Paxful bitcoin marketplace review Sep 2018 | finder.com

Review: Paxful bitcoin trading platform – September 2018

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Quickly and easily buy and sell bitcoin with this peer-to-peer marketplace.

While it’s more difficult to mine for bitcoin these days, it’s gaining acceptance as a currency for even everyday purchases. Paxful helps to connect buyers and sellers to easily exchange bitcoin, accepting more than 300 different payment methods. For businesses, Paxful provides a quick and easy way for online shoppers to pay using bitcoin.

Product Name Paxful Cryptocurrency Marketplace
Fiat Currencies AUD, USD, EUR, GBP, CAD, CNY & 50+ more
Cryptocurrencies BTC
Deposit Methods Cash
Credit card
Cryptocurrency
Debit card
Flexepin
Neosurf
Neteller
M-PESA
PayPal
Perfect Money
WebMoney
Western Union
iDEAL
SEPA
Skrill
SWIFT
Trading Fee Buyer: None
Seller: 1%
Deposit Fees None
Withdrawal Fees None

Pros

  • Easily and quickly buy and sell bitcoin online.
  • Accepts hundreds of payments that include cash, cards and Facebook.
  • Buyers pay no transaction fees, while sellers pay 1%.
  • Offers the potential for extra cash as Pay with Paxful affiliate.

Cons

  • Exchange rates vary by seller — sometimes wildly.
  • Sellers set maximum and minimum amounts.
  • Delivery speeds depend largely on a seller's response time.
  • Potential for scammers, so you must be vigilant.
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. 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.

How much will I pay with Paxful?

Paxful doesn’t charge buyers a fee. Instead, sellers pay a fee equal to 1% of the transaction amount.

Another cost you’ll need to pay attention to is the exchange rate. Bitcoin is a decentralized currency, but it’s still affected by government regulation and other market trends. Bitcoin fluctuates more dramatically than other currencies, but Paxful updates its rates online so you can view them before making an exchange. Each seller can also define their own price at slightly higher than the exchange rate for the speed and convenience of its transfers.

Exchange rates also vary by the transfer service you choose. For example, if the mid-market rate is 1 USD = 1,049.20 BTC, Paxful might offer an exchange rate of 1 USD = 1,037.15 BTC. The seller then decides how much more they want to charge, so be sure to compare seller rates before initiating a transaction.

What types of transactions does Paxful support?

Because bitcoin is a digital currency, all transactions are delivered into your Paxful e-wallet.

To buy bitcoin, you can use one of more than 300 payment options, which include:

  • Bank transfers
  • Cash deposits
  • Debit or credit cards
  • Gift cards
  • E-wallet balances
  • PayPal
  • Money transfer services like Western Union and MoneyGram.

Visit Paxful’s website to see a full list of payment methods that sellers can choose to accept.

Pros and cons

Pros

  • It’s easy to use. Both buyers and sellers can enjoy a quick and simple process.
  • Hundreds of payment methods. Pay with cash, debit or credit cards, your bank account, gift cards, Apple Pay and more.
  • Speedy transfer deliveries. In most cases, your bitcoin shows up in your e-wallet instantly.
  • No fees for buyers. Pay no extra fees to buy bitcoin.

Cons

  • Fees for sellers. Paxful charges sellers a 1% fee on the transaction.
  • Exchange rates vary by seller. Compare sellers’ rates before choosing one to work with.
  • Watch out for scammers. Although Paxful is a reputable marketplace, scammers do find their way into the market.

Is it cost-effective to transfer money through bitcoin?

How do I buy bitcoin through Paxful?

Buying bitcoin is a simple process with Paxful.

  1. Enter how much you would like to spend and choose your payment method.
  2. Compare seller rates and choose a seller.
  3. Initiate a live chat with that seller to agree on terms and complete your purchase.

Bottom line

Paxful can be a convenient option when you’re looking to buy and sell bitcoin, but the value of bitcoin can be somewhat volatile. Compare exchange rates, transaction speeds and fees with other bitcoin exchange services like LocalBitcoins, CEX.IO and Cryptonit before deciding which one is best for your needs.

Frequently asked questions

Image source: Paxful

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4 Responses

  1. Default Gravatar
    OpeyemiSeptember 7, 2018

    I want to create an account.

    • finder Customer Care
      JhezelynSeptember 7, 2018Staff

      Hello Opeyemi,

      Thank you for your comment.

      To create a Paxful account, just go to their website and click Create Account located on the upper right side of the screen. When you successfully create a Paxful account, you’ll automatically get a Free Bitcoin wallet.

      Should you wish to have real-time answers to your questions, try our chat box on the lower right corner of our page.

      Regards,
      Jhezelyn

  2. Default Gravatar
    steveJanuary 4, 2018

    can I buy ripple on paxful.com?

    • finder Customer Care
      AshJanuary 6, 2018Staff

      Hi Steve,

      Thank you for reaching out to us.

      Please be advised that Paxful is an online marketplace that allows you to buy and sell bitcoin to anyone in the world. If you want to purchase Ripple, you may purchase Bitcoins in Paxful first then use it to purchase Ripple in the exchanges available at this page.

      I hope this helps.

      Let us know if there is anything else that we may assist you with.

      Cheers,
      Ash

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