A Comprehensive Guide to Paxful’s Role in Africa
If you have experience in cryptocurrency exchange, you have probably heard of Paxful. This site is among the biggest peer-to-peer crypto marketplaces in the globe that allow customers to purchase and sell bitcoins from anyplace in the world. Bitcoin is an increasingly popular form of cryptocurrency that can be stored in a free Paxful wallet given upon registration.
Through this platform, customers can purchase and sell bitcoin with anybody in the world using 300+ payment methods such as bank transfers, cash deposits, debit cards, credit cards, gift cards, e-wallet balances, PayPal and money transfer services.
Cryptocurrency exchanges are surging in developing countries. This renowned company reports that Africa is currently its biggest market. In June 2018, the company witnessed 772,000 digital currency exchanges in Nigeria averaging at $64 each, and 50,000 trades in Ghana averaging at $56 each. Most African currencies are volatile, therefore crypto can be a more stable medium of exchange.
What Makes Paxful Special and Unique for African Customers? Why Should They Choose It?
This crypto exchange platform is a major player in the digital currency scene in Africa. Though crypto is a relatively new concept in Africa with a learning curve, the benefits are very many. It is good for both sellers and buyers. Massive wealth distribution across the world has been made possible due to cryptocurrency, and individuals can gain financial freedom. Unbanked, underbanked and impoverished people with access to mobile phones can benefit greatly from trading in crypto.
Since its establishment in 2015, the company has become one of the leading peer-to-peer cryptocurrency marketplaces globally. Boasting a whopping $15 million in bitcoin worldwide transactions every week, the quickly expanding crypto platform has solidified a good reputation for being secure and efficient in just 3 years.
Digital currency continues to gain great popularity in Africa, e.g. In South Africa with Bitcoin to ZAR. Paxful is offering Africans the means to take control of their economic growth.
The trading of cryptocurrency in Africa continues to increase immensely, especially Bitcoin. On the Paxful platform, $40,000,000 of trading Bitcoin in Africa occurs every month. As a matter of fact, Nigeria and Ghana are among the top three biggest market spots for this company. USA is number one, but Nigeria and Ghana take on positions 2 and 3 respectively.
People in Africa use Paxful so that they can buy cryptocurrency on the P2P cryptocurrency exchange platform because of the following reasons:
- Paxful is unlike most other exchange platforms, it is quite happy to carry out its business in the African continent. This company understands that many people in Africa are unbanked and require access to the online business marketplace.
- This exchange platform supports hundreds of payment methods for purchasing and selling bitcoin in Africa like gift cards, cash deposits in person, cash deposits via a bank, credit cards, debit cards, money transfers and so much more.
- Digital currency offers people financial stability in a region that isn't necessarily known for that. Many Africans who are doing business on this exchange site are able to work from home while earning a great income.
- Bitcoin also allows for unprecedented economic opportunities. Sellers can easily sell their wares to global audiences and get paid in this digital currency, which is more stable than many African continent currencies. From here, successful entrepreneurs can employ more people, which then helps to boost the local economy significantly.
- By trading in crypto, individuals can easily work around burdensome rules and regulations that negatively affect their lives. For instance, some banks limit the amount of international purchases that somebody can make in a day.
Cryptocurrencies are appealing because they give you full control over your money, with quick secure worldwide transactions, and minimal transaction fees compared to the existing currencies. If used properly and completely understood, crypto could initiate many emerging systems in Africa that will change the continent's economic system.
Co-founders: Ray Kouseff and Artur Schaback.
Year of foundation: 2015.
Headquarters: New York, New York.
Product range: Peer to peer exchange, e-wallets, and Virtual Bitcoin Kiosk.
Short company history: It is the largest peer-to-peer bitcoin marketplace in the world, suitable for both the beginners and advanced Bitcoin users. With more than 300 payments methods clients can purchase Bitcoin via a wide range of channels including Paypal, bank transfer, Amazon gift card, American Express and Skrill. Paxful simplifies the process of buying bitcoins quickly and effortlessly. The transaction period between a seller and buyer is limited to 2 hours.
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Is Paxful Trustworthy? Why?
This is a great site for buying and selling bitcoin very fast and easily, but there may be users on the platform trying to scam others. This is usually the case for other peer-to-peer marketplaces such as LocalBitcoins, eBay and OpenBazar. Users should be wary of scammers and follow the rules detailed by the company. Before trading, it is important to look at the seller's Paxful review, and check the rating.
Other than the risk of scammers, this online exchange platform is generally a good place to buy and sell Bitcoin. Verified sellers can make a living out of selling to the huge cryptocurrency customer base. Buyers have the benefit of making payments using the wide array of payment methods available, without undergoing complicated verification procedures.
Which Cryptocurrencies Are Available?
With Paxful, you can buy or sell digital currency using peer-to-peer exchange. You can easily exchange Bitcoin with numerous other forms of money by negotiating with other users. As of 2018, there is no other type of cryptocurrency offered by this online platform, but if you want you can exchange other cryptocurrencies for Bitcoin.
In regards of Facebook's Libra it is not yet communicated.
In Which African Countries is Paxful Available?
The use of digital currencies in Africa continues to skyrocket. Currently, this exchange platform is available in Nigeria, Ghana, South Africa, Zimbabwe, Kenya, Egypt, Rwanda, Algeria, Mauritius, Mozambique, among other African countries. Nigeria and Ghana are among the top 3 largest markets for this company.
The crypto company is making a lot of difference in the African continent. For example, in Rwanda they carried out a project called #BuiltWithBitcoin. The charitable initiative saw the construction of a school for students aged between 6 to 15 years. This school, which is based in the Nyamata Sector of the Bugesera District in Rwanda, supplements the company's 1st crypto-funded school launched earlier in the same district for kids aged between 3 and 6 years.
How to Open an Account?
To open a Paxful account, follow these steps:
1. Go to paxful.com or alternatively download the Paxful app to your smart phone.
2. Click on the "CREATE ACCOUNT" option you see on the homepage
3. Enter your email twice
4. Choose your username
5. Choose a secure password
7. Confirm you are not a robot
8. Click on "Create Account & Free Wallet" button.
Once you have completed and submitted the online application form, a verification email will be sent to your email address. Click on the verification link. You now have your own account which comes with a free e-wallet.
One extra recommended step after your account is set up is to go to Paxful login either on their home page or via the Paxful app and create a 2-factor authentication. This will help to secure your account against hackers and other malicious people who might attempt to compromise your account.
How to Buy Bitcoins?
The process of buying online currenciess is quite simple:
1. Go to Paxful Login to access your account, then start by choosing the quantity of Bitcoins you wish to buy.
2. Proceed to choosing the currency you require for the exchange rate.
3. Then select a payment method from the wide range of available options (e.g MoneyGram, Western Union, PayPal, Skrill, Perfect Money, Credit/debit cards, Cash deposits, bank transfer, etc.).
4. From here you will have a chance to either peruse through the full list of sellers, or be directed to the best sellers based on the criteria chosen by the site.
5. Choose a seller who has a good review and click on "trade"
6. Once you are on the trade page, you will be able to chat with the vendor through live chat.
7. The seller will instruct you on how to pay.
8. Once you have agreed, press on “mark as paid” and just wait for the vendor to send the coins directly to your wallet.
In most cases, trades happen instantly, but it usually depends on the method you choose for paying and if the vendor is online. Gift cards and PayPal are instant payment methods, whereas bank deposits, Western union, and MoneyGram take a while because you have to leave your house to visit their respective branches and deposit money.
When a trade begins, vendor coins are automatically transferred to Paxful’s escrow, which is very secure. Here, the vendor cannot cancel the transaction, but a buyer is allowed to cancel an exchange at any time and the crypto money will be sent back to the seller’s Paxful wallet from the secure escrow.
Given that the buyer has not sent the payment and did not indicate the payment is complete within the allocated payment window frame (which is 2 hours), the trade will be automatically canceled and the seller will get back his/her crypto money.
There are zero transaction fees for the buyer, but most Paxful reviews indicate that sellers charge the buyers a premium. The website only charges the seller 1 percent from the total sale amount.
Which Payment Methods Are Available?
This online platform supports over 300 payment methods for buying digital currency. Since bitcoin is a digital currency, any transfers you make will be transferred into your wallet. You can buy bitcoins via:
1. Gift Cards
· Amazon Gift Card
· iTunes Gift Card
· Steam Wallet Gift Card
· Google Play Gift Card
· eBay Gift Card
· Walmart Visa Gift Card
· MasterCard Gift Card
· Target VISA Gift Card
· Hotels.com Gift Card
· American Express Gift Card
· Gift Cards
2. Cash Deposits
· Western Union
· Direct cash deposit to Bank
· Cash in person
· GT Bank cash deposit, among others.
3. Online Transfers
· Nigeria Bank transfers
· Bank wire from any bank
· Skrill, etc
4. Debit/Credit Cards
· Any debit/credit card
· Square Cash
· VISA debit/credit card
· Prepaid debit card, etc
And so much more, visit paxful.com to see more.
How to Sell Bitcoins?
If you want to sell huge quantities of Bitcoin on this online platform, you will have to consider becoming a verified seller. This will enhance your trust with potential clients, and give you access to other benefits like immediate disputes, and great Paxful reviews.
To become a verified seller after opening an account on this site, you will have to:
1. Submit printed evidence of physical address using regular mail.
2. Submit a high resolution photo of your national ID, driver's license or passport.
3. Submit a video of yourself with your national ID, or passport.
As mentioned above, sellers are subject to a fee of 1% from any sales they make. This is how the site makes money.
How to send bitcoins?
You can send digital currencys and make payments on this online platform at any time.
• Login into your account
• Go to your Paxful wallet
• Click on the SEND button
• Type in the amount you wish to send. It can be in Bitcoin or dollars.
• Paste in the address you wish to send the money to. Look for where it says "Bitcoin address" and paste there.
• Click on send and then confirm.
Always be careful when sending digital currency, because once you have sent your it you cannot get it back.
Buy, sell and send bitcoins immediately here with the integrated Kiosk of Paxful!
Just enter your value and go on with one Klick:
As showcased earlier, buying Bitcoin via this online platform is very simple. There aren't any complicated verification procedures for the buyer. No need to reveal personal information, and transactions are pretty much instant.
The site supports a wide range of payment methods, and currently there are no fees charged for buyers. However, this is offset by the premium charged by the vendors, which can be higher or lower based on the payment method. But it is understandable because sellers want to make a profit on the wares they sell.
If you are a vendor on this site, you will be charged a 1% fee for the total amount you make on a sale.
Generally speaking, This exchange company is a cheap exchange option due to the non-existent buyer fees and the low vendor fees. However, sellers tend to charge the buyers premiums for the transactions made.
Are Paxful Services Suitable for Poor and/or Unbanked People?
Digital currency adds great value to the unbanked, under banked or people in desperate situations, like in the case of market inflation. This Crypto company focuses on the inclusion of unbanked people in the global economy.
Here are some few facts you should know about unbanked people:
- Unbanked individuals find it harder to afford basic services. Actually 75 percent of all unbanked people are impoverished. They lack access to job opportunities, immigration support services and the banking services in their localities often have high transaction fees.
- Today, there is a wide variety of cheap Android smart phones available to unbanked people, therefore most of them own one. The potential for empowering such people through well-designed mobile platforms is thus promising.
- Unbanked people usually deal with poor infrastructure. Even with access to a smart phone, there is the issue of no internet connectivity or unreliable cellular networks. As a result, there is need for technological advances like hardware-based transaction caching.
- In addition to the above points, unbanked people require efficiency and convenience, which they do not get from banks. This has made many of them to turn to the use of cryptocurrencies and mobile wallets.
- Unbanked people can help to boost the worldwide economy significantly if they are banked. That is why cryptocurrency companies are offering banking services to the unbanked. There is plenty of potential long-term value if everybody is allowed to fairly anticipate in the global economy.
Are Their Services Suitable for Startups?
Yes, they are. This crypto company makes it easy for people to make an income trading digital currency online. It's a smooth interface with a large userbase. It is possible for any startup to make a turnaround quickly. Trusted vendors with good reviews have access to many crypto customers on a daily basis.
Here is a video link where Africans in Nigeria explain Paxful: How To Turn Your Bitcoin Into Naira Instantly.
We are living in the age of digital currency. This form of currency has made it possible for many people across the world, especially the unbanked people to gain financial freedom and boost their local economies.
Paxful is a peer-to-peer digital currency exchange marketplace, whose founders are committed to elevating the state of developing nations like those in Africa, Venezuela, among others. They strongly believe that by giving the underbanked, unbanked and poor people access to cryptocurrency platforms, they can be able to bring in a lot of money to the global economy.