Paxful Review 2022 | Crypto Exchange & Trading Ratings

About PaxfulCoins & TokensWalletOpening an AccountMobile AppDeposits & WithdrawalsBuying BitcoinRates & MarginSpeedFeesProsConsCustomer SupportSecurityPaxful VerdictAccepted CountriesAlternatives to PaxfulFAQ

Paxful is a peer-to-peer cryptocurrency exchange and digital wallet provider. Customers can buy and sell cryptos using 350+ payment methods. Our review will cover how to open a Paxful wallet, the account login process, minimum deposit requirements, sending fees, and more. Find out whether to start buying and trading Bitcoin at Paxful.

About Paxful

Paxful was founded in 2015 (originally EasyBitz). Today the company has 6 million users and employs 400+ individuals, with global offices in Hong Kong, Estonia, and the Philippines. Its headquarters are located in the New York City (NYC) office, USA. Its users also span the world, with active Paxful traders found everywhere from Pakistan and Malaysia to the UAE, India, Zimbabwe, and Indonesia.

The vision of the founder and CEO was to create a world where finance was accessible to all, with cryptos connecting the dots.

The company’s charitable initiative #BuiltwithBitcoin was launched in 2017, supporting philanthropy projects in countries including Ghana, Nigeria, Kenya, Rwanda, and Uganda.

Coins & Tokens

Users can buy Bitcoin (BTC), Tether (USDT), and Ethereum (ETH) at Paxful. No other digital currencies are available to purchase. This means the cryptocurrency trading platform is fairly limited vs competitors like Binance and Coinbase. However, when comparing Paxful vs LocalBitcoins, Paxful has more options. Minimum limits for BTC transactions apply.

Over 350 payment methods can be used to buy and sell Bitcoin, Tether, and Ethereum, including Ripple (XRP), Monero (XMR), and Dogecoin (DOGE).

Wallet

The Paxful Inc wallet is a free, convenient, and safe way to manage cryptocurrencies or access the P2P marketplace to buy and sell Bitcoin. The wallet is available for download to PC, mobile devices, or via API trading.

Users benefit from 0% commission fees, cloud backup protection, and stringent security measures. Online wallet services are maintained by BitGo.

Online wallet

Opening an Account

Clients need to meet mandatory registration requirements to open a live account, including ID verification for specific territories. Note, customers from North Korea and Cuba cannot open a Paxful account. However, day traders from Zambia, London, Jordan, and many other countries and cities can access services.

Additionally, should you reach volume or wallet activity limits, you may need to complete additional KYC identity checks, including video verification and answering security questions.

Requirement limits by verification level:

Level 0 – No verification needed. $0 per trade and lifetime limit
Level 1 – Phone. $1,000 per trade and lifetime limit
Level 2 – Email and ID. $10,000 per trade and lifetime limit
Level 3 – Address. $50,000 per trade. Unlimited lifetime limit
Level 4 – Enhanced due diligence. $50,000+ per trade. Unlimited lifetime limit

Paxful reserves the right to cancel a trade or delete an account with a one-time withdrawal. This may occur if terms of service are violated or if you are in a blocked jurisdiction when you log in. The company also uses a QR code feature for easy wallet address sharing to make trading efficient.

Mobile App

Paxful offers a Bitcoin wallet app available to download to iOS and Android (APK) devices. The application provides safe and secure sign-in access to the cryptocurrency marketplace. Other features include:

Real-time balance
Personalize your profile
View the status of recent transactions
Access updated crypto to fiat conversion rates
Receive notifications of trader requests, chats, or any other account activity
Send, receive and store crypto coins in your mobile wallet, anytime and anywhere

Paxful app

Deposits & Withdrawals

The exchange does not charge a deposit fee. The platform supports 350+ payment methods for account funding. This is a significantly higher offering when compared to Binance or Coinbase.

Payment methods include:

Bank transfer – Domestic and international
Digital currencies – Including Litecoin and Dogecoin
Goods & services – Including gold, cars, and game items
Gift cards – Including Amazon, Google Play, and Xbox gift cards
Debit/credit card – Including Greendot, American Express, and VISA
Online wallets – Buy Bitcoin with PayPal, Zelle, Google Pay, MPesa, and mobile recharge

Paxful wallets are free, but withdrawal fees are charged. Users can remove Bitcoins from internal and external cryptocurrency wallets, including Binance. External wallet transfers are subject to fees depending on the withdrawal size. Withdrawals of $20+ incur a 0.0004 BTC charge. Internal wallet withdrawals incur fees based on associated limits. Withdrawals up to $1,000 per month incur no charge. After this, a fee of $1 or 1% (whichever is higher) applies.

Buying Bitcoin

To start buying and trading Bitcoin:

Sign up for a Paxful account and login
Select the buy logo and click Bitcoin
Click show all payment methods and select a deposit solution
Click any currency and select your currency from the list
Enter the amount you want to buy and trade
Select your country from the location list
Click search for offers and select as desired
Confirm the transaction

Rates & Margin

The broker and exchange offers a market price for Bitcoin taking an average rate from Coinbase, Bitstamp, and Bitfinex, though vendors can list an exchange price of their own. View the amount you can get for US Dollars under the rate per Bitcoin section of the ‘buy’ page.

Margin is set by the vendors. Paxful regards it as a seller fee rather than traditional leveraged trading, and it can vary from 5% to 50%. Investors can review the terms and conditions set by the vendor before accepting an offer or find an alternative that meets pricing expectations.

Speed

Platform speeds to send or buy Bitcoin can vary. Influencing factors include the seller’s availability, specific owner terms and conditions, and payment methods. To improve transaction speeds or to limit the queued to send out time, it’s worth contacting the seller directly via their online username to understand particular requirements.

Once Bitcoin is sent, you will receive a notification via Paxful stating confirmed or unconfirmed BTC.

Fees

Cryptocurrency conversions are subject to a 0.5% fee. The broker does not charge to buy cryptocurrency, but an exchange fee is set by other customers and account owners offering Bitcoin purchases.

Transfer fees apply to sell crypto coins, varying by payment method. Bank transfers incur the lowest charge at 0.5%. Alternative methods, including debit cards, digital currencies, and online wallets are subject to a 1% fee. The gift card rate incurs the highest rate for selling crypto at 5%. An escrow network fee is deducted from a vendor’s wallet immediately and delivered to Paxful upon completion of a trade.

Use the Bitcoin fee calculator to understand the worth of your crypto in fiat currencies using live exchange rates.

Pros

Reasons to start trading cryptos with Paxful include:

Referral codes
No commission fees
Secure escrow trading
Positive wallet reviews
Mobile app with full account features
Hundreds of supported payment methods
Supports charitable initiatives with Bitcoin
Select crypto venders suited to specific requirements and pricing

Cons

Downsides to registering for a Paxful account include:

Unregulated exchange
Only three crypto assets
Limited customer support options
Services restricted in some countries

Customer Support

Customer support is limited. An online contact form and a live chat bot are available via the logo in the bottom right corner of the Paxful website, or on the mobile app. A contact phone number is not provided. The exchange’s office mailing address is 3422 Old Capitol Trail PMB# 989, Wilmington DE, 19808, USA.

The support email addresses are help@paxful.com and help@paxful.zendesk.com. However, we had to dig for the contact details. This information isn’t readily available to its users, not even through a third-party research website like CrunchBase.

Paxful also offers an extensive FAQ page and help center (knowledge base). Topics include how to create a Paxful account, ID verification, how to buy Bitcoin, plus English and global language settings. Social media platforms including Twitter also provide the latest news and help.

Security

Peer-to-peer transactions may lead to an unfair trading environment. Some online concerns query whether Paxful is real or fake, and flag related PayPal scams. Our recommendation to ensure legitimate trading is to keep transactions within the marketplace to maintain dispute and escrow protection. This will help reduce the risk of scams.

The Paxful BitGo wallet service provider assures high-tech features to protect client funds. This includes 2FA for account login, 3d secure payments integration, and dual-factor code requirements for all crypto transactions.

Paxful Verdict

Paxful is a unique peer-to-peer crypto marketplace and wallet service. Our review was pleased to see the exchange supports 350+ payment methods, secure logins, and crypto vendor opportunities. Limited customer support and unregulated services may be a concern for some investors. Also, be aware of high vendor fees and the narrow range of digital currencies available for investments.

Accepted Countries

Paxful accepts traders from Australia, Thailand, Canada, United States, United Kingdom, South Africa, Singapore, Hong Kong, India, France, Germany, Norway, Sweden, Italy, Denmark, United Arab Emirates, Saudi Arabia, Kuwait, Luxembourg, Qatar and most other countries.

Traders can not use Paxful from Korea, Cuba.

Alternatives to Paxful

If you are looking for alternatives to Paxful we have compiled a list of the top 5 brokers that are similar to Paxful below. This list of brokers like Paxful is in order of similarity and only includes companies that accept traders from your location.

Binance – Binance is one of the leading online crypto exchanges offering Bitcoin.

Bybit – Bybit is an established crypto exchange aimed at active online traders.

Kraken – Kraken is a top crypto trading exchange offering the largest altcoins by market cap.

RaceOption – RaceOption is a binary options and CFD platform offering trading contests and prize giveaways.

Coinmama – Coinmama is a popular cryptocurrency trading exchange, aimed at beginners and high-net worth investors.

FAQ

Is Paxful A Good Wallet?

Over 3 million customers have used the Paxful wallet to buy and sell over 40,000 BTC. The wallet is practical, secure, and easy to use on PC and mobile devices.

What Is A Paxful Account And Can I Sign Up Without ID?

Paxful is a P2P cryptocurrency trading platform and Bitcoin wallet. You can create an account quickly after you’ve completed the ID verify requirements. A business account is available, subject to eligibility criteria.

Is Paxful A Regulated Exchange?

Paxful is not regulated in any country. KYC and anti-money laundering standards are in place, meaning some of the verification standards seen at regulated exchanges are followed.

How Can I Become A Paxful Vendor?

Clients need to create a vendor account on the exchange’s website. New users can join over 12,000 registered vendors to create offers, set margins, and build unique customer offerings. See online forums for further details on how it works.

Does Paxful Have A Minimum Age Requirement To Open An Account?

You must be at least 18 years old to open an account to buy and sell cryptocurrency with Paxful.

How Do I Start A Dispute On Paxful?

Paxful intervenes in any disputes via a third-party moderator. The system provided through the exchange helps ensure quick and efficient resolutions. Head to the crypto broker’s website to get started.

Who Is QuickDeal?

QuickDeal is one of the most popular users on Paxful. They have a trading volume of 1000+ BTC.

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