Welcome to our Paxful Review!
There has been some buzz about this platform to buy bitcoin instantly so we decided to investigate what it was all about…
Some say it’s a scam while others Paxful reviews are saying legit so what is it?
The good news is we are going to walk you through the company, products and compensation plan so you can make the right decision.
Let’s dig in this Paxful review…
Paxful, the Uber of Bitcoin was introduced in 2015 by Artur Schaback and Ray Youssef. The company has its address in 3422 Old Capitol Trail, Wilmington, Delaware. It became popular in the same year after they aided sex workers to accept Bitcoin as payment system when Mastercard and Visa discontinued lending their services to Backpage.
The Paxful is a P2P site to sell or buy bitcoin instantly, comparable to LocalBitcoins, wherein everyone on earth can trade fiat for Bitcoin or vice versa. The state of New York is the sole exception and jurisdiction where they cannot function as they do not have the needed BitLicense.
Although the site is not centered on a specific area, in their homepage countries including China, the USA, Nigeria, India and Russia are highlighted, in How to buy bitcoin instantly in sections.
You Can Create A Free Account By Visiting Here!
It is easy to set up an account on the Paxful site and it can be done in 2 ways:
- Automatically, after you give out an e-mail that is still not registered in their database while checking out in a buying process.
- By filling out the registration form found on their website directly. In addition users are also asked to set 2 security questions by clicking the confirmation link sent to the registered email.
The Paxful users can verify their mobile number and activate SMS notifications alternatively. While users can opt for being notified of a wide range of activity related to their account through email, just alerts about critical movements are sent through SMS.
The notifications sent through email are not encrypted and passwords are even sent as plain text. Users are given an automatically assigned password that register as they purchase Bitcoin (offering merely their email address) and they are not required to alter it after they first log in.
Please Make Sure That You Set Up Your Free Account Here!
How selling works on Paxful?
0.001 BTC is the minimum amount that the Paxful site allows any vendor to offer, no matter their verification level. On any sell, the site charges a 1% fee taken automatically from the user wallet and sent into escrow with the amount to be purchased by a client during a trade.
Paxful users are allowed to rate their experience with each other during a trade by the site’s internal reputation system. In case a seller has attained fifty trades with over twenty different partners, he can be a verified vendor in case he has high responsiveness and his success score is in excess of 33%. The feature is only available to Canadians, Americans, Australians and Europeans. The verification process takes up-to 7 days and the needs have had slight changes since the launch of the platform.
How buying works on Paxful?
Paxful is known for buy bitcoin instantly. Strictly, a Paxful user can purchase with any currency and pay with a wide range of methods ranging from bank transfers and credit or debit cards to a great number of gift cards and cash deposits. Maybe, in practice, there are not offers for all the possible combinations as the site works in a P2P fashion.
Only Bitcoin may be sold even as the site is open to purchase with any currency. Buyers are not charged any fees, but for uncommon payment methods the conversion rate is typically very lower than the market price.
Customer experience on Paxful
The Paxful website interface is clean. It adapts smoothly to any size of screen and provides an instinctive distribution of the options and a minimalistic menu.
The interface, focus put on the Help menu.
The Help section is clearly noticeable. A comparatively comprehensive FAQ is included. Extra helps for the user include a support forum and a 24/7 live chat.
Often Threads on the forum get replies. The forum itself seems quite active.
Concerning the chat, a caption indicates that replies take 10 minutes on average; users have to wait for 47 minutes to be assisted by the customer support. Each answer took between 4 and 7 minutes.
Paxful Review – Is Paxful Legit?
Paxful forum is full of scam accusations against other users. On Bitcointalk, someone posted a thread cautioning about the modus operandi of those scammers.
There are also some accusations on Bitcointalk against the site that maintain funds have vanished from wallets without reason given by customer support.
To perk up their image, They included a Paxful reviews section to their site wherein positive reviews from their own users are highlighted.
We have used Paxful Successfully in the past, with no issues.
How Paxful protects its users?
Paxful advices its users to set up two-factor authentication and recommends them to use Google Authenticator. Authy and SMS verification might be enabled alternatively to add a 2nd protection to one’s account.
All active logins are listed and the last 20 actions performed by the user are shown below the 2-FA configuration instructions.
The Bitcoin is sent to an escrow during a trade and manually released by the seller when confirmation has been made that the payment was received from the buyer. Paxful joined with BitGo in order to protect its wallet by using multi-sig.
No reports are there mentioning the site has been hacked, but according to Cointelegraph one of its founders was arrested on weapons and drugs charges.
Paxful Review – Winding Up
Paxful is a cool option for regular people to sell and buy bitcoin instantly. They turn out to be popular due to a particular niche and have been loyal to their vision. You can see more about bitcoin in a review that we did here.
You Can Set Up Your Free Account By Visiting Here!
- Low fees
- A wide range of payment methods and currencies are accepted, even if it is in theory
- Easy to join and get going
- Mixed Paxful reviews.
- sluggish customer support
- Sellers charge high commissions for purchasing Bitcoin with uncommon methods
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