All of these sites are popular and efficient in their own rights. However, they all come with their own unique set of restrictions. For example, Coinmama only accepts Bitcoin and Ethereum currencies. There are other platforms that have geographical restrictions and some that have restrictions based on payment methods.
What you can do on Paxful?
Paxful, as such, is a useful platform when you want to manage those limitations. It has been described as an eBay for cryptocurrencies, and that assessment is pretty valid. Paxful involves a network of Bitcoin sellers from across the globe and just about anyone can buy Bitcoins.
Paxful allows you to choose how many Bitcoins you’d like to purchase and specify your payment method, and you’ll be given a list of sellers that you can choose from based on past trades and reputation.
You also get a higher exchange rate with Paxful because traders take bigger risks in this platform. Furthermore, you can also interact with the buyers or sellers before striking a deal.
In this Paxful review, I’ll give you a detailed overview of how this platform works and whether you should use it. If you want to compare Paxful to other trading platforms, you can jump straight to the table given in Part 2 of this article.
You can also learn more about Paxful by watching the following YouTube video:
PART 1: Paxful Trading Information
With Paxful you can buy or sell any cryptocurrencies as long as they’re available in the platform, i.e., as long as they’re being bought or sold by another trader.
All local fiat currencies are supported by Paxful. Furthermore, payment can be made in a number of different means, such as PayPal, Credit/Debit Cards, MoneyGram, Bank Transfers, Skrill, Western Union, or even Gift Cards, depending on whether the seller agrees to it.
Paxful can be used by people from across the globe, without any restrictions.
Paxful doesn’t impose fees on the buyers, only on the sellers. However, if you’re paying in gift cards, the seller can impose a fee of their choosing to convert it to cash. So it depends on the discretion of the seller.
There are no buying limits imposed by Paxful.
How fast are your funds available?
When you purchase Bitcoins from a seller, they’re stored in an escrow account. Once your payment has been successfully processed, the bitcoins will be released to you and you’ll get it instantly.
PART 2: Paxful Compared (and other Alternatives)
Paxful is a far more flexible platform than almost any other cryptocurrency exchange platforms in the market. Of course, it doesn’t have the kind of reputation or track record that Coinmama or Coinbase do.
However, if you want to be able to pay with unorthodox payment methods, communicate with the seller, or buy a large number of unorthodox currencies, then this is the ideal option for you. Furthermore, Paxful doesn’t charge any transaction fees either, unlike all other platforms.
|Coinbase Review||3.75%||Great||Email+ Coinbase “Community”||Buy|
|LocalBitcoins Review||1.0%||Good||Quick responses to online support tickets||Buy|
|Paxful Review||0% from buyer, 1% from seller||Good||Forum,live chat and email.||Buy|
|BitPanda Review||1.0% to 4.0%||Good||Buy|
|CEX.IO Review||0.5% to 2.0%||Great||Buy|
|Bitbond Review||1.0% to 2.5%||Good||Buy|
PART 3: How to Create an Account on Paxful?
It’s quite easy to create an account with Paxful. You can do so either immediately upon entering the Paxful Website, or you can do so after you’ve already found a bitcoin seller.
To create an account immediately, you’ll need to simply enter your email address along with a username and password. If you choose to do it after you’ve found a seller, you can register an account after going through the offers and selecting a seller.
You’ll receive an email immediately after you’ve created the account. In addition to useful information such as FAQ, you’ll also find a verification link, which you’ll have to click.
Once you do that, you’ll have to click another link in the welcome email. This link will be called “Secure your account with 2FA.” This will enable 2-factor authentication for your account to enhance security. This link will encourage you to verify your phone number with an SMS.
Once that’s done, you’ll have to answer two security questions.
Finally, you’ll need to fund your account before you can proceed to purchase the bitcoins.
If you want a detailed step-by-step guide on buying Bitcoins from Paxful, you can watch the following YouTube video:
PART 4: Paxful Customer Support & User Reviews
Paxful has a really good customer support system. There are a number of ways to get in touch with them:
- You can email them at firstname.lastname@example.org. They usually respond within a few hours.
- You can also find a live chat button on the bottom right of their website. You can click on that to initiate a live chat. However, it may be a while before a representative comes online.
- You can even call them on their listed number 1-865-272-9385. However, it’s best to do this during their business hours.
- Finally, Paxful is also available over Facebook. The response time over social media is quick. However, the response isn’t always as comprehensive as what you get upon contacting them by email.
PART 5: Conclusion – Is Paxful a Good Choice?
If you’re looking for flexibility, or if you feel constricted with all the regular trading platforms, then Paxful is the ideal option for you. The possibilities here are truly endless. The fees for buyers is negligible and you can use over 300 different payment methods for the transaction.
However, as with eBay and Amazon, Paxful too attracts its fair share of unreliable sellers. As such, you need to very vigilant when buying bitcoins from this site. You need to verify the sellers and their reputation carefully before you make a decision.
Having said that, if you’re just safe and careful, Paxful is a great way to bypass some of the restrictions imposed by traditional exchange platforms.
Paxful can be a blessing or a curse. If you’re willing to risk being scammed by fraudulent users, it can offer the lowest transaction fees and the widest range of cryptocurrencies.
- Low transaction fee.
- Widest range of cryptocurrencies possible.
- Most flexible payment methods.
- Presence of fraudulent users.