Paxful: review of the p2p platform for buying / selling Bitcoin cryptocurrency, reviews

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Paxful is a p2p service for instant bitcoin exchange in more than 353 ways through direct transactions with other system participants. The platform provides an opportunity to buy or sell Bitcoin (BTC) cryptocurrency. You can withdraw funds received to a bank account in any country; through the transfer of cash; electronic money PayPal, Advcash, Payeer, Yandex, Qiwi, etc .; by exchanging for gift cards iTunes, Amazon; exchange for many other cryptocurrencies; make purchases in stores (the last opportunity is still in development). Read Btcnewsweb.com for an up-to-date overview of the Paxful platform.

Official website: paxful.com

In fact, Paxful is a community of over 800,000 users who have bought 480,000 Bitcoins in total. The service allows you to buy or sell cryptocurrency from anywhere in the world and without intermediaries.

Other cryptocurrency exchanges and trading platforms: LocalBitcoins, Cryptolocator, Bitzlato, LocalCryptos, EXMO, Binance, Currency, Bitmex.

Opportunities provided by the paxful.com website:

✅  Buy (sell) BTC in real time.

✅  Make safe transactions – until the successful completion of the trade Bitcoin is stored in a special secure account.

✅  Set your own course as a salesperson.

✅  Build a reputation. The higher it is and the more positive reviews, the more willingly users will respond to your suggestions.

✅  Receive additional income from an affiliate program, according to which the inviter receives a part of the commission from the invitee’s transactions.

✅  Work with a free secure wallet powered by BitGo provider.

Basic information

NamePaxful
Official sitepaxful.com
Servicesp2p exchange, wallet, mobile application
Year of foundation2014
Country of registrationUSA
Registration address3422 Old Capitol Trail PMB# 989, Wilmington DE 19808-6124
The name of the companyPaxful Inc.
Russian language supportYes
Working with fiatYes
Fiat currenciesAll world
CryptocurrenciesBitcoin
Payment optionsBank transfer, online wallets (e.g. PayPal, Skrill, Neteller, Advcash, Payeer, Perfect Money, Yandex.Money, Qiwi, etc.), cash, cryptocurrency wallets, gift cards
Transaction feesFor the buyer 0%, for the seller – depends on the payment method: bank transfers 0.1%, cards 1%, cryptocurrencies 1%, online wallets: 1%, cash 1%, gift cards for iTunes and Google Play 5%, for other gift cards 2%
Withdrawal feeFixed 0.0005 BTC
Trade volume limitInitially 1,500 USD, after confirmation of identity 10,000 USD, after confirmation of the address, individual consideration of the application for increasing the limits is possible
VerificationThere is. Increases transaction limits and opens up new payment methods. For some countries (Russia, Belarus), which are under various sanctions, verification is required.
SafetyTwo-factor authentication, secure wallet, email and phone confirmation
Mobile appYes, for Android and iOS
Telegram botNo
Contactshelp@paxful.com
Social the networkhttps://www.facebook.com/paxful; https://twitter.com/paxful; https://www.reddit.com/r/paxful/; https://www.youtube.com/channel/UCa58WhEX8MfnZOpjjEJVdqA; https://www.youtube.com/channel/UCa58WhEX8MfnZOpjjEJVdqA
Assessment from Btcnewsweb.com8

Registration at paxful.com

register on paxful.com To register on the Paxful exchange, click the Create Account button on the paxful.com website.

Enter user data: email address, account name, password at least 6 characters long using upper and lower case, as well as numbers and special characters. Accept the terms of use for the service, solve the captcha and click “Create a free Paxful account”.

In a minute, a letter will come to the specified address, confirm the e-mail by clicking on the link from it.

Enter your registration email and password to enter your Paxful account.

Personal Area

To access your Paxful account, hover over your account name and select My Profile.

Here is the basic information about the account – active transactions, date of account creation, reviews, verification.

To get into the settings, you must select the appropriate item in the same menu.

The settings have the following sections:

✅  Ask security questions. It is recommended to do this for additional protection of your Paxful account – so as not to lose access to it if, for example, your phone is lost. It is proposed to establish three questions. After this is done, the section disappears.

✅  General settings – setting and confirming the mobile phone number. Update profile photo. Adding information about yourself. Selecting the main account currency. Notification settings (on the website, by SMS, by e-mail). Setting the time zone.

✅  Security Settings. 2FA activation. Password change. Account deleting.

✅  For developers. Obtaining API keys (available only after enabling 2FA).

✅  Verification. Consists of two stages – identity verification and address verification. Both expand the limits on trading operations, the first up to 10,000 USD, the second on individual terms, but only if the user makes transactions for at least 10,000 USD per trade.

Verification

Here’s a step-by-step guide to verifying your identity on Paxful.

Go to the settings, in the “Verification” section. Enter all the required data – name, date of birth. Indicate the country of issue and the type of identity document. Enter the expiration date for the document. Click “Start Verification”.

On the next screen, choose whether you want to take a photo of your ID right now, or download a file from your computer.

In any case, it is necessary that all important details (name, document number, photo, etc.) are clearly visible. If you are using an ID card or driving license, take a picture of the other side as well.

The next step is face confirmation. You need to activate the camera, look directly into it. Do not wear glasses or a hat in the photo, and sit close enough to the camera. The face should be in an oval frame.

If everything is in order, the photo and other data will be sent to Paxful staff for analysis. Information processing takes only a few minutes, and a notification will be sent about the results. No more than ten verification attempts can be made per day.

Working with a wallet. Input Output

After registering on Paxful, the user is given their own BTC address To replenish your account, you just need to copy it and transfer funds to it from an external Bitcoin wallet or send it to another person to do it. If necessary, at any time, you can generate a new address that will refer to the same wallet.

Bitcoin transactions do not take place instantly, but after three confirmations. The progress of receiving confirmations is displayed in the wallet. On average, translation takes from 20 minutes.

To withdraw money to a third-party address, you must click on the “Send Bitcoins” button in the wallet section of the website.

A window like this will appear.

Here you need to specify the desired withdrawal amount and the address to which the cryptocurrency will be transferred, as well as enter your account password (the latter is not required if 2FA is activated).

When sending from the balance of the Paxful wallet, the miner commission will be withheld.

Paxful Wallet Mobile Wallet

Owners of Android and iOS devices can download the Paxful Bitcoin Wallet app to conduct Bitcoin transactions anytime, anywhere. The wallet is fully integrated with the Paxful platform.

Available options:

✅  Buy and sell Bitcoins through a peer-to-peer platform.

✅  Track BTC balance in real time.

✅  View open deals, observe the change in the status of transactions.

✅  Track the rate of BTC to popular fiat currencies.

✅  Send other traders a QR code or your wallet address.

✅  Customize your wallet according to your preferences.

Paxful Bitcoin Wallet can be downloaded from the App Store or Google Play Store to enjoy almost the full functionality of the platform.

Buying and selling Bitcoins through the Paxful platform

To sell or buy Bitcoin, visit the Paxful website and select Buy or Sell from the top menu.

Also, in the form on the main page, you can immediately specify the desired parameters of the transaction and click “View offers”.

You will see a list of currently available offers.

At the top of the page, use filters to set the parameters of the offers:

✅  Convenient payment methods (the total number of options is more than three hundred).

✅  The currency used for the purchase.

✅  The amount to be paid.

✅  Country where the seller is located.

Once you’ve configured all of the above, click View Offers. Each of them contains information about the amount of profit, reputation or activity of the seller, limits on the purchase / sale. You can click on the name of any counterparty to go to its profile and find out more information, read reviews, see the registration date, etc.

If you have read the terms of the offer and they suit you, then click on the “Buy” / “Sell” button. You will be taken to the deal page containing instructions and a chat window.

Accept the terms and conditions written by the seller. Next, make a payment to the specified details, send all the necessary files and documents to the seller and click the “Paid” button. If you do not do this, then after a certain period of time, the transaction is canceled, and the funds are returned to the owner.

Nuances and tips:

✅   You can cancel the deal at any time.

✅   After opening a deal, the number of Bitcoins is fixed on the account at the rate that was at that time; if the rate changes during the transaction, then these changes do not affect the blocked amount.

✅   The seller cannot cancel the transaction after the buyer has clicked “Paid”.

✅   If the counterparty violates the rules, you can complain about him or open a dispute, the details of which will be reviewed by Paxful arbitrators.

The resulting funds are sent to Paxful’s internal wallet. Do not forget to leave positive or negative feedback to members, it is very important to build their reputation.

Affiliate program

Any user can share their affiliate link and earn 50% commission when making deals by referrals, as well as another 10% commission when making deals by referrals of the 2nd level.

Income only comes when referrals buy Bitcoins. To make money by selling Bitcoins as well, you need to make a request to the Paxful support team.

You can distribute the link through any of the advertising channels – sites, blogs, Yandex.Direct, Google Ads, Bing or Yahoo ads, YouTube channels, advertising mobile networks and other financial or entertainment platforms. Tracking ID helps you determine which channel works best.

Of course, you can invite users from any city or country, but in order to achieve the greatest coverage, it is worth considering the statistics of the platform’s use. At the moment, most of the users are from the United States, and Africa and Asia are considered the most promising destinations.

Advantages and disadvantages

Pros: ✅  

✅  Good reputation. Long term of work, a large number of users, positive reviews.

✅   Fast verification within minutes.

✅  Large selection of transaction payment methods (300+).

✅  Availability of a mobile application.

✅  Two-tier affiliate program.

✅  Nice interface that is easy to understand.

✅  Detailed help section, fully available in Russian.

✅  Compliance with US laws.

Cons:

❌  The Paxful platform is focused only on working with Bitcoin, although you can pay using altcoins.

❌  Some sellers charge excessive markups on rare payment methods for a deal.

Conclusion

Paxful is a comfortable and time-tested platform for buying or selling Bitcoin. If you are interested in other cryptocurrencies, you better look at another option for p2p exchanges, but if you want to work with Bitcoin, then this site is ideal. According to the developers, Paxful is at its peak of growth, which means that we can expect the expansion of functionality and other improvements.

Reviews for the Paxful Wallet mobile app from Google Play:

Reviews from the App Store: reviews about the paxful.com exchange from the App Store

Reviews about Paxful from Trustpilot:

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