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Paxful.com Review 2020 – Advantage and Disadvantage

by Go Designer Networks September 14, 2020

What is Paxful.com?

Paxful is an online marketplace where buyers and sellers meet online and trade bitcoins. As of 2018, Paxful is one of the biggest USD peer to peer bitcoin marketplaces by volume which can be said as it has revenue of over $20,703,199 as of December 1, 2018. You can buy bitcoin from Paxful.com with any payment method.

History of Paxful.com

In July 2015, Paxful Inc. was co-foundedby Ray Youssef and ArturSchaback. It was first started as a payment processing platform for brick-and-mortar merchants. Then it was eventually reintroduced on the bitcoin market as Paxful Inc.

It is an easier way for people to buy bitcoin and also it emphasized a peer-to-peer working system, which would become the service’s chief focus. The platform of Paxful saw an increase in users after classified advertising website Backpage had their credit card merchant services removed in 2015. This led to the site to provide the link to Paxful to their users, which was then known by the platform’s co-founders as the ‘Backpage Effect’.

Paxful Inc. saw more increase in their popularity among users with the launch of the Pay with Paxful feature, which allows users to pay with bitcoins instantly in 2016. Paxful Inc. has expanded its services worldwide, namely New York, The Philippines, and Hong Kong and provides more than 300 payment methods for users as of 2018.

Gift cardis one of the most famous payment methods available on the platform which makes up 64% of the trades conducted on the platform and over $880,000,000 worth of bitcoins being purchased. Their expansion to Venezuela beginning in October is one of the most recent ventures of Paxful Inc. of 2018.

The Co-Founder of Paxful Inc.Ray Youssef has stated that the plan for expansion was to help more mobile phone subscribers of the country gain access to bitcoins in an interview with CoinDesk. Youssef has also stated in introducing the platform as an application through Android in the same interview. Paxful Inc. was cited in a report by the email defense firm Agari in early 2018. The report presents findings on a Nigerian scam group the company has dubbed Scarlet Widow with potentially millions of dollars of stolen gift cards laundered through the Paxful platform.

 

The uses of Paxful.com

You can buy bitcoin from Paxful.com with any payment method. There are payment methods like E-Wallet, Bank Transfer, Paypal, Skrill, Perfect Money, Western Union etc. and many more. The partnership with Binanceenables you to buy and sell digital currencies on Paxful, using your existing Binance account. You can buy bitcoin with iTunes gift cards and Amazon gift cards. With the help of this platform, you can buy an exchange bitcoin with Bank Transfer and cash deposit.

You can also use it to buy bitcoin with PayPal, Neteller, and Skrill. You can also do bitcoin exchange locally by exchanging cash in person by this platform. From Paxful.com, you can buy bitcoin with Ripple, Litecoin, and Etherum too.

 How does Paxful.com work?

Paxful.com is very simple with navigation and all the tools you need to accomplish your desired tasks are right at your hand. In fact, it has similar features as local bitcoins. After creating an account on Paxful and being set to begin a trade, you need to select the cryptocurrency you want to trade and the amount. You will be provided with a list of all the sellers who meets your criteria along with a smaller list of popular vendors that Paxful provides for being helpful.

To initiate negotiation with the vendor via Live Chat, press on ’Trade’. To provide customers with security from scammers, Paxful has an inbuilt escrow. After you click ‘Trade’, the Bitcoin being traded are transferred into escrow. The meaning of escrow is that Paxful takes the Bitcoin being traded from the seller and holds them for the buyer until the transaction is completed. After the Bitcoins are in the escrow, the buyer can cancel the trade but the seller cannot cancel the trade.

The Bitcoins will be reverted back to the vendor’s wallet if the buyer cancels the trade. The buyer will finally click ‘Mark as Paid’ to close the trade if the trade proceeds successfully. The Bitcoins to the buyer will be released by the escrow then. It takes approximately 3 hours for Paxful Bitcointransmit.

Advantages of Paxful.com

  • There are an extremely wide range of payment methods available at Paxful.
  • It has a 2-factor authentication system that protects wallets and guarantees your security.
  • com has the facility for sellers to have reputation ratings based on their activity, trading history and customer feedback all available to view.
  • Until both parties confirm that a transaction is done, an escrow service keeps funds. This makes the transactions smooth and protects sellers and buyers from cheaters.
  • Customer support at Paxfulresponds via a range of options, including email, phone, messaging system and social media which make it very fast.
  • Paxful is making the world into a global village when it comes to business by allowing anyone from any country across the globe to trade Bitcoins on its platform.
  • For many Bitcoin traders, the biggest problem is the fact that there can be delays when withdrawing their Bitcoin. Fortunately, Paxful features 24 hours 7 days a week service that keeps its platform open to everyone at all times, while delivering fast and reliable transactions.
  • It’s clear that Paxful is one of the simplest cryptocurrency markets you will find out there and it features a straight forward interface to get started. You all need to do is log into the site and start buying or selling Bitcoins.

Disadvantages of Paxful.com:

  • As Paxful acts as a peer-to-peer platform, there are risks that someone will try to cheat you. So, you need to be careful and never communicate with sellers via email, SMS, or any other way. Paxful.com protects you only when you contact other users through the messaging box.
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