Paxful Crypto broker review: Is Paxful a trustworthy crypto broker?
Paxful have stayed true to their vision of democratizing the cryptocurrency marketplace and also termed as the “Uber of Bitcoin”. This Delaware based firm appeals to multinational traders not limited to specific regions but gets limited because of local regulation. It is trying to merge as a leader in countries like Russia, China, the USA, and Nigeria. With a robust trading platform and globalized peer-to-peer buyer/sellers network, Is Paxful worth your attention. Read this review as we unravel the promising features of Paxful and its pitfalls.
About Paxful
Paxful was founded with the vision of providing a simple and secure trading platform for all, the fintech start-up depends on a user cluster enabled logistic system. The exchange is a P2P buy/sell trading platform established in the year 2015 by Schaback Artur and Ray Youssef. They operate offices in the US, Manila, Estonia, and Honk Kong. It currently has a team of 200 employees and is reported to have been growing at a great pace. The model works in the lines of e-retail websites, which in Paxful’s case is enabling people to buy/sell Bitcoin.
They have envisioned and executed a decentralized trading market giving the power to control in the hands of its consumers.
What can you trade with Paxful?
Paxful currently only accepts and trades Bitcoin (at the time of writing the review) and doesn’t account for fiat currency as the transaction happens directly between the seller and buyer. Before trading, the registration process is fairly simple and registration by email verification becomes mandatory. There is also an option of filling the registration form available on the website for ease of access. The minimum amount of transaction any seller/buyer is allowed starts from 0.001 BTC without the status of their verification. The website levies about 1% of all transactions that happen during the trade. The main USP is their flexible payment methods that make buying Bitcoin simple. They are known to offer better alternatives to buy Bitcoins which is not possible with other exchanges.
Payment Methods at Paxful
The prime feature of Paxful is its flexible offering of payment methods that are standard and scaled to international levels. They allow the following payment methods
- Buying BTC using fiat currency
- Bank wire Transfer
- Bank Cards
- Gift Cards
- Cash Deposits
The exchange varies depending on the transaction and payment method used and the profit margin depends on this factor most of the time. The website has an internal review system that favors vendors with a streak of 50 trade hits with more than 20 different others. The vendor gets elevated to the status of a verified vendor which offers perks like high responsiveness and a deal success rate of 33%.
Trading platform
The site hosted by Paxful is a comprehensive network of buyers and sellers looking to trade Bitcoin. It is equipped with the latest payment gateway to accommodate all standard payment methods. Paxful has an integrated payment process with Escrow that protects and reserves the transaction amount until the two parties have their final say. This significantly reduces the payment complexity on both sides and remains assured of cash revert in case of break out or any technical glitch.
The market place is equipped with real-time chat ability with potential buyers and sellers, Paxful strictly warns against any kind of communication outside their portal as chat logs can come to rescue in case of fateful incidents. Reputation ratings are an important factor in selecting potential buyers/sellers. Paxful has recently introduced a Biometric identification system to imprint facial data on Bitcoin transactions.
Customer Support at Paxful
Paxful website has an intuitive and clean interface with a minimalistic menu, Help menu can be easily located, There is a separate section for comprehensive FAQ listed catering different issues, Presence of a 24/7 live chat is an added advantage, the response of the customer assistance team is a bit slow. An important discussion on various topics can be browsed in the forum section which is quite active.
Customer Review about Paxful
Paxful is active in crypto-related review related pages and the responses can help understand the problems encountered by users and the redressal mechanism of Paxful’s customer support team. The site received a “Poor” rating on Trustpilot.com, however a single consensus on the marketplace cannot be drawn. Hence readers are advised to get a clear guideline of the way Paxful operates to avoid fraudulent or scams.
We have discussed some of the user reviews obtained in the process, they are described below;
A user with the profile name “Faluki Adeniji” commented on the slack redressal mechanism of Paxful for being unable to receive the Bitcoin in his account.
Another user with the profile name “Stephens F. Nwachukwu” describes his positive experience at Paxful and highlights the trader’s lifeline practice adopted by Paxful contrasting with other exchangers.
Conclusion
Paxful is an ultra-flexible platform to trade Bitcoin using their inclusive payment method offering. The experience and various other processes seem to clutter-free which can easily be executed by a novice. The website is a marketplace and Paxful cannot vouch for the decision made in selecting the right buyer or seller. Making use of reputation ratings can help avoid scams and zeroing in the best exchange rate is the only way to maximize profit. This depends mainly on the payment methods adopted when trading, hence finding an optimum workflow can ensure maximum returns.