptocurrencies are now available.
- Registration is simple and fast.
- Most nations and areas have it.
- Fees that are reasonable
- There are many payment methods available.
- There is no such thing as anonymity. KYC was needed in certain cases.
- There isn’t a cryptocurrency exchange here. Only for the purpose of purchasing and selling Bitcoin
- Some users have reported being scammed.
Paxful is a peer-to-peer cryptocurrency marketplace. It allows users to buy and sell Bitcoin, Ethereum, Litecoin, and other cryptocurrencies for fiat currencies. Reference: paxful sign up.
Frequently Asked Questions
Is Paxful legit 2021?
Paxful is a legitimate company and has been around since 2013.
Can I get scammed on Paxful?
No, you cannot get scammed on Paxful.
Is Paxful trustworthy?
Yes, Paxful is a trusted and reputable company.
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