Paxful: A Peer-to-Peer (P2P) Crypto Exchange
There are different methods of crypto trading. P2P is one of the most common but has a higher risk of scams. If you are looking for a crypto exchange to facilitate your P2P trades, Paxful could be a good choice.
Paxful has about 350 payment methods that allow its users to trade cryptos. It also allows for redeeming of gift cards for use in crypto trading. Below is some information on what to expect while trading on Paxful
Company Overview
Paxful crypto exchange was launched by Ray Youssef and Artur Schaback in 2015. It has four global offices, with its headquarters in Wilmington, Delaware. Its records show that over 6 million accounts have been registered, and over 12,000 are trusted traders.
Since Paxful is a peer-to-peer exchange platform, it lacks much attention from regulators but is a good tool to connect crypto enthusiasts.
What Cryptos and Services Do Paxful Offer?
Paxful operates through its main website and Ios and Android applications. As a peer-to-peer crypto exchange, Paxful does not support a wide range of cryptos. It offers 39 cryptos, including:
- Bitcoin (BTC)
- Ethereum (ETH)
- Tether (USDT)
However, it has outstanding support for payment methods to facilitate crypto transactions. For deposits, Paxful accepts over 350 payments methods, including:
- Bank transfer
- PayPal
- Amazon gift card
- Credit card
- Various digital currencies
The available Sell/Withdrawal payment methods also exceed 350 alternatives. Some of them are:
- Bank transfer
- PayPal
- Amazon gift card
- Credit card
- Zelle Pay
- ApplePay
It also offers other services to its users, including
- Escrow
- Cash payments
- Goods and services trading
- Affiliate programs
Paxful’s Key Features
Escrow services: Paxful has an integrated Escrow service to protect users during peer-to-peer transactions.
An affiliate program: It allows users to earn passively from their affiliate program, where one is paid out in tokens.
Multiple payment methods: Paxful is one of the few exchanges that works to provide numerous payment options. With over 350 viable payment alternatives, Paxful stands as one of the best exchanges in financial inclusion.
Free crypto wallet: Paxful offers a free Bitcoin wallet app to help its users hold cryptos safely.
Friendly Fees: Paxful offers fees-free crypto purchases
Pros and Cons
Pros
- Zero fees when one is buying cryptocurrencies
- Supports numerous payment methods
- It has an affiliate program where people can earn passively from their holdings
Cons
- The P2P transaction method is prone to scammers, something that Paxful is yet to deal with.
- It offers a small range of cryptos as compared to its competitors.
Is It Safe to Trade On Paxful?
While P2P transactions are known to be prone to scamming, Paxful is working hard to make its services more secure. It offers different levels of verification per transaction to chase away scammers. It recently introduced a protocol where users can make security deposits to increase the safety of their trades. Therefore, it is safe to trade with Paxful only if one follows their safety precautions properly.
Final Word
Paxful is a perfect fit for those traders who love to rely on P2P transactions in their trades. It also offers numerous payment methods to facilitate these trades. However, new traders should be cautious while using Paxful as a misstep in the trading procedure could lead to scamming.
