Paxful bitcoin trading platform review July 2020
Paxful is a peer-to-peer bitcoin marketplace that allows you to quickly and easily buy and sell bitcoin.
While it’s more difficult to mine for bitcoin these days, cryptocurrencies are gaining acceptance 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.
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Fiat currencies
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Cryptocurrencies
Details
| Product Name | Paxful P2P Cryptocurrency Marketplace |
|---|---|
| Fiat Currencies | DZD, XCD, ARS, AMD, AWG, AUD, AZN, BSD, BHD, BDT & 140+ more |
| Cryptocurrencies | BTC |
| Deposit Methods |
Cash Credit card Cryptocurrency PayPal Western Union |
| Trading Fee |
Buyer: None
Seller: Fees vary |
| Deposit Fees | 0.5% |
| Withdrawal Fees | None |
Pros
- Easily and quickly buy and sell bitcoin online.
- Accepts hundreds of payments that include cash and cards
- 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.
What is Paxful?
Paxful is a peer-to-peer online marketplace that allows you to buy and sell bitcoin with anyone in the world. One of the best things about Paxful is that it allows users to pay for their bitcoin purchase using more than 300 payment methods that include gift cards, Apple Pay, Facebook Messenger as well as more traditional methods like your debit card, cash or online wallet.
Details
- Minimum transaction. US$10 minimum, but varies by seller
- Maximum transaction. Varies by seller
- Payment methods. Credit or debit card, bank transfers, third-party transfers and 300+ other methods
- Transaction options. Delivery to Paxful e-wallet
- Delivery speed. Minutes or longer, depending on payment method and seller’s response
- Available currencies. 100+ currencies
- Fees. No fee for buyers; 1% of transaction for sellers
- Exchange rates. Bitcoin fluctuates more dramatically than other currencies. Paxful updates its rates online.
- Customer service. Phone, email, community forums
How much will I pay with Paxful?
Paxful doesn’t charge buyers a fee. Instead, its fees come from sellers, who pay a fee equal to 1% of the transaction amount.
A bigger “fee” 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. That said, on Paxful each seller defines 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 will then decide how much more they want to charge, so be sure to compare seller rates before initiating a transaction.
Available countries
Paxful operates in more than 100 countries, including Philippines, giving you lots of options when it comes to currencies that you can trade for bitcoin.
What types of transfer 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 payments options that 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.
Benefits and drawbacks
Benefits
- It’s easy to use. Buyers and sellers enjoy quick, simple transactions.
- Hundreds of payment methods. Pay with cash, debit or credit cards, your bank account, gift cards, Apple Pay and more.
- Speedy transaction deliveries. In most cases, your bitcoin shows up in your e-wallet instantly.
- No buyer fee. But Paxful charges sellers a 1% fee on the transaction.
Drawbacks
- Sellers choose exchange rates to offer. Compare seller rates before choosing the best deal for you.
How do I buy bitcoin through Paxful?
Buying bitcoin is a simple process with Paxful:
2. Enter how much you would like to spend, and choose your payment method.
3. Compare seller rates and choose a sender.
4. 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 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.
Frequently asked questions
Image source: Paxful