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Paxful money transfer review March 2023

Paxful is a peer-to-peer bitcoin marketplace that allows you to buy and sell bitcoin quickly and easily.

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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By

Gabrielle Pastorek

Updated

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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.

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 their choice of more than 300 payment methods. Options include gift cards, Apple Pay, Facebook Messenger, as well as more traditional methods like your debit card, cash or online wallet.

Details

  • Minimum transfers. US$10 minimum, but may vary by seller
  • Maximum transfers. Varies by seller
  • Transfer methods. Credit or debit card, bank transfers, third-party transfers and 300+ other methods
  • Transfer 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 exchange rates fluctuate more dramatically than other currencies. Paxful updates its rates online.
  • Customer service. Phone, email, community forums

How much will I pay with Paxful?

As a buyer, you won’t pay a transfer fee. Sellers, however, 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 decentralised currency, but it’s still affected by government regulation and other market trends. On Paxful sellers define their own prices 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 US$1 = 1,049.20 bitcoin, Paxful might offer an exchange rate of US$1 = 1,037.15 bitcoin. The seller will then decide how much more they want to charge, so be sure to compare sellers’ rates before initiating a transaction.

Available countries

Paxful operates in more than 100 countries, 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 transfers 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. Both buyers and sellers 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 buyer fee. Though Paxful does charge sellers a 1% fee on the transaction.

Drawbacks

  • Sellers choose the exchange rates they want to offer. Compare sellers’ rates before choosing the best deal for you.

How do I buy bitcoin through Paxful?

Buying bitcoin is a simple process with Paxful:

    1. Create an account and instantly receive a free e-wallet from Paxful.

Paxful money transfer screenshot

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

Bottom line

Paxful can be a convenient option to help you buy and sell bitcoin, but the value of bitcoin can be somewhat volatile. Compare exchange rates, transfer speeds and fees with other bitcoin exchange services like LocalBitcoins, CEX.IO and Cryptonit.

Frequently asked questions

Image source: Paxful

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