Localbitcoins Vs Paxful - A Detailed Comparison
Cryptocurrencies, this majestic element keeps on bringing marvelous changes in the overall global economy. Almost all Hi-Fi industries have revamped their platforms to adopt cryptocurrencies. As of now, there are nearly 1,600 Cryptocurrencies are in existence. We can’t say all of these are legitimate or not.
Bitcoin is the very first form of Cryptocurrency and It’s a known fact, only 21 million bitcoins can be mined on this planet. we can’t mine more than this limit. In 2020, we have almost 18 million bitcoins and the rest is just 3 million. Statistics say that 25 bitcoins are mined for every ten minutes.
Thus, this supreme growth of bitcoins and other Cryptocurrencies let the way for the birth of Cryptocurrency Exchange Platforms!
People need to go to the Crypto exchange platform to do whatever with cryptos.
In this article, we are going to discuss the loop and corner of two popular Cryptocurrency Exchange platforms Localbitcoins and Paxful.
Let’s have a glimpse about these two platforms
What is Localbitcoins?
LocalBitcoins is Finland based Peer to Peer Cryptocurrency Exchange founded in the year 2012 by Jeremias Kangas and the current CEO is Sebastian Sonntag, CEO of LocalBitcoins.
It is the Escrow featured Bitcoin exchange website that supports online as well as offline trading with huge payment options.
What is Paxful?
Paxful is the Escrow powered Cryptocurrency exchange platform founded in the year 2015 in the United States Of America by Artur Schaback and Ray Youssef.
This Exchange offers 300+ payment options and offers Peer to Peer trading.
You might think, Why these two?
Both Localbitcoins and Paxful is the Iconic Cryptocurrency Exchange Platform that offers the same services with almost similar fees. In the Crypto Market, both are head-on headstrong competitors.
Let’s dive in,
Here is the list, we are going to differentiate
- Payment Options
- Trading Fee
- Supported countries
- Buying Limits
- Trading Feature
LocalBitcoins, as well as Paxful, supports the only BITCOIN. Both Exchanges does not hold any fiat currencies in the website and allows user to buy to sell Bitcoins with fiat money.
LocalBitcoins support various payment options such as
- Cash Deposit
- M-PESA Kenya (Safaricom)
- Ripple altcoin
- Litecoin altcoin
- Ethereum altcoin
In Localbitcoins, you can’t buy bitcoins with your Credit card directly but it allows you to use a credit card via PayPal Service.
When it comes to Paxful, it offers numerous Payment options which are broadly classified into six divisions
1. Bank Transfer
2. Online Wallet
3. Gift Card
4. Credit Card/ Debit Card payment
6. Digital Currencies
The cost differs based on the payment method used. Both exchanges charge a low trading fee for non-refundable payment processes such as bank transfer and Cash.
Paxful Exchange does not charge you if you are a buyer and charges 1% trading Fee to the seller
In Addition to this, Sellers need to pay the Bitcoin Network fee for Bitcoin Miners and not for the Exchange Platform.
In Case of LocalBitcoins,
You need not pay for anything whether you are a buyer or a seller. Localbitcoins has an Amazing Ad Posting facility, Where you can post an ad for your need along with payment options. This exchange charges 1% to the post ad.
They also charge you certain money if you move your bitcoins from Localbitcoins Wallet to some other wallet.
Localbitcoins have traders all over the globe and Paxful Exchange has restricted its service in some countries like Burundi, North Korea, Iran, Iraq, Cuba, Syria, Yemen, etc
Paxful as well as Localbitcoins Offer Limitless Trading only after certain stages, those are explained below.
IN Paxful, There are four levels for a trader to gain limitless Trading
Level 1: The First Level just need E-mail and Phone Verification and it’s limit is 1,500 $
Level 2: It requires ID verification and the limit exceed up to $10,000
Level 3: Needs Address Verification and it is limit is also 10,000$
Level 4: Limitless Trading
Localbitcoins also require four levels to achieve limitless trading
Level1: Requires mail and phone number verification and the limit is 1,000 Euro per year
Level2: It additionally requires address and Id verification and the trade limit is extended up to 20,000 Euro/year
Level 3: Here, the trade limit is future extended up to 200,000 Euro
Level 4: Finally, one can achieve limitless trading
Localbitcoins is having a quick buy and quick sell features. In addition, LocalBitcoins allows traders to trade bitcoins locally by placing the trade orders.
Paxful is descendent of LocalBitcoins, so it has all the basic trading features of LocalBitcoins. But, exceptionally paxful have integrated a binance interface to buy bitcoins directly from binance.
Both Localbitcoins and Paxful Exchange stands out uniquely and has their traders.
How to Start your exchange?
Yeah! You can start your crypto exchange just like LocalBitcoins and Paxful.
It may sound impossible, Remember Everything is Possible with Proper Strategies and Planning
Just think, Paxful is younger than LocalBitcoins, now it stands straight as the direct competitor of Localbitcoins.
The First Step is always difficult!
Take your first strong step with us!
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The distance between you and your dreams is the Courage and Will Power!
Be courageous and start your exchange!
Be the next strong competitor!