An objective review of Paxful.com
Paxful is a digital wallet service and a peer-to-peer exchange, which has users in almost 200 countries and supports more than 450 payment methods to purchase Bitcoin.
It is a much-needed solution for seasoned investors and traders in countries where they cannot access Bitcoin and altcoins any other way.
How it works
The following deposit methods are available to Paxful customers:
· Bank transfer
· PayPal
· Skrill
· Neteller
· A debit card or credit card
· Western Union
· Payoneer
· iTunes gift card
· Amazon gift card
· Cash
· Cryptocurrencies
The seller releases Bitcoin to the buyer after confirming receipt of funds from the platform’s escrow service.
Paxful is available all over the world. The minimum amount you can buy is equivalent to $10.
To sign up, all you need to provide is your name, country, mobile number, email address, and password.
Verification levels
Paxful has a relatively high number of verification levels: four. For the first one, you’re asked to validate your phone and email address. The trade limit is $1,000.
For the second, you’re required to undergo ID verification. The trade limit is $10,000.
On level 3, the platform requires address verification, and the limit is set at $50,000 per trade. On the highest level, the limit is above that, but enhanced due diligence is required. High-volume traders will find this a worthwhile option as Paxful can be used in any location with a reliable internet connection, even where crypto trading is banned.
Paxful has a desktop and a mobile trading app. To get started, click on the “New Order” button. Verifying the seller’s ID before you commit to purchase from them is recommended. Once you’ve reviewed the seller to your satisfaction, enter the amount of money you’d like to spend. The seller will transfer the crypto to you. Until then, your funds will be in escrow.
Key features
Paxful offers low fees and a wide variety of payment methods. The service fee is around 1% and is charged to process withdrawals from Paxful to your account. Below are a few other key features.
High security
Paxful is a highly secure platform, albeit unregulated. It follows strict KYC and AML (know your customer and anti-money laundering) procedures. With every deposit, the platform creates a new wallet for users, reducing the risk of a hack. Paxful also introduced two-factor authentication a few years ago.
Cloud-based wallet
Paxful is more than a trading platform; it’s a Bitcoin and Tether wallet. You can use this cloud-based wallet anywhere in the world as long as your internet access is reliable.
The wallet is directly linked to Paxful’s exchange platform so that users can sell and buy Bitcoin quickly and seamlessly.