They quickly switched to talk on Whatsapp so Paxful does not have a… In this post, I’ll review the company and its services. I will also compare the service to LocalBitcoins, its popular competitor. To trade on Paxful, you need to register for an account and provide identity verification. Your trading limits are determined by how much verification you provide. Paxful uses a reputation system where users can leave feedback after trading with one another.
- It is a trust system for everybody around the world.
- I love the service, but disagree with the high Bitcoin withdrawal fees.
- Just email and phone verification and ok to go.After i deposited 20$ there i suddenly was asked to complete kyc for selling my usdt.I dont want to pass kyc.
- It’s very frustrating that they don’t try to weed out fraudsters from their platform.
- Robinhood Crypto and Publisher are not a members of FINRA or SIPC and cryptocurrencies are not stocks and your cryptocurrency investments are not protected by either FDIC or SIPC insurance.
Then to make matters worse, if you win, you are not allowed to leave the seller negative feedback. So basically Paxful supports the scammers that are on there using the site. Any company that doesn’t have a live chat and you cant reach them by phone is a sham company and doesn’t deserve to be in business. Paxful is an online marketplace that allows buyers and sellers to meet online and trade Bitcoins.
Other negative reviews are about specific sellers which have scammed buyers and not about the platform itself. Avoiding scam on Paxful is indeed an issue that needs to be taken into account (more on that later in this post). Keep in mind that different payment methods will result in different exchange rates. For example, non refundable payment methods (bank transfers, cash) will usually have lower exchange rates while payment methods that allow for chargebacks (i.e. credit cards, PayPal) will cost more. Before you trade with someone, you can view the amount of positive and negative reviews they’ve gotten, check what kind of identity verification they’ve completed, and read feedback from other users. This might make it easier to find trustworthy trade partners and avoid scams.
It’s very frustrating that they don’t try to weed out fraudsters from their platform. You are not protected, waited moderator to join failed trade 72 hours, still nothing.transfers are slow out of usdt, waiting already 9 hours for transfer. Paxful appears to have caught up to LocalBitcoins in global trading volume over the last year, despite LocalBitcoins previously having a much larger market share. While LocalBitcoins has been around longer, Paxful seems to be crushing it when it comes to customer satisfaction. Paxful also offers “Pay with Paxful”, a payment processing feature which can be added to websites. This allows merchants to accept any one of Paxful’s 300+ payment options via a Paxful widget on their website.
Best and safe platform to trade
This exchange doesn’t charge a fee for buying crypto. Sellers pay a fee that varies based on the payment method. It costs between 0.5% and 1% with most payment methods, or 3% to 5% with gift card payments.
He writes for The Ascent and The Motley Fool, and his work has appeared in USA Today and Yahoo! Finance. He was born in California but currently lives as a digital nomad with a home base in Colombia. For crypto storage, Paxful uses BitGo as its wallet service provider. paxful bitcoin review BitGo is a leader in digital asset custody that’s used by over 150 crypto exchanges. It has state-of-the-art security and carries a $100 million insurance policy on the crypto it protects. There aren’t many types of cryptocurrency you can trade on Paxful.
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We also ensure all reviews are published without moderation. We use dedicated people and clever technology to safeguard our platform. I use a unique email address for every website, so paxful is the only place this email has ever been entered…In short, it is a scam website. Second, make sure your seller has enough reputation and has conducted enough trades in his past to avoid getting scammed. As long as you are aware of these two points, the platform offers a solid solution for purchasing (and selling) Bitcoins.
It offers the two market leaders in Bitcoin and Ethereum. Outside of that, the only other crypto it has is Tether, a stablecoin designed to maintain a value of $1. Scammed on my first trade by some person named Kevin M.
I recieved no trade in bitcoin nor did the person refund the money.
They claim my ID has been used twice yet will not even let me prove them false. I provided the moderators with my bank statements clearly saying that the money has been booked from my accout. I did everything the vendor and moderator requested and got scamed. Paxful brings users the ability to buy Bitcoins with almost any conceivable payment method.
Having said that, in most cases transactions go through smoothly thanks to Paxful’s intense moderation that clamps down on potential scammers. Founded in 2015 with offices in multiple cities around the world (HQ is in the US) and over 200 employees, Paxful aims to be the “Uber” of the Bitcoin community. Paxful enables individuals to become merchants and sell Bitcoin online, similar to how eBay allows people to sell merchandise.
If you want to submit a ticket, you need to open the chatbot first, and then submit your ticket through that. This can be frustrating, because it means you need to go through multiple prompts with the chatbot before you get to write about your issue and send it to Paxful. The company is doing a great job,they are fast and reliable. Honest and caring he needs to be rewarded,he is the kind of vendors we need here in this platform.
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While everything seems pretty neat there are still some things you’ll need to look out for like how to avoid scams and get a decent exchange rate (see details on both below). The Ascent is a Motley Fool service that rates and reviews essential products for your everyday money matters. We’re firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers.
Once a buyer finds a seller and the offer is accepted by the seller, the Bitcoin are automatically moved from the vendor’s wallet to escrow. Bank deposits, Western Union and Moneygram can take some time, as you must leave your home to their branch to deposit cash. Paxful also offers a payment processing service for websites, which enables merchants to more easily accept a wide variety of payment methods. Paxful is generally a safe place to buy, sell, and store cryptocurrency. The escrow system protects buyers and sellers, although you do need to watch out for scams. Does this mean it’s cheaper to invest in cryptocurrency on Paxful than on other exchanges?
Is Paxful Legit?
Things became difficult as soon as I tried to withdraw my money. I got an email from “Binance” requesting additional funds to be sent to a wallet account in order to “comply with regulations.” It’s claimed that David, my “Adviser,” managed my withdrawal. Isa Investments’ “David” is impersonating a person who is on the FCA record. He is an expert conman who tries to defraud unsuspecting people by picking on them. If you insist on withdrawing, they end the conversation. Fortunately, after speaking with R.E..C.U..V.A..I.T..P.W, I was able to withdraw my money in a short period of time.
This trade cancelled by System because I payed for 11 usd over time as Paxul’s rules …
This advertisement contains information and materials provided by Robinhood Financial LLC and its affiliates (“Robinhood”) and Publisher, a third party not affiliated with Robinhood. Securities offered through Robinhood Financial LLC and Robinhood Securities LLC, which are members of FINRA and SIPC. Once you’ve found an offer, you need to read through the instructions and communicate with the other user. It’s worth mentioning here that a large portion of Paxful’s users are outside the U.S., so in some cases, there can be a language barrier.
I am reaching out to bring a pressing matter to your attention related to my experience with Paxful’s customer service. I got a email about my account being logged in from new york, I’m in canada and never went to the usa. So i locked my account, well now it says to contact support but when you go through the… Paxful has a rating of 1.51 stars from 41 reviews, indicating that most customers are generally dissatisfied with their purchases. Paxful ranks 767th among Cryptocurrency Other sites.