Paxful is a P2P cryptocurency exchange platform based in the United State of America. It is a platform that endows client with the opportunity of buying and selling bitcoin for fiat currency between each other. The Paxful Platform accepts clients all over the world but it should be noted that the platform does not have required BitLicense by New York therefore, it does not accept client from the state of New York.
Advantages of using Paxful
Paxful offer its clients free bitcoin wallet for convenience. It might interest you to know that the wallet is created automatically when an accounted is created. The wallet allows user to receive as well as send bitcoin.
- Mobile Application
Paxful has created an opportunity for users of Android and iOS devices to buy and sell bitcoin via the Mobile app. The Mobile apps also comes with instant chat functions.
On Paxful, the client can decide to remain anonymous. This is totally based on the user’s decision and the method of payment. Though bank transfers and the use of credit card for payment cannot be anonymous but users can give their own rules as regards client identification as well as the needed government Identification photo.
- Reputation Ranking
A very useful feature that Paxful has introduced to its user is the reputation ranking. This is very helpful in deciding whether to take or decline an offer. Also available are the trusted vendors who renders a quick and highly dependable services.
- Easy Method of Payment
We may say this is the greatest advantage of Paxful as it offers numerous methods of payment. Unlike other platforms, Paxful allows the seller to provide payment option. Payment option listed on Paxful site are as follows:
- Bank Transfer
- Western Union
How to set up an account on Paxful
The process involved in setting up an account is quite easy. Below are the step by step approach towards setting up a paxful account
- Long on to Paxful website
- Provide your email or the check out page
- Fill in the registration form
- Click on the confirmation link sent to your email after submitting the registration form
- Set up two security questions
- Note that users that do not register directly but give their emails during checkout will be automatically given a password. For future log in, they will use this password and their email.
Buying and selling Bitcoin on Paxful
To buy bitcoin on paxful, follow the following steps:
- Select the number of bitcoin you are willing to buy
- Select your exchange rate currency
- Choose a payment method
- Choose a seller from the list of sellers displayed, you can request for recommended sellers based on their proven records.
- After choosing a seller, click on the trade button
- Clicking on trade button will give you an avenue to chat with the seller
- Once satisfied with seller, then make payment
- Click on mark as paid once you have successfully paid the seller
- Your bitcoin will be deposited into your wallet.
To sell on Paxful, you must note the followings:
- The minimum amount of bitcoin a seller can sell is 0.001BTC
- 1% fee will be charged on every successful sale
- There is an avenue were users are given the chance to rate each other based on their trade experience.
- You will automatically be qualified to apply to become a verified vendor once you have made about 50 different trades with more than 20 different users.