Paxful Bitcoin marketplace review September 2022

Paxful is a peer-to-peer Bitcoin marketplace that lets you 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.

2.0 ★★★★★ (3 reviews) Write a review
Crypto is unregulated in the UK; there's no consumer protection; value can rise or fall; tax on profits may apply.

158

Fiat currencies

3

Cryptocurrencies

Details

Product Name Paxful P2P Cryptocurrency Marketplace
Fiat Currencies DZD, XCD, ARS, AMD, AWG, AUD, AZN, BSD, BHD, BDT & 140+ more
Cryptocurrencies BTC, ETH, USDT & 1 more
Deposit Methods Cash
Credit card
Cryptocurrency
PayPal
Western Union
Trading Fee Buyer: None
Seller: Fees vary
Deposit Fees 0.5%
Withdrawal Fees None

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

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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 crypto platforms and exchanges

Crypto is unregulated in the UK; there's no consumer protection; value can rise or fall; tax on profits may apply.
1 - 3 of 12
Name Product Deposit methods Fiat Currencies Cryptocurrencies
eToro UK Cryptoasset Investing
Debit card, Neteller, PayPal, Wire transfer, Online banking
EUR, GBP, NZD, USD, AUD, CAD, HKD, SGD, CHF, NOK & 5+ more

78
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Cryptoassets are highly volatile and unregulated in the UK. No consumer protection. Capital gains tax on profits may apply.
Koinal Cryptoasset Investing
Credit card, Debit card, China Union Pay, SEPA, Swift or Apple Pay
USD, EUR, GBP

8
cryptocurrencies

Koinal lets you buy multiple cryptocurrencies instantly with Visa or Mastercard. 24/7 support and quick verification available on desktop or mobile.
Uphold Digital Money Platform
Bank transfer (ACH), Debit card, Google Pay
USD, GBP, AUD, EUR, CAD, CNY, JPY, SGD, INR, NZD

189
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Use the Uphold app to trade between 200+ cryptos and other assets in a single click.
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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.

Cryptocurrencies aren't regulated in the UK and there's no protection from the Financial Ombudsman or the Financial Services Compensation Scheme. Your capital is at risk. Capital gains tax on profits may apply.

Cryptocurrencies are speculative and investing in them involves significant risks - they're highly volatile, vulnerable to hacking and sensitive to secondary activity. The value of investments can fall as well as rise and you may get back less than you invested. Past performance is no guarantee of future results. This content shouldn't be interpreted as a recommendation to invest. Before you invest, you should get advice and decide whether the potential return outweighs the risks. Finder, or the author, may have holdings in the cryptocurrencies discussed.

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