Paxful is a peer-to-peer exchange for Bitcoin that has been established since 2014. The only cryptocurrency which is supported is Bitcoin but there are over 300 payment methods which can be used including PayPal and credit cards. The exchange rate which users get for the Bitcoin will vary per seller. Once users create an account, they can fund their account with the wide variety of payment methods. They can search through sellers to find the best one which fits their needs and they can start an online chat with the seller to discuss the terms of the purchase.
Paxful emphasizes their security measures. They check every seller to ensure that buyers orders are fulfilled. The website employs encryption on users data and users can also enable two-factor authentication for an extra layer of security. Paxful also offers a storage solution with their own Bitcoin wallet. There are not many details provided on the properties of the wallet so it is difficult to assess its security. It is most likely a web wallet which has suboptimal security
There are no fees charged to the buyer with a 1% fee for the seller. Fees are very competitive and one of the key selling points is the wide variety of payment methods which can be used.
- Over 300 payment methods supported
- Fees are very competitive and no fee is charged to buyers
- Bitcoin wallet included with the account
- The exchange rate will vary per seller
- Security of the wallet is questionable
- Only Bitcoin is supported for exchange