Reviewed broker: Paxful (initially known as EasyBitz)
Location: based in the United States and headquartered in the Philadelphia region. The Nigeria crypto exchange has over 4.8 million users and more than 200 workers with global offices in the Philippines, Estonia, and Hong Kong.
Established in 2015
Trading instruments: Bitcoin (BTC), Ethereum (ETH), and Tether USD (USDT) – Cryptocurrency
Trading Conditions and Features of Paxful
Products and Services Offered by Paxful
Paxful is one of the leading crypto exchanges globally that offers significant crypto coins and margins that make the platform unique. Among their many products and services, we will be laying importance on a few in this section:
Buying Paxful Cryptocurrency
Paxful allows traders to comfortably buy and sell different digital currencies from any part of the world without charging any transaction fee for traders purchasing crypto. Though when the buyers buy cryptocurrencies from their preferred sellers on the Paxful exchange, they are buying at the rates fixed by the sellers. This crypto exchange rate may vary based on different factors like currency pairs, payment options, and many more.
Selling Paxful Cryptocurrency
Paxful sellers are charged with transaction fees when they sell crypto to their buyers. However, the selling fees vary depending on the selected payment method. For bank transfer, Paxful charges 0.5%, for cryptocurrencies, fiat currencies, credit cards, debit cards, and online wallets, the platform charges 1%, and for gift cards, they charge 3%. When the trade begins, the buyers pay this fee through the Escrow service, and when the trade is complete, the fee is released to the particular seller.
Paxful Account Options
To start enjoying the unique features on the Paxful trading platform, the traders will require a live account and meet the mandatory requirements for registration that include ID verification for specific territories. Note that clients from Cuba and North Korea are not eligible to open an account on Paxful.
Moreover, clients need to meet additional KYC standards and ID checks for high-volume traders and high wallet limits, including answering specific security questions and video verification. The requirement limits and their verification levels are:
Requires phone and email verification and offers lifetime limit and $1000 per trade limit.
Requires ID verification and offers $10,000 per trade limit along with lifetime limit.
Requires address verification and offers $50,000 per trade limit along with an unlimited lifetime limit.
Requires enhanced due diligence and offers over $50,000 per trade and an unlimited lifetime limit.
Note that Paxful has the authority and right to delete a client’s account with a single withdrawal or cancel an entire trade. The platform exercises this right only if they find a violation of the terms of service or the trader is in a blocked jurisdiction at the Paxful login.
Paxful cryptocurrency trading platform charges a wide range of service fees that can be categorized into the following types:
Paxful Trading Fees
First things first, crypto purchases on Paxful are entirely free. Buyers do not need to pay any fee for buying cryptocurrencies irrespective of the payment method chosen. However, the sellers are charged a price ranging between 0.5% and 5% of the total order for every sale. Selling Bitcoin and other cryptocurrencies through bank transfers costs the most minuscule fee of 0.5%, while through a gift card, the fee could go as high as 3% to 5% based on the type of gift card. Other payment methods for selling cryptos have a flat fee of 1%.
Paxful Sending or Receiving Fees
In addition to this, though crypto deposits are fee-free, crypto withdrawals or transfers are chargeable depending on the transaction size. Bitcoin transfers of more than $20 are subject to a 0.0005 BTC fee, while USDT transfers of more than $20 cost 5 USDT. Paxful traders also receive five free USDT and BTC transfers every month if they transfer USDT and BTC to other wallets on Paxful.
Paxful Conversion Fees
Finally, coming to exchange fees, note that USDT to BTC conversions are free while BTC to USDT conversions or transfers are subject to a fee of 0.1% paid in Bitcoin.
Paxful exchange offers two platforms to trade cryptocurrencies, and they are:
Paxful Web Interface
This platform is quite similar to other trading platforms. These web-based platforms enable buyers and sellers to buy and sell in several types of orders. The web interface automatically searches for the best offers for their trades based on their preferences.
Paxful Mobile Interface
The Paxful mobile interface was developed recently, and it assists traders with buying and selling cryptocurrencies on the go. Traders can also use this mobile interface as a wallet. This Paxful Bitcoin wallet app offers all the features that the web application provides.
Paxful Mobile App
The Bitcoin wallet app on Paxful can be downloaded to any device, including Android and iOS devices. The mobile app offers easy and safe sign-in accessibility to the crypto marketplace. The features on the Paxful mobile apps are:–
- Profile personalization
- Real-time balance
- Check the status of the recent Bitcoin transactions
- View the updated crypto-to-fiat exchange or conversion rates
- Store, send and receive digital coins in the mobile wallet app
Paxful Supported Coins and Countries
The supported cryptocurrencies on the platform are – Bitcoin (BTC), Ethereum (ETH), and Tether USD (USDT). Paxful trading platform is available in almost all countries. Still, in 2020, the platform decided to exempt certain countries involved in financial activities that pose threats to national security, foreign policy, or the US as an economy. It removed the OFAC banned countries from its supported country’s list, and they are:–
- Republic of Congo
- North Korea
- Central African Republic Sanctions
Deposits & Withdrawals
The exchange does not charge a deposit fee. The platform supports 350+ payment methods for account funding.
Payment methods include:
- Bank transfer – Domestic and international
- Digital currencies – Including Litecoin and Dogecoin
- Goods & services – Including gold, cars, and game items
- Gift cards – Including Amazon, Google Play, and Xbox gift cards
- Debit/credit card – Including Greendot, American Express, and VISA
- Online wallets – Buy Bitcoin with PayPal, Zelle, Google Pay, MPesa, and mobile recharge
Paxful wallets are free, but withdrawal fees are charged. Users can remove Bitcoins from internal and external cryptocurrency wallets, including Binance. External wallet transfers are subject to fees depending on the withdrawal size. Withdrawals of $20+ incur a 0.0004 BTC charge. Internal wallet withdrawals incur fees based on associated limits. Withdrawals up to $1,000 per month incur no charge. After this, a fee of $1 or 1% (whichever is higher) applies.
Paxful Customer Support
Although customer support is restricted, the platform provides a wide range of FAQs and a knowledge-based help center. The Paxful support is extended through an online form or live chat box available via the Paxful logo on the website or mobile app. The Paxful website does not offer their phone number or email address. Still, they are available on different social media channels, including Facebook and Twitter, to submit their latest news on cryptocurrency exchanges. Customers can mail Paxful at – 3422 Old Capitol Trail PMB# 989, Wilmington DE, 19808, USA.
How was the rating of Paxful performed compared to other brokers?
This 2023 Forex Broker Review has been conducted though thorough research and assessment of rating and ranking among almost 300 international forex brokers. The final grade is given based on Paxful FX broker performance and features.
Overall our online Paxful review was conducted with the details obtained from the demo trading and the forex brokers website. If you would like to add details to this online Paxful or you find inaccurate details Paxful broker review please get in touch with us and the changes will be applied.