Paxful Review Is Paxful Legit is Paxful Safe
What is Paxful
Paxful is a peer-to-peer marketplace for bitcoins. Paxful is an exchange where bitcoins are bought and sold without any form of regulation. All the transactions are conducted through the use of escrow, which protects both buyers and sellers by ensuring that all transactions are secure.
What is the process of buying bitcoin using Paxful?
The first step to buying bitcoins with Paxful is registration. Upon registering, users are asked to share their email address with Paxful, which acts as a unique identifier for each transaction made on the site.
Paxful uses this email to send transaction details and updates, so it is important that users enable email notifications when creating their accounts. With the registration out of the way, users can begin to buy and sell bitcoins in their local currency using either Paypal, a credit/debit card, or even iTunes gift cards as payment methods.
Is Paxful legit?
Solution: We've reviewed Paxful extensively and found that they're legit! They have been around since 2015, they're registered as a company in Delaware (USA), and their site has SSL encryption enabled on it. The team behind Paxful also seems trustworthy - CEO Ray Youssef was interviewed on Bloomberg TV back in 2015.
Is Paxful safe?
Problem: With so many scams out there, you do need to be careful about how you store your Bitcoins.
Solution: We can say that Paxful is safe because they have been around since 2015 - plus their site has SSL encryption enabled on it, which means the connection between your computer and Paxful's server is encrypted. Transactions are also monitored by the site admins, so if any suspicious activities are spotted, you'll be notified, after which all your information will be deleted from their database.
Now that we have gone through how it works let's look at the security aspects of paxful.
Firstly, you can use your own discretion to choose a seller or a buyer on-site. You can make a choice based on their credibility and history within the network, as well as the feedback from other members.
Secondly, it is recommended that you transact through escrow for buying/selling Bitcoins on Paxful. This means that you make payment to the site's escrow account, for which the admin will hold the Bitcoins until both parties are satisfied with the deal. You can then proceed to release funds into your local currency.
Additional layers of security should be put in place while using a Paxful platform, like you would do when using PayPal or any other online payment system.
This means that you should avoid making direct transactions to random sellers/buyers, especially when dealing with large amounts of money at once. Also, make sure that your computer is safe from all viruses and security threats before using this site.
The team behind Paxful also seems trustworthy - CEO Ray Youssef was interviewed on Bloomberg TV in 2015.
Can I Buy and Sell Bitcoins in Paxful?
Solution: Yes, you can buy and sell bitcoins on Paxful. You can also do so without an ID if you have a Paypal login which is great for people looking to use the site anonymously. The feature of selling through PayPal is not available everywhere, but you can sell Bitcoins in your local currency, and the seller will receive their funds in PayPal.
Can I Sell My Bitcoins On Paxful?
Yes, you can sell your Bitcoins on Paxful. To do so, simply create a listing under the 'Sell' section and add information such as the asking price and payment method. The site admins will then review your listing, and if approved, it'll go live.
The site admins will notify you of the acceptance or rejection of your listing through email. If accepted, a Bitcoin symbol with a number sign (#) will be displayed on your listing page. This indicates that the item is available for sale at the acceptable price set by you.
Also, buyers can comment on your listing. If they have any questions, you'll receive an email notification of the same.
During the process, you can chat with buyers freely - so you can set up a deal directly through Paxful if required.
Note: You have to send Bitcoins directly to the buyer's Paxful wallet address, as given on the listing page. This will serve as proof of the transaction between you and your buyer.
What is a Paxful Wallet?
Paxful wallet is a feature that lets you store Bitcoins on Paxful's online locker. You can transfer this balance from one account to another, but if you want to withdraw Bitcoins, you'll have to send them through the site itself. There are no fees when depositing funds into your Paxful wallet, but withdrawing via the Bitcoin network does attract a transaction fee.
You can even use Paxful wallet as an escrow service for peer-to-peer transactions. Just select 'wallet' under the payment method while making a purchase. The address of the person you're dealing with will be automatically added to your Paxful wallet, and that's where Bitcoins will go in case the deal goes through.
You can also use this feature to send Bitcoins to another member, but it's important that you enter their (and not your) Paxful wallet address while sending. This is to ensure that you make the transaction quickly and both parties get their Bitcoins processed instantly.
How To Use Paxful?
Paxful is an easy-to-use peer-to-peer Bitcoin marketplace that brings buyers and sellers together. You can open an account on Paxful by creating a username instead of having to submit your ID.
Once signed in, you can browse through listings by clicking on 'Buy' or 'Sell' to specify the amount of Bitcoins that you'd like to sell/buy. You can also search for specific listings in your country.
paxful review is to provide payment details and confirm the amount you want to transact in Bitcoins.
Once the Bitcoins are sent, you'll see your pending balance in deals under 'Pending deals', while completed deals will be shown on the 'Completed deals' tab.
You can withdraw coins into your local currency by selecting the 'Wallet' option on top of the screen. You can then choose to either store it or transfer it to another peer.
Note: Your account can be used to both buy and sell Bitcoins.
However, there are separate profiles for the purpose of buying/selling, so you have only one identity on the Paxful platform.
If you're wondering whether Paxful is legit or not, the answer would be a yes. The site has been around since 2015 and is backed by a solid team of professionals. However, you should always keep your security in mind while dealing with online transactions. A Paxful wallet isn't the only method to buy Bitcoins instantly using different modes of payments. There are other similar services which you can use as well.