Paxful operates a popular over-the-counter (OTC) bitcoin marketplace that connects buyers and sellers directly. Users can trade bitcoin pseudonymously using hundreds of payment methods without needing to rely on centralized exchanges.
Founded in 2015, Paxful is a peer-to-peer (P2P) bitcoin exchange designed to make buying BTC with cash simple. Instead of trading order books like an exchange, Paxful users trade directly with each other.
Over 4 million wallets have traded nearly $5 billion in volume on Paxful so far. The platform provides escrow protections and customer support.
Key Features and Benefits
Paxful offers several advantages:
- Over 400 payment methods — Including bank transfer, gift cards, PayPal, in-person cash, and more. Massive payment flexibility.
- No personal info needed — Email signup only. KYC required for bank transfers only. Preserves anonymity.
- Global user base — Available in most countries. Great for those without local exchanges.
- Escrow system — Paxful secures funds in escrow until trade terms are fulfilled for safety.
- 24/7 live support — Helpful customer service via chat, email, phone, and social media.
The platform enables quick and easy bitcoin purchasing without excluding underbanked populations.
P2P Trading Process on Paxful
A typical peer-to-peer trade on Paxful works as follows:
- Seller posts a BTC trade offer specifying payment methods and price.
- Buyer selects an offer and opens a trade order with the seller.
- Buyer deposits payment into Paxful escrow wallet. Seller must verify receipt.
- Once confirmed, Paxful releases BTC to the buyer from escrow.
- Buyer leaves feedback for the seller and vice versa.
This process flows smoothly thanks to the escrow protections.
For those looking to buy bitcoin with a vast array of payment options in a P2P manner, Paxful offers an established marketplace. While users must exercise prudence, Paxful enables accessible BTC trading without excluding underbanked demographics. The platform continues cementing its place in the crypto-economy worldwide.