Someone suggested on one of those threads it was BitGo’s fault, yet the reputation of Paxful seems to be mixed. 0.001 BTC is the minimum amount that Paxful allows any vendor to offer, no matter their verification level. The site takes 1% of the total sale amount from the seller, taken automatically from the user wallet, and sent into escrow along with the amount to be purchased by a client during a trade. The company was founded by Artur Schaback and Ray Youssef in the summer of 2015 and is based at 3422 Old Capitol Trail, Wilmington, Delaware. Like most cryptocurrency exchanges, Paxful has a dedicated mobile app.
Paxful Trading Data
It shows you the current price of BTC in any of the available 100+ fiat currencies, which is pretty neat when you just want a quick price conversion without leaving the website. Withdrawing to another Paxful Wallet (AKA, internal withdrawals) has no network fee but still costs 1%. Verification can help ensure real people are writing the reviews you read on Trustpilot. Companies can ask for reviews via automatic invitations.
- Globetrotters find it easy to access their accounts across devices.
- Whereas payment option that includes chargebacks like PayPal, credit card has the highest exchange rate.
- The Financial Intelligence Unit (FIU) of Estonia has verified Paxful as compliant with anti-money laundering (AML) laws.
Yes, Paxful is a legitimate platform with a strong focus on security. It uses various safety measures such as two-factor authentication, encryption, and an escrow service. You should opt for Bybit if you are conscious about fees, as it charges low fees of 0.01% to 0.10%. Thanks to its support for crypto and fiat currencies, it also makes it easy to top up your crypto balance. For example, bank transfers and wire transfers have a 0.5% fee, while Google Play gift cards carry a 5% fee, and other gift cards have a 3% fee.
Are there any hidden fees?
This means that the seller can no longer cancel the transaction and that the buyer has a certain period of time to make the payment. If payment is made within the stipulated time period, the coins are transferred to the buyer. Bitcoin is a digital currency, so all transactions are delivered to your Paxful e-wallet. All in all, Paxful is a great option if you’re looking for secure and convenient crypto buying and selling. The seller is charged a 1% fee on the transaction and a small mining fee to send the bitcoin to the buyer’s address. In alignment with industry standards and regulatory requirements.
With its more diverse crypto support of 350+ cryptocurrencies and low fees of 0.1%, it is the world’s largest cryptocurrency exchange. How much does it cost paxful bitcoin review to buy or sell crypto on Paxful? Given the array of payment methods, you’d expect the answer to be more complicated – but in reality, the system is quite streamlined and simple. Let’s say you’re a customer who prefers paying with crypto, but you find yourself with an empty wallet just now. In exchange, the business earns a 2% commission on every sale.
Urgent Appeal for Account Review and Reinstatement
It wasn’t intentional, but it happened because of the long wait for account verification when accepting the payment. After some time, I received an email saying that bitcoin had been transferred from my account, but I neither got the money back nor could I log into my account. When I tried to reset my password, it asked for 2FA, which I don’t know how to access. It wasn’t working with my Google Authenticator, and when I contacted Paxful support, they banned my account. When I complained about this, they stayed silent after banning my account. I don’t know if it is their own fraud tactics or if the platform is irresponsible to the customers.
More Exchanges
The team’s dedication to resolving user issues is a critical aspect of the overall trading experience on the platform. Reflecting the understanding that reliable support is essential in maintaining trust and confidence among its user community. In keeping with its mission to foster a supportive trading environment, Paxful extends a comprehensive customer support system that underscores its commitment to user satisfaction. The support framework is designed to offer answers from people who understand the platform’s nuances and user concerns. Paxful prioritizes the security of user assets through robust encryption protocols, multi-factor authentication, and adherence to best practices in cybersecurity. However Paxful strives to protect user funds and personal information from unauthorized access and potential threats.
- The website has an internal rating system for vendors, which lets users rate their experience after every transaction.
- We’ll discuss their security, fees, customer support, user experience and more, so you can decide if it’s safe for crypto trading.
- For the email support, if you have any issues concerning your Paxful account, please do well to reach them at
- It offers over 300 payment methods, putting it on par with our platform in question – although the list doesn’t include other cryptocurrencies.
Paxful’s business model is based on facilitating cryptocurrency trades between individuals, similar to other well-known platforms like LocalBitcoins. Users can create offers to buy or sell Bitcoin and specify their preferred payment methods. When a trade is initiated, the cryptocurrency being traded is held in escrow by Paxful to ensure the security of the transaction. Once the terms of the trade are met, the cryptocurrency is released to the appropriate party. It charges buyers 1% and sellers can choose a 1% or 2% fee, based on their exchange amount. All fees are kept as low as possible to maximize accessibility.
Is it possible for me to lose money on Paxful?
No deposit or withdrawal fees, except for credit cards with added 5%. Every transaction is safeguarded by Escrow, meaning payment can only be released once both sides have confirmed delivery. This is part of their pledge to offer financial independence to everyone, everywhere. Currently, Paxful sets the minimum exchange amount to 0.001 to BTC. You can start buying or selling as small as 0.001 BTC in the peer-to-peer exchange. Note that BItcoin’s market prices changes frequently, thus you may need to check the market price of Bitcoin often.
If you are involved in the trade above $10,000, ID verification and proof of address are needed. TradingBrokers.com is for informational purposes only and not intended for distribution or use by any person where it would be contrary to local law or regulation. We do not provide financial advice, offer or make solicitation of any investments. Trading and investing in financial instruments comes with a high degree of risk and you can lose money.
In addition, the requirements have undergone minor changes since the launch of the platform. Check out the corresponding entry in the Paxful knowledge base here to learn more about the process. Technically, you can shop with any currency and pay with a wide variety of methods ranging from credit cards/debit cards and bank transfers to a large number of cash deposits and gift cards. Perhaps, in practice, there are no offers for all possible combinations because the site works in a P2P way. For example, a quick search for offers in Korean won or Fiji dollar returned no results. The trading experience on Paxful is a unique fusion of flexibility and accessibility, tailored to serve a gamut of trader proficiencies and preferences.
And then Paxful charges the seller 1% of the amount of the transaction. It has been around for a few years, providing a safe and secure way to trade Bitcoin with peers from across the globe. Boasting 5-star customer service, strong security, and an easy-to-use interface, it’s easy to see why Paxful is top dog in the peer-to-peer Bitcoin market. Binance is a great combination of low fees, deep liquidity and multiple cryptocurrencies and trading pairs. We have tested every aspect of it and it STILL holds its reign as the top exchange in the world. In our view, it is the perfect crypto exchange for both newbies and advanced traders alike.
The trading experience on Paxful is designed to be intuitive, catering to both seasoned traders and newcomers alike. However The platform facilitates a straightforward purchase process, with a variety of payment methods enhancing the convenience for its users. Paxful gives users the opportunity to trade and invest in a wide variety of digital currencies. Paxful conducts business in a manner that is compliant with the regulations of None. The Paxful platform has a good range of cryptocurrency trading options. A great variety of payment methods, low fees, and fast transactions.