Paxful Review: Is it legit, safe and trustworthy for UAE citizens and residents?
In addition to functioning as a digital wallet, Paxful is widely regarded as
the premier peer-to-peer cryptocurrency exchange. Paxful traders have access to
a variety of payment options, allowing them to purchase and sell
cryptocurrencies. It is based in the United States, namely in the Philadelphia
region, and its headquarters are there. At the moment, it is one of the P2P
Bitcoin trading platforms that has been around the longest.
Visit Paxful Website.
Back in 2015, Artur Schaback and the well-known software engineer Ray Youssef were the ones who established the company. Paxful is one of the top five peer-to-peer exchanges when it comes to the amount of Bitcoin transactions conducted. This evaluation of Paxful includes all of the essential elements of the platform, including costs for moving money, deposit and withdrawal options, advantages and disadvantages, and a great deal more.
Paxful was first established in 2015 and operated under the name EasyBits. Over 4.8 million people are registered users of the exchange, and it employs more than 200 people across its worldwide offices in the Philippines, Estonia, and Hong Kong.
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Users of Paxful come from all over the world, with active traders from from countries such as Malaysia, the United Arab Emirates, India, Pakistan, Indonesia, and Zimbabwe. The mission of the chief executive officer and creator was to create a cryptocurrency community that was open to any trader who was interested in buying and selling Bitcoin and other digital currencies.
Paxful is a very dependable and user-friendly platform that, in contrast to other exchanges that are order-book based, enables buyers and sellers of cryptocurrencies to directly communicate with one another in order to sell or purchase Bitcoins and other key cryptocurrencies.
They are able to trade Bitcoin, Ethereum, and Tether USD by choosing the Paxful vendor or buyer from the available alternatives. Alternatively, they are able to discover their compatible counterparties on their own.
Paxful guarantees that the procedure of exchanging Bitcoins will remain as uncomplicated as is humanly feasible. Paxful requires users to travel to the official website and click the Buy Bitcoin button before they can begin trading on the platform. A message box will appear, asking for the quantity of Bitcoin to be swapped as well as the sort of fiat cash to be exchanged for it. Additionally, the site will indicate the value of the Bitcoin holdings in terms of the selected fiat currency.
To get started with buying Bitcoins, follow the procedures that are listed below:
To begin, users are need to sign up for a Paxful account by completing out a registration form with information including a valid email address, username, and password.
Paxful will prompt customers to build a free wallet shortly after the account has been created in order to streamline the shopping procedure.
Pick your chosen mode of payment from the extensive list of available alternatives, which includes your choice of a credit card, PayPal, wire transfers, or NetTeller.
The site will provide a list of Bitcoin merchants who are now taking orders, and the Paxful user will need to pick a seller who meets their demands before mentioning the currency of their choice and the method they have selected. The search results will show any available orders, and the customer can then choose their favorite vendor from those shown.
Paxful will then provide its buyers the ability to read the seller profiles so that they can make an educated choice after a vendor has been chosen. Buyers have the option of continuing with the purchase of Bitcoin from the selected vendor or moving on to another one. They are able to communicate with the vendor through the platform, and only once they are satisfied can they confirm the purchase process.
Paxful will transfer the buyer to an escrow service after the seller has started the process of purchasing an item from the buyer. The escrow provider will then direct the customer to their preferred form of payment.
Even though Paxful is not a regulated wallet, using it is perfectly safe and secure. It is essential to emphasize that purchasers must not mistake the honesty of the seller with that of the platform while making their purchase decisions. Even though the Paxful platform verifies their customers by requesting a copy of their identification, and even though it follows the KYC guidelines, it is not regulated in any jurisdiction. Because there are anti-money laundering and know your customer rules in place, users of the site may do so without fear.
Paxful is one of the most prominent cryptocurrency exchanges in the world. The platform's exceptional crypto currencies and margins set it apart from other similar services. In this part of the article, we are going to place emphasis on a select handful of their numerous available goods and services.
Paxful eliminates the need for traders to pay transaction fees when they acquire cryptocurrency by providing a platform that facilitates the purchase and sale of a variety of cryptocurrencies from any location on the planet. On the other hand, when buyers on the Paxful exchange purchase cryptocurrencies from the sellers they like, the rates at which they purchase are predetermined by the sellers. This conversion rate might shift depending on a wide variety of factors including currency pairings, available payment methods, and many more.
When a Paxful seller transacts in cryptocurrency with a Paxful buyer, the seller is subject to transaction fees. On the other hand, the selling costs change based on the type of payment option that is chosen. Paxful levies a fee of 0.5 percent for bank transfers, 1 percent for cryptocurrencies and fiat currencies, and 1 percent for credit cards, debit cards, and online wallets. The platform levies a fee of 3 percent for gift cards. This charge is paid by the purchasers through the Escrow service at the beginning of the transaction, and after the transaction is finalized, the fee is distributed to the individual seller.
The Good and the Bad of Paxful:
Provides the option for biometric verification.
Unregulated marketplace for digital currencies.
More than three hundred different methods of payment.
A high rate of exchange.
Trading costs that are constant.
There is a risk of being scammed by the merchant.
A support system that is both quick and responsive.
Secure transactions using escrow.
Traders will need a live account and will need to complete the required conditions for registration, which may include ID verification for some areas, in order to begin taking use of the exceptional features that are available on the Paxful trading platform. Please be aware that customers hailing from Cuba and North Korea are unable to register for an account with Paxful.
In addition, customers who engage in high-volume trading and have large wallet limits are required to complete extra KYC criteria and ID checks. These requirements include providing answers to particular security questions and undergoing video verification. The following is a list of the required limits and their respective verification levels:
Verification through phone and email is necessary, and the service provides a lifetime limit in addition to a restriction of $1000 per trade.
Verification of your identity is necessary, and there is a restriction of $10,000 per transaction in addition to the overall limit.
Verification of the user's address is required, and there is a restriction of $50,000 per transaction in addition to an unlimited overall limit.
Requires increased levels of due diligence and provides over $50,000 per trade in addition to a lifetime maximum that is not capped.
Note that Paxful has the ability and the right to cancel a whole trade or deactivate a customer's account if they make a single withdrawal from their account. Only in the event that they discover a breach of the terms of service or if the trader is located in a jurisdiction that Paxful prohibits access from, would the platform use this power.
Buyers of Bitcoin may immediately begin purchasing other cryptocurrencies on the Paxful platform by following the easy procedures that are listed below:
One of the most basic processes, registering on the Paxful exchange just takes a few minutes and a few clicks to finish. To sign up, go to the official website for trading and click the button labeled "Create Account." To establish an account, fill out the form with your personal information such as your name, email address, password, phone number, and so on, and then click the Enter button.
Following the completion of the account creation process, a verification and confirmation email will be issued to the provided email address. Buyers are required to revisit their profile page a second time once their order has been confirmed in order to validate their cellphone number.
Once their identities have been confirmed, purchasers will be able to add funds to their Paxful wallets via the site. Deposits can be made by purchasers using a variety of payment options, which are now open to them. However, the Paxful wallet platform requires users to provide identification verification in order to validate their accounts before they can make any investments.
Bitcoin purchases may be made by buyers who have previously funded their wallets with fiat currency. Return to the dashboard and click the Buy Bitcoin button, followed by the number of bitcoins you desire to purchase. Choose the payment type and currency that you want to use from the website.
After selecting the mode of payment and the currency, Paxful will present a list of potential sellers for you to choose from. The buyers have the option of evaluating the vendors by either their picture identification or their selfies, and they may check to see whether the merchants are confirmed on the site by seeing if they have more than 200 ratings.
Buyers will first select a verified vendor, then proceed to enter the desired quantity of cryptocurrency to purchase. The monies are transferred immediately to the Paxful Escrow account, which the sellers will eventually access once they have delivered the digital currency to the appropriate purchasers.
The cryptocurrency trading platform known as Paxful levies a broad variety of service fees, which may be broken down into the following categories:
To start things off, all cryptocurrency purchases made through Paxful are completely free. Regardless of the mode of payment that is used, buyers are not required to pay any kind of charge when they are purchasing cryptocurrency. On the other hand, a commission fee equal to anywhere from 0.5 percent to 5 percent of the entire order is deducted from the seller's earnings from each transaction. The transaction charge for selling Bitcoin and other cryptocurrencies can be as low as 0.5 percent when done through a bank transfer; but, when done using a gift card, the transaction fee can range anywhere from 3 percent to 5 percent, depending on the type of gift card used. A one percent flat fee is charged for using other payment methods when selling cryptocurrencies.
In addition to this, although there are no fees associated with cryptocurrency deposits, there may be fees associated with cryptocurrency withdrawals or transfers, depending on the magnitude of the transaction. When you send more than $20 using Bitcoin, you will be charged 0.0005 BTC in transaction fees. When sending more than $20 using USDT, the fee is $5. Paxful traders are eligible for five free transfers of Bitcoin and USDT per month if they move Bitcoin and USDT from one wallet on Paxful to another wallet on Paxful.
To conclude, with regard to the fees associated with the exchange, it is important to remember that conversions from USDT to BTC are free, however conversions or transfers from BTC to USDT are subject to a charge equal to 0.1 percent paid in Bitcoin. Check out this page for further information on the fees charged by Paxful.
Paxful allows customers to acquire Bitcoin and other cryptocurrencies using a variety of payment options, including the following:
A debit card or credit card
Amazon gift card
Gift cards for iTunes
Personal cash payments
Even though Paxful is accessible in a number of the world's most developed nations, the platform does have certain limitations. Traders from countries that are restricted by the OFAC, such as Iraq, Iran, Cuba, and Venezuela, are unable to use Paxful.
More than 300 different payment methods are available to traders for use during deals; however, the accepted methods will change depending on the traders that are active in a given location. There are just two cryptocurrencies that can be sold on this platform: BTC and USDT. These coins can be sold using any of the allowed payment methods. On the site, traders may only make a certain number of purchases or sales every day depending on how thoroughly their IDs have been verified.
They need to complete greater stages of verification in order to get access to larger trading limits. On Paxful, the maximum trading limit per transaction is $50,000, and the maximum trade limit throughout a user's lifetime is limitless; however, in order to access this limit, users need to validate their accounts on level 4.
Paxful is a cryptocurrency exchange that provides users with two different platforms to trade cryptocurrencies on:
This platform is pretty comparable to other trading platforms in its design and functionality. These web-based platforms give buyers and sellers the ability to transact in a variety of different orders when buying and selling. The online interface will automatically conduct a search for the most advantageous deals pertaining to their trades, taking into account the preferences that the user has specified.
Paxful just released an updated version of its mobile interface, which is designed to make it easier for traders to purchase and sell cryptocurrencies while they are on the move. This mobile interface also functions as a wallet for traders who utilize it. This mobile wallet for Paxful bitcoins gives all of the capabilities that are available through the online application.
Paxful was first built as a platform for trading cryptocurrencies; however, it also serves as a Bitcoin and Tether wallet that is accessible over the web. Paxful is a cloud-based wallet, which means it can be accessed from any device with an internet browser, regardless of where you are in the world. Users are only able to deposit or withdraw Bitcoin after completing the Level 1 identification verification procedure. This is determined by the location of the users. Because the Paxful wallet is directly linked to its trading platform, traders may buy or sell Bitcoin from these top crypto wallets or from free Bitcoin wallets in a streamlined and expedient manner using Paxful.
Any smartphone, whether it be an Android or iOS one, is capable of downloading the Bitcoin wallet app that Paxful provides. The mobile app provides sign-in access to the cryptocurrency market in a way that is both simple and secure. The following is a list of the features available on the Paxful mobile apps:
Verify that the most recent Bitcoin transactions are in good standing.
Bitcoin (BTC), Ethereum (ETH), and Tether USD are the cryptocurrencies that are supported on the site (USDT). The Paxful trading platform is readily accessible in virtually any country. However, in 2020, the platform has chosen to exempt some nations engaging in financial operations that pose concerns to either the national security of the United States, its foreign policy, or the economy of the United States as a whole. It deleted the nations that are blacklisted by OFAC from the list of countries that it supports, and they are as follows:
Yemen, Syria, Darfur
North Korea, Sudan, and the Democratic Republic of the Congo
Sanctions Against the Central African Republic
Although there is limited access to customer service, the platform does offer a comprehensive collection of frequently asked questions as well as a knowledge-based help center. Support for Paxful is offered through an online form or a live chat box, both of which may be accessed by clicking on the Paxful logo on the website or on the mobile app. Paxful's website does not have a contact phone number or email address for the company. In spite of this, they make themselves available on a variety of social media platforms, including as Facebook and Twitter, in order to publish their most recent news regarding cryptocurrency exchanges. Customers can send mail to Paxful at the following address: 3422 Old Capitol Trail PMB # 989, Wilmington, Delaware 19808, United States of America.
In order to bring this evaluation of Paxful to a close, it is important to note that selecting a peer-to-peer cryptocurrency exchange will necessitate making certain sacrifices. Traders will either earn cheap fees but sacrifice on the spectacular features in exchange for new features and other payment ways as part of an effective and speedy service, or they will earn pricey fees but not have to worry about these issues. Paxful is always working to buck this industry standard.
The fact that the platform strives to keep its fees as low as possible, in addition to providing a broad variety of features and offers, the greatest selection of deposit methods, and the best overall selection, is what places it on the list of the top cryptocurrency exchanges in the United States. It is one of the cheapest fee rates available in the P2P cryptocurrency world because the minimum cost is fixed at 0.5 percent.
The Paxful platform is reliable and risk-free to use. It is well known that the site adheres to anti-money laundering and KYC regulations, which helps to keep users' cash secure. This platform has been deemed to be one of the most secure cryptocurrency platforms available by Chain Analysis, a tool that is utilized by a number of well-known governments and financial institutions.
Paxful is genuine! The network takes precautions to prevent fraudulent transactions and fraudsters from accessing the money, which are kept safe and secure. The Escrow service takes every precaution possible to prevent con artists from gaining access to customers' money. Nevertheless, purchasers should do all of their business within the site. If a seller desires to conduct a transaction outside of Paxful's platform, the buyer is not obligated to assume the associated risks, and Paxful will not be responsible for any loss, damage, or theft that may occur.
Bitcoin withdrawal stands out as one of Paxful's users' favorite options when it comes to taking money out of their accounts. You may also withdraw funds using a number of other online wallets, including PayPal, Skrill, Perfect Money, and a few more. PayPal and Western Union are by far the most popular methods of withdrawal, and the vast majority of dealers utilize them.
Paxful does routine checks and verifications on the identification documents provided by its customers to ensure that they are genuine. Because of this, it is difficult to pull a con on users while using the platform. Additionally, until the seller delivers the cryptocurrency, the funds are safely kept in escrow by the third party. However, in order to protect yourself from being taken advantage of by a con artist, you should never deal outside of the site, even if the seller demands it.
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The information provided in Paxful Reviews is not intended to be taken as any type of endorsement or investment advice. Before trading on cryptocurrency exchanges, investors are encouraged to obtain the counsel of a third-party financial professional and conduct their own research.
Paxful was established in 2015 by Ray Youssef and Artur Schaback. The
company's headquarters are located in Wilmington, Delaware, although it has
offices in four other locations across the world. There are nearly 12,000
trustworthy suppliers on Paxful, in addition to the more than 6 million users
that access the platform each month. Paxful is an unregulated cryptocurrency
exchange that works on a peer-to-peer basis. Its primary purpose is to
facilitate connections between people interested in buying and selling digital
In addition, Paxful is well-known for its advocacy of El Salvador's adoption of Bitcoin (BTC), and it has opened a Bitcoin Educational Center in the country.
Paxful is a decentralized, peer-to-peer cryptocurrency exchange that connects users with other individuals and businesses interested in conducting business using cryptocurrency. Those who are interested in employing a bankless technique for a variety of financial transactions may find it appealing due to a number of advantages that make it an interesting option.
Paxful, on the other hand, is not as feature-rich as other decentralized financial (DeFi) programs and solutions that you can come across elsewhere. This is an essential point to keep in mind. In addition, Paxful provides a mobile app for both iOS and Android users.
When you sign up with Paxful, you are provided with a free Bitcoin crypto wallet app that is maintained by BitGo during the duration of your membership. You may also link to crypto wallets offered by a variety of different providers, making it simple for you to transfer or trade any tokens you have.
Cash transactions are possible, meaning that you can either sell your Bitcoins for cash or buy tokens with cash. You may also perform the cash exchange at your front door or use one of the accepted payment methods offered at reputable pickup and dropoff sites.
Paxful is a marketplace that enables users to purchase and sell products and services using digital currencies such as Bitcoin. In this regard, the service is analogous to the well-established marketplace known as LocalBitcoins, on which users may locate individuals and businesses that are prepared to take cryptocurrencies as payment.
Affiliate program: If you want to use Paxful for cryptocurrency transactions in addition to making money from the affiliate program, you may join the affiliate program. You will be able to start generating passive income this way, as well as get your rewards in the form of tokens.
Paxful provides users with a safe and reliable escrow service that holds onto their funds until the transaction is finalized. Your risk of being taken advantage of by a con artist will go down significantly if you take this precaution.
Paxful employs many stages of verification in order to limit the amount of money that may be spent on a single trade. This is done in an effort to reduce the number of fraudulent transactions that occur. It only recently started requiring security deposits in order to improve the overall safety of trading. Escrow is another service provided by the platform, and it is aimed to assist in the protection of assets until the transaction is finalized.
BitGo, a well-known wallet provider that is respected for its security, is responsible for protecting Paxful's cryptocurrency wallet. When you transmit cryptocurrency from your Paxful wallet to another wallet, exchange, or receiver, you are required to utilize two-factor authentication. Paxful abides by the regulations set out by the Office of Foreign Asset Control (OFAC), which implies that the platform does not conduct business in restricted countries or welcome customers from such nations.
Paxful is among the most user-friendly platforms when it comes to learning how to buy Bitcoin. This is because the platform concentrates on only a select few of the most well-known cryptocurrencies. Ethereum and Tether are the only two other cryptocurrencies that may be purchased via the platform at this time.
However, despite the fact that these are the primary currencies that can be traded on the exchange, there are a total of 39 different payment options available to users. These options include ancillary coins belonging to the Bitcoin and Ethereum families, as well as alternative cryptocurrencies such as Dogecoin (DOGE). To summarize, if you desire Bitcoins, you may swap tokens that you currently possess for BTC in exchange for the tokens you trade in. If you are interested in learning how to buy cryptocurrencies and gaining access to other coins, it is possible that you will need to utilize a different exchange.
Paxful is probably going to work best for anybody who is interested in carrying out transactions online, or who wants to buy cryptocurrencies without having to pay a charge. However, before you start dealing with a new asset class like cryptocurrency, it is essential to determine how much risk you are willing to take.
Someone who wants to trade or invest in cryptocurrencies has to be OK with taking on a pretty high level of risk. In addition, you should restrict your exposure to cryptocurrency by reducing the portion of your portfolio that is used to invest in cryptocurrencies. This might be a smart option since it could help you avoid potential losses.
It is especially vital to seek for measures to minimise your risk while engaging on a decentralized peer-to-peer exchange like Paxful. This includes the chance of being defrauded by other Paxful users. This is especially true for those who are just starting out with cryptocurrencies. Before you make a deal, you should familiarize yourself with the site.
Paxful's Strong Points and Weaknesses:
There are no costs associated with acquiring cryptocurrency.
When you sell Bitcoin, you have more than 350 payment options and ways to receive cash.
Earn more money with participation in the affiliate program.
There are some dishonest people, therefore you need to keep an eye out for fraudulent activity.
You are restricted in the varieties of cryptocurrencies that you are able to purchase.
A steep slope for learning
Paxful allows users to register for an account from any location inside the United States. Due to the fact that it is a peer-to-peer exchange, it is governed by a distinct set of regulations than those that are applicable to more centralized exchanges.
If you are currently located in a nation that is on the list of nations that are prohibited from using Paxful, then you will not be able to take part in the platform's activities. Paxful should, however, be accessible to all people residing in the United States, with the exception of those who call the state of New York home.
The amount of money you may make using Paxful relies on a number of different circumstances, just like it does with any other means of investing money. The kind of cryptocurrency token that you decide to buy, as well as the way the market is moving and the kind of transactions that you engage in, are all factors that might have an impact. You run the risk of losing money in some scenarios, such as getting conned or seeing the value of the token you purchase decrease over time.
Paxful provides users with options to earn more cryptocurrency, such as through their affiliate program. If you can get more individuals to take part in the activity, you will have a better chance of increasing your earnings over time.
It is essential to emphasize the fact that cryptocurrencies are a new type of alternative asset. There is no way to know what the future holds, and it is impossible to forecast whether or not cryptocurrency will become entirely popular. The price of cryptocurrency is subject to more significant volatility than the price of many other asset types.
Paxful does take measures to reduce the risk of fraud by utilizing instruments such as escrow and a security deposit, and by validating certain participants. However, there is always a risk of being scammed when using any form of peer-to-peer bitcoin trading. When doing financial transactions, you need to exercise extreme caution and conduct extensive research to identify users who can be trusted.
Paxful is a Bitcoin wallet that also works well and is compatible with a variety of other cryptocurrencies. It is not as user-friendly as alternative wallets, like as Metamask, which can be connected to your browser and makes managing your cryptocurrency easier.
You will need to supply a phone number and email address in addition to coming up with a password before you can join up. Following successful completion of this step, you will have access to your free wallet. The next step in this process is to go through a verification procedure.
Paxful is a decentralized, peer-to-peer cryptocurrency exchange as well as a supplier of digital wallets. Customers may use over 350 different payment methods to purchase and sell cryptocurrencies. In this review, we will discuss how to create a Paxful wallet, how to log in to your account, the minimum deposit requirement, the costs for moving money, and much more. Determine whether Paxful is the right platform for you to begin buying and selling Bitcoin.
Paxful was established in the year 2015 (originally EasyBitz). There are currently around 400 people working for the firm, which has worldwide offices in Hong Kong, Estonia, and the Philippines. The company boasts a user base of 6 million people. The office in New York City (NYC), in the United States, serves as the company's main headquarters. Paxful merchants may be found all over the world, from Pakistan and Malaysia to the United Arab Emirates, India, Zimbabwe, and Indonesia. Its users come from all different parts of the world.
The company's creator and current CEO had the goal of making the world's financial system user-friendly and easily available to everyone through the use of cryptocurrencies.
In 2017, the business started the philanthropic effort known as "#BuiltwithBitcoin," which provides financial assistance to humanitarian initiatives in a number of different nations, including Ghana, Nigeria, Kenya, Rwanda, and Uganda.
At Paxful, customers have the option to buy Bitcoin (BTC), Tether (USDT), and Ethereum (ETH). There are no additional digital currencies that can be purchased at this time. Because of this, the cryptocurrency trading platform is very constrained in comparison to other platforms, such as Binance and Coinbase. Paxful, on the other hand, provides a greater number of trading alternatives when compared to LocalBitcoins. There are minimum restrictions placed on Bitcoin transactions.
Over three hundred and fifty different payment methods, including Ripple (XRP), Monero (XMR), and Dogecoin, may be utilized to purchase and sell cryptocurrencies such as Bitcoin, Tether, and Ethereum (DOGE).
Managing bitcoins or accessing the P2P marketplace to purchase and sell Bitcoin may both be done in a hassle-free, secure, and cost-effective manner by using the Paxful Inc wallet. The wallet may be downloaded on a personal computer (PC), mobile device (mobile phone), or traded via an API.
Users are afforded advantages such as zero percent commission costs, protection against cloud backups, and strict security procedures. BitGo is responsible for maintaining the services of online wallets.
When opening a live account, customers are required to satisfy necessary registration criteria, which may include providing identification documents in some areas. Note that Paxful does not accept registrations from users based in North Korea or Cuba at this time. On the other hand, day traders from Zambia, London, Jordan, and a great number of other nations and cities are able to utilize the services.
In addition, if you surpass the volume or activity restrictions for your wallet, you may be required to perform further KYC identification checks. These checks may include video verification as well as answering security questions.
Limits on the requirements based on the verification level:
No verification is required at this level. $0 per trade and lifetime limit
Level 1 – Phone. $1,000 per transaction and lifetime limit
Level 2 includes the use of an email address and an ID. $10,000 per trade and lifetime limit
Level 3: Addressing the problem. $50,000 per transaction. Unlimited lifetime limit
Level 4 - Enhanced due diligence. $50,000+ per transaction. Unlimited lifetime limit
Paxful retains the right to revoke a trade or terminate an account in the event that a one-time withdrawal was processed. This might happen if the terms of service are broken or if you are located in a jurisdiction that is restricted when you try to log in. In addition, the organization makes use of a QR code function for simple wallet address sharing in order to facilitate fast trade.
Paxful is a Bitcoin wallet application that can be downloaded on mobile devices running iOS and Android (APK). The program enables users to sign in to the bitcoin marketplace in a risk-free and protected manner. The following are additional features:
Enhance the uniqueness of your profile.
Check the current standing of recent transactions here.
Get access to the most up-to-date crypto to fiat currency conversion rates.
You will be notified of any account activity, including trading requests, conversations, and any other activity.
Your mobile wallet allows you to send, receive, and store cryptocurrency at any time and in any location.
Paxful mobile trading
The exchange does not levy any fees associated with deposits. More than three hundred different payment methods may be used to fund an account on the site. When compared to Coinbase or Binance, this product is substantially superior in terms of value.
Methods of payment include the following:
Domestic and international wire transfers from your bank
Digital currencies Including Litecoin and Dogecoin Goods and services, such as money, automobiles, and in-game stuff Including Litecoin and Dogecoin
Gift cards, including those from retailers such as Amazon, Google Play, and Xbox
Cards that may be used for either debit or credit transactions, such as Greendot, American Express, and VISA
Wallets available online - You may purchase bitcoin using the following payment methods: PayPal, Zelle, Google Pay, MPesa, and cellphone recharge.
Wallets on Paxful are free to use, however there is a cost associated with withdrawing funds. Users have the ability to withdraw Bitcoins from both their internal and external cryptocurrency wallets, including those associated with Binance. Transfers to external wallets may incur fees, the amount of which is proportional to the amount being withdrawn. Withdrawals of $20 or more are subject to a fee of 0.0004 BTC. When making a withdrawal from your internal wallet, you may be subject to costs depending on the linked limits. There is no fee incurred for withdrawals up to $1,000 per month. After this, a charge of either $1 or 1% of the total amount will be applied (whichever is larger).
To get started with Bitcoin purchasing and trading:
Create an account on Paxful, then sign in to it.
Click the Bitcoin icon after selecting the Buy logo.
To view all available payment options, click the Show All button, then choose a deposit option.
Simply choose your native currency from the drop-down menu after clicking on any of the currencies.
Enter the quantity that you wish to buy and then trade.
Choose your nation from the list that appears under Location.
Click the "search for deals" button, then make your selection.
Confirm the business dealings.
A market price for Bitcoin is provided by the broker and exchange, which is calculated by using an average of the rates provided by Coinbase, Bitstamp, and Bitfinex; however, sellers are free to advertise their own exchange prices. On the 'purchase' page, under the section labeled "rate per Bitcoin," you can view the number of US dollars that may be exchanged for bitcoins.
The margin is determined by the merchants themselves. Paxful considers this more of a selling fee than a typical kind of leveraged trading, and the percentage range for it is anything from 5% to 50%. Before accepting an offer, investors have the option of reviewing the terms and circumstances established by the seller or searching for an alternative that satisfies their pricing expectations.
Transfer times between platforms for buying or selling bitcoin might vary. The availability of the seller, the particular terms and conditions of the owner, and the means of payment are all aspects that play a role. If you want to speed up transactions or reduce the amount of time spent waiting in a queue to send anything out, you can consider contacting the seller directly through their online login to learn about their specific requirements.
After the Bitcoin has been sent, Paxful will send you a message letting you know whether the BTC has been confirmed or not.
A charge of 0.5 percent will be applied to any cryptocurrency conversions you make. The exchange cost is determined by other customers and account owners offering Bitcoin purchases, but the broker does not charge a fee to acquire cryptocurrencies.
When you sell cryptocurrency, you are subject to transfer costs, which might vary depending on the payment method. The fee for bank transfers is the lowest possible, coming in at 0.5 percent. There is a one percent transaction charge attached to the use of alternative payment methods such as debit cards, digital currencies, and online wallets. At 5 percent, the rate for selling cryptocurrency using gift cards has the highest fee associated with it. An instant payment of an escrow network fee is taken from a vendor's wallet and sent to Paxful following the successful conclusion of a deal.
Make use of the Bitcoin fee calculator to determine how much your cryptocurrency is worth when converted to fiat currency using the most up-to-date exchange rates.
There are several reasons to begin trading cryptocurrencies with Paxful, including the following:
0 percent paid in commission
Safe and sound escrow dealings
Mobile application featuring the whole set of account settings
Hundreds of different modes of payment are accepted.
Bitcoin is used to support philanthropic activities, and select cryptocurrency vendors are chosen based on their ability to meet particular specifications and price
There are a few drawbacks associated with opening a Paxful account, including the following:
Unregulated trade and commerce
Only three crypto assets to choose from Limited choices for customer assistance
There are certain countries that do not permit certain services.
There is a lack of help for customers. You may access an online contact form as well as a live chat bot by clicking on the Paxful logo, which is located at the bottom right corner of the Paxful website as well as on the Paxful mobile app. There is no phone number listed for contact here. The postal address for the office of the exchange is 3422 Old Capitol Trail PMB# 989, Wilmington, Delaware 19808, United States of America.
Both firstname.lastname@example.org and email@example.com can be used to contact customer assistance through email. However, we had to do some digging to get the contact information. This information is not easily accessible to the users of the platform; in fact, not even a third-party research website such as CrunchBase provides access to it.
Paxful also has a comprehensive Frequently Asked Questions website in addition to a help center (knowledge base). The topics covered include English and global language options, how to verify your identity, how to create a Paxful account, and how to actually buy Bitcoin. Twitter and other social media outlets also offer the most recent news and assistance when needed.
Transactions between individuals directly can sometimes result in an unlevel playing field for business. There are skeptics on the internet who question if Paxful is real or not and who warn about frauds involving PayPal. Our advice for ensuring that genuine business is conducted is to conduct all transactions within the marketplace, where both dispute resolution and escrow services can be found. This will assist lessen the danger of being taken advantage of in some way.
The Paxful BitGo wallet service provider guarantees the use of cutting-edge security technologies to safeguard customer cash. This includes the use of 2FA for account login, the integration of 3D secure payments, and the use of a dual-factor code for all cryptocurrency transactions.
Paxful is an innovative decentralized cryptocurrency marketplace as well as a wallet service. The fact that the exchange allows more than 350 different payment methods, safe logins, and cryptocurrency vendor options made our evaluation very happy. Some investors might be concerned about the limited customer assistance and unregulated services that are available. Additionally, be wary of the hefty vendor costs as well as the limited selection of digital currencies that are accessible for investing.
Paxful welcomes traders from most countries, including the United Arab Emirates, Saudi Arabia, Kuwait, Luxembourg, and Qatar, as well as Australia, Thailand, Canada, the United States of America, the United Kingdom, South Africa, Singapore, Hong Kong, India, France, Germany, Norway, Sweden, Italy, Denmark, and most other countries.
Traders located in Korea and Cuba are unable to utilize Paxful.
Sites like Paxful in the UAE
Here is a list of quality Forex, CFD, Stock and Crypto Brokers for new and professional traders living in the UAE:
- Olymp Trade - People simply love this one (Olymp Trade Review)
- Binance - World's largest cryptocurrency e-wallet and exchange that also has an online trading platform, where their members can invest or trade in virtually hundreds of cryptocurrencies and new tokens. (Binance Review)
- IG Markets UAE - UK broker located at Tower 2, Level 27, Al Fattan Currency House, DIFC. (IG Markets UAE Review)
- City Index Middle East - London-city broker with a branch in the UAE. (City Index Middle East Review)
- eToro - Social trading platform, but much better options are available out there. (eToro Review)
- IQ Option - It's a below-average broker with no Dubai office, but does have a toll-free virtual number for UAE: 800 032 0891 -> No Arabic, English only. (IQ Option Review)
Reviewed by Arpita Singh
Arpita Singh is the main writer at ForexBroker.ae. As a senior investment professional with 10+ years of experience working at top-tier Private Equity and Sovereign Wealth Fund; she is also responsible for fact-checking concepts, reviews, and related details about brokers and exchanges listed on this website. Full Bio.