Finder makes money from featured partners, but editorial opinions are our own.

Paxful Exchange Review

Buy and sell cryptocurrencies with over 350 payment methods across 190+ countries with Paxful.

Paxful announcement

On April 4, 2023, Ray Youssef, the CEO of Paxful announced in a blog post that Paxful will be suspending its marketplace and that he isn't sure that it will come back.

Youssef highlighted the fact that The Paxful Wallet will be up for customers to retrieve their funds and urged users to send their funds on Paxful to a non-custodial wallet.

Disclaimer: This information should not be interpreted as an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade.

What is Paxful?

Paxful is an exchange platform that enables its users to buy and sell cryptocurrency. It is a peer-to-peer marketplace that enables buyers and sellers to meet and make transactions. Users can also make use of Paxful exchange as a means of payment processing for their websites.

Paxful exchange offers a wide range of payment options for its users and ensures that its services can be used even in countries where cryptocurrency exchange platforms are restricted. It only offers Bitcoin, Ethereum and Tether for buying and selling.

Trust has been a major issue when it comes to transactions on cryptocurrency exchange platforms, as there is a high risk of being scammed. Paxful solves this problem by providing escrow services. It ensures that the transactions are being confirmed by both sellers and buyers before payment is made.

  • If this is your first exchange. If you are interested in BTC, ETH and USDT, Paxful is a suitable choice considering its variety of trading solutions and user interface/experience design that makes it easy to use.
  • If you’re switching exchanges. Paxful’s low transaction fees, great customer support and numerous payment methods make it a preferable choice. However, Paxful only offers 3 crypto assets to users so if you want variety you will need to look elsewhere.

Pros and cons of Paxful

Pros

  • Low transaction fees (<1%)
  • Slick user interface and experience (UI/UX)
  • 300+ payment methods

Cons

  • Risk of potential scams
  • Few cryptocurrencies available
  • High exchange rate

Is Paxful any good?

The low transaction fees and user-friendly interface make Paxful a suitable choice for both beginners and experts. Also, due to its numerous payment methods and low transaction fees, the trading of cryptocurrencies is now easy and accessible to anyone with a phone and an Internet connection. But Paxful still has a lot of fixing to do when it comes to scams on its platform. It also needs to increase the trading options for users by adding more cryptocurrencies, as it currently only offers 3.

What to know about Paxful

The mission at Paxful’s birth was to make Bitcoin easier for businesses and merchants. Now it supports 2 other cryptocurrencies other than Bitcoin. Its peer-to-peer marketplace has made it very easy to send and receive cryptocurrencies even if the user resides in a country where such activities are prohibited. This is because you only need an email address and a password to open an account. In countries like China, Morocco and Algeria where there is a ban on the use of cryptocurrency, a lot of people still make use of Paxful for their cryptocurrency transactions regardless.

Despite the rate of scams on the platform, you can filter those with whom you do business by creating a trusted list. When you have a good trading experience with a seller, you can add the seller to your trusted list. By doing that, their offers are prioritised in your feed. There is also a blocked list where you can add a fraudulent seller. These are investigated and removed from your feed.

Finder Ratings for Paxful

Supported cryptocurrenciescheckmarkcheckmarkcheckmark
Transferring money or assetscheckmarkcheckmarkcheckmarkcheckmark
Fees and costscheckmarkcheckmarkcheckmark
Ease of usecheckmarkcheckmarkcheckmarkcheckmark
Customer servicecheckmarkcheckmarkcheckmarkcheckmark
Staking/earn rating?checkmark
Trustworthiness/securitycheckmarkcheckmark
Overall scorecheckmarkcheckmarkcheckmark
  • Paxful fees and costs

    When a user buys a cryptocurrency from a seller on the Paxful Exchange, they are buying based on the price set by the seller. In this way, Paxful is just an intermediary to ensure the transaction is confirmed. So when users buy or receive cryptocurrency, there are zero fees.

    But when a user decides to sell their cryptocurrency, a certain percentage of fees are deducted from each transaction. The percentage of fees deducted depends on the mode of payment.

    A user can send $1,000 worth of cryptocurrency before a transaction fee of 1% is deducted on subsequent transactions if they occur between fellow Paxful wallet holders. If the transaction involves a non-Paxful wallet holder, the 1% fee takes effect right from the first transaction. There is also a 0.5% fee for converting cryptocurrencies.

    There are no cryptocurrency deposit fees when depositing from an external address or Paxful wallet. There are no withdrawal fees when sending to another Paxful wallet, but when sending to an external address fees vary depending on the amount being withdrawn.

    Fiat withdraw and deposit fees
    DepositWithdrawal/purchase
    No Fees0.1- 5%
    Crypto withdraw and deposit fees
    DepositWithdrawal
    No feesInternal wallet: no fees
    External wallet:
    BTC
    $0 – $9.99 = 0.00008 BTC fee
    $10 – $19.99 = 0.00016 BTC fee
    $20+ = 0.0004 BTC fee
    1% fee of total if using Lightning
    ETH
    $0 – $9.99 = 0.0005 ETH fee
    $10 – $19.99 = 0.001 ETH fee
    $20+ = 0.002 ETH fee
    USDT
    $0 – $9.99 = 1 USDT fee
    $10 – $19.99 = 2 USDT fee
    $20+ = 5 USDT fee
    [/fin_accordion]

What is it like to use Paxful?

To ensure users keep track of their funds, buy and sell their cryptocurrency easily, Paxful has made its interface interactive and user-friendly. The buy, sell and convert buttons are placed on the user’s account dashboard. It is also very easy to find the deposit/withdraw interface.

Does Paxful have good customer support?

If you have trouble with the site or some questions to ask, Paxful’s customer support is always easy to reach out to. The Paxful bot is the best way to get hold of the customer support. You type in your particular problem on the chat page with the bot. The issue is then reviewed by the support team and an answer is sent to your email.

You can access the Paxful bot by clicking on the chat icon on Paxful’s homepage. On Paxful mobile apps, you click on the contact support icon and you are directed to the Paxful help centre where there are loads of articles describing how to solve whichever problems you might have.

Support offeredWait times
Paxful bot / live chat1+ minute
Help centre6+ hours

Trust rating

Signing up on Paxful

Here are the steps to open an account on Paxful:

Step 1

Go to Paxful’s homepage and click on the create account button.

Step 2

Input either your phone number or your email address and a strong password.

Step 3

Verify your email address or input the OTP sent to your phone number. With this, you have successfully created an account on Paxful.

Optional KYC (Know Your Customer)

Getting your account verified offers you a lot of benefits when using Paxful. It also makes it easy for moderators to help when the need arises. Learn more about the importance of KYC here. The following are the steps to verify your account.

  1. Click on the settings icon on your dashboard page. Then click on the verification button.
  2. Fill in the necessary information required. That information includes your full name, date of birth, residential address and a photo of your identity card.
  3. Note that the verification process can take 2 -14 working days.

Compare Paxful against other trading platforms

1 - 3 of 14
Name Product Deposit methods Fiat currencies Cryptocurrencies Offer Disclaimer Link
Kraken Cryptocurrency Exchange
Bank transfer, Credit card, Cryptocurrency, Debit card, Apple Pay, Google Pay, SWIFT

8

223

Certain trading features are limited or unavailable to residents of Ontario and Quebec.

Capital at risk

View details
Paybis Cryptocurrency Exchange
Paybis Cryptocurrency Exchange
Bank transfer, Credit card, Debit card, Neteller, Skrill, Apple Pay

60

87

Capital at risk

View details
OFFER
Bitbuy Digital Currency Exchange
Cryptocurrency, Interac e-Transfer, Wire transfer

1

39

Limited time only: Free $40* when you sign up and fund your Bitbuy account. T&Cs apply.

Capital at risk

View details
Disclaimer: Star ratings are only displayed for products with 10 or more reviews.
loading

Paxful FAQs

Is Paxful safe to use to buy Bitcoin?

While there have been a lot of reports of scams, Bitcoin can be safely bought on Paxful. To buy Bitcoin safely on Paxful, ensure you are buying from a trusted seller.

Is Paxful legitimate?

Yes, Paxful is a legitimate site, although there might be some fraudsters on the platform.

Does Paxful charge a fee?

Paxful charges fees on your withdrawals and when you sell or send cryptocurrency. You won’t be charged for depositing, receiving or buying cryptocurrency.

How do I withdraw money from Paxful?

You can withdraw money from Paxful through bank transfers, wire transfers, cryptocurrencies, gift cards and debit/credit cards.

Disclaimer: Cryptocurrencies are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the cryptocurrencies discussed.

More guides on Finder

  • Paybis review

    Your review of the Paybis cryptocurrency exchange, including supported cryptos, fees and payment methods.

  • Finder Crypto Trading Platform Awards 2023

    Find out how major crypto exchanges and brokers fared in 2023’s Crypto Trading Platform Awards.

  • Shakepay review

    Learn about Shakepay, a Canadian crypto exchange. Finder’s Shakepay review has fees, features, supported cryptos and more.

  • VirgoCX review

    Read our review of VirgoCX, a Canadian cryptocurrency exchange that’s appealing to new users and experienced traders alike.

  • NDAX review

    Canadian cryptocurrency exchange NDAX allows you to trade Bitcoin, Ethereum and other major digital currencies with Canadian dollars. Find out more about the platform’s fees and features in this comprehensive review.

  • MyBTC.ca exchange review

    Your guide to Canadian-based bitcoin buying service MyBTC.ca, including its fees and features and any other pros and cons new users should be aware of.

  • Bitbuy review

    Find out more about the services Bitbuy offers Canadian cryptocurrency traders in our detailed review.

  • Coinsquare review

    Find out how Coinsquare works, what its fees are and why you may want to consider other exchanges.

  • Gemini review

    With head offices in New York, Gemini is a regulated digital currency exchange offering trading and storage services for your Bitcoin and Ethereum tokens.

  • Changelly review

    Changelly is a popular crypto-to-crypto exchange service that offers access to over 35 cryptocurrencies.

Go to site