Scam cryptocurrency companies are plentiful.
Without proper review, you can find yourself trading in companies that won`t only scam your money but also steal your data.
However, with Paxful, you don`t want to worry about your information or money safety anymore.
Your data is stored securely so hackers can`t access it. And money is held until a trade is completed so you don`t make losses.
But are these just claims or truths? Is Paxful legit, or another scam Bitcoin marketplace?
This Paxful review covers all you need to know to confidently trade and make money from this platform.
What is Paxful?
Paxful is a peer-to-peer cryptocurrency marketplace with offices in New York.
It is one of the world`s leading Bitcoin marketplaces that supports more than 350 payment methods.
It works almost worldwide except only in a few countries. Here is a list of the restricted locations.
How to Join Paxful
To trade in Paxful, you need to create an account, which involves entering your email address and phone number, and creating a password.
Then, you will be required to verify your account so you can trade.
Verifications are of different levels depending on the data or type of document you use.
Your verification level determines how much you can trade on the platform.
Here is a breakdown of how much you can trade on each verification level.
After completing the level one verification, and linking your payment methods, you can start trading. It is the fastest verification level. The others take longer to authenticate.
Here is a link you can follow to create a Paxful account and start a Bitcoin trading business today.How to Sell BitCoing on Paxful
To sell Bitcoin in Paxful, log into your account and select the sell button.
Then choose the payment method through which you want to receive cash, whether Paypal, Payoneer, bank transfer, Wise, etc. You can also opt to get paid through gift cards.
Later, find buyers with above-the-market rates and be sure they have many positive reviews. This helps affirm trustworthiness in buyers.
After finding a buyer, don`t release the Bitcoin until you receive your payment.
Releasing your Bitcoin before being paid can cause you to be scammed.
If you choose to get paid through gift cards, specify the gift card series number you accept, e.g., a number that starts with 3546.
Then tell the buyer to verify whether they own the card, if it has a full balance, and is unregistered. That requires the vendor to send you photos of the gift card and screenshots of the receipt.
Also, don`t forget to look at the card number and expiration date to confirm the card's validity before releasing your Bitcoin.
How to Buy Bitcoin on Paxful
To buy on Paxful, ensure your account is verified with your ID or passport.
Then log in, click on the buy button, and select your payment method.
Later, find a seller who has excellent reviews and tell them that you are interested in buying their Bitcoin.
If they agree to sell to you, complete the payment.
Then mark your trade as paid to notify the seller that you have paid so they can confirm and release your Bitcoin.
You can also buy Bitcoin using gift cards. To buy Bitcoin using this method, find vendors who accept gift cards and reach out.
You will then be required to provide screenshots of the gift card receipt to prove that you are the one who bought it.
You will also need to send ownership proof, which includes a photo of the gift card and a screenshot of the gift card balance.
But do not provide receipts before being asked for. Some vendors accept gift cards without receipts.
Besides, trade with only a few gift cards within a short time. Trading with too many gift cards in a short time may cause merchants to mistrust your account and restrict it.
Moreover, take screen shorts or record videos of your trade. This will help you in case of a dispute.
Paxful Transaction Fees
One of the best things about Paxful is it offers zero transaction fees to buyers. That means you get much value for your money when you buy cryptocurrency on this platform.
The only time Paxful charges is when you sell, whereby you get charged only $1 or 1% of the Bitcoin you sell.
If you sell through gift cards, get charged 5% of the cryptocurrency you sell.
Here is a complete breakdown of Paxful transaction fees.
How Paxful Protects Traders
Traders' safety is Paxful`s priority.
This platform uses high-tech (such as malware and SSL certificates) to keep hackers from accessing your data.
Moreover, it uses escrow to hold money, enabling vendors to confirm the completion of the trade before releasing the Bitcoin. In case of any disputes, assigned moderators get in to solve them.
Also, the platform provides notifications during transactions to remind you how to trade safely.
Paxful gives you every reason to start your Bitcoin business.
Register for an account today and start your Bitcoin trading business.
How to Avoid Being Scammed on Paxful
Every marketplace has con traders.
Although Paxful takes measures to identify and expel them, scammers use different ways to escape the platform scam traps and steal traders` money.
To avoid being scammed, you have to know how to protect yourself from these con traders.
To do that,
Work with Verified Accounts
Verified accounts prove traders` trustworthiness and guarantee that you will get paid when you work with them.
Working with unverified accounts can make you unable to withdraw your cash after trading.
Trade With Trustworthy Traders
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Before trading in Paxful, be sure to check the trader`s account reputation.
To do that, check whether the trader's account has a thumbs-up sign. This sign means that the account is reliable. A thumbs-down sign implies a poor reputation.
Moreover, check what the traders` previous clients say about them.
You can do that by clicking on the traders` account names. You will see whether they have positive or negative reviews.
Besides, you may want to work with an established trader. You can know whether one is established based on how long they have been in the marketplace.
To determine a trader`s account's age on Paxful, check their transaction completion time on the Average Trade Speed section.
Working with traders who have many positive reviews and fast transaction speed assures you of a smooth trade.
Ensure to Get Paid Before Releasing Your Bitcoin
Although Paxful uses escrow to ensure that you get paid before you release your Bitcoin, scammers use all kinds of means to trick traders.
Some of the tricks scammers use include
- Lying to traders that they use automatic payment systems and can only pay if the Bitcoin is released
- Telling vendors to release the Bitcoin and they will send them money through Western Union quickly
- Telling you they have sent the cash but there is a delay. So, you don`t have to worry about releasing the Bitcoin because you`ll receive your money
Don`t listen to such lies. Just ensure you are paid before releasing your Bitcoin.
Here is a resource to help you learn more about how to avoid scams on the platform.
Paxful User Reviews
Paxful strives to provide the best services to its clients.
Many people report good experience with the platform. An example is Philz_Official on Trust Pilot, where Paxful has a 4.6-star review. He says that Paxful gives him ways to survive:
“Giving me the means to survive and learn more while trading with peer groups and I now help newbies get their first bitcoins it is simply incredible and building a network from Africa.”
The bad reviews mostly come from people who get conned by other traders on the platform. That`s caused by not heeding the ways to trade safely.
So, before you get scared of using Paxful due to bad reviews, gauge the reasons for the reviews. Besides, compare the number of good vs bad reviews and see if it`s reasonable to avoid the marketplace.
Advantages of Paxful
Paxful appeals to people for reasons, and here they are
- Secured. Paxful secures your money from scammers by using escrow and providing resources about how to avoid scammers` tricks.
- Transactional Rates. With a zero-buying fee and a 1–5 percent selling fee, Paxful gives you value for your money.
- Easy to use. The website is navigable helping you to trade even without experience.
- Multilanguage. It has over 20 languages to choose from, offering trading opportunities to many people.
- Support. Paxful provides multiple support systems. You can use the learning resources, email, or live support and get help.
Disadvantages of Paxful
Although it is pleasant, Paxful has things that need improvement, such as
- Support Delays. Sometimes there are support delays due to many query requests. I think Paxful should increase its customer support crew.
- Verification Delays. Vendors sometimes experience delays in verifications despite submitting valid credentials.
- Scammers. Like any other platform, there are con vendors who may scam you if you aren`t careful. Ensure to prioritize safety measures as the platform's safety resources warn.
Frequently Asked Questions
Is Paxful Legit?
Yes, Paxful is legit. It ensures traders' data is safe from hackers and uses escrow to hold money to decrease scamming chances.
However, you need to follow the platform's regulations to avoid working with con traders who may lure and steal your money.
How Do I Spot Scammers on Paxful?
You will know they are scammers when they
- Ask you to click on links to receive payments
- Promise to pay you after releasing your Bitcoins
- Ask to trade for you in exchange for unbelievable returns
- Pretend to be tech support and ask for sensitive data (2FA code/password)
How Can I Make Money with Paxful?
Yes, you can make money, provided that you verify your account so that people confirm that you are a trustworthy vendor.
That will make it easy to find people to trade with.
If you are a freelance writer, you can also use the platform as a way to receive money from clients.
Paxful also offers an affiliate marketing program. So if you are an affiliate marketer, you can make money on it as well.
If you are a blogger, you can create articles, ebooks, or e-courses teaching people how to use the platform and make money.
Is Paxful Legit? Summing up
Yes, Paxful is a legit peer-to-peer cryptocurrency marketplace.
You can make money if you are a new or established trader on the platform.
What`s important is to ensure that you are verified and trade with trustworthy traders.
That involves considering previous clients` positive reviews.
Plus, read the scam protection resources to keep yourself safe from scammers and Paxful will be your way of making money.
Create an account with Paxful and make money trading cryptocurrency.
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