7 January 2021
Paxful is a crypto marketplace company that allows users to buy, sell and store bitcoin in a wide variety of ways. They’re the leading peer to peer bitcoin marketplaces around the world, and they’ve grown significantly since Bitcoin surged in 2020.
Paxful Review: Company Overview
Paxful was started in 2015 by Ray Youssef and Artur Schaback out of Europe. The company is based in Tallinn, Estonia, and has offices out of New York City, Manila and Kong Kong. Their end goal and overall mission is to empower the millions of people in this world that don’t have access to traditional banking, by giving them control over their finances like never before. This makes complete sense when you hear about the ways that Paxful can turn traditional assets into bitcoin and crypto.
With Paxful you can buy crypto (mostly Bitcoin) online, sell it at your chosen rate, or save it in a secured wallet. Think of Paxful almost like a marketplace, a catch-all financial platform that lets its users transact in Bitcoin and Tether in a multitude of ways, without revealing valuable financial information. You can obtain bitcoin by trading a number of other currencies, buy everyday goods and services, or use Bitcoin to redeem rewards and earn gift cards.
You do this by transferring money from a bank account onto your Paxful account, or by linking a debit or credit card to your account. You can also buy directly with cash or with gift cards that you own, which up to this point is unheard of. Either way the platform aims to make buying Bitcoin (and Tether) simple and extremely accessible for its users by giving members several options.
Now that’s not all. In addition to all these services, Paxful also gives you a bitcoin wallet, for free. Oftentimes crypto marketplaces will make you connect an external wallet, giving way for hacks, and Paxful makes it so this isn’t even a possibility. They have 24/7 customer support and as of 2020, they serve over 3 million customers worldwide!
Paxful: Fees & Pricing
The company prides itself on extremely low fees, and no hidden fees whatsoever. There’s a small fee associated with sending bitcoin to external wallets, but none for deposits or incoming payments. For transaction fees, it’s 1% to sell bitcoin and free to buy it. You can apply to be either a member or vendor on the platform, and as a vendor they have programs like affiliates and rewards to help you earn money.
Paxful takes its security very seriously, and to this date hasn’t had a known hack, unlike many exchanges and crypto market places. They’ve implemented a very strict verification process, and hired an enormous team of fraud prevention analysts. Furthermore, the platform has an escrow service where they’ll hold the crypto for a set period of time until the transaction’s been approved by both parties.
To top it off, Paxful also requires 2-Factor authentication just to login and use your account. There seems to be a lot of security precautions in place to prevent fraud and theft, and so far it’s paid off. They haven’t had any major breaches which is huge for any company operating in the crypto space.
Paxful Review: Conclusion
Wrapping it all up, Paxful delivers a very solid platform for those that are interested in buying and storing Bitcoin. They’ve since added Tether as another coin you can buy on the platform. Paxful has great security features to keep your assets safe, and tons of options to buy, sell and store bitcoin. This is a great alternative to exchanges that require you to link a bank account to buy bitcoin. Instead, with Paxful you can redeem crypto through cash, credit cards and even gift cards. The best part? You get a free bitcoin wallet upon registering.
If you’re on the fence about Paxful, it’s definitely worth checking out, especially if you don’t have the means to go all in on multiple exchanges and other complex wallets.
We hope you found this review on Paxful helpful. Here at Dchained, we strive to educate and make people feel comfortable with cryptocurrency investment. This is only a small bit of all the information we have to offer. If you’re looking to get started with cryptocurrency investing, be sure to check out our Ultimate Beginner’s Crypto Course