This is a hilarious site that uses a very slow market making technique.
You have the ability to post a price at which you either want to buy or sell your currency, or you can enter into a trade with a listing that has already been posted. Because the seller has to set the price, there is a possibility to buy your token in the money, especially in a volatile market.
You may notice the consistency of the orders. They are all the same person, and most likely a scammer. But if you can find a good actor. It is possible to buy in your coin in the black. That is a big if.
Once the trade has been agreed to the token then gets moved into escrow. Money needs to be manfully sent using a third party method, and when the money is received the seller can release the token from escrow to the buyer. The site will arbitrate any dispute after 24 hours.
And I assure you there will be disputes.
You can pick the token you want to buy, the currency you want to buy in, and the payment method you want to use. Paxful is trying but until it finds a way to get rid of the scammers this market place is far too toxic.
I used this site because it paired well with PayPal and I was and am fairly active selling on Ebay which would only payout to your Paypal account.
The site is used almost exclusively by scammers and finding an active trade partner was hard, then they would try every trick for you to can cancel your buy after the money was sent so they would take off with the money and the token. My first trade I nearly was caught with my pants down. Even though I chose CAD PayPal send USD. My trade partner convincd my that I hadn't sent enough money. I actually was about to send money via Western Union until I saw their service fee. They I figured out the scam and took my money back.
If you have some PayPal money that you desperately want to spent on crypto, or you just want to spend a few days in arbitration over a few satoshis it may be worth a try.
That being said I do not recommend using this exchange. There are much easier places to buy and sell.
My referral code is https://paxful.com/register?r=azkx1zJW3QA
As always you can join the conversation on Twitter @1BTCproject
And keep track of my crypto journal on my other blog - http://635ed752b3bfb.site123.me/
Photo by Growtika Developer Marketing Agency on Unsplash
