The Complete Guide To The Paxful Instant Cryptocurrency Exchange
What Is Paxful?
For those new to bitcoin exchanges, Paxful is the world’s largest Peer-to-Peer Bitcoin Marketplace and a simple way to exchange your leftover money. With over 300+ payment methods, customers have the ability to buy Bitcoin through a multitude of channels including the typical bank transfer and bank wire. Whether you want to spend an iTunes gift card, Steam gift card, PayPal funds or a credit card, Paxful allows you to seamlessly transfer money from your merchant of choice to Paxful in order to purchase Bitcoin. The process takes seconds and makes Paxful one of the premier Bitcoin exchanges online.
The mission of Paxful is to give working people a simple, fair and secure platform for trading the value of their work. The company is disrupting the financial services industry by offering a brand new way to transact money into digital form.
Is Paxful Legit?
Paxful is based in New York, New York and was founded in 2015. Paxful remains as one of the largest Bitcoin exchanges online today. The executive team consists of Ray Youssef (CEO) and Artur Schaback (CTO).
You can use the service to buy bitcoins whether you reside in the United States, United Kingdom, Australia, Canada, India, Japan, Mexico, Brazil, Russia or just about anywhere else in the world. The key is finding a seller who’s willing to work with someone residing in your country.
Buy Bitcoin With PayPal, Credit Cards, Gift Cards, Bank Wire And More
Paxful has quite possibly the most bountiful options out of all the exchanges for buying bitcoin. Here is a brief list of some of the payment methods (300+ in total) that are available on Paxful. Among the options, gift cards seem to be incredibly popular:
- Cash in Person
- Credit card
- Debit card
- Bank transfer
- Nigeria bank transfer
- iTunes gift card
- Amazon gift card
- Steam Wallet gift card
- Google Play gift card
- Starbucks gift card
- Sephora gift card
- Walmart Visa card
- OneVanilla Visa card
- Western Union
- Square Cash
- Perfect Money
You can view them all here.
There is only a 1% fee for the seller from the amount of a sale. This covers the cost of operating expenses for Paxful. Paxful does not charge fees to their buyers. The fee structure may change in the future.
Before you can start selling on Paxful you must first top up your account with some bitcoins. You can do this by proceeding to the button at the top named Wallet. From here you will be able to view your current balance and/or deposit into your Paxful Wallet using your personal bitcoin address. You can generate a new address every single time you want to receive more bitcoins.
It is recommended that you do not store your bitcoins in the Paxful Wallet long-term and instead consider moving them to a secure cloud, smartphone or hardware wallet such the KeepKey.
Is Paxful Safe?
Upon sign-up, you will encounter a five-layer process to ensure the security of your account which includes your phone number and email address. Not only are there multiple layers of account & persona verification, but also the system encourages you to setup Two-Factor Authentification (2FA) to secure your Paxful account. Paxful currently supports Google Authenticator, Authy and SMS based 2-factors. As always, ensure you use a secure password such as one generated with a secure password generator tool.
The Paxful servers are well-guarded up to the highest banking specifications, so there should be no downtime.
Paxful has an excellent customer service team which will help you answer any questions you may have. There is also a comprehensive Support FAQ that covers everything you need to know about the Paxful platform.
Phone: +1 (865) 272-9385
Support Email: [email protected]
In order to begin trading for Bitcoins on the Paxful Exchange Platform, you will need to get familiar with the user interface. Here are the steps you need to take to get started on Paxful.
For example, if you are in the United States and want to redeem a $25 iTunes Gift Card:
Step 2: At the top of the page click on the button Buy Bitcoin. This will take you to a page where you can select how much you want to deposit, the currency you will be paying in and how you want to pay. You have over 300+ payment options. Click on Search.
Step 3: On the following screen you will see open offers for the payment method you want to use. For each offer, you are able to view the vendor’s feedback and the price you are paying. When you make a selection click Buy.
Step 4: On the next screen enter the full value of the gift card amount. Make sure you agree with the rates and that you read the terms before you make a purchase or upload a card. Click on the green BUY NOW button to complete your trade.
Step 5: Your trade has started and is now live. On the next screen, you can view the trade instructions under the pay now button. You can message the seller and upload pictures of your gift card on the right side. Once you have uploaded the pictures be sure to click on the Paid button. This will complete the trade. If you are a seller you may need to provide your wallet address.
Step 6: Congratulations! You have purchased Bitcoin with your own gift card in just a few minutes. This process can be repeated for every type of payment method on Paxful. We hope this helped and feel free to share this guide with a friend.
Paxful vs Coinbase
Paxful is often compared to Coinbase in that they are both simple to set up. While Coinbase can feel limited in terms of payment options available, Paxful offers far more options including PayPal, credit card, gift card, Western Union, MoneyGram, and many more services. The fees on Paxful are almost non-existent, while Coinbase fees range from 1.49% to 3.99%. You can buy bitcoin on Paxful, however, Coinbase offers a much larger selection of cryptocurrencies.
Paxful is an excellent platform to buy and sell Bitcoin between other forms of convertible money such as credit cards, debit cards, gift cards, Western Union, MoneyGram, PayPal, and hundreds of more methods. If you want to purchase bitcoins quickly and painlessly, Paxful simplifies the process. Overall, I recommend Paxful as an excellent option for all audiences who are just getting started with bitcoin. Paxful is also a great option for advanced users of bitcoin and online payment systems.