Paxful is a peer-to-peer cryptocurrency exchange and a digital wallet. It was established in 2015, and was initially known as EasyBitz. The exchange had nearly 5 million users, with offices in the Philippines, Europe, and Asia.
The vision of Paxful is to create a straightforward platform that allowed users globally to trade Bitcoin and other significant cryptocurrencies.
The buying process on Paxful is easy to understand.
First, the user creates a Paxful account. They are then offered a free wallet, to help simplify the process. There are a number of payment methods, including credit card, PayPal, wire transfers, and NetTeller. Paxful will then show the user a number of Bitcoin sellers which they can select from. Once the purchase process initiates from the seller, Paxful will take the buyer to an escrow service that finally guides them on the selected payment method.
Paxful is not a regulated wallet but is still considered safe to use. However, it is important not to get confused between the platform’s integrity and the seller’s integrity. Though the Paxful platform requires their clients’ ID for verification and abides by the KYC standards, it is not regulated in any country. Users can securely use the platform since the anti-money laundering, and KYC standards are in place.
Paxful allows traders to buy and sell cryptocurrencies from any part of the world without charging transaction fees for traders purchasing crypto. However, when buyers purchase from sellers, they are buying at rates fixed by the seller. This exchange rate may vary based on different factors like currency pairs, payment options, and many more factors.
Sellers are charged with transaction fees, unlike buyers. These fees depend on the payment method. These range from 0.5% to 3%. This fee is released when the escrow service is complete.
Primarily developed as a cryptocurrency trading platform, Paxful also functions as a web-based Tether and Bitcoin wallet. Being a cloud-based wallet, Paxful can be used anywhere globally, using any device with an internet browser. Based on the users’ location, they can deposit or withdraw BTC only after completing the Level 1 identity verification process. The Paxful wallet is directly linked to its exchange platform so that traders can smoothly and quickly buy or sell Bitcoin from these best crypto wallets or free Bitcoin wallets.
Customer support is restricted, but Paxful provides a range of FAQs and has a knowledge-based help center. There is also support through an online form and live chat.
Paxful is, overall, a useful service. However, a peer-to-peer cryptocurrency exchange requires compromises, by way of additional fees. Paxful has been in the game a long time and stays on top with additional features, and isn’t going away anytime soon.
Protecting Your Cryptocurrency And Staying Safe on Paxful
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