Step-by-step instructions for Paxful:
The process of buying Bitcoin on Paxful is quite simple. First you need to open an account. Then select a payment method to purchase the desired amount of Bitcoin and choose a reseller. You can either choose the reseller manually or let Paxful decide who is the best seller for you.
When the purchase is initiated, Paxful will open an online chat with the reseller. There you can complete the purchase. The amount of Bitcoin purchased from the reseller is then placed in an escrow account. Once you mark your payment as made, Paxful will release the escrowed amount of Bitcoin and transfer it to your account. Please note that you must complete the trade within a certain amount of time (usually 30 minutes). Otherwise the transaction will be automatically cancelled.
How does selling work on Paxful?
The minimum amount the website allows any merchant to offer is 0.001 BTC, regardless of their verification level. The website charges a 1% fee for each sale, which is automatically taken from the user wallet and put into escrow along with the amount a customer is supposed to buy during a trade.
The Website has an internal reputation system that allows users to rate each other's experience during a trade. Once a particular provider has reached 50 trades with more than 20 different partners, it can apply to become a verified provider if it has a high responsiveness and its success rate is over 33%. This feature is only available for Americans, Canadians, Australians and Europeans. The verification process takes up to seven days and requirements have changed slightly since the platform was launched. To learn more about the process, please read the relevant entry in the Paxful Knowledge Base.
How does buying on Paxful work?
Technically a user can buy with any currency and pay with a variety of methods ranging from bank transfers and credit/debit cards to a variety of gift certificates and cash deposits. In practice, there may not be offers for all possible combinations, as the site operates on the P2P principle. For example, a quick search for offers in Fijian dollars or Korean won would not return any results.
While the site is open for purchase in any currency, only Bitcoin may be sold. There are no fees for the buyer, but it should be noted that for unusual payment methods, the exchange rate is usually far below the market price, which means that the buyer pays a commission to the seller.
Paxful Review Conclusion
Fair alternative for "normal people" to buy and sell Bitcoin, they became known through a special niche and have remained true to their vision.
A variety of payment methods and currencies accepted, at least in theory
Easy to connect and get started
Slow customer support
High commissions (from the seller) for buying Bitcoin by unusual methods or in non-mainstream currencies
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