Over-Operation

Score

0123456789.01234567890123456789
/10

paxful

United States

|

5-10 years

MSB License|

Suspicious Overrun|

Medium potential risk

https://paxful.com/

Website

Rating Index
Influence

Influence

AA

Influence Index NO.1

Ukraine 7.83

Better than 99.60% exchange(s)

Biz Area

Search Statistics

Advertising

Social Media Index

Influence
AA

Exchange License

FinCEN

FinCENOver-Operation

MSB License

paxful Exchange Info

More
Company Name
paxful
Phone of the company
corporateaccounts@paxful.com
Customer Service Email Address
press@paxful.com
bugbounty@paxful.com

WikiBit Risk Alerts

1
Previous Detection 2024-12-21

MSB License goes beyond their business with the United States FinCEN license (License No.: 31000153439340), please be aware of the risk!

Website

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Time Machine

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Trading statistics

Influence

Yesterday Vol

7 Days

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paxful User Reviews

More

19 ratings

Participate in evaluation
Kan Kitsada
The price of PAXFUL fluctuates a lot and is very deceptive. The trading fees are expensive and the customer service is really bad. Not recommended at all!
2024-02-29 07:33
7
Scarletc
Paxful says that it accepts over 350 payment methods, it's counting every unique way to pay.
2023-12-21 00:46
1
Scarletc
This crypto marketplace connects buyers and sellers, and it lets them choose from hundreds of payment methods.
2023-12-06 19:02
4
WINZ FX
The educational resources provided by this exchange are invaluable. They truly empower users to make informed decisions in the crypto market.
2023-12-09 03:48
7
BLESSing7943
The incorporation of biometric authentication options adds an extra layer of security. It's a convenient and secure way to access my account.
2023-12-06 03:41
9
WINZ FX
The inclusion of a comprehensive FAQ section, continually updated based on user queries, serves as a valuable self-help resource for users of all experience levels.
2023-12-03 01:34
8
titilayo
The comprehensive help center covers a wide range of topics. It's a valuable resource for troubleshooting and expanding one's knowledge.
2023-12-05 15:12
3
Bro Fx
The variety of cryptocurrencies offered on this platform is impressive. It's a one-stop-shop for all my trading needs.
2023-12-05 02:39
1
Bros APE
I appreciate how this exchange embraces the future of finance. The integration of decentralized finance (DeFi) features adds a progressive touch.
2023-12-04 03:54
1
Agudi
The incorporation of machine learning algorithms in the trading platform enhances predictive analytics. It's like having an AI assistant for smarter trading decisions.
2023-12-02 18:20
3
favour 687
I have been using this platform and I can say it is one of the best
2023-11-28 04:23
1
Grachi3727
Paxful is my first Bitcoin experience. Started as your regular newbie first time BTC buyer - asking legacy traders what is a wallet and why I need to follow verification steps. Sold over 400+ Bitcoin to date and helped over 800 newbies like myself to dive in to this new currency.
2023-12-21 08:17
9
ruth791
Just made my first trade, and it was surprisingly easy! The platform is beginner-friendly, and I feel like I'm getting the hang of this crypto thing.
2023-12-09 00:34
5
mohammed8250
Bux commitment to sustainability extends to its energy-efficient operations. It's a responsible approach that aligns with the values of environmentally conscious users.
2023-12-06 20:04
5
tope407
The exchange's commitment to innovation is evident in its exploration of emerging blockchain technologies. It's exciting to be part of a platform at the forefront of the industry.
2023-12-06 03:41
3
paulson
The community forums are a goldmine for insights and tips. It's a great place to connect with fellow traders and learn from their experiences.
2023-12-10 21:26
8
jadan
For a beginner like me, this platform is a lifesaver. The trading charts are easy to understand, and I can follow my transactions without any confusion.
2023-12-06 20:32
8
tope9729
Bitrue dedication to responsive customer support is crucial for experienced traders. Quick and helpful responses make problem-solving efficient, especially during critical trading moments.
2023-12-05 15:39
1
snazii
Paxful is a peer-to-peer cryptocurrency exchange platform that enables users to buy and sell Bitcoin (BTC) directly with each other. It serves as a marketplace connecting buyers and sellers, offering various payment methods for transactions.
2023-11-28 12:35
9
AspectInformation
Company NamePAXFUL
Registered CountryUnited States
Founded Year2015
RegulationFinCEN (Exceeded)
CryptocurrenciesBitcoin, Ethereum
Fees0.5%-5%
Deposit & Withdrawalbank transfer, online wallets, debit/credit cards, gift cards, digital currencies, cash payment
Customer SupportEmail: press@paxful.com, bugbounty@paxful.com, sales@paxful.com and chat support

Overview of PAXFUL

PAXFUL is a virtual currency exchange platform that was founded in 2015 and is registered in the United States. It holds an exceeded Financial Crimes Enforcement Network (FinCEN) license. The exchange offers the trading of two major cryptocurrencies, Bitcoin and Ethereum, and does not have maximum leverage.

In terms of deposit and withdrawal options, PAXFUL supports multiple methods including bank transfer, online wallets, debit/credit cards, gift cards, digital currencies, cash payment, goods and services.

Overview of PAXFUL

Pros and cons

ProsCons
AccessibilityLack of valid regulation
Customer support optionsLimited educational resources
Convenient trading platform
Multiple payment options

Security

Paxful is a peer-to-peer cryptocurrency marketplace that enables users to buy and sell cryptocurrencies directly with each other. The platform employs various security measures to protect its users and their funds, including:

Escrow System: Paxful utilizes a secure escrow system to safeguard transactions. When a buyer initiates a trade, the seller's cryptocurrency is held in escrow until the buyer confirms receipt of the purchased cryptocurrency. This ensures that neither party can abscond with funds without fulfilling their obligations.

Multi-Signature Wallets: Paxful stores its users' cryptocurrency holdings in multi-signature wallets. These wallets require multiple signatures to access, enhancing security and preventing unauthorized withdrawals.

Know-Your-Customer (KYC) Verification: Paxful implements KYC verification for certain account levels and transaction volumes. This process involves providing personal information and verifying your identity to help prevent fraud and money laundering.

Two-Factor Authentication (2FA): Paxful encourages users to enable 2FA, adding an extra layer of protection against unauthorized account access. This typically involves using a combination of passwords and codes from authenticator apps.

Anti-Money Laundering (AML) Compliance: Paxful adheres to AML regulations and has implemented measures to detect and prevent suspicious activity. This helps maintain the integrity of the platform and protects users from potential scams.

User Education and Awareness: Paxful provides educational resources and promotes responsible cryptocurrency practices to help users make informed decisions and protect themselves from potential risks.

Secure Communication Channels: Paxful uses encrypted communication channels to protect user data and prevent unauthorized access to sensitive information.

Bug Bounty Program: Paxful maintains a bug bounty program to incentivize security researchers to identify and report vulnerabilities in the platform. This proactive approach helps mitigate potential security flaws.

Services

In addition to its peer-to-peer marketplace for buying and selling Bitcoin, Paxful also offers a variety of other services, including:

Paxful Wallet: A secure digital wallet for storing, sending, and receiving Bitcoin and other cryptocurrencies.

Paxful Charity: A platform that allows users to donate Bitcoin to charities around the world.

Paxful Gift Cards: A service that allows users to buy and sell Bitcoin gift cards.

Paxful Escrow: A service that provides escrow protection for Bitcoin transactions.

Paxful Pay API: An API that allows businesses to accept Bitcoin payments on their websites.

Paxful Affiliate Program: A program that allows users to earn Bitcoin by referring others to Paxful.

How to Buy Cryptos

Buying Cryptocurrencies through the Paxful App

1. Download and Install the Paxful App: Download and install the Paxful app from the Google Play Store or the Apple App Store. Create an account and verify your identity to ensure compliance with regulatory requirements.

2. Select Cryptocurrency and Amount: Once logged in, choose the cryptocurrency you want to buy and enter the desired amount. Paxful displays a list of available offers from sellers worldwide.

3. Choose a Seller and Payment Method: Review the offers and select a seller based on factors like price, payment method, and seller reputation. Choose your preferred payment method and proceed to checkout.

4. Initiate Payment: Follow the instructions to initiate payment to the seller using your chosen payment method. Paxful holds the seller's cryptocurrency in escrow until you confirm successful payment.

5. Confirm Payment and Receive Cryptocurrency: Once your payment is confirmed, the seller releases the cryptocurrency from escrow, and you receive it in your Paxful wallet.

Buying Cryptocurrencies through Paxful Apple Pay

1. Ensure Apple Pay Setup: Ensure you have Apple Pay set up on your iPhone or iPad. Apple Pay allows you to make secure payments using your linked debit or credit card.

2. Open Paxful App: Open the Paxful mobile app and navigate to the “Markets” section.

3. Select Cryptocurrency and Amount: Choose the cryptocurrency you want to buy and enter the desired amount.

4. Initiate Apple Pay: Tap on the “Buy” button and select “Apple Pay” as the payment method.

5. Authenticate Payment: Follow the on-screen prompts to authenticate the payment using your Apple Pay credentials.

6. Confirm Transaction: Review the transaction details and confirm your purchase. Upon successful completion, the purchased cryptocurrency will be added to your Paxful account.

Cryptocurrencies available

Paxful offers a straightforward yet essential selection of cryptocurrencies. Additionally, Paxful includes Tether (USDT) and USD Coin (USDC), two popular stablecoins pegged to the US dollar.

How to open an account?

The registration process of PAXFUL involves the following steps:

1. Visit the PAXFUL website and click on the “Register” button.

2. Fill in your phone number/email address and create a password for your account.

3. Verify your phone number/email address by clicking on the verification link sent to your inbox.

4. Complete the additional required information, such as your full name and country of residence.

5. Accept the terms and conditions of PAXFUL and its policies.

6. Complete the registration process by clicking on the “Create Account” button, and your account will be created.

How to open an account

Fees

Payment MethodSelling Fee
Bank transfer (same bank)0.50%
Bank transfer (different bank)1%
Credit or debit card1%
Digital currency1%
Online wallet1%
Cash1%
Goods and services1%
iTunes and Google Play gift cards5%
All other gift cards3%

Deposit & Withdrawal

Regardless of your preferred method to purchase cryptocurrency, Paxful likely has it covered. The platform boasts a diverse array of over 350 payment methods, ranging from traditional options to digital currencies. Among the most popular ways to pay on Paxful are bank transfers, payment apps like PayPal, gift cards, other cryptocurrencies, and even cash transactions.

Deposit & Withdrawal
NewsPaxful, a Peer-to-Peer Bitcoin Marketplace, Ceases Operations
P2P bitcoin exchange Paxful is closing its marketplace, citing legal difficulties in the P2P market and in the US. The CEO also expressed concern about the security of client money due to a lawsuit brought by a co-founder. The Paxful Wallet will continue to function, but customers are urged to switch to self-custody or other service providers.
WikiBit

2023-04-05 18:07

Paxful, a Peer-to-Peer Bitcoin Marketplace, Ceases Operations
Defi Bank collapses are spurring interest in self-custody startups
The implosions of Signature Bank and Silicon Valley Bank are giving self-custody startups an opportunity to prosper, according to Jan Strandberg.
WikiBit

2023-03-20 20:20

 Bank collapses are spurring interest in self-custody startups
Defi Raydium announces details of hack, proposes compensation for victims
The Raydium hacker made use of an exploit that allowed entire liquidity pools to be withdrawn as “fees.”
WikiBit

2022-12-21 20:39

 Raydium announces details of hack, proposes compensation for victims
Defi Industry execs voice confidence in DeFi adoption despite security flaws
Primex Finance co-founder Dmitry Tolok told Cointelegraph that a more mature market with more mechanisms that deal with vulnerabilities will eventually lead to more investor confidence.
WikiBit

2022-12-12 11:20

 Industry execs voice confidence in DeFi adoption despite security flaws
NewsREPORT: BITCOIN ADOPTION IN AFRICA GROWS 1,200% IN ONE YEAR
The continent is the third-fastest growing bitcoin economy globally, powered by retail users seeking to save and transfer money.
WikiBit

2021-09-15 14:51

REPORT: BITCOIN ADOPTION IN AFRICA GROWS 1,200% IN ONE YEAR
NewsNigerians Continue To Dominate Crypto Adoption In Africa, But There’s A Big Problem To Combat
Nigeria, the most populous black nation, has seen significant growth in Bitcoin adoption. The African country, despite the censorship of cryptocurrency trading by the government, has been one of the leaders in Bitcoin peer-to-peer trading globally.
WikiBit

2021-08-11 11:02

Nigerians Continue To Dominate Crypto Adoption In Africa, But There’s A Big Problem To Combat
NewsWhy Is Forex Trading More Popular Than Bitcoin In South Africa?
Forex trading offers more stability and liquidity, while cryptocurrency is a high-risk, high reward opportunity. While South Africa is the biggest forex market in Africa, it ranks third after Nigeria and Kenya in bitcoin trading. However, like other countries, bitcoin adoption has grown significantly in the country. With the government tightening regulation on crypto, the growth of bitcoin trading in South Africa is a wait-and-see situation.
WikiBit

2021-03-18 16:55

Why Is Forex Trading More Popular Than Bitcoin In South Africa?