Paxful Crypto Exchange Review

Rating: 5/5

Bitcoin Trading Verified

     Get A FREE Personal   

Account Manager!

What Is Paxful?

If you are searching for an exchange with multiple services to start cryptocurrency trading, the Paxful platform is a great option to choose. It is known as one of the best players in the international cryptomarket, boasting an impressive annual trading volume. Moreover, Paxful UK serves as a cryptocurrency broker and a digital wallet at the same time.

The exchange was founded in 2015 as a P2P platform for selling and buying cryptocurrency, in particular, Bitcoin.The main purpose of establishing the brand was to connect Bitcoin sellers with buyers.

Meanwhile, the platform was constantly evolving, and nowadays, Paxful offers to sell and purchase a greatnumber of other cryptocurrencies for Bitcoins. In addition, it provides a unique offer as to the number of payment methods — more than 300 options areavailable for crypto trading there.

Paxful Team

The exchange was established by Ray Youssef and Artur Schaback. They were motivated to create such a platformbecause they want to change the world and make the possibility of earning money accessible for everyone and everywhere.

Today, Paxful has more than 200 dedicated workers all over the world. The crypto trading platform has 4 main offices in the USA, Russia, Philippines, and Estonia.

The team provides its services in 21 languages for more than 6 million users from different countries. 

Paxful Team

Paxful Review Summary

Criteria

Value

Cryptocurrency Exchange

Paxful

Company Website

Year Founded

2015

Location

New York

Twitter

https://twitter.com/paxful (108.8K Twitter followers)

Facebook

https://www.facebook.com/paxful/ (176K Facebook followers)

Fiat Currency

GBP, USD, EUR, CAD, CNY, IDR, INR, PHP, RUB, NZD, AUD, NGN

Cryptocurrency

30+

Payment Type

300+ (UK bank transfer, PayPal, gift cards, Moneygram, Zelle, Google Pay, credit cards, Neteller, Skrill, etc.)

Fees

1.00%

Feature

Total Rank

Ease of Use

4,5 ⭐⭐⭐⭐

User Interface

5 ⭐⭐⭐⭐⭐

Fees

4,5 ⭐⭐⭐⭐

Security

5 ⭐⭐⭐⭐⭐

Support

5 ⭐⭐⭐⭐⭐

Speed

5 ⭐⭐⭐⭐⭐

Payment Options

5 ⭐⭐⭐⭐⭐

Paxful Advantages and Disadvantages

Advantages

Disadvantages

  • Crazy amount of available payment options (more than 300 methods, including bank transfer, credit and gift cards, PayPal, Google Pay, Neteller, Skrill, cash, Zelle, etc.)
  • P2P (peer-to-peer) trading platform
  • Fast and easy signing-up procedure
  • User-friendly interface
  • Digital wallet to store your funds
  • Great variety of available cryptocurrencies (over 30 options, including BTC, EOS, LTC, ETH, USDT, etc.)
  • Possibility to trade with traditional currencies (GBP, USD, EUR, CAD, CNY, IDR, INR, PHP, RUB, NZD, AUD, NGN)
  • Direct communication between buyers and sellers
  • No fees for buyers
  • Anonymous crypto trading
  • Multilanguage customer support service
  • Decent exchange rate
  • Mobile app
  • Dashboard for vendors with an analytics report
  • Secure escrow service
  • Higher offered price compared with the average market price
  • Lack of leveraged trading
  • Smaller trading volume than other P2P alternatives have

Key Features

Familiarize yourself with the Paxful Bitcoin review to find out the key features of Paxful UK and decide whether it is beneficial to sign up:

  • 6 years of experience; 200+ workers; over 6 million users all around the world
  • The headquarter located in New York
  • A large number of available payment methods (over 300 options, including credit cards, UK bank transfer, PayPal, Zelle, Moneygram, Skrill, Neteller, Google Pay, etc.)
  • Wallet service
  • P2P cryptocurrency trading platform
  • Diversity of supported virtual currencies (30+ options, including Bitcoin, Litecoin, Ethereum, Tether, etc.)
  • Wide range of fiat currencies available for crypto trading (GBP, USD, EUR, CAD, CNY, IDR, INR, PHP, RUB, NZD, AUD, NGN)
  • Direct communication between buyers and sellers
  • Mobile version of the exchange
  • Decent exchange rate
  • Escrow system

The cryptocurrency trading platform is suitable for seasoned traders and newcomers while delivering a nice user experience. 

Paxful Products & Services

Paxful provides two main services: trading exchange and digital wallet.

Paxful Exchange

The Paxful safe cryptocurrency trading platform is a popular international destination, which successfully provides its service since 2015.

The peculiarity of Paxful is that it connects crypto buyers with sellers while the P2P platform plays the role of anintermediary between them. It is accessible from more than 150 countries, including the UK, the USA, Canada, Japan, Australia, etc.

Another specific feature is that its activity is focused on Bitcoin trading. However, the platform allows dealingwith other digital currencies as well. Thus, it is possible to acquire bitcoins for Litecoin, Ethereum, Tether, etc.

In addition, the cryptocurrency trading platform accepts fiat money as a trading currency. Traders can use GBP, USD, EUR, CAD,CNY, IDR, INR, PHP, RUB, NZD, AUD, and NGN to buy Bitcoin or Tether.

Moreover, Paxful has one more original feature — a large number of available payment methods. The trading platform provides a list of over 300 options.  

Paxful Exchange

There is a list of the most demanded payment options offered:

  • Bank transfer (domestic wire transfer, SEPA, Interac online, UPI transfer, Zengin System, IMPS transfer, SWIFT, etc.)
  • Cash payments (Amazon Cash, cash-in-person, Cash by Mail, cash bank deposits, OXXO, Moneygram, Transfast, etc.)
  • Credit and debit cards (Paysafecard, Visa, GreenDot card, Bluebird American Express, Serve to Serve, Postepay, etc.)
  • Gift cards (iTunes gift cards, Amazon gift cards, Adidas gift cards, Boost Mobile, Chine Telecom Card, etc.)
  • Electronic wallets (Skrill, PayPal, Neteller, Zelle Pay, WeChat Pay, ApplePay, M-Pesa, GCash, AirPay, BitLipa, ecoPayz,eCheck, ePay, Google Pay, Line Pay, etc.)

All the offered payment options are accessible for all registered users from all supported countries.

To start trading on the crypto exchange, you need to sign up and pass a verification procedure first.

When you are a registered user already, you can buy and sell crypto. To start using the exchange, you need tomake the following simple steps:

  • Fund your personal Paxful e-wallet (choose a payment method and currency, and define an amount).
Fund your personal Paxful e-wallet
  • Choose a currency you want to buy (define the necessary amount).
Choose a currency you want to buy
  • Select a seller.
Select a seller
  • Confirm the operation.

The Paxful crypto exchange offers a wide variety of different payment options, sellers, and prices.

Paxful Wallet

Right after completing the signing-up process, every registered user receives access to a personalelectronic wallet.

The digital wallet is an online service that allows traders to store their digital funds at special online storage and manage alltransactions.

Is the Paxful wallet safe? Yes, it is safe to use because the company provides a two-factor verification system to protect users’ funds. Moreover, access to thepersonal wallet is granted only upon entering a key password known only to a certain customer.    

The Paxful digital wallet is a convenient service not just because it allows keeping funds safe. It also gives a great possibility totrack all your transactions and balance changes.

Take into account that the service is not mandatory to use by every Paxful trader. Thus, you can choose any otheravailable electronic wallet like PayPal, Skrill, or Neteller and store your funds there.

Yet, consider that the online wallet has the following advantages:

  • compatibility with all devices (smartphones, laptops, tablets, etc.)
  • high level of security (tough personal verification system and encryption)
  • ease of use (manage your virtual funds in just several clicks)
  • access to your funds anytime and anywhere 

Nowadays, Paxful digital wallets are used by more than 2 million users. 

Merchant Solutions

Merchant solutions allow trading exchanges to provide a flexible payment system for their users. Due to theimplementation of modern merchant solutions, the trading platform offers a great variety of payment options, including credit and debit cards, which simplifies and accelerates theprocess of crypto buying and selling.

Paxful Trading Platform

How to Trade on Paxful?

If you want to start trading on the Paxful crypto exchange, you need to sign up and create a personal account.Every registered user receives access to an online wallet and a full package of provided services.

To trade on Paxful, follow this instruction:

  • Sign up on the official website or log in to your personal account.
  • Choose Create an Offer.
How to Trade on Paxful?
  • Select the digital currency you want to acquire or sell.
Choose cryptocyrrency type
  • Click Buy or Sell.
Click Buy or Sell
  • Choose a payment option.
Choose a payment option
  • Click Next step to confirm the operation.
Click Next step to confirm the operation

This instruction of the trading process is appropriate for all the currencies available on Paxful.

Spot Trading

Spot trading is a service that implies buying crypto directly from the cryptocurrency trading platform. However, Paxful does not provide the services of selling crypto itself. The trading platform positions itself as an intermediary between buyers and sellers of virtualcurrencies. So, spot trading is not available there.   

Margin Trading

Margins on Paxful are special tools used to set up your offer price below or above the average market value.Margins give the possibility to add a kind of sellers’ or buyers’ “fee” when trading on the platform.

If you sell crypto, you can get a profit from the deal when there is a positive margin. If you buy crypto, youcan save some money and acquire crypto for a price lower than the market value when there is a negative margin.

This is how the system of margin trading works:

  • Click Create an Offer on the notification bar.
  • Select a currency and a payment method.
  • Go to the Trade pricing section.
  • Choose Offer Margin.
  • Set up a positive or negative percentage
  • If you choose the Advanced version, you can select market prices from various resources, such as Kraken or Binance.
Offer Margin

Paxful Futures and Derivatives

In the crypto trading industry, futures and derivatives are used to cater to hedging services or exchange speculations. Futures arespecial financial contracts with obligations to carry definite deals at determined dates and for a fixed price.

Which Countries Does Paxful Support?

The cryptocurrency trading platform is accessible for users from more than 150 countries. It has gained the greatest popularity inthe United Kingdom, the United States, Australia, Canada, Japan, China, India, Mexico, Nigeria, Russia, and Brazil.

It is important to take into account that even if the Paxful exchange is accessible from your country, there couldbe some problems with access to the site or the use of some virtual currencies due to local restrictions and limits.

List of Banned Countries by Paxful

Although the list of regions supported by Paxful consists of a large number of options, there are stillcountries banned by the trading platform:

  • Burundi
  • The Central African Republic
  • Cuba
  • Crimea region
  • Iran
  • Iraq
  • Lebanon
  • Libya
  • North Korea
  • Somalia
  • South Sudan
  • Sudan and Darfur
  • Syria
  • Yemen

How to Get Started with Paxful in the UK?

Registration Process

Paxful has a condition mandatory for everyone who wants to start trading on the platform — every user needs to gothrough a signing-up process. It is considered that Paxful provides one of the fastest and simplest registration procedures.

How to become a registered user of the platform? Just follow the instruction:

  • Click the Register button in the upper right corner. 
Registration Process
  • Put in the required information (mailing address and password).
Create Your Account
  • Create a personal Paxful account.

Note the convenience of the registration procedure, as it does not require entering a lot of facts likenames, addresses, phone numbers, etc. So, the signing-up process is very fast and easy.

Verification

The trading platform has ensured a high level of security for its traders. Thus, it provides a strong verification system toprotect users’ personal information and funds.

The crypto exchange numbers 4 verification stages:

  • Level 1: Email and phone verification 
  • Level 2: Level 1 requirements + ID verification
  • Level 3: Level 2 requirements + address verification
  • Level 4: Level 3 requirements + enhanced due diligence

Follow the instruction to find out how to verify a user on the crypto exchange:

  • Enter your account login and password to open your personal page.
  • Choose Verify Me in the upper right corner.
Verify Me
  • Watch the video with explanations and choose Continue verification. 
  • Fill in the ID verification form.
 ID verification
  • Select Start verification process.
  • Provide a photo verification (you can upload an existing photo of your ID or take a photo at the moment of verification).
Submit identity card
  • Provide Face verification.
Face verification
  • Confirm the verification procedure.

So, if you think about Paxful, is it safe or not, consider that such a multi-stages verification procedure speaks of sitesecurity.

Does Paxful Require KYC?

The exchange requires KYC verification, which guarantees the protection of users’ funds and personal dataas well as the company’s funds and reputation.

Account Types

Since Paxful offers several verification levels, users can get different account types according to thechosen level.

Basic Account

Usually, a basic account on crypto exchanges implies an account that is possible to receive without passingregistration and verification procedures. But Paxful does not allow unregistered users to avail of its service. So, the trading platform offers only verified personal accounts. 

Verified Account

When you sign up and pass a verification procedure, you receive a verified account. The owners of suchaccounts have access to all the services and products provided by the Paxful crypto exchange.

Deposit and Withdrawal Options

To buy crypto on Paxful, it is necessary to master two operations — depositing and withdrawal.

In the first case, you need to:

  • log in to your account or register;
  • choose Wallet;
  • click Receive;
  • copy your e-wallet address or put in the QR code;
  • enter your Paxful wallet address;
  • confirm the process of sending funds to the wallet.

If you are wondering how to withdraw money from Paxful, follow the instruction:

  • Log in to your account or register.
  • Choose Send-out transaction on your Wallet page.
  • Choose the external wallet.
  • Select a currency.
  • Specify an amount.
  • Confirm the payment processing.

The withdrawal time frame varies from 5 minutes to 1 hour, which is one of the fastest withdrawals among cryptoexchanges.

Buying and selling procedures on Paxful are quite similar:

Buying and selling procedures on Paxful
  • Sign up or log in to your personal Paxful account. 
  • Choose the buy/sell logo.
  • Select a payment option.
  • Choose your currency from the list.
  • Specify the amount you want to buy or sell.
  • Select your region from the location list.
  • Choose Search for offers and select one.
  • Confirm the transaction.

Cryptocurrencies Supported on Paxful

Paxful supports fiat and digital currencies.

Coin Support

The cryptocurrency trading platform supports more than 30 virtual currencies, including:

  • CBitcoin (BTC)
  • Bitcoin Gold (BTG)
  • Bitcoin Cash (BCC/BCH)
  • Tether (USDT) 
  • Ethereum (ETH)
  • Ethereum Classic (ETC)
  • Litecoin (LTC)
  • Dogecoin (DOGE)
  • Steem Coin (STEEM)
  • Stratis (STRAT)
  • Peercoin (PPC)
  • Namecoin (NMC)
  • IOTA-MIOTA
  • Stellar Lumens (XLM)
  • Credits (CS)
  • Siacoin (SC)
  • TrueUSD (TUSD)
  • VeChain (VET)
  • Waves Coins (WAVES)

Take into account that not all the offered virtual currencies are available in all the supported countries due tolocal restrictions.

Fiat Support

Fiat currencies supported by the Paxful trading platform include:

  • British pound (GBP)
  • United States dollar (USD)
  • Euro (EUR)
  • Canadian dollar (CAD)
  • Australian dollar (AUD)
  • Chinese yuan renminbi (CNY)
  • Indonesian rupiah (IDR)
  • Indian rupee (INR)
  • Philippine peso (PHP)
  • Russian ruble (RUB)
  • New Zealand dollar (NZD)
  • Nigerian naira (NGN)

Fees

Paxful Trading Fees

Paxful does not set the only exchange rate common for everyone. Every seller can choose the amount they want to sell their BTC for,and the amount can vary on a day-to-day basis. The crypto platform does not charge buyers either.

Paxful fees for sellers vary in accordance with the chosen payment method:

  • Bank transfer — 0.5%
  • Credit and debit cards — 1%
  • Virtual currencies — 1%
  • Electronic wallets — 1%
  • Cash payments — 1%
  • Goods and services — 1%
  • Gift cards — 5% for Google Play and iTunes gift cards, and 3% for all other gift cards

Paxful Deposit Fees

The crypto platform does not charge traders for depositing.

Paxful Withdrawal Fees

If you want to convert your cryptocurrency and withdraw money, you need to pay a 0.5% fee. There is also a Paxful transfer fee, which varies depending on the currency sent or received.

Paxful Limits

The minimum deposit limit is 0.005 BTC, while there is no maximum limit imposed on deposits. In addition, somelimits depend on the verification level.

Buying Limits

Buying limits on Paxful are determined in accordance with 4 verification levels provided by the trading platform. So, there are the following limits:

  • Level 1– $1,000 for one trade and lifetime limit
  • Level 2 – $10,000 for one trade and lifetime limit
  • Level 3 – $50,000 for one trade and unlimited lifetime limit
  • Level 4 – $50,000 for one trade and unlimited lifetime limit

Regulation and Security

Is Paxful Safe?

Every user wants to know an answer to the question — is Paxful legit and safe? Well, Paxful is a safe and reliable cryptocurrency trading platform.

Its team employs a pretty neat approach to security. The platform ensures users’ safety by providing a great KYCverification system. To protect your online wallet, Paxful uses two-factor authentication. It also requires cookie consent to process your personal data.

Is Paxful Regulated?

Is Paxful a legit trading platform? Yes, it is legit, as the company runs its activity in accordance withinternational standards of the crypto exchange market. For instance, Chainalysis, which is a team of blockchain analytics trusted by the bestfinancial structures and governments, has called Paxful one of the safest trading platforms in the world.

Could Paxful Be a Scam?

Is Paxful a scam or not? No, it is a trustworthy platform with more than 6 million users all over the world.

Was Paxful Hacked?

No, Paxful has never been hacked due to its high-class security system.

Paxful Apps

Desktop App

The desktop app is the main version of the Paxful platform, which is available for all users with desktopcomputers.

iOS App

Paxful delivers a mobile version of the crypto exchange, which is suitable for the iOS operating system. Such anapp is available to use on iPhone, Mac, and iPad. You can avail of the exchange service even if there is no Internet connection to avoid missing favourable market prices.

iOS App

Android App

The crypto exchange also provides a mobile app for Android users. It gives access to the same package of Paxfulservices as the desktop version. 

Customer Support and User Reviews

Paxful ensures constant customer support via a live chat available for all its traders. However, the serviceprovides limited customer support because there is no call centre attached to the platform.

Paxful Alternatives

Some alternatives to Paxful are Coinbase, Krake, Crypto.com, Coinmama, Binance, etc.

Paxful vs. LocalBitcoins

Both Paxful and LocalBitcoins position themselves as P2P platforms. In addition, they provide escrow systems:Paxful escrow fees range from 0.5% to 5%, while LocalBitcoins charges a 1% fee for every completeddeal. However, Paxful offers much more payment methods and a more reliable security system. Moreover, the Paxful network fee system is more beneficial than that of LocalBitcoins. There is no Paxful withdrawal fee (just a conversion charge) or Paxful deposit fee.

FAQ


Is Paxful a Wallet?

Paxful is a cryptocurrency trading platform that provides a digital wallet as one of its services. The online wallet is safe electronic storage for your virtual funds.


How Do I Deposit on Paxful?

  • Log in to your personal account or sign up.
  • Choose the Wallet page.
  • Click Receive.
  • Copy your e-wallet address or put in the QR code.
  • Enter your Paxful wallet address.
  • Confirm the process of sending the funds to the wallet.

How Do I Create an API?

  • Log in to your account.
  • Go to the Settings page.
  • Choose API keys.
  • Create an API key.

How Can I Buy Cryptocurrency with Paxful P2P?

  • Register or log in to your Paxful account.
  • Choose Buy.
  • Select a seller who offers the required digital currency.
  • Specify a payment option.
  • Confirm the transaction.
  • Receive the crypto, which will be sent by the seller directly to your online wallet.

How Do I Start Leveraged Trading on Paxful?

Paxful does not provide leveraged trading.


Can I Withdraw Money from Paxful?

To withdraw money from Paxful, you need to:

  • log in to your account or sign up and create an account; 
  • go to your Wallet page;
  • choose Send-out transaction; 
  • choose your external wallet;
  • select a currency;
  • decide on the amount;
  • confirm the operation.

Can I Buy Bitcoins on Paxful?

Yes, it is possible to buy bitcoins on Paxful. In addition, you can acquire other digital currencies like Tether or Ethereum.


How Do You Buy Bitcoins on Paxful?

  • Sign up or log in to your Paxful account.
  • Click the Buy button.
  • Select a payment option.
  • Choose Bitcoin from the list.
  • Define the amount you want to acquire.
  • Select your region from the location list.
  • Click Search for offers and select one.
  • Confirm the transaction.

Any Questions?

Contact us if you have some additional questions about trading on Paxful. Our team is always happy to helpyou and give the necessary explanations.

Jack Evans


I became a crypto asset owner in 2014, when the industry was in its infancy. Before that, I was working in the classic US and European stock markets. Since then, I have gained extensive experience in both cryptocurrency investing and day trading. I am happy to share with readers my experience with crypto exchanges, DeFi and NFT instruments.
All articles of the author