Pros
Cons
Quick Summary
| Headquarters Location | International |
|---|---|
| Fiat Currencies Supported | USD, AUD, GBP, CAD, EUR, NZD + 130 others (some through third party apps) |
| Total Supported Cryptocurrencies | 4+ |
| Trading Fees | 0% - 1% |
| Deposit Methods | Bank Transfer, Debit Card, Credit Card, Cryptocurrency, Paypal, Apple Pay, Google Pay, AdvCash, Payeer, Payoneer, Skrill, Stripe, Revolut, OkPay |
| Support | Facebook, Twitter, Instagram, Live Chat, Help Center Articles, Support Ticket |
| Mobile App | Yes - iOS, Android |
Paxful is a peer-to-peer crypto exchange platform with a global user base of millions. The exchange is supported by more than 12,000 vendors and provides round-the-clock service for Paxful users.
Established in 2015, Paxful has swiftly gained recognition as a significant player among global peer-to-peer cryptocurrency exchanges. The platform has garnered attention from several media publications, cementing its reputation in the cryptocurrency industry.
Paxful’s rapid expansion rates in Nigeria and Kenya highlight the platform’s influence on areas without banking infrastructure.
About Paxful
The crypto exchange prides itself on its Paxful wallet and an extensive selection of payment methods. This feature is especially beneficial to those without a bank account.
In addition to conventional means of payment, such as credit cards and wire transfers, other payment methods include gift cards (e.g., Google Play gift cards), sending cash through postal services, phone top-up cards, PayPal transactions, and WeChat Pay.
Paxful has a number of active social profiles including Facebook, Twitter, Instagram, LinkedIn, Discord, Reddit, TikTok and YouTube.
Paxful has a mobile app on both the Apple App Store and Google Play.
Paxful Supported Cryptocurrencies
Paxful supports trading on over 4 cryptocurrencies on their platform. This exchange currently supports 4 of the top 30 market cap cryptocurrencies.
Download full list of cryptocurrencies Paxful supports
Trading Experience
Paxful delivers a smooth crypto trading experience within a supportive community, ensuring Paxful users have a pleasant and straightforward experience on the platform.
Web Platform Offers
Paxful offers a variety of options for buying Bitcoin, making it a favored platform among those who want to buy and sell Bitcoin. This commitment to providing a positive user experience is why many gravitate towards using Paxful for their Bitcoin transactions.
Mobile App
The Paxful mobile app is just as efficient as its desktop version. It comes with user-friendly services that allow for instant cryptocurrency transactions. It is designed to work with Android and iOS devices, delivering the convenience and features of the Paxful platform directly to your mobile device.
Paxful Fees
Due to its fee structure, Paxful is a favored platform for many people. While sellers are subject to fluctuating charges depending on their chosen payment method, buyers benefit from not having to pay any direct fees.
When moving cryptocurrency like Bitcoin, transaction costs differ and depend on the type of cryptocurrency in question and the quantity being transferred.
Buyer Fees
Buyers on Paxful benefit as the platform does not directly impose fees for buying cryptocurrency. Additional fees might apply indirectly depending on the payment method (such as using gift cards or bank transfers). These supplementary charges originate from the service provider rather than Paxful itself. Therefore, buyers should be aware of these possible additional expenses.
Seller Fees
Traders on Paxful need to be aware of the fees associated with trading digital assets. A standard fee of 0% - 1% is applied to most trading transactions. A higher fee applies to trading with gift cards. Sellers using Paxful’s platform should understand that they are responsible for any transaction fees incurred.
| Type | Fee |
|---|---|
| Deposit Fee (Bank Transfer) | 0% |
| Deposit Fee (Credit/Debit Card) | 0% |
| Trading Fee | 0% - 1% |
| Withdrawal Fee (Bank Transfer) | 1% |
Paxful supports a range of different cryptocurrencies with varying withdrawal fees. When looking at Bitcoin, their withdrawal fee is 0.0004 BTC. The average across all other exchanges that we've reviewed is 0.000380 BTC. This means Paxful charges above the industry average by 5.22%. This is worth noting because it likely means they are also charging higher fees and spreads across all cryptocurrencies on their platform.
Security - Is Paxful Safe?
Paxful is committed to maintaining a secure trading environment, heightened by various security measures such as a dedicated escrow system and accurate user verification processes.
Escrow Service
Paxful uses an escrow service to safeguard the integrity of transactions and provide security for buyers and sellers engaged in trades. When a trade is initiated, the Bitcoin involved is secured by this escrow service. Following payment confirmation from both parties involved (when the seller acknowledges receipt and the buyer confirms they have paid), Paxful releases the Bitcoin to its new owner.
Should the buyer fail to complete their payment within the agreed-upon timeframe, Paxful’s system will automatically terminate the transaction and return the bitcoins to circulation under the control of the original vendor.
Verification Process
Registering an account and undergoing identity verification are the initial steps to begin trading on Paxful. The extent of trading allowed on Paxful hinges upon the user’s completion of specified verification levels.
While users residing in the United States must fulfill requirements for verification levels 1, 2, and 3, those in the European Union and Canada must complete at least levels 1 and 2. If such users from the EU or Canada want to withdraw funds from their accounts on Paxful, they will have to successfully complete level 3 of verification as well.
Additional Security Features
Paxful strongly recommends its users enhance the security of their accounts by implementing extra precautions. Users are advised to activate two-factor authentication on their Paxful account (with preferred apps such as Authy or Google Authenticator), establish security questions to help recover their account, and generate strong passwords for their Paxful and email accounts.
Paxful Customer Support
Paxful supports its users by ensuring they can reach out for assistance 24/7. For immediate help, users can access a chatbot feature and submit inquiries through support.
Users need to note that authentic email communications from Paxful will always originate from support@paxful.freshdesk.com.
Paxful Support Channels
Tips for Trading Safely on Paxful
To ensure secure trading, users should be aware of scams and carefully assess the reputation of potential trade counterparts. It’s recommended to keep track of active sessions and connected devices, alter passwords if any suspicious activities are detected, and use safe networks and systems with the latest updates.
It is also important to verify communication authenticity by confirming Paxful’s official domain. Most importantly, avoid suspicious hyperlinks (don’t click!).
Researching Sellers
Before initiating transactions, users should assess the reputation of prospective trade partners on Paxful. Doing so contributes to a more secure trading experience and helps prevent scams.
Communication on the Platform
Paxful requires all user interactions to occur on its platform to protect and accurately record transactions. The site also cautions users against disclosing personal and contact details in the trade chat. Such precautions help prevent possible scams and impersonation (which might happen off-site).
FAQ Section
Paxful provides a detailed FAQ section on its website to help resolve frequently asked questions from its users. The topics addressed in this section include issues related to user accounts, procedures for account verification, questions about the platform’s wallet service, and concerns regarding transactions.
User Reviews
Users of Paxful have commended the platform for its intuitive interface, convenient mobile app, and prompt customer service support. Testimonials featured on the website reflect a variety of user profiles, from novices purchasing their first Bitcoin to veteran traders.
How to Sign Up on Paxful
- Create Account - Visit the Paxful website and fill out the create account form. You'll need to include a valid email, set your password and type in other details like your phone number and name.
- Verify Account - Confirm your email, you should get an email asking you to verify your account creation.
- Transferring Funds - Once your account has been verified, you can deposit using the deposit methods listed below, including some options through third party apps.
- Start Trading Crypto - That's it! You should now have everything in place to start trading.
Deposit Methods
Paxful Alternatives
Binance
Total Supported Cryptocurrencies
391+
Trading Fees
0.10%
Fiat Currencies Supported
USD, GBP, CAD, EUR, NZD + 75 others
Kraken
Total Supported Cryptocurrencies
282+
Trading Fees
0.08% - 0.40%
Fiat Currencies Supported
USD, AUD, GBP, CAD, EUR + 1 other
OKX
Total Supported Cryptocurrencies
333+
Trading Fees
-0.005% - 0.10%
Fiat Currencies Supported
USD, AUD, GBP, CAD, EUR, NZD + 85 others
Final Thoughts
Paxful stands out as a reliable, user-friendly, and secure trading platform.
From its extensive range of payment options and strong security measures to its responsive customer support and positive user reviews, Paxful is a preferred choice for new and experienced cryptocurrency traders.
The platform’s impact on crypto adoption in unbanked regions (Nigeria and Kenya) further shows its commitment to making cryptocurrency trading accessible (and beneficial) for all.
Paxful FAQs
Paxful is a peer-to-peer cryptocurrency exchange that operates a legitimate business. It allows users to buy and sell Bitcoin through various payment methods.
The platform implements security measures to protect transactions, including an escrow service and two-factor authentication. However, like on any online marketplace, users should exercise caution and follow best practices to stay safe.
To spot a scammer on Paxful, look for red flags such as users who refuse to follow Paxful’s trade guidelines, rush you to make payments, offer deals that seem too good to be true, or ask for off-platform communication. Also, always use Paxful’s escrow service and never share your details or send money outside the platform.
Paxful charges a fee for sending Bitcoin from your Paxful wallet to an external wallet. The fees vary depending on the Bitcoin network’s congestion at the time of transfer. Buying Bitcoin into your Paxful wallet is usually free, but selling Bitcoin incurs a fee that varies depending on the payment method.
To stay safe on Paxful, always complete trades within the platform’s escrow system, use two-factor authentication, verify the identity of the person you’re trading with, check users’ feedback scores, never share personal information, and be wary of unsolicited messages or offers.
Yes, Paxful is a real company. It was founded in 2015 and has since grown to serve a global user base, providing a platform for peer-to-peer Bitcoin exchange.
Transactions made on Paxful can be tracked to some extent, as Bitcoin transactions are recorded on the public blockchain. Paxful also implements KYC (Know Your Customer) and AML (Anti-Money Laundering) policies to comply with regulations involving identity verification and transaction monitoring.
Paxful safeguards transactions through an escrow service and provides a mechanism for users to initiate disputes if disagreements arise, thereby protecting both buyers and sellers throughout the trade process.
Paxful User Reviews
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Methodology
At Crypto Head we use a rigorous research and rating process to assess each platform. Our star rating system is out of 5 stars and is designed to condense a large amount of information into an easy-to-understand format. You can read our full methodology and rating system for more details.
About The Authors
James Page, previously the lead writer at Crypto Head and a registered psychologist, brings a unique perspective to the world of blockchain and cryptocurrency.
His extensive experience in the industry and ability to present complex concepts in an understandable manner make his articles a valuable resource for readers seeking to navigate the ever-evolving crypto landscape.
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Adam Morris, the co-founder of Crypto Head and a respected crypto expert, offers insightful commentary and analysis on cryptocurrency, NFTs, and the evolving digital landscape.
His extensive experience and features in top-tier publications like Forbes and CNN underscore his deep understanding of the crypto world and its future potential.
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