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Topic: Is Paxful still operating? (Read 270 times)

Findingnemo

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Quote from: davis196 on December 15, 2024, 07:19:27 AM

Paxful had recently redesigned their website and it seems that they will be focusing more on promoting their mobile app, rather than relying on website visitors. Another thing worth mentioning is USA users are not allowed to use Paxful, even though Paxful is an American company.
This is in compliance with recent US regulatory changes. Paxful claim, that they have around 14 million active users, but this number seems totally exaggerated, if you ask me. Paxful's fees for trading crypto with gift cards are very high, but this company remains one of the very few online marketplaces, where users could buy and sell gift cards for crypto.

I would say it's the only remaining of this kind because LBC shut down their operations which channeled all the P2P users to this site. I regularly trade of Paxful even though the similar features are available in Binance simply because of the users choice who can decide that from whom they want to purchase BTC and the seller gets to decide their own price and it may looks why people pay over the market price but in many countries the availability of BTC with fiat is less which is why Paxful is still running successfully.

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DiMarxist

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Quote from: zabzob on November 24, 2024, 02:12:09 PM

Is Paxful still operating? If so, what kind of trade volume do they have?

Paxful is still on operational but because of the recent government policies on centralized exchanges and people are not using it like before again and another thing that is making paxful not too popular again in the crypto community is the rate and charges. Though their marketing (trading volume) is good but because of the rate of charging trade compared to other exchanges making people not to use it like others.
Example, if I am selling 0.002 BTC in another exchange and it will give me $200 or more but in paxful it will be $180 or even less. So because of this discrepancies people are not using it like that so it is not popular like others. It is even from this thread that I am remembering it again.

Darker45

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Quote from: logfiles on November 29, 2024, 05:58:15 PM

I never liked the way paxful operated, even from the first day I got to know about it. I used localbitcoins, Localcryptos, Hodlhodl, bisq but never paxful Grin

I don't know the reasons why you never liked Paxful, but same here. It seems the men behind it don't mean serious business. FTX's Sam Bankman-Fried wasn't serious as well but he knows how to hide it. He appears professional and FTX ran more or less smoothly until it exploded.

As to Paxful, there's too much smoke. The platform seems poorly maintained. The two co-founders are quarreling and sometimes even washing their dirty linens in public. And then there's also alcohol and drugs and guns and arrests and jail times involved. It's a topsy-turvy world.

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Quote from: ABCbits on November 26, 2024, 04:40:19 AM

How do you obtain data of their current trading volume? I couldn't find such information on either CoinGecko, CoinMarketCap and Paxful website itself. And using google search, i only managed to find this old data https://coin.dance/volume/paxful.

I also noticed that the reporting of trading volume ended at some point. Maybe they stopped having API access to third party site/
Maybe the internal fights worsened the whole thing

I never liked the way paxful operated, even from the first day I got to know about it. I used localbitcoins, Localcryptos, Hodlhodl, bisq but never paxful Grin

Charles-Tim

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Quote from: ABCbits on November 27, 2024, 03:23:41 AM

I see, although i doubt the accuracy of using exchange offer.

I think the reason people prefer to first check for trading volume on an exchange is because of liquidity. So that their orders can be filled as fast as possible without no unfavorable market price which can be experienced on exchanges with low trading volume of a particular coin. P2P exchanges are different. As long as you can see many ads there, it is indicating already that people are visiting the exchange for P2P trades. The more the ads are the better it is. Unlike a P2P exchange that you will not see any ad or seeing not more than 5 ads or few ads.

Quote from: ABCbits on November 27, 2024, 03:23:41 AM

Anyway, i just revisited Paxful website and found a page which shows total volume in BTC for each currency which can be seen on https://paxful.com/bitcoin-price.

Although i question it's accuracy when the page also shows 1 BTC = 122,142.68 USD while currently CoinGecko says 1 BTC is about $93,411.45.

I have seen it on your link:

I have not compared it with other exchanges before. If this is the total since Paxful has been created, I also doubt this. But I am not bother about trading volume while using P2P exchanges. I prefer to check the ads and see how numerous they are.

ABCbits

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Quote from: Charles-Tim on November 26, 2024, 07:00:07 AM

Quote from: ABCbits on November 26, 2024, 04:40:19 AM

I did not get the trading volume data from anywhere. It is P2P. The last time that I checked the exchange last, the P2P ads on the exchange are numerous with huge exchange amount offers. This is enough to know if the P2P trading volume is high or not. I saw countless numbers of ads there while scrolling.

I see, although i doubt the accuracy of using exchange offer. Anyway, i just revisited Paxful website and found a page which shows total volume in BTC for each currency which can be seen on https://paxful.com/bitcoin-price.

Although i question it's accuracy when the page also shows 1 BTC = 122,142.68 USD while currently CoinGecko says 1 BTC is about $93,411.45.

_act_

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Quote from: Darker45 on November 26, 2024, 09:25:06 PM

How?

Are verified badges enough to trust traders? Or could the number of trades and success rates be farmed or manipulated?

Having higher number of good ratings is good but there can even be new P2P traders that you can feel like to trade with. What I only do is to report any inappropriate action when it is necessary. All P2P have a mediators which are the customer care of the P2P on the exchange. Example is if I want to sell and the buyer do not release the coin, I will report and provide all necessary information needed. I have done this before on another exchange. Also if I want to buy a coin and the seller do not release the coin, I also report and provide evidence. Even on non KYC P2P exchanges, this is how cases are handled. I do not release coin when I have not seen the money in my bank account. If it is getting late, I report.

Darker45

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Quote from: _act_ on November 25, 2024, 11:35:20 PM

Quote from: Darker45 on November 25, 2024, 09:46:24 PM

~snip~

The former CEO did not only just left the exchange, he left it because he has in mind to create his own exchange which he called Noones just as you mentioned it. Paxful has been having higher traffic and design than Noones. I believe most Paxful users that did not move to other exchanges that is not Noones are still using Paxful.

He didn't just leave the exchange; he fought for it in court. But it seems he eventually wanted to kill it and asked Paxful users to transfer to NoOnes, his creation yet a mere clone of Paxful. I don't know what happened to the ownership dispute, but it seems Artur Schaback has the upper hand.

Paxful has become a more or less popular brand. It has somehow made a name. I don't know how popular it is in other countries, but here in mine it has grown into some sort of a byword. It's probably a big factor that it has an office here. NoOnes, on the other hand, seems to be struggling until now.

Quote from: Darker45 on November 25, 2024, 09:46:24 PM

I don't know the exact volume but it still has a good number of users here in my country. The claimed numbers are high, although it might be bloated. Also, just so you know, both the old and the new Paxful have significant accusations of having many scammers. I hope they've improved but be cautious!

You can easily avoid scammers on P2P exchanges if you do the right thing.

How?

Are verified badges enough to trust traders? Or could the number of trades and success rates be farmed or manipulated?

Anyway, OP, I wonder what makes you interested in Paxful, but it seems safer to just choose another platform. Don't be attracted by KYC platforms that don't ask for it right away by way of requirement. For one, you can be asked for it anytime, anyway. And when that happens, you might have funds at risk already. Second, if I'm not mistaken, Paxful's founder is probably in jail already right now. The reason? Failure to implement KYC.

Potato Chips

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Quote from: _act_ on November 25, 2024, 02:51:12 AM

What I noticed is that for my country P2P trades on Paxful, there are many ads there. I also noticed that Paxful has even lower minimum amount, but as high as maximum amount like other exchanges.

Oh, as in limits in "p2p" ads?

Quote from: _act_ on November 25, 2024, 02:51:12 AM

Many people in my country are using Paxful. About the proof of address, I remember when Binance told me to do it because I use VPN often set to United States location, luckily for me I used the hostel address that I stayed in my university because that was what is in my bank. It is a different state and town entirely. All these exchanges are centralized and they can tell someone to do any KYC at anytime. I was able to go for the proof of address because I am not longer leaving there since 7 years ago.

Yeah, any exchange can ask for further documentation any time but at least in other exchanges, PoA is not mandatory with a pretty good limits and you can play with your luck. Pretty much why no-mandatory kyc reputed exchanges was popular in the forum even though we know they can ask for it anytime. Unfortunately, accidentally hopping on a restricted country's IP will likely flag anyone's account hence, we must be careful.

Charles-Tim

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Quote from: ABCbits on November 26, 2024, 04:40:19 AM

ABCbits

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Quote from: Charles-Tim on November 24, 2024, 02:16:31 PM

Yes, paxful is still operating. But you have to get verified on the exchange before you can be able to do anything. The exchange have good trading volume. If you are looking for an exchange that does not make KYC mandatory, Paxful is not an option.

_act_

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Quote from: Darker45 on November 25, 2024, 09:46:24 PM

You can easily avoid scammers on P2P exchanges if you do the right thing.

Darker45

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It's still operating, yeah. But it's not the same Paxful that you might have heard or used before. Last year, there was an ownership dispute between its co-founders. It ceased operation for around a month while put under court custody. When it returned and somehow rebranded, it already belonged to a different owner. Its former owner and CEO, Ray Youssef, discouraged former users from using it again. He promoted his new platform, Noones.

I don't know the exact volume but it still has a good number of users here in my country. The claimed numbers are high, although it might be bloated. Also, just so you know, both the old and the new Paxful have significant accusations of having many scammers. I hope they've improved but be cautious!

Botnake

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Quote from: NotATether on November 25, 2024, 02:46:35 AM

Quote from: Botnake on November 25, 2024, 01:04:17 AM

The only data I could find is the 2021 volume which they reported they hit $5 billion, so assuming it has grown considering the market now is bullish, their volume should be enough to cater large transactions.

People have been doing large trade volumes for ages. I regularly see accounts with over 100BTC traded, over 10000USDT traded, etc. Even when the numbers are adjusted for deflation it's a large amount.

So they were already doing large amounts of transactions before as a platform. I think the volume will mostly stay the same.

Thanks for confirming! I think this information should be enough to answer the OP's question about Paxful's volume.

_act_

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Quote from: Potato Chips on November 24, 2024, 05:28:33 PM

Quote from: JeromeTash on November 24, 2024, 04:52:10 PM

I would say centralized p2p platforms that are linked to major exchanges such as Binance, OKX, Kucoin etc stole the show and the volumes.

I'm not surprised. Honestly, I would pick one of these major exchanges as well simply because I get to access other products as well like spot trading for instance, with good liquidity.

In paxful, we also have to submit a proof of address if we want unlimited *lifetime* tradng volume otherwise, it is $10K. In major full fledged exchanges, I could get better limits without a proof of address.

What I noticed is that for my country P2P trades on Paxful, there are many ads there. I also noticed that Paxful has even lower minimum amount, but as high as maximum amount like other exchanges. Many people in my country are using Paxful. About the proof of address, I remember when Binance told me to do it because I use VPN often set to United States location, luckily for me I used the hostel address that I stayed in my university because that was what is in my bank. It is a different state and town entirely. All these exchanges are centralized and they can tell someone to do any KYC at anytime. I was able to go for the proof of address because I am not longer leaving there since 7 years ago.

NotATether

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Quote from: Botnake on November 25, 2024, 01:04:17 AM

Botnake

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Quote from: zabzob on November 24, 2024, 02:12:09 PM

Is Paxful still operating? If so, what kind of trade volume do they have?

I could not get a figure about their volume since I don't have an account but they are proud to say that their volume have increase.

https://paxful.com/university/paxful-new-app-brand

Quote

Global team, one vision: Economic opportunity for the 100%
Since relaunch, Paxful has multiplied global trading volume by 8x, built a distributed team of over 100 people, developed new industry-leading business relationships and community channels – and that’s all on top of the dozens of updates we’ve already listed above!

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Quote from: JeromeTash on November 24, 2024, 04:52:10 PM

I would say centralized p2p platforms that are linked to major exchanges such as Binance, OKX, Kucoin etc stole the show and the volumes.

JeromeTash

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I believe the exchange is still operating even after the shutdown controversy and then opening up yet again after a few weeks due to some wrangles between the founders. I don't think the trading volume is as great as it was back then, even with the shutting down of localbitcoins and localcryptos.

I would say centralized p2p platforms that are linked to major exchanges such as Binance, OKX, Kucoin etc stole the show and the volumes.

zabzob

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Quote from: Charles-Tim on November 24, 2024, 02:16:31 PM

Thanks, good to know

Charles-Tim

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zabzob

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Is Paxful still operating? If so, what kind of trade volume do they have?