Traders get confused while making a choice of a suitable exchange where they could buy, sell and trade cryptocurrencies. There are hundreds of exchanges, all with different features and restrictions. Choosing the right exchange mainly depends on the needs of the traders. Today, we will share with you a detailed Paxful review to enable you to make a logical decision.
Traders interested in buying usually tend to choose Coinbase and Coinmama, while traders who actively trade cryptocurrencies are inclined towards Bittrex or GDAX.
Each platform has its own features and set of restrictions such as restriction of using fiat currencies on Coinmama. Certain exchanges have geographical restrictions, some only deal in a limited number of cryptocurrencies, while few have limited payment processing options.
What Paxful features on its platform?
Paxful offers more freedom with trading by imposing fewer restrictions. This platform is like eBay, where traders from all around can buy and sell Bitcoins.
You have multiple payment options, and you can also choose to buy any number of Bitcoins as you want. The good thing is that you can see the reputation of the sellers based on their past experience on the platform.
Click here to find an easy way of buying Bitcoins with iTunes and Gift Cards
Paxful also offers higher exchange rates because traders take bigger risks here. A choice of interacting with the buyers and the sellers is also available on the platform.
Cryptocurrencies supported
All type of cryptocurrencies are supported on this platform and traders can buy or sell any virtual currency as long as it is available.
Fiat Currency Supported
All local traditional currencies are supported here, and there are multiple payment processing options such as PayPal, MoneyGram, Bank Transfers, Western Union, Credit/Debit Cards, Skrill and even Gift Cards.
Geographical Restrictions
There are no geographical restrictions; means traders from all around the world are allowed to trade here.
Fees and buying limits
Buyers on this platform are not charged with any fees, only the sellers have to pay the fees, and there are no buying limits.
Funds processing speed
Funds are transferred instantly, for example, if you buy Bitcoins, they are stored in an Escrow account and released as soon as the seller processes the payment.
Comparison between Paxful and other Exchanges
Paxful gives more freedom of choice to the traders from buying the number and type of cryptocurrencies, processing payments and allowing traders from every corner of the globe to trade here as compared to Coinmama or Coinbase.
The only drawback is that it does not enjoy the same reputation as its counterparts do.
Click here to see if Binance is a favorable trading portal as compared with others.
Paxful Compared
Let us have a look at some of the prominent features offered by Paxful and other alternative exchanges.
| Exchange | Review | Fees | Security | Support | Purchase |
|---|---|---|---|---|---|
| Coinbase Review | 3.75% | Great | Email+ Coinbase “Community” | Buy | |
| Binance Review | 0.1% | Great | Buy | ||
| LocalBitcoins Review | 1.0% | Good | Quick responses to online support tickets | Buy | |
| Paxful Review | 0% from buyer, 1% from seller | Good | Forum,live chat and email. | Buy | |
| BitPanda Review | 1.0% to 4.0% | Good | Buy | ||
| CEX.IO Review | 0.5% to 2.0% | Great | Buy | ||
| Coinmama Review | 6.0% | Good | Buy | ||
| Bitbond Review | 1.0% to 2.5% | Good | Buy |
How to create an account on Paxful?
Getting registered on Paxful is easy. To start off, simply go to Paxful website, enter your email and choose your username and password for the signup.
You will receive a verification email in your inbox; you have to verify it by clicking the link provided in the email. There will be another link in the email asking to enable a two factor authentication for providing better security.
Following this, you will have to answer two security questions.
Conclusion
If flexibility happens to be your prime concern, then Paxful breaks the ice pretty well. With over 300 payment options and negligible buyer fee, the investment seems like a breeze!