What Is Paxful? Paxful is the world’s largest Peer-to-Peer Marketplace having over 2 million users and is a simple way to exchange your leftover money for Bitcoin. With over 300+ payment methods, customers have the ability to buy bitcoin through a multitude of channels including the typical bank transfer or bank wire.
Whether you want to spend iTunes gift card, Amazon gift card, PayPal funds, ApplePay or Cash App, Paxful allows you to seamlessly exchange money from your merchant of choice to purchase bitcoin. The Paxful app can be found on both iOS and Android.
Paxful users have the ability to create vendor accounts to sell gift cards, prepaid cards and more for bitcoin and vice-versa. The process is secure with an escrow system and makes Paxful one of the premier Bitcoin exchanges online.
What Is Paxful? A Summary
|Headquarters:||New York, New York|
|Founders:||Ray Youssef, Artur Schaback|
Paxful review: how Paxful Instant Cryptocurrency Exchange works
The mission of Paxful is to give working people a simple, fair and secure platform for trading the value of their work. The company is disrupting the financial services industry by offering a brand new way to transact money into digital form.
The Paxful user interface is simple to use and easy to navigate. The sign-up and verification process is seamless and thorough. Paxful also has an affiliate program for those who want to create another stream of income.
Where is Paxful Located?
Paxful Inc. is a registered company with its headquarters located at 3422 Old Capitol Trail, PMB #989, Wilmington, DE 19808, United States. The executive team consists of Ray Youssef (CEO) and Artur Schaback (CTO).
Reviews of Paxful are positive and the site has served more than 55,000 satisfied customers since 2015. Paxful is one of the largest Bitcoin exchanges online today with an ever-growing number of payment methods for users of all types.
Who owns Paxful?
Paxful is owned by Ryam Azab Youssef. The Paxful founder is an online entrepreneur who began launching startups and unconventional ventures in the early ’00s. He headed up a successful polyphonic ringtone business called MatrixM, then founded a less successful social network and dating platform called FunHi.
Paxful Supported countries
You can use the Paxful marketplace to buy bitcoin whether you reside in the United States, United Kingdom, China, Australia, Canada, India, Japan, Nigeria, Mexico, Brazil, Russia or just about anywhere else in the world. The key is finding a buyer or seller who is willing to work with your needs and requirements.
Banned countries: Burundi, Central African Republic Sanctions, Cuba, Crimea region, Iran, Iraq, Lebanon, Libya, North Korea, Somalia, South Sudan-related Sanctions, Sudan and Darfur, Syria, Yemen
How do I make a Paxful account?
Just go to paxful.com and click on “create account“. A form will come up to fill in your email, username, and password and also a captcha verification to be sure you are not a bot. You will receive a verification email. All you have to do is click the link in the mail to verify.
How do I buy Bitcoin with Paxful?
To begin using Paxful, you’ll need to create a free account and gain access to your free e-wallet. When you’re ready to buy bitcoin, simply enter the amount that you’d like to spend, choose your payment method and then select a seller. Once you’ve selected your seller, you can initiate a live chat with them
Cryptocurrencies Supported on Paxful
Although Bitcoin is the main cryptocurrency supported it is also possible to buy and sell the following cryptoassets on Paxful: Bitcoin Cash, Ethereum, Litecoin, Dash, Bitcoin Gold, Ethereum Classic, Dogecoin, Ripple, Zcash, Cardano, Tron, Electroneum, Verge, Icon, Raiblocks, Augur, Siacoin, Bitshares, Dentacoin, Digibyte, EOS, Tether, and many others.
Paxful Payment Methods
Paxful has quite possibly the most bountiful options for payment methods out of all the exchanges for buying bitcoin. Among the options, gift cards seem to be incredibly popular.
If you are a banking customer of GreenDot, Simple or Chime you will feel right at home using the app as a payment method. Those who are familiar with Cash App, ApplePay, MovoCash or Zelle are able to use these services to seamlessly send and receive money.
Here is a brief list of some of the payment methods (300+ in total) that are available on Paxful. You can view all payment methods available on Paxful here.
- Amazon gift card
- Apple gift card
- VISA gift card
- Walmart Visa gift card
- OneVanilla VISA/MasterCard gift card
- Cash in Person
- Zelle Pay
- Western Union
- Facebook Messenger Payment
- Bluebird American Express
- Bank transfer
- Chase QuickPay
- Google Pay
- Square Cash
- Perfect Money
- GreenDot Card
- Chime Instant Transfers
- Other cryptocurrencies
Does Paxful work in USA?
Yes, Paxful is based in the USA and was established in 2015 by a group of developers who sought to create a peer-to-peer marketplace that allowed buyers and sellers to interact after posting trade offers. The site operates as a mediator between interested parties and provides a space for its users to interact. It is fully supported in the USA
There are no fees for buying on the Paxful marketplace.
There is only a 1% fee for the seller from the amount of a sale. For gift cards, this becomes a 5% fee for iTunes and Google Play; and 2% for every other gift card. The fee for bank transfers is merely 0.1%.
Paxful Account Verification And Buying Limits
Paxful Account Level 1:
Requires email and phone verification. This increases the security level of the account, provides access to a higher amount of offers, creates a higher level of trust. The trading volume limit is up to $1,500. Only 2 trades can be opened at once and for a total volume of $500.
Paxful Account Level 2:
Requires ID verification. Increases trading volume limits, provides access to additional trading methods such as Bank Transfer. It is necessary to create offers to buy bitcoins. No need for 0.02 BTC on balance to make your buy offer visible on the website. The trading volume limit is up to $10,000.
Paxful Account Level 3:
Requires Address verification. Increases trading volume limits, provides access to additional trading methods such as Bank Transfer. Trading volume can be $10,000 and higher.
Paxful Account Level 4:
Requires additional verifications such as EDD (Enhanced Due Diligence) or CDD (Customer Due Diligence). Increases trading volume limits. May be requested for significantly high volume institutional/corporate accounts.
Paxful Vendor Account
The Paxful marketplace makes it easy to buy and sell bitcoin with different payment methods at ease and earn an extra income. Merchants and entrepreneurs can receive and close trades under their own terms.
The escrow system makes it so that you only release bitcoins from your Paxful Bitcoin Wallet if the terms of the trade have been met.
A vendor account is especially useful if you are an affiliate of Paxful and receive commissions in BTC and would like to convert it to your fiat currency of choice.
Paxful Bitcoin Wallet: Is Paxful a Bitcoin wallet?
Is Paxful a Bitcoin wallet? Paxful is more of an exchange but also has a wallet. The Paxful Wallet is the bitcoin wallet solution that will keep your funds secure without compromise to your privacy. With just a few clicks, you can deposit and withdraw, receive and send, or buy and sell bitcoin.
When you buy bitcoin it automatically goes into your Paxful Bitcoin Wallet, which is free. It takes a total of 3 confirmations for the funds to be credited to your wallet.
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Before you can start selling on Paxful you must first top up your account with some bitcoins. You can do this by proceeding to the button at the top named Wallet. From here you will be able to view your current balance and/or deposit into your Paxful Bitcoin Wallet using your personal bitcoin address. You can generate a new address every single time you want to receive more bitcoins.
Paxful Escrow System
When compared to other exchanges that only allow you to buy directly from them, Paxful has an escrow system that secures the buying and selling process for traders.
The escrow system works safely by keeping the bitcoin in each trade in a 3rd party safety deposit account. Only once all terms have been met are the bitcoins released and the trade completed.
Escrow protects sellers from fraudulent buyers by requiring the bitcoin to be deposited upfront and released only if the terms of the sale have been met.
Escrow protects buyers from sellers who refuse to release coins after sending payment. As an additional measure, buyers can upload proof of payment for Paxful moderators to have them release bitcoin to their wallet.
Every trade has a chat that is used to communicate with the buyer or seller and to upload supporting documents.
A buyer or seller can open a dispute and provide supporting documents to the moderators if the seller does not release the bitcoins on time or if the buyer is coin locking without making a payment.
The buyer has the ability to cancel the trade at any time. If the trade has been marked as paid, then the buyer must wait for the seller to release the bitcoins.
Is Paxful Safe?
Is Paxful safe? Yes, Paxful is a safe place to get crypto quickly without hassle. It is one of the most secure platforms for buying and selling bitcoin with different payment methods. Paxful does more than 30,000 trades daily, more than any other P2P crypto platform.
On Paxful the buyer of bitcoin is always safe and protected from scammers with the escrow feature. Upon sign-up, you will encounter a five-layer process to ensure the security of your account which includes your phone number and email address.
The system encourages you to set up Two-Factor Authentication (2FA) to secure your Paxful account. Paxful currently supports Google Authenticator, Authy and SMS based Two-Factor Authentication. As always, make sure to use a secure password such as one generated with a secure password generator tool.
The escrow system makes the marketplace safe for all buyers and sellers. Each buyer and seller has a feedback rating that ensures a strong and safe community. The Paxful servers are well-guarded up to the highest banking specifications, so there should be no downtime.
The Paxful Affiliate Program
The Paxful affiliate program is a great way to earn bitcoin by referring other users to trade on the marketplace. Affiliates earn 50% of Tier 1 escrow fees and 10% of Tier 2 escrow fees. You are able to withdraw bitcoin from your Paxful Bitcoin Wallet as soon as it reaches $10 USD.
Paxful Customer Service
Paxful has an excellent customer service team which will help you answer any questions you may have. There is also a comprehensive Support FAQ that covers everything you need to know about the Paxful marketplace. Phone: +1 (865) 272-9385, Support Email: firstname.lastname@example.org
How To Buy Bitcoin On Paxful
In order to begin trading bitcoin on the Paxful marketplace, you will need to get familiar with the user interface. Here are the steps you need to take to get started on Paxful. If you are new to Paxful scan the QR code to get started with buying and selling bitcoins.
Paxful Testimonials And Reviews
As a marketplace, Paxful has over 12,000 Vendors, 800,000 Customers and over a million bitcoins sold to date. For many users of bitcoin, Paxful is the go-to place to easily exchange bitcoin for cash in their currency of choice.
Paxful review: Conclusion
Paxful is an excellent marketplace for buying and selling bitcoin with other forms of convertible money such as gift cards, prepaid cards, Zelle Pay, Western Union, ApplePay, MovoCash, MoneyGram, PayPal, and hundreds of other methods. If you want to trade bitcoins quickly and painlessly, Paxful simplifies the process.
Overall, I recommend Paxful as a strong option for all audiences who are just getting started with bitcoin. Paxful is also a popular marketplace for advanced bitcoin sellers.