Paxful vs Binance – Which is the Best

Continuing our series of comparisons of popular crypto exchanges, we will look at the pair Paxful vs Binance - two worthy platforms, each of which has its pros and cons.

Most users by default choose Binance as the leader of all the tops and ratings, but it is worth considering other options to have the most complete picture of what is happening in the cryptocurrency industry. Paxful is a quality site, though less well-known.


paxful

BINANCE

Type of exchange

Сentralized

Сentralized

Year founded

2014

 2017

Registration country

USA

Cayman Islands

Trust Score (Coingecko)

No Score

10

Cryptocurrencies / trading pairs

No information

1458

Trading types

P2P

Spot, Futures, P2P, Margin

Fees

Bank transfers 0.1%, cards 1%, cryptocurrencies 1%, online wallets: 1%, cash 1%

0.1%

(0.075%  option for BNB holder)

2FA

Yes

Yes

Mobile application

IOS, Android

IOS, Android

Daily trading volume on Spot market

No data

$13 265 105 972

Advantages and disadvantages of Paxful

Pros:

  • Quick verification within minutes
  • Great choice of payment methods (300+)
  • Two-tier affiliate program
  • Nice interface which is easy to understand

Cons:

  • Paxful site is focused only on working with Bitcoin, although it is possible to pay with altcoins

Paxful Review Summary 

81% Overall

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.
81%
Trustworthy
80%
Usability
82%
Fees

Advantages and disadvantages of Binance

Pros:

  • An impressive selection of cryptocurrencies and tokens for trading.
  • Good reputation and high reliability
  • Publicity of management, active interaction with users
  • Regularly promotions and contests
  • No commissions for bitcoin trading in 13 pairs
  • BNB's own token
  • Own blockchain ecosystem
  • Bot for grid trading

Cons:

  • Mandatory verification

Binance Review Summary 

92% Overall

We have analyzed key features of Binance 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
92%
Trustworthy
95%
Usability
90%
Fees

About Paxful exchange

Paxful logo

Paxful is a p2p service for instant exchange of Bitcoins in more than 353 ways through direct transactions with other members of the system. The platform provides an opportunity to buy or sell Bitcoin cryptocurrency (BTC). You can withdraw the funds received to a bank account in any country; through the transfer of cash; by electronic money PayPal, Advcash, Payeer, Yandex, Qiwi, etc.; by exchanging for gift cards iTunes, Amazon; exchange for many other cryptocurrencies; make purchases in stores (the latter possibility is still in development). Read the current review of the Paxful platform at Profinvestment.com.

About Binance Exchange

Binance is a centralized platform (CEX), which means that the platform is managed by its parent organization, while the platform itself acts as an intermediary between traders.

Already in 2018, Binance ranks first in terms of trading volume and holds this bar until 2022.

Despite the fact that Binance is positioned as a platform for trading cryptocurrency, its functionality is not limited to spot trading.

Comparative analysis of Paxful and Binance exchanges

Available features

Both crypto-exchanges focus on cryptocurrency trading. 

Paxful offers: 

  • Set your own exchange rate as a seller.
  • Make secure trades - Bitcoin is stored in a special secure account until the trade is successfully completed

Binance offers:

  • NFT-market
  • Own learning platform
  • Demo-account

Available countries

Paxful and Binance exchanges are available in more than 100 countries. These exchanges do not provide trading services in sanctioned countries. 

Payment methods

You can fund your Paxful and Binance account with a bank card, PayPal or cryptocurrency.

Card Support

All types of bank cards from supported countries are available on Paxful and Binance.

Available Cryptos and Tokens

Paxful currently supports 50+ trading pairs.

While Binance supports 1466 trading pairs and 357 coins.

Verification (KYC)

KYC on Paxful increases transaction limits and opens up new payment methods. Verification is required for some countries under various sanctions. Deal volume limit: Initially 1500 USD, after confirmation of identity 10 000 USD, after confirmation of address individual consideration of the application to increase the limits is possible.

Confirmation of personal information on Binance Crypto Exchange is required for any transactions with cryptocurrencies or fiat. You should also know that the verification process at Binance must be completed within 15 minutes. It is not allowed to refresh the page, restart or disconnect the Internet. There are 3 attempts daily to do everything without difficulty.

Account deposit

Exchanges offer the following options for funding the account:

  • Crediting a fiat account with a card or payment system
  • Purchase from a card
  • Direct transfer of cryptocurrency to the exchange address

Comparison of Trading Fees

Paxful:

  • For the buyer 0%
  • For the seller - it depends on the payment method: bank transfers 0.1%, cards 1%, cryptocurrencies 1%
  • Online wallets: 1%, cash 1%

Binance:

  • The standard commission of the spot market is 0.1%
  • By default, the following option is set (can be disabled): if the balance has the required number of BNB tokens, they are automatically withdrawn and reduce the commission on a transaction by 25%
  • Also, the level of commissions depends on the user's level, which in turn is determined by his trading volume over the past 30 days and the amount of BNB in his account
  • In futures trading, the financing rate for open-ended contracts is added to the commissions. It can be either positive or negative
  • All VIP statuses obtained in a regular account are retained for futures trading and continue to provide benefits

Account security

Paxful offers its users: Two-factor authentication, secure wallet, e-mail and phone confirmation

Security at Binance is ensured through: Two-factor authentication, Password, Phone and mail binding, Output address whitelisting, Binding hardware key. Control of IP addresses and devices used for logging, Anti-phishing code.

Passive earn on exchanges

Paxful does not offer users any passive income.

The Binance Earn platform is known for its wide range of investment plans and tools for crypto owners. It includes bicurrency investments, fixed and flexible deposits, stacking, pharming, IEO. Periodically updated with new features as the crypto market develops and new trends emerge.

Which to choose - Paxful or Binance

Surely, based on all of the above, you have already made up your mind.
If you are looking for the most liquid platform, with large trading volumes, a wide range of cryptocurrencies and functions, an excellent set of protection measures - choose Binance. Binance is better than Paxful by all parameters.

Disclaimer:

NFTs trading entails a high level of risk and is not suited for all investors. You should carefully evaluate your investment objectives, degree of experience, and risk appetite before deciding to trade cryptocurrencies. You should not invest money that you cannot afford to lose because there is a chance that you will lose some or all of your initial investment.

You should be aware of all the dangers connected with cryptocurrency trading and seek counsel from a financial expert who is not affiliated with any cryptocurrency exchange. This website's opinions, news, research, analysis, pricing, and other information are offered as general market commentary and do not represent investment advice.

FAQs

Is Paxful trusted?

Paxful has passed all inspections and audits. It is completely safe and secure.

Is Paxful a good company?

Paxful has been around for a very long time and deserves the trust of its users.


What is safer than Binance?

Binance is the most reliable exchange available, but it's not without risk. 
Some other exchanges that are considered safe include Bitfinex, Kraken, Coinbase, Bitpanda. These exchanges are all more reliable than many of the smaller, lesser-known exchanges. However, it's still important to do your own research before trusting any exchange with your money.

Why is Binance not good?

Binance is frequently criticized for its high fees. While it's true that Binance charges higher fees than some other exchanges, there are also a few reasons why this might not be such a bad thing.
For one, the higher fees help to offset the costs of running a large exchange. Binance is one of the biggest cryptocurrency exchanges in the world, and it takes significant resources to maintain such a platform. The higher fees also help to encourage users to trade actively on the platform, which adds to its overall liquidity.
Another potential benefit of Binance's high fees is that they may actually help to discourage market manipulation.

Conclusion

To summarize, in the confrontation between Binance and Paxful, both exchanges deserve attention, but have their own nuances. It should be noted that commissions on Paxful are slightly higher. Binance has many advantages and nice additional features. If you have a chance, we recommend to register on both platforms and try them yourself - only this way you can get real impressions and determine which cryptocurrency is more convenient and preferable for you personally. We also advise you to consider other crypto exchanges, many of which we reviewed on our website.

Disclaimer:

You should be aware of all the dangers connected with cryptocurrency trading and seek counsel from a financial expert who is not affiliated with any cryptocurrency exchange. This website's opinions, news, research, analysis, pricing, and other information are offered as general market commentary and do not represent investment advice.

Comparison of other exchanges

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.

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