Forex Trading

Is Paxful Legit and Safe? : Paxful

If you need customer support you can contact the Paxful chat line (more information on this below). That being the case, for most people who are interested in selling Bitcoin an exchange like Coinbase would be a much better option. Selling on Paxful is designed primarily for professional sellers versus the average person who wants to sell $100 worth of Bitcoin now and then.

After you have been verified, your account will be created with ease. Paxful is not regulated in any country, yet it is a safe platform. However, it is highly important not to mistake the platform’s integrity for the seller’s integrity.

  1. Users can access customer service when they have issues or inquiries they need to be attended to.
  2. After a buyer finds a seller and the seller accepts the offer, the Bitcoin gets moved to escrow from the vendor’s wallet.
  3. Retirement Investments has advertising relationships with some of the offers listed on this website.
  4. Plus, all queries are answered within 24 hours on business days – making the user experience smooth and fast.
  5. This allows merchants to accept any one of Paxful’s 300+ payment options via a Paxful widget on their website.

Combined with the escrow service, this rating system helps users to identify if the person they are dealing with is trustworthy. In addition to being able to accept more than 85% of worldwide buyers, sellers can take more than 300 different payment methods. Users can trade Bitcoin, Ethereum, and Tether USD, and it supports more than 140 fiat currencies.

No fees for buying crypto

During our trade, the crypto funds were seamlessly transferred from the seller to the Bitcoin buyer upon our confirmation of payment receipt. Paxful sometimes offers competitive crypto prices compared to major cryptocurrency exchanges, while occasionally, they might lean towards the pricier side. The service is banned in New York, Washington, and West Virginia, meaning that you can’t move funds or trade cryptos on Paxful if you travel to these states. In Texas, you can use Paxful to trade all of its supported cryptocurrencies but Tether (USDT).

For example, it teamed up with the city of Miami to sponsor hundreds of students’ attendance at the Bitcoin 2022 conference. The good thing about Paxful is that they accept clients from almost all the countries of the world. However, as of October 2020, Paxful chose to comply with the Office of Foreign Assets Control (OFAC) sanctions. In the US, it is unavailable in New York, Washington, and West Virginia. Users in Texas are also prohibited by the law from accessing Tether trading. Paxful moderators will then investigate all the info, consider all the available details and finally make a decision to whom the bitcoins will be awarded.

There are several payment options available, but most people often stick to using PayPal. However, before you fund your account, you will be asked for proof of identification to verify your account. Paxful has a chat box feature that users can use to access the customer support desk for any requests. The reply is almost instant, and if not, a representative will send a follow-up email and attend to you. On the other hand, the platform has a rather detailed FAQ section that covers most, if not all, of the questions most users have. Browse the marketplace for a selection of offers until you find one that is suitable.

Fee for sending and receiving Tether (USDT)

However, you can search for your preferred means of payment on the website. After this, you can choose the cryptocurrency and the amount you intend to buy. This is because several traders are creating new payment methods that have their risk levels. Paxful runs a peer-to-peer system that makes traders buy cryptocurrency with ease. However, most people trade on the web application with the best quality of customer support. Paxful uses BitGo for its wallet service, and this is the most reliable and secure service in the market.

The amount of the fee varies, depending on the payment method. For example, when buying Bitcoin with a credit card, 2.5% of the purchase amount plus a network fee are added on. EToro is a popular online trading platform for crypto assets, stocks, and ETFs, featuring low fees and a user-friendly interface.

A dedicated Paxful wallet for users

If the trade is not completed, then Paxful does not take a fee. The U.S. users must complete levels 1, 2, and 3 to trade on Paxful. After this process, you can log into Paxful for the first time. Social media channels such as Twitter, Facebook, YouTube and Instagram also provide assistance.

Trading fee

I’m a world traveler, investor, entrepreneur, and online marketing aficionado who has a big appetite to compete and disrupt big markets. I thrive on being able to create things that impact change, difficult challenges, and being able to add value in negative situations. We write product reviews and comparison articles in the field of cryptocurrency. At the beginning of the trade, the escrow amount gets deducted from your Paxful wallet. Paxful receives the escrow fee after the trade is successfully completed.

Paxful can support so many currencies because their site architecture means that they’re not actually required to custody funds. Rather traders can work with each other using cash or bank transfers. Given that trade sizes in Africa tend to be fairly small Paxful has decided not to charge any transaction fees for trades below $20. That’s a bold paxful bitcoin review long term move which hopefully leads to greater Bitcoin adoption and an overall increase in profits as more people get into crypto. To see all of Paxful’s payment methods you can click here. With all of these different payment methods just about anyone can get some Bitcoin now, whether they’re a Wall Street broker or a farmer in South Africa.

Bitcoin for the Masses

For trade above $10,000, you will need both ID verification and proof of address. Your security is our highest priority, which is why we’ve taken extreme security measures to keep users safe in the marketplace. Follow these simple steps and get your BTC using the Apple Pay payment method in minutes with low fees. Another competitor that is giving Paxful a run for its money and users is Gemini Exchange.

What could the Paxful platform improve?

It’s possible to use everything from a gift card to physical gold to a bank transfer. Bybit is a leading futures trading platform globally, offering up to 100x leverage and attracting users who prefer to remain anonymous. With a presence in 180+ countries, it is renowned for its efficiency and unique features in cryptocurrency derivatives trading. The best way to withdraw money from your Paxful account is by withdrawing bitcoin. After several successful trades, you may decide to withdraw your bitcoin from your wallet.

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