Paxful Review in the UK: Legit and Safe or Not
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.
Navigating the Risks: A Crypto Trading Disclaimer
Trading in cryptocurrencies involves significant risks and may not be suitable for all investors. The cryptocurrency markets are highly volatile, and prices can fluctuate rapidly. Investors should carefully consider their financial situation, risk tolerance, and investment goals before trading. It's essential to conduct thorough research and seek professional advice before making any investment decisions.
Read our advice to avoid losing money in financial markets. Protect your investments today.
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 Review Summary
|
Criteria |
Value |
|---|---|
|
Cryptocurrency Exchange |
Paxful |
|
Company Website |
https://paxful.com |
|
Year Founded |
2015 |
|
Location |
New York |
|
|
https://twitter.com/paxful (108.8K Twitter followers) |
|
|
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 |
|---|---|
|
|
|
Crypto-Scam Warnings
Beware of crypto-scams! Trading cryptocurrencies carries risk and may lead to loss. Research our selection of trusted services to protect your investments. Stay informed, stay secure.
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:
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.
There is a list of the most demanded payment options offered:
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:
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:
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:
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:
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:
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:
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:
Follow the instruction to find out how to verify a user on the crypto exchange:
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:
If you are wondering how to withdraw money from Paxful, follow the instruction:
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:
Cryptocurrencies Supported on Paxful
Paxful supports fiat and digital currencies.
Coin Support
The cryptocurrency trading platform supports more than 30 virtual currencies, including:
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:
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:
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:
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.
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?
How Do I Create an API?
How Can I Buy Cryptocurrency with Paxful P2P?
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:
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?
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.
Paxful Review Summary
We have analyzed key features of Paxful based on 3 important criteria for choosing crypto exchange:
- Trustworthy
- Usability
- Fees
Based on researches and our own tests, we have made an independent rating.
