Paxful Review – Is it legit?

Are you looking for an honest Paxful review? Wondering whether Paxful is legit?

Well you just landed on the right blogpost.

Using crypto currencies signifies another step at digitalizing the world. However, crypto comes with a lot of challenges mainly centered on security and financing.

Due to its decentralized nature, you might find it difficult to find a market place you can trust. One of the most common marketplaces for crypto is Paxful.

In this article, we shall explore how Paxful conducts its business and whether it is a good marketplace for crypto.

 

What is Paxful?

paxful

This is a peer-to-peer marketplace handling Bitcoin, Tether and Ethereum trades. The marketplace has over 9,000,000 users and continues to grow exponentially.

Buyers and sellers can connect to trade crypto currencies using prices set by the users for each trade. This means that there is free participation in the market for all those involved.

 

Who created Paxful?

Paxful was created by Ray Youssef. He is also the chief executive officer of the platform at the moment. He is assisted by Artur Schaback who works as the chief product officer.

They work with 4 offices around the world employing more than 200 employees.

 

Features of Paxful

Paxful is designed to be user friendly, all- inclusive and very useful to its users. When you use the platform, you can expect features that include:

  • People powered technology. The platform is designed to support communities. This is mostly through the Paxful reward programs that aim at bringing crypto currency platforms to communities around the world. The platform also operates with free market structures.

 

  • Free crypto wallet. You have a free wallet to hold and keep your money. You can store the money using this wallet and retrieve it whenever you need to make a trade, make a purchase or transfer the money to another individual.

 

  • Flexibility. You have the opportunity to work with 3 crypto currencies and transact using 300+ payment systems. The payment systems allow users from areas with limited access to crypto currency technologies access to the financing needed to trade using cryptos.

 

  • Paxful pay. This feature allows your business to accept crypto payments using Paxful. The system can support payments for crypto exchanges, travel, online shopping and gambling websites. The good thing is that it serves a global database, easy to track and it has low transaction fees for your business.

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How does Paxful work?

Paxful primarily deals in trading crypto currencies between people. They facilitate the transactions through partnerships with numerous payment platforms to aid in the transfer of funds.

With over 6 million registered users worldwide, you have a large market to transact with.

The platform makes use of over 350 payment channels to facilitate payments.

To buy Bitcoin, you have to follow these steps.

1. Create or find an offer

With or without an account, you can browse or create offers for both buying and selling Bitcoin. If you are selling, you have to determine a rate at which you would like to sell your product.

In case of buying, you must look out for the best offers.

Keep in mind that the sellers of the cryptocurrency set their own prices basing on various conditions in the market. Therefore, you should try to find the best deal on the platform.

 

2. Build your profile

You have to complete a verification process that includes adding a profile image and gathering feedback relating to your personal account.

This helps you build up your reputation and consequently the trust of potential customers.

Make sure that there is a lot of information that would make the traders feel comfortable dealing with you.

 

3. Trade and earn points

Mega PLR Mega Bundle
Mega PLR Mega Bundle

After building your profile, you can start buying and selling Bitcoin. There are over 300+ payment systems to help you finance your trades without fail.

 

According to the website, you must try to find low cost crypto that you can buy to resell at a higher price for some profit.

You can learn more about the necessary details regarding trading using the Paxful help center.

 

How much does it cost to use Paxful?

The platform does not charge you any fees when opening up your account. You are not charged for receiving and buying crypto currencies on the platform.

However, you are charged a 1% fee for selling when transacting with credit/ debit card, digital currency, online wallet, cash, goods and services.

You also pay 0.5% for using a bank transfer, 5% iTunes and Google play cards plus an extra 3% for all other gift card types.

When converting crypto currencies, you pay a 0.5% fee. When sending using an external wallet, you pay 1% of the amount being sent.

When using and internal wallet, the sending fees below apply:

Free Ethereum, Tether and Bitcoin sending of up to $1,000 per month. Beyond this, a fee of $1 or 1% of the amount being sent is applied, whichever is higher.

For the external wallet, the fees below apply:

  • 0.00008 Bitcoin fee for transactions between $0 – $9.99, 0.00016 Bitcoin fee for transactions between $10 – $19.99 and 0.0004 Bitcoin fee for transactions above $20.
  • 1 USDT fee for transactions between $0 – $9.99, 2 USDT fee for transactions between $10 – $19.99 and 5 USDT fee for transaction worth $20 and above.
  • 0.0005 Ethereum fee for transactions between $0 – $9.99, 0.001 Ethereum fee for transactions between $10 – $19.99 and 0.002 Ethereum fee for transactions above $20.

 

Paxful Affiliate Program.

The platform has an affiliate program to help you make money whenever you introduce people to Paxful.

You earn a commission as soon as the people you have invited buy Bitcoin. With this opportunity, you earn 50% escrow fee for your invites plus and extra 10% escrow fee on Bitcoin purchases made by friends of your invites.

The commissions earned are paid out to your Paxful wallet. However, you can only process the commissions when you reach a threshold of $10.

You can join the program by following the steps below:

  • Create an account with Paxful. You can use your phone number or email address. You are then prompted to create a password that you shall use to login every time you go online. In case you already had an account with the platform, you can just login with your credentials. There is no need to create a separate account for affiliate work.

sign up

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  • Invite anyone. After creating your account, you are given an affiliate code or link unique to you. You can share the link on social media platforms, crypto currency platforms, online communities plus your personal blog and website. This link is found in your personalized dashboard under affiliates for a web browser or affiliate tab for the mobile application.

 

  • Get them to trade. After successfully inviting people to your platform, you are responsible for educating them about crypto currencies and how to use Paxful to buy and sell them. Keep in mind that you stand to make a commission of 50% of their escrow fee and 10% of the escrow fee when one of their affiliates buys Bitcoin on Paxful.

 

  • Get paid. When a purchase is made by your friends, you are in line to get paid. You can track the affiliate’s activity from your affiliate dashboard and see how many invites have bought from the platform so far. You should have more than $10 to transfer the money to your Paxful wallet. Once you reach $300 worth of Bitcoin, you have to complete identity and address verification. You can also sell your Bitcoin earnings on Paxful.

For you to keep your affiliate account, you must avoid participating in any of the things listed below:

  • Creating multiple accounts on Paxful
  • Using redirects from your website to the Paxful website.
  • Engaging in any form of fraudulent activity to gain affiliates.
  • Buying advertisement for branded queries
  • Publishing false information to attract more clients
  • Charging a fee on top of your affiliate earnings
  • Using branded queries of other competitor companies for advertising the Paxful brand and comparing the brands thus painting a bad picture about the platform

 

Paxful Rewards Program

The program is designed to give back to the platform’s users. It is split up into two different programs both serving different benefits to Paxful’s users.

 

Paxful Trader Program

You get access to this program when you meet the specific requirements. This means that you are automatically enrolled without application.

Each level under this program comes with a set of exclusive benefits for the traders. As you move up, you unlock more features.

The program has two different levels.

They include:

Power Trader

This is the entry level for the Paxful trader program. The requirements one has to meet to be enrolled include:

  • Have an account for at least 90 days.
  • Verified ID and proof of address
  • Internal verification
  • 250 trades every 90 days
  • 125 trade partners every 90 days
  • Adhere to the terms of service at Paxful.

 

Its features include:

  • Badge on your profile
  • Try out new features first
  • Featured offers
  • Sell offer promotion
  • Instant disputes
  • No bond requirement
  • Priority support

 

Expert Trader.

This is the second and highest level of the Paxful trader program. You must have met these requirements to be automatically enrolled:

  • Have an account for at least 90 days.
  • Verified ID and proof of address
  • Internal verification
  • 250 trades every 90 days
  • 125 trade partners every 90 days
  • 1000 trades every 90 days.
  • Adhere to the terms of service at Paxful.

 

Its features include:

  • Badge on your profile
  • Try out new features first
  • Featured offers
  • Sell offer promotion
  • Instant disputes
  • No bond requirement
  • Priority support
  • Dedicated account manager
  • Lowered fees.

 

Get A Special Offer And Instant Access Here

 

Paxful Peer Program.

This is another reward program for users of the platform. It was created to help you grow your community and earn Bitcoin.

The goal is to introduce people around you to crypto and earn Bitcoin through the network. You can only join this program after application.

The program can be considered an upgrade from the Paxful trader program. You can be enrolled into the program by following these steps.

  • Apply to the program. You have to submit an application showing your intent to join the program. There is an application form you must fill out and submit to the team at Paxful. This is done when you already have an account with the platform. The process takes a really short time.

 

  • Chat with the team. After your application is selected, you have to attend an interview with the platform. You have to select the most convenient platform to conduct the interview and it can be through Telegram, WhatsApp, Zoom or Google Meet.

 

  • Review and confirmation. When the interview goes well, you have to wait for the team to review and confirm your application. If everyone on the team is convinced, then you are confirmed as a new member of the Paxful peer program. You shall receive an agreement for you to sign and everything is done.

 

The program has three types of people in its community.

They include:

Level 1: Peer level

This is the most basic level of the Paxful peer program. You are eligible for this program when you bring in 7 new users/referrals.

Here, you have to make sure that your referrals have been ID verified and must have completed at least one trade.

The features of the program include:

  • Earn $5 in Bitcoin per referral
  • Affiliate earnings
  • Priority support
  • Badge on your profile
  • Regular giveaways
  • Featured offer promotions
  • Increased social following
  • Paxful branded merchandize

 

Level 2: Ambassador

This is the second level of the Paxful peer program. For you to be eligible, you have to bring in 20 new users.

They must have verified their accounts with IDs on this platform plus proof of completing at least one trade. The features include:

  • Earn $5 in Bitcoin per referral
  • Affiliate earnings
  • Priority support
  • Badge on your profile
  • Regular giveaways
  • Featured offer promotions
  • Increased social following
  • Paxful branded merchandize
  • Dedicated account manager
  • Try new features and products released by the platform first.

 

Level 3: Associate.

This is the highest level on the Paxful peer program. Just like the levels above, your referrals must verify their accounts using their IDs.

In addition, the referrals must have completed at least one trade.

The features of this program include:

  • Earn $5 in Bitcoin per referral
  • Affiliate earnings
  • Priority support
  • Badge on your profile
  • Regular giveaways
  • Featured offer promotions
  • Increased social following
  • Paxful branded merchandize
  • Dedicated account manager
  • Try new features and products released by the platform first.
  • Earn $150 in Bitcoin per month.

When applying to the program, you have to be ID verified to join. After completing the sign up process, you might be assigned to level one (as a peer).

However, this is subject to change if you have a notable social following. With a higher social media following, you might start at a higher level.

Get A Special Offer And Instant Access Here

 

Paxful Alliance

This program facilitates collaborations between entities and people’s ideals. You can pool resources, share your vision, work together and build great things for communities.

Here, you shall find businesses, non-profits and individuals sharing goals and visions to improve the livelihood of their communities.

 

You can do more good, spread your word, evangelize and educate, stand united against adversity, navigate local laws and broaden your audience.

The program has facilitated the construction of schools in Rwanda and Kenya through Zam Zam water. They have also worked with organizations like Grow educare center and SHOFCO.

You can find your alliance in sectors like:

  • Education
  • Banking and finance
  • Media and PR
  • Cryptocurrency market
  • Entertainment and gaming and any other sectors

 

Paxful Pay

This is a payment solution that facilitates business payments. You can create an account for your business and use Paxful to receive payments from your customers.

It can be used in many different industries.

 

How does Paxful pay work?

Your customers can make payments using their Paxful wallet or they can create on following the steps described in the sections above.

They also have the chance to use another crypto wallet on the platform. This is how the transaction would be conducted:

  • Your customers have to select Paxful pay at checkout. As the owner of the business, you must include this Paxful pay as a mode of payment for your business.

 

  • Customers log in to their accounts. After selecting Paxful pay, they shall be prompted to log in to the Paxful platform using their Paxful account.

 

  • Select a wallet and confirm payment. Using the options available on the platform, you can select a payment account basing on the availability of funds. You can either use the crypto wallet or the Paxful wallet to confirm payments.

 

  • Once the payment is confirmed, the money reflects on your account instantaneously. This completes the payment transaction from your customer.

The platform is working on different integration solutions like Paxful pay API, E-commerce plugins and a software development kit.

 

Pros of Paxful

  • Purchase crypto currencies online. You can use your account to create or find offers for crypto. This can help you find crypto at low prices from a variety of offers. You can resell the currencies for a profit.

 

  • Online community. This allows you to interact with other Paxful users around the world. The platform is registered on various social platforms that include YouTube, Facebook, Reddit, Twitter, LinkedIn, Instagram, Weibo and TikTok. You can connect with other users based on your region as the platform has accounts to address Africa, India, Nigeria, and Mena. Basically, you connect with what works for you.

 

  • Flexibility. The platform is available in different parts of the world. This makes it accessible. In addition, it accepts payments from various payment platforms giving you access to finance for your trades.

 

 

Cons of Paxful

Security is an issue. The platform makes you agree to a disclaimer that fully indemnifies them in case any form of fraud happens as you transact with another person on the platform.

This is something that they should work on. Besides that, the platform is good to go.

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Final Thoughts: Paxful Review – Is it a Scam?

Paxful is legit and not a scam. I recommend you join consider joining this platform. Basically, you have access to all kinds of financing that will be of help to you.

You can also access the platform around the world. The Paxful wallet is fully secured to ensure that your crypto is kept safe and sound.

The platform is legit and free to use. However, they must work on securing trades in the market.

I hope you found this Paxful review helpful.

Now I would like to hear from you.

 

I love everything about saving, investing, earning, and building net worth.

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