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Paxful Review 2021 - Is It Safe?

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Country: USA
Launched: 2014
Site: paxful.com
Expert Review
Mar 29, 2021
  1. What Makes the PayU IT Platform Different from Other Similar Projects?
    1.2 How the Online Payment System Works
  2. What is Paxful Wallet?
  3. For Which Regions is Registration Possible?
  4. How Does the Functionality Work?
  5. Paxful Wallet Benefits
  6. Transaction Fees
  7. Anonymity of Financial Transactions
  8. Is Paxful Safe?
  9. Reviews

PayU IT should be classified as a decentralized public blockchain that is rapidly gaining popularity. The completely open-source cryptocurrency project has generated a lot of interest from potential investors. These are the founders of IT projects, financial brokers and other specialists. Many of them are attracted by the Paxful Wallet commission to make online payments more accessible.


In parallel to the presented project, a smart contract platform is being developed, the goal of which is to provide more advanced functions than any previously known protocol. It is the first blockchain system to evolve based on scientific philosophy and research-driven approach. The development team consists of a large global team of experienced professionals. This opens up good prospects for the future.

What Makes the PayU IT Platform Different from Other Similar Projects?

PayU is a successful IT company that provides the opportunity to use modern payment technologies to each of its partners, including online merchants. The company was founded in 2002. The headquarters are located in Hoofddorp, the Netherlands.

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How the Online Payment System Works

The online platform developed by PayU specialists allows you to accept and process payments using independent payment methods. Gateways can be integrated with various web platforms and mobile applications. This makes the payment tool available to millions of users. Paxful currently supports over 300 payment methods. The most popular among others are:

- Bank transfer by bank details;
- Sending funds to electronic wallets in PayPal, Skrill;
- Using a credit card;
- Transfer via Western Union.

To withdraw the cache, a Portela Steam gift card, Revoult or a mobile operator account may be useful. All payment methods with which you can trade cryptocurrencies can be found on the main page in the corresponding tab. You can also read the wallet review prepared by Paxful Wallet customers. Experienced users often share their opinions with newbies, focusing on the most important points.

What is Paxful Wallet?

Any review written about Paxful Wallet indicates that working with wallets is as simple and straightforward as possible. But this is not the only advantage of the resource. The creators of the project are constantly improving functionality. Recently, in addition to all the existing set of payment instruments, users have the opportunity to use PayU to buy bitcoins. Such a transaction will be processed in less than an hour. Those who create an account on the Paxful platform will be able to do the following:

  • send and receive bitcoins through your personal cryptocurrency wallet;
  • track completed transactions and open orders, regularly update conditions from anywhere without logging into a computer;
  • personalize your Paxful wallet so that partners recognize the user from the very beginning of the transaction;
  • safely store funds and check their balance in real-time;
  • share your wallet address or QR code with other traders and friends who have not yet joined the system.

Please note: Real access to the Paxful Wallet with a $ 1,500 trade limit will only be available after verifying our email address and phone number.

For Which Regions is Registration Possible?

Paxful Wallet is used to buy Bitcoin based on P2P technology. Almost anyone in the world can join and trade. There is one exception to the aforementioned rule - using the platform in New York, as Paxful does not have a BitLicense. The site is not focused on a specific region, but there are countries that have been highlighted separately:

  • USA;
  • China;
  • India;
  • Russia;
  • Nigeria.

How Does the Functionality Work?

If you join the system, you will become part of a community of 3 million partners. Most users are people who decide to take control of their finances bypassing centralized payment gateways. At Paxful Wallet, safety always comes first. The company's software products are constantly updated and tested for critical errors. The trading algorithm through the presented platform is as follows:

  1. Registration. After creating an account, you will immediately receive a free bitcoin wallet. You can top up it in any convenient way.
  2. Search for a counterparty. You need to find a suitable offer to sell bitcoin. In order to be able to conduct a transaction, after creating an account, immediately select a payment method. Next - specify the number of bitcoins to buy and your preferred currency and click "Find offers". Review the list of all available offers and select the deal that best suits your needs by reading the seller's terms and conditions. You can also create an application yourself.
  3. Clarification of details. Discuss all stages in detail with the counterparty. After selecting it, you can go to the chat.
  4. Confirm the deal. Once the seller has sent the bitcoins to your Paxful wallet, you must close the transaction. Follow the instructions and prompts to complete the payment correctly.

Paxful Wallet Benefits

Using Paxful is one of the safest options for storing funds. Wallets are divided into 2 types. The first are those in which the blockchain is stored on external servers. They differ in transaction speed and availability. The second - download the entire blockchain to the computer, which leads to an increase in synchronization time and an increase in resource requirements. Paxful Wallet gives the user complete freedom. After successfully completing the transaction, you can spend bitcoins or transfer them from your wallet. Buying cryptocurrency has never been so easy!

Also, if you want to buy or sell cryptocurrency right now, then you can use the HitBTC exchange. HitBTC is one of the 10 largest cryptocurrency exchanges in the world. The exchange offers high liquidity and does not impose KYC measures on its users. The wide variety of altcoins makes it a great place to exchange and trade currencies of any kind.

Transaction Fees

With the online platform from Paxful, you can buy bitcoin easily and securely. The purpose of the resource is to provide access to financial services to millions of people around the world. The project developers are doing everything possible to ensure that everyone can spend money at their own discretion, improving the quality of transactions. The presented platform works on the basis of peer-to-peer financing. This means that the counterparty can buy bitcoins directly from other users. Transactions are carried out without the participation of banks or corporations. The cost of payment in this case is minimal. Each counterparty sets its own commission. This feature is not always available on other similar platforms.

Anonymity of Financial Transactions

In certain periods of the development of the world financial system, different tendencies were observed: the market moved towards globalization, centralization was actively introduced. With the advent of bitcoin, a third option became possible, excluding an increase in control by the state or large corporations. Undoubtedly, large companies play a significant role in the global economy, but the world is gradually starting to move in the opposite direction: there are many alternatives to global solutions. This is confirmed by the launch of ICO projects with good prospects. They are all blockchain-based.

Is Paxful Safe?

There are mixed reviews on Paxful on cryptocurrency-related forums. Some even accuse Paxful of being a scam. However, there is no apparent evidence available for the public. It's important to realize that Paxful can be and is used by scammers not associated with the platform itself. They use multiple schemes to scam people and steal their money. However, Paxful responds to such cases, returns the stolen money and bans violators. The thing is that many thieves act on behalf of the platform moderators. That's what makes users think that it is Paxful itself who's stealing money. It's not true. The platform should be used with caution and if something is getting suspicious, you should call for help. It is recommended to make trades only with the approved sellers and avoid any communication with sellers outside the platform. If misconduct takes place outside Paxful, the chance that moderators will help you gets lower. It is also important that you shouldn't release your money from escrow until you get the confirmation that you have received the payment.

The customer support works slower than one could wish, however some services are much worse. At least, Paxful users get replies within one day. More than that, according to the latest user reviews, the response time gets better.

As for the security measures available for users there is such a common but critical feature on Paxful as 2-factor authentication. Users can install a Google or an Apple authentication app that will be generating one-time passwords on the mobile device. Such a password is requested while entering the account or when trying to withdraw the funds. Alternatively users can get the codes via SMS. To make sure that no one is using your account secretly you can see the actions log. It displays the history of enters with IPs, location, and so on. The sessions can be terminated easily. All in all, Paxful is a well-reputed platform that managed to avoid hacks. Paxful is a safe platform, however, you should always be ready to deal with scammers on it. Turn on 2-factor authentication as soon as possible and don't let thieves fool you.

Reviews

  • Andrey, trader:
    "The site offers over 300 payment options, from cash and bank transfer. To sell your BTC using PayU, you have the opportunity to create your own product. This is what any trader needs! I use this resource regularly."
  • Alina, expert, financial analyst:
    "One of the most important principles of investing is diversification. Therefore, most transactions should be transferred to the cryptocurrency system. But you have to understand that professional traders do not store all of their cryptocurrencies in one wallet."
  • Sergey, designer:
    "In the world of cryptocurrencies, not only the ability to make a profit is important but also the ability to keep your funds safe. Therefore, for me, Paxful Wallet is a priority."
Our Score
Security 4 / 5
Support 4 / 5
Ease of use 5 / 5
Reputation 4 / 5
Fees 4 / 5
Our Score
4.2 / 5

pros

- Ease of use
- Wide variety of payment options
- Multiple options to make decisions on

cons

- Slow Customer support
- High fees

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User reviews
Timmy 24 November 2020, 7:07 PM
4.0

Really decent platform

Country: USA
Launched: 2014
Site: paxful.com