Paxful Review | Is it Safe or Scam?

Paxful is a safe and easy to use peer-to-peer crypto exchange platform that uses Escrow service to protect buyers and sellers from scams. Moreover, the platform also offers a lot of other features, and in this Paxful review, we’d try covering as many of those features as we could.

Summary

  • Paxful is one of the best peer-to-peer finance platforms for trading cryptocurrency.
  • It provides marketplace services in two forms: Virtual Kiosk link’ and ‘Pay with Paxful.’
  • Paxful does offer a secure and free bitcoin wallet right after you create an account on Paxful. 
  • It does have four verification levels. Every level has a different buying limit. 
  • You can buy Bitcoin on Paxful by finding an order, beginning the trade, and lastly, receiving the Bitcoin. The buying process is the same for (Tether USDT).
  • You can sell Bitcoin on Paxful by setting your requirements, reviewing offers, beginning the trade, and finally leaving the feedback. The selling process is the same for (Tether USDT).
  • This peer-to-peer platform caters to the buying and selling of Bitcoin and Tether only for the most part. Paxful’s sellers accept over 300 payment methods.
  • This platform does offer an escrow service for every Bitcoin transaction.  
  • The Paxful mobile app allows transfers anywhere, at any time, and with anyone. It is an ultimate companion tool to the Paxful platform.
  • Paxful offers 24/7 customer support. You can get in touch with Paxful’s support teams through its contact form.

What is Paxful?

Paxful is one of the best peer-to-peer crypto exchange platforms. The platform is like a marketplace where buyers and sellers connect for P2P transactions. Furhter, Artur Schaback and Ray Youssef founded EasyBitz in 2014 which was later renamed as Paxful.

Paxful has over 300 payment methods, which make it effortless to find suitable offers. Paxful intends to give the users complete control over their money. The peer-to-peer system of this platform eliminates borders as well as limits. Users can send money and purchase things from almost anywhere in the world. This is how users can utilize Paxful. Paxful’s community has over 4.8 million users, and it is continuously growing.

Paxful Services

Paxful provides its marketplace service in two forms. Paxful has a ‘Virtual Kiosk link.’ Any website owner or person can use this. Essentially, the virtual kiosk is Paxful’s affiliate program. It allows people to spread the word about this platform and generate a 2% revenue from any amount bought. 

Paxful also provides ‘Pay with Paxful’. This payment processing feature can be added to the websites. It lets merchants accept any of the Paxful’s 300+ payment options through a Paxful widget on their websites. 

How to get started on Paxful?

Following are the steps to get started with Paxful.

Create a Paxful account and login

Visit Paxful and click on ‘Get Started’ at the top. After this, click on ‘Create Account.’ Fill in all your details and click on ‘Create Account.’ Shortly, you will get the verification link at your email address. Click on it for your email verification. After this process, you can log into Paxful for the first time. 

Paxful Signup
Paxful Signup

Paxful wallet

Paxful does offer a secure and free Bitcoin wallet right after you create an account on Paxful.

Verification and buying limits on Paxful  

Paxful does have four verification levels. Every level has different limits: 

  • Level 1: Phone and email verification. Here, the limit is $1,000. 
  • Level 2: Level 1 requirements + ID verification. Here the limit is $10,000. 
  • Level 3: Level 2 requirements + address verification. Here, the limit is $50,000. 
  • Level 4: Level 3 requirements + enhanced due diligence. There is no limit to this level. 

The U.S. users must complete levels 1, 2, and 3 to trade on Paxful.

How to buy Bitcoin on Paxful?

  1. Find an offer: Once you have created an account on Paxful, select the mode of payment, the amount of Bitcoin that you intend to purchase, and your preferred currency. After this, click ‘Search For Offers.’ Check out the list of offers and select the one that matches your specifications the most. Then, review the seller’s terms. Please check the rates set by the sellers as well as their feedback and reputation scores to assess their credibility.
  1. Begin the trade: When you are satisfied with the seller’s terms, insert the amount of Bitcoin you intend to purchase. Then, start the trade. After this, a live chat with the seller will be opened. Do as instructed by the seller to make the payment and confirm it. 
  1. Receive the Bitcoin: The Bitcoin will then be released by the seller directly into your Paxful wallet. 

Paxful Review: How to buy Tether (USDT) on Paxful?

The process of buying Tether (USDT) is the same as the process of buying Bitcoin on Paxful

How to sell Bitcoin on Paxful?

  1. Set your requirements: Select your preferred payment method as well as the maximum amount of Bitcoin that you intend to sell. You can also indicate your preferred currency and your location. After you get done, click ‘Search For Offers.’ You will then see a list of offers. 
  1. Review offers: You must check the important information about the buyer, such as their name, reputation, verification level, and rate per Bitcoin. After you have found a suitable offer, click ‘Sell.’ This won’t open trade but will guide you through the offer conditions and terms set by the buyer. 
  1. Start the trade: When you are satisfied with the buyer’s terms, fill in the amount you are ready to trade for and click ‘Sell Now.’ This will open a live trade chat as well as move your Bitcoin to Paxful’s secured escrow. Please read all the provided instructions carefully and follow them. Your buyer will also complete their end of the trade. You can then go ahead and release the Bitcoin after you receive the payment. Download a public receipt once the trade is over.
  1. Leave feedback: Once you sell your Bitcoin, do remember to give your trade partner’s feedback. This is crucial for Paxful as it helps in building a user’s reputation. 

How to sell (USDT) on Paxful? 

The process of selling Tether is the same as the process of selling Bitcoin on Paxful.

Paxful Fees

Trading fee

Paxful Trading Fees
Paxful Trading Fees

Buying Cryptocurrency

When you buy cryptocurrency from another customer on Paxful, you are purchasing cryptocurrency at the rate set by the customers. These rates depend and vary based on several factors like your payment method, verification status, order size, and currency pair (such as USD, EUR, CNY)

Selling Cryptocurrency