Paxful Platform Review – Is It Safe or a Rip-off?


Are you aware what’s difficult? Changing your fiat into cryptocurrency and vice versa. 

In case you’re American, you should buy bitcoin with 1 click on utilizing Coinbase.

How about shopping for bitcoin anonymously?

Let me introduce you to Paxful, which is a fashionable P2P alternate platform.

Paxful permits you to purchase bitcoin, trouble-free. The web site is just like the “eBay of cryptocurrency”. The platform connects you to different individuals, who wish to purchase or promote cryptocurrency. Thus, you may store round and discover the most effective worth.

Utilizing Paxful is simple, that’s why the platform is fashionable. 

  • Is Paxful protected to make use of?
  • How safe is it?
  • Who’s behind Paxful?

On this evaluate of Paxful platform, I’ll reply your most urgent questions and extra. Let’s examine … 

The workforce behind Paxful 

The founding father of Say one thing good about him.

Right here’s a image of the founder. When there are faces behind the corporate, it makes me really feel extra protected utilizing them. I’ve names in case I must report Paxful to the police (I’m kidding!)

Paxful was based in 2015 by Ray Youssef and Artur Schaback. I did a little bit of digging round LinkedIn and right here’s what I discovered ….

Ray Youssef is the CEO and he was an ex software program engineer. Artur Schaback, the co-founding father of Paxful, was the founding father of Kaizern, a software program firm that specialised in blockchain app growth. 

Earlier than, Paxful was concerned within the bitcoin ATM business. Additionally they personal

In response to their web site, they’ve places of work in New York Metropolis, Hong Kong, Manila, and Talllin. Good! 

Okay, sounds nice. However why must you use Paxful as an alternative of Binance? Good query. 

Paxful differs from Binance in some ways. 

How helpful is Paxful? Examples …

It’s Christmas and your kinfolk are visiting; they’re gorging themselves on turkey and baked beans. 

“Comfortable Christmas, sonny boy! Listed below are some present playing cards and sweaters for you!” says Uncle Jim, half drunk.

He palms you a fistful of present playing cards. 

However you need money and crypto, not some ineffective present playing cards to purchase extra pizza. You need to stack your bitcoins and retire on a non-public island earlier than your 30th birthday. 

Think about one other state of affairs: 

An African man in Japan must ship a refund house to Africa however he doesn’t need to pay the outrageous eight% remittance charge. Is there one other various?

Oh! Right here comes Paxful: you may alternate your present playing cards for crypto. Or you may promote Japanese fiat to purchase crypto and ship the cash house (and bypass the outrageous eight% remittance charges)

(What I particularly like about Paxful is that you may promote “obscure” Giftcards like Chili restaurant present card and Eternally 21 present playing cards. It’s like they’ve the entire present card market coated!)

You are able to do money in particular person, money by mail, cashier’s test, Cash Gram, Bitcoin ATM. Wow! 

Hmm, that sounds great. What in regards to the course of of shopping for crypto on Paxful? How does that work? 

I’m glad you requested as a result of I’ll stroll you thru the method … 

The way to purchase and promote on Paxful?

At all times commerce with a service provider that has a excessive buyer suggestions

You should purchase crypto on Paxful in three easy steps:

  1. You see a vendor you want, begin a commerce
  2. You ship the fee and wait
  3. The vendor sends you the crypto

How have you learnt that the vendor gained’t run away along with your crypto? 

Paxful acts as an escrow, which ensures the protection for you and the vendor. 

Be aware: Paxful isn’t going to reimburse you in the event you’re doing enterprise with a scammer. At all times take precautions! (I’ll offer you some suggestions beneath) 

When the commerce is profitable, go away the consumer a ranking and remark. And inform the vendor to do the identical for you. In any case, the suggestions is a testimonial. 

The higher your fame, the simpler the commerce. Folks belief you extra as a result of your account has a good fame.

Buying and selling on Paxful is easy and streamlined. 

However wait, there’s extra! I’ll discuss in regards to the charges, methods to bitcoin anonymously, and precautions you must take when buying and selling. 

What are the charges like?

In case you’re shopping for, I’ve excellent news for you. It price you $zero charges to purchase as a result of the burden is on the vendor. 

In case you’re shopping for bitcoin utilizing financial institution switch, bank card, on-line wallets, money, or present playing cards then there aren’t any charges (nevertheless, the financial institution will cost you a service charge, gained’t they …) 

Nonetheless, in the event you’re going to make use of a debit card to immediately purchase bitcoin then the fee goes to be increased. I’d advocate to you one other web site like CEX or Coinmama in the event you’re shopping for utilizing debit immediately.

What in the event you’re promoting on Paxful?

There’s a charge.

Nonetheless, in the event you’re the vendor, then the charges vary from zero.5% – 5%. Debit playing cards, money, and on-line pockets are 1% charge and present playing cards vary from three-5%. 

You possibly can view the charges right here

Right here’s one other necessary query …

What about ID? Might you purchase bitcoin anonymously?

You need to use money and present playing cards to purchase BTC anonymously.

Paxful gained’t ask you for ID when you have a tier 1 account. And in the event you’re shopping for BTC with present playing cards, the service provider gained’t ask for ID. Nonetheless, in the event you’re utilizing financial institution switch then some retailers would require ID.

If you wish to purchase anonymously, you may at all times meet the particular person at your native espresso store and alternate cash — “Hey! Right here’s my money. Now gimme some cash please …”

Is Paxful safe? 

Paxful hasn’t been hacked. 

Relating to safety, you could maintain your account safe. This implies having a good password and utilizing 2FA. 

The theft case in Paxful is minimal and there’s 24/7 customer support on the web site, must you want any assist. 

Warning! Take these precautions when shopping for or promoting

Solely do enterprise with retailers which have good feedbacks!

The #1 downside is coping with the service provider. 

You have to solely do enterprise with individuals who have a excessive ranking. This implies the account is aged and has loads of optimistic buyer suggestions. 

What in the event you ship the cash however the particular person doesn’t you the bitcoin? You possibly can open a dispute and a moderator will look into the case. Hopefully, you gained’t should dispute. 

Oh yeah, there have been instances of Paxful freezing prospects’ accounts. You shouldn’t go away your bitcoin on Paxful’s pockets. Because the outdated saying goes “not your pockets, not your bitcoin.” 

Forestall your account from getting hacked! 

Hackers have hacked into Paxful accounts and bought them at midnight market.

Be aware: wasn’t hacked. As a substitute, the hackers tricked the customers into giving their usernames and passwords through phishing assault.

So that you need to be sure that your account is protected with 2FA (2 Issue Authentication). You additionally want a sturdy and safe password. If attainable, use Linux or macOS as an alternative of Home windows. 

Facet be aware: I’ve heard tales of Paxful locking an account. However as a result of the algorithm flags your account for being suspicious. For instance, utilizing Paxful to launder cash or your account has too many disputes. 

In case you’re utilizing Paxful to solely purchase bitcoin, try to be fantastic. 

The #1 rip-off to be careful for

In case you’re promoting crypto on Paxful, you could be careful for scams.  

What’s a frequent rip-off?

Somebody sells you a present card however the card is already redeemed. Ouch. Keep away from complications by solely doing enterprise with properly-established accounts. 

Fastidiously choose who you’re doing enterprise or else you’ll remorse it. 

What do I like about Paxful? 

Paxful makes shopping for crypto straightforward. Furthermore, promoting present playing cards for bitcoin is superior. Additionally, the charges are affordable. 

The web site is intuitive to make use of, and the consumer interface design is aesthetic. Paxful seems to be fashionable, not like different web sites that look historical.

Sure, I’m taking a look at you, 

Customer support is there in the event you need assistance. There are moderators to deal with disputes. The service provider doesn’t ship your bitcoin? No downside, simply summon a moderator. 

I’m a veteran within the crypto house and I’ve seen the shift: individuals utilizing Paxful as an alternative of Localbitcoin. Maybe it’s as a result of Localbitcoin has did not innovate. 

Paxful makes it really easy and safe to purchase crypto. Sure, I’m pleased with their service. 

There isn’t a nation restriction on Paxful. For instance, in the event you’re American, you may’t commerce on a number of the finest crypto exchanges like Binance Nonetheless, since Paxful is a P2P alternate, you’re free to commerce to your coronary heart’s content material. That’s what I name freedom! 

The ultimate verdict on Paxful

In my analysis, Paxful appears legit.

As of 2020, Paxful remains to be on the rise. 220,000 guests a month attain the positioning, so that they’re doing one thing proper. Shopping for crypto on the positioning is a simple and gratifying expertise.

Paxful is a authorized firm: they’ve four totally different places of work on three continents and are a registered firm with the face of the CEO on the corporate’s web site.

Go to Paxful

I’ve tried discovering scandals or destructive evaluations towards Paxful and it’s principally about customers that complain about locked accounts (they’re doing fishy issues with the accounts, that’s why they’re locked out) 

Paxful will not be a rip-off. However be careful for scammers on Paxful and you must do okay. 🙂 

Have you ever used Paxful earlier than? What was your expertise like? What do you consider it? Depart your ideas within the remark field beneath. 

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