Paxful is an online platform for the exchange of the cryptocurrency bitcoin. It is one of the world exchanges that stands well as a broker for crypto traders, allowing for a peer-to-peer connection of digital merchants to buy or sell bitcoins.
Paxful has since its inception established itself as one of the highly-rated exchanges in the cryptocurrency world today. The platform has been qualified as “Uber,” which conveys Bitcoins between traders and countries through its quality service delivery.
It has partnered with many other online financial services in many places to create more user-friendly incursions in the digital space they occupy.
History of Paxful
Paxful was not always called Paxful. Before that change, it was EasyBitz, when the company was created by Ray Youssef and co-founded by Artur Schaback in 2014. The name was later changed to Paxful in 2015.
Having its headquarters in the United States and services in countries like China, India, Nigeria, Russia, and many others, the digital marketplace grew to be reputed as one of the best peer-to-peer platforms for buying and selling bitcoins.
Benefits of Paxful Exchange
Paxful exchange has a wide range of draws that make it an excellent pick for traders and users of cryptocurrency platforms worldwide. Some of the top benefits of using Paxful are stated below.
Wide Range of Payment Options
Paxful offers cryptocurrency transactions with a wide range of payment options that are perhaps peerless.
More than 30 methods of making payment in the decentralized cryptocurrency trade, ranging from cash to PayPal, Bank transfers, Gift cards, and many other payment methods.
The amazing and secured interface of the exchange ensures massive use of the platform in almost all the countries in the world to buy and sell vast amounts of cryptos in a short time. However, Paxful has shown limited liquidity to some payment methods.
Paxful allows for easy usability and flexibility through its quality trading services. The platform serves as a broker for trading millions of bitcoins on the platform.
It supports easy and quick transactions and also allows for anonymous trading on the marketplace. Again, Paxful has been designed to work smoothly and efficiently for beginners in the cryptocurrency market venue.
- The Use of Fiat Currencies
Paxful has fiat currencies available for transactions, allowing users to make an exchange for bitcoins. The network accepts visa credit cards, debit cards, and other options for this process.
The high-security functionality of Paxful exchange encourages millions of users to develop trust in the network. Registration to use the space requires email registration, two-factor activation, and, most times, personal identification.
Again, the use of an escrow service ensures payments are verifiably made during transactions. It also helps to hinder dubieties.
- No Transaction Fees
The zero charges available for the transaction on the network is one of the benefits which attract many users to the exchange.
Paxful does not charge its subscribers any fee for buying bitcoins. However, a 1% fee charge is employed for selling bitcoins on the online marketplace.
- Quick Customer-Oriented Services
Paxful has employed quick customer-oriented services for the users. It takes users a short time to get a response from the exchange company.
The network has an instant live chat option, which hastens customer care support and the relationship between the traders and the company in fostering communication.
How Does Paxful Work?
The Paxful exchange enjoys a lot of attention from users worldwide due to its favorable functionality and service par excellence. And to use these features made available by the online marketplace, how the platform works must be understood.
- Site Registration
To use Paxful, the first registration must be done on the website of the platform, www.paxful.com, with an email address, name, and password.
This is one method of registration on the site. However, anonymous registration is also available as a choice.
- Affiliate program
Another way of using the Paxful exchange is through the “Virtual kiosk link.” This is Paxful’s affiliate program that is available for users. The affiliate program helps to advertise the platform, and in return, earning 2% of any amount bought from that undertaking.
- Paxful Bitcoin Wallet
When you register to use Paxful exchange, the platform creates a wallet for your funds. The wallet is used to store and wire funds by using the wallet address.
- Fund Deposit
Fund deposits can be in the form of fiat currencies or cryptos. This can be quickly, easily, and securely done on the Paxful website.
You can choose from the multiple options like PayPal, MoneyGram, Western Union, and other options provided on the platform.
- Exchange Trading
It is pertinent to state that Paxful exchange does not store crypto assets but serves as a broker for trading. A user can buy with any currency, but bitcoin is only sold in the trading marketplace. The exchange supports a variety of payment options that users can choose from.
- Escrow Service
Before a transaction is concluded on the marketplace, funds are directed to the escrow. This serves to hold the funds for a while till the two parties can complete their transaction.
If the transaction does not go through, the fund in the escrow will be sent back to the owner’s wallet
- Margin Trading
In trading the platform, the use of margin determines the percentage of your profit or loss. We have a positive and negative margin in Paxful.
Paxful has garnered quite many positive and negative headlines and coverage. Besides its merited boast as one of the marketplaces with multiple payment options and other flexible favorable margins.
Paxful has been termed by many as a fraud and a dubious platform purported to swindle credulous users of their money. Nonetheless, in the face of this assumed despiteful claims and other smears, Paxful continues to wax stalwart as a secured and fast-growing digital currency platform.
How to Use Paxful Exchange
Using Paxful requires a simple registration process on the website of the platform. Precautions are to be taken before any transaction on the platform is carried out to ensure security.
Paxful—An Ever-growing Digital P2P Venue
Paxful affords a venue where buyers and sellers of bitcoins meet for trusted and safe transactions. However there have been negative reviews and reports about Paxful being a scam; this has been due to the influx of some users who have taken advantage of the exchange’s flexible interface to tarnish the platform’s credibility.
Despite this, the negative action of the sellers should not be used to judge the reputation of the platform. The company has braced itself against the attacks and continues to rid the system of such negative influences.
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