A trading cryptocurrency guide must provide reviews of all of the top crypto exchanges out there, so that you can find the best cryptocurrency exchange site for you. This review of Paxful consists of four parts: general information, fees, deposit methods and security.
Paxful is a cryptocurrency exchange based in USA. As such, US-investors should be able to trade here. In any event, as always, US-investors should do their own independent assessment of any problems arising from their residency or citizenship.
This trading venue is a peer-to-peer Bitcoin marketplace. Simply select your preferred payment method and type in how many bitcoins you need. Nothing more, nothing less. However, you can buy Bitcoin using a record-breaking number of different payment methods. You can pay with over 300 different payment methods (PayPal included). According to information on Paxful’s website on the date of last updating this review (19 July 2019), more than 950,000 Bitcoins have been sold/bought via Paxful. This is a very impressive feature of this peer-to-peer marketplace.
Paxful promotes three things as their main advantages: easy purchases, safety and security, and instant live chat. That it is easy to buy crypto here is naturally very helpful. In particular for the newer crypto investors. Safety and security is equally important for all different crypto traders out there, so this is indeed an advantage if it’s true. The instant live chat feature is likely most important to the newer cryptocurrency investor. All in all, Paxful feels more designed towards the unexperienced crypto trader than the more seasoned ones.
Paxful Trading View
Different exchanges have different trading views. And there is no “this overview is the best”-view. You should yourself determine which trading view that suits you the best. What the views normally have in common is that they all show the order book or at least part of the order book, a price chart of the chosen cryptocurrency and order history. Paxful focuses on speed and simplicity, rather than having all the charting tools that many other exchanges offer. At Paxful, the purchase view is much simpler and more intuitive than at a “normal” centralized exchange. The below is a picture of the standard interface at the Paxful-platform:
Partnership with BitMart
On 21 February 2019, Paxful and Bitmart announced that they are entering into a joint partnership. The main purpose of the partnership is to increase both scalability and liquidity of both platforms. This partnership will make it possible for users to make payments on the BitMart-platform via the Paxful-system. This functionality will push BitMart a big step forward in what the companies call the “peer-to-peer financial revolution”.
The fees at this exchange consist of deposit fees, service fees and withdrawal fees.
Deposit fees vary dependent upon how you deposit.
Service fees are 1.00% per trade, but it is only paid by the seller. Buyers can trade free of charge.
Withdrawal fees are fixed at 0.0005 BTC for BTC-withdrawals.
Paxful Trading fees
This exchange primarily charges one fee, being the “service fee”. The service fee is paid by the seller and amounts to 1.00%. This is higher than the ordinary trading fees for regular exchanges being around 0.25%. But a user should remember that the service is also a bit different. The buyer doesn’t pay any fees at all.
Paxful Withdrawal fees
Paxful also charges a withdrawal fee amounting to 0.0005 BTC when you withdraw BTC. This fee is below the industry average (industry average being 0.0008 BTC) and constitutes an advantage against the majority of other top crypto exchanges in the market.
As mentioned above, Paxful is probably also the exchange in the world with the most available deposit methods. This must be their crown jewel (their deposit method availability). We applaud this offering by Paxful and can only hope that other exchanges will follow suit.
This platform’s security score is B, when performing the test at Observatory by Mozilla (https://observatory.mozilla.org/). This is far above average when it comes to the top crypto exchanges. Actually, the majority of all the exchanges in our Cryptocurrency Exchange List actually only receive an F. This makes this exchange’s security score even more remarkable. Great work, Paxful!
There are only a few exchanges that – like the above exchange – receive Mozilla Observatory-scores of B or higher. The following list includes a few other such exchanges with very impressive security scores: