Originally published at https://nooor.io on December 22, 2020.

I bet you’ve been thinking of bitcoin recently. You may have even considered buying or selling some, if not already. Probably, you also know that the most popular go-to place to trade crypto is an exchange. But you can get burned if you don’t know what you’re doing. There’s a risk of theft, scam, or excessive fees. There are more than 30,000 crypto exchanges out there. How to know which one is the best?

Where to Buy Bitcoin?

A centralized exchange acts as a middleman between buyers and sellers. First, it takes the money both from the sellers and the buyers. Then it matches their requests to buy and to sell and charges fees on both of them. The buyer and the seller never meet on the platform. The result is fast trading but at the cost of high fees and a serious security threat.

Decentralized exchanges came to fight this shortcoming. The buying and selling orders are executed via a secure smart contract that doesn’t require you to give away control over your crypto. But they are relatively unpopular now, so there’s a problem with finding trading counterparts. As a result, they have low liquidity which affects the speed.

Finally, there are P2P marketplaces that combine the best of 2 worlds-speed and security. A P2P marketplace connects the sellers with buyers so that they can find a match and trade directly without intermediaries with each other. One of the largest such P2P exchanges at the time of writing is Paxful.

Why Use P2P Exchanges?

Fast and convenient. This is where P2P exchanges beat centralized ones. You’re directly dealing with people here. So there are as many ways to pay here as people are ready to receive. As a result, besides conventional bank transfers and credit card payments, MoneyGram, PayPal, WebMoney, Qiwi, and even gift-cards are happily accepted as a means of payment. There are over 350 payment options available at Paxful, and you choose the fastest and most convenient one. Try to compare any centralized exchange with that.

Secure. The other aspect where P2P exchanges shine is security. There are plenty of regulated trustworthy exchanges like Binance, Coinbase, or Kraken. But the fact that you have to deposit your crypto to their account makes it technically possible to get them hacked and stolen. Not your keys, not your coins, they say. Besides, if the exchange faces an investigation from authorities, it can suspend all withdrawals. That, in fact, happened with OKEx in October this year. So you’ll have to wait until the exchange gets back to business. This scenario is impossible to imagine in the case of P2P exchanges. Here all the funds are kept directly by the owners.

Low Costs. And finally, you don’t need to deposit your money to the exchange’s account before trading as in the case of regular exchanges. This cuts one step and the associated costs in comparison to centralized platforms. For example, there can be a depositing fee of up to 1% on many exchanges. Additionally, you may have to pay around $15 for a SWIFT transfer to the exchange’s bank account. And the exchange usually charges a trading fee for every transaction. That’s not the case at P2P exchanges. You agree with the seller on the fastest and cheapest payment option.

The Role of P2P Exchanges in the Crypto Industry

What is Paxful?

How does It Work?

Why We Like Paxful

Paxful is Simple and Fast

Paxful has made sure to make the platform user-friendly. All users can now add their bank details in their account settings for faster bank transactions. When creating offers, you can select the option that automatically transfers your account details to the trading partner just after the trade starts. This option helps both sides to save time and avoid mistakes. Another cool feature is that if earlier you had to know the receiver’s wallet address to send bitcoins, a username on the Paxful platform is enough for this. No more confusion.

Paxful is Reliable

Paxful is Secure

Continuous improvement of the security of transactions is always a priority for Paxful. That’s why the team focuses on protecting the users with:

  • KYC procedure: To make transactions on the platform, you must undergo a KYC procedure to verify your identity. This check aims to improve the security of the platform and reduce the probability of fraud in transactions.
  • Prompt support service: In disputable situations, the platform support service is responsible for the solution. This department of the company employs 80 people who speak multiple languages ​​and are in different time zones.

Besides the security aspects that make you feel at ease, Paxful comes with another awesome feature.

You Can Buy and Sell Gift Cards with Bitcoin

The Paxful team takes measures to ensure the safety of this process as well. For example, the platform categorically bans gift card resale, and resellers are easily found and blocked. So you can take advantage of this feature and rest assured that everything works as intended.

How Can You Buy Bitcoin on Paxful?

  1. Choose your preferred payment method
  2. Enter the amount of money you’re willing to spend
  3. Click buy Bitcoin now

I hope you’re convinced that buying bitcoin can be as easy as one-two-three. The bottom line is to always look for safe, fast, convenient, and inexpensive options. And Paxful provides just that. Now go get the best deals there.

Originally published at https://nooor.io on December 22, 2020.

Nooor - Armenian Blockchain Association is a non-profit organization aimed to support the spread and integration of distributed ledger technology and product.