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Paxful Cryptocurrency Exchange in Singapore
Background Story of Paxful Crypto Platform
In 2014, Ray Youssef and Arthur Schaback founded EasyBitz, which was changed to Paxful — meaning peace in Latin. The headquarters of the organization is in New York, with satellite organizations in Estonia and the Philippines.
A complete bootstrapped organization, they have seen massive growth from the year of foundation. Currently, they employ approximately 300 people full-time. With more than six million active users and five billion dollars worth of trade, Paxful has seen massive growth in these recent years. A sustainable rise of 15 percent took place on the average monthly volume of users if we compare it to last year. So, Paxful has a solid user base with good trading volumes. Paxful is a leading P2P cryptocurrency exchange platform in Singapore.
Table of content
Pros
- Paxful is a leading name in the P2P crypto trading space and is available in almost every country other than a few like Iraq, Iran, Burundi, etc.
- Their user interface is very beginner-friendly and intuitive to use.
- It offers 300 types of payment options. You can even pay cash to buy the bitcoins. Singapore residents can pay in SGD.
Cons
- There are not many options available in terms of cryptocurrency.
- Paxful is not for the expert Singapore traders in the real sense with complex charts and margin trading.
- The price of Bitcoin is higher than the rest of the exchanges because they charge 1 percent fees to sellers. So obviously, the sellers charge higher rates of the assets.
Products Offered by Paxful in Singapore
There are several products which are offered by Paxful in Singapore, broadly which includes:-
- Paxful Wallet:- With the Paxful wallet, you store all the cryptocurrencies on the Paxful platform safely. Paxful charges no fees from its wallet users.
- Become a Vendor:- The “Become a Vendor” feature allows users to sell bitcoins by setting their profit margins. With over 12,000 Bitcoin vendors using Paxful to sell their Bitcoin, Paxful is one of the leading names in this space.
- Paxful kiosk:- With the Paxful kiosk, your website visitors can purchase Bitcoin safely. It helps your users buy bitcoins, and in turn, you can earn 2 percent per transaction.
- Paxful API:- This API will help you set up automated trading and pay with Paxful on your websites.
How to Set-Up Your Account on Paxful in Singapore?
- Go to the official page of Paxful.com, and the homepage of the website will appear.
- There you will find an option to create an account on the top right of the page.
- Click to create your account, and the account creation page will appear.
- Fill in your email address and create a password.
- Next, click on the create Paxful account.
- Complete the captcha verification on the next page.
- Paxful shall send an email to your inbox for activation.
- Go to inbox and open the mail from [email protected] and click on verify email.
- Your account will be activated and redirected to the same, and your email will be registered.
Bonus
Paxful
Beginning to Trade Crypto on Paxful in Singapore
Paxful has an escrow system, which means that Paxful will hold the sum of money that you pay to purchase Bitcoin until the trade completes successfully. It ensures that you receive the Bitcoin that you paid for and only then, the seller receives the payment.
Paxful has a host of services and also offers a “Buy BTC with Goods & Services” option where you can get paid in Bitcoin for providing goods and services. For example, you can sell your cars, groceries, among other things, and receive payment in Bitcoin. Paxful also enables the conversion of digital currency to fiat currency and offers direct transfer to bank accounts.
These are some of the steps which you have to follow to buy digital currency on Paxful:-
- There is a buy option on the top left of the Paxful website’s homepage. Click on the buy option.
- A small dialogue box will open up in which you have two options:-
- Either select a preferred payment method or click on show all for all the payment methods available.
- Click on any currency tab and select your desired currency. Add the amount you want to trade in any amount field.
- Scroll through the offers for your particular region and choose the one which suits your needs.
- Do check for the Buying Limits, Seller’s Rate, Time Limit, and Offer terms and conditions.
- If you decide to buy bitcoin from a particular offer, click on “Accept terms and Buy Bitcoin now.”
- Type in the amount in traditional currency or digital currency on the next page and click on buy now.
- Discuss all the necessary details here, and follow the instructions carefully. Never pay them outside of the Paxful, else way escrow cannot protect you.
- Click on Yes I have paid, and you will see the cryptocurrency in your Paxful Wallet.
The process of selling is also similar to buying the currency.
Free quently asked questions
1Is Paxful a Safe platform?
It is a little complicated because even Paxful claims that there are fraudulent users on the platform. If you follow all the precautions, then this platform is safe.
2Processing times in Paxful?
It depends on the method of payment chosen for the transaction.