Re: Paxful or LocalBitcoins? Which one is better and why?
Paxful offers more anonimity for sellers as well. LBC for example requires every vendor to provide their ID, Paxful doesn't.
However, this might chance very soon again. https://paxful.com/blog/id-and-address-verification-update/
As others have mentioned, I personally prefer the UI of Paxful over that of LBC, but LBC is way more trustworthy(longer in the game) and has a lot more trade activity/vendors.
However, in terms of privacy I think that paxful may have the upper edge. Localbitcoins has recently implemented a verification system that forces you to submit ID once you reach a certain threshold of trading volume, on top of the fact that they already force you to verify if you want to place any ads. From experience, there are also more ads on paxful that allow you to buy/sell with certain payment methods without needing to be verified.
However, this might chance very soon again. https://paxful.com/blog/id-and-address-verification-update/
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All of our users can immediately choose to verify their IDs and vendors will have the option to require it of their trade partners. In about one months time, ID verification will also be mandatory for all users who wish to post an offer.
As others have mentioned, I personally prefer the UI of Paxful over that of LBC, but LBC is way more trustworthy(longer in the game) and has a lot more trade activity/vendors.
However, in terms of privacy I think that paxful may have the upper edge. Localbitcoins has recently implemented a verification system that forces you to submit ID once you reach a certain threshold of trading volume, on top of the fact that they already force you to verify if you want to place any ads. From experience, there are also more ads on paxful that allow you to buy/sell with certain payment methods without needing to be verified.
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Additionally, the following mandatory verification checks will be imposed:
Users who reach an equivalent of $1,500 in trade volume or wallet activity must provide ID for verification.
Users who reach $10,000 in trade volume or wallet activity must provide ID and address verification.
Users who reach higher trade volumes or engage in certain wallet activity may undergo enhanced due diligence and may be asked for additional information.
All buyers of bitcoin for bank transfer must provide ID and address verification.
Users who reach an equivalent of $1,500 in trade volume or wallet activity must provide ID for verification.
Users who reach $10,000 in trade volume or wallet activity must provide ID and address verification.
Users who reach higher trade volumes or engage in certain wallet activity may undergo enhanced due diligence and may be asked for additional information.
All buyers of bitcoin for bank transfer must provide ID and address verification.