Last updated: 27-March-2020
What is Paxful?
Paxful is a secure peer to peer network for bitcoin buyers and sellers, founded in 2015 and based in the USA. Simply put, Paxful is a place where people can interact through a secure and trusted platform to buy or sell any fraction of bitcoin.
Paxful allows over 300 wide varieties of payment methods, including wire transfer, Credit Card, paypal, and many more. You can even use gift cards and vouchers.
How to use Paxful?
Go to the Paxful website here and signup and verify your identity to trade.
Here on the dashboard, you need to pick two options based upon your requirement:
- Amount you like to pay
- The mode of payment, from the list of options given
Once done, click on search for offers. You will be provided with the list of sellers with their username, location based on your chosen payment methods. Paxful also lets you refine your search based on your location if you wish to buy from a local seller.
Note: Always choose the offers based on their reputation which is shown right below their username. With this you can check the feedback from the previous buyers for added security.
Once you have chosen the offer, click on the buy button.
This will open up an individual offer page where you can check the seller’s offer terms, after reading the terms you can enter the amount of bitcoin you like to buy.
You will be taken to a secured escrow page where you can trade as well as directly chat with the seller to know more about the trade.
Once you are sure, proceed to make the payment and click on ‘Mark as Paid’. That’s it, your bitcoin is on it’s way to your wallet, which you can choose to hold, trade or do anything you like.
Advantages of Paxful
- Over 300 payment methods to buy bitcoin
- You can choose the trusted sellers based on their ratings and trading history.
- Easy to sign up
Disadvantages of Paxful
- High fees compared to the traditional crypto exchanges
- Chances of being scammed are more when you are not paying attention
- Slow response from customer support
Fee on Paxful:
From March 29 2020, The fee for iTunes and Google Play gift cards, will remain at 5%, though all gift card escrow fees will increase from 2% to 3% . The escrow fees will remain between 0.5% and 1% for all non-gift card payment methods.
And the send out fees:
0 – 9.99 USD = 0.0001 BTC
10 – 19.99 USD = 0.0002 BTC
20+ USD = 0.0005 BTC
Things to consider to avoid scams on Paxful:
- Look for sellers feedback / rating / trading history before buying
- Prefer payment methods such as credit card, paypal or bank transfers, as they may be reclaimed in case of scams, while gift cards and vouchers are hard to claim once lost
- When in doubt, always get in touch with the support team or check in the forums to ensure the credibility of the seller
- Make sure you purchase the bitcoin over the paxful platform only, which gives you an extra layer of security, rather than buying it directly from the seller on an external platform
- Be aware of the fees as it varies upon your chosen payment methods
How to check for trusted sellers on Paxful?
Every seller has a feedback / rating given based on their previous experience with him, which is very important while choosing a seller based on their trading history.
Here is an introduction video to Paxful:
Learn how to buy bitcoin on Paxful with over 300++ accepted payment methods! #PaxfulSchool Buy bitcoin here: http://bit.ly/2YQl7Yu Follow us on Facebook: htt…
Signup for Paxful here.
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