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Peer-to-peer (P2P) crypto exchange Paxful on March 4, 2023, announced that it was suspending its marketplace.
In a post published by Paxful’s CEO, the CEO said that they are not sure if the exchange will come back. In the post the CEO said:
“This will probably come as a big shock to many. While I cannot share the full story now, I can say that we unfortunately have had some key staff departures. Also, regulatory challenges for the industry continue to grow, especially in the peer-to-peer market and most heavily in the U.S. While we work through these issues, we have taken the most secure option and ask you to explore self-custody and trade elsewhere.”
Looking for a cryptocurrency exchange and selecting the exchange to invest with can be a toil order and worse still being forced to look for another option due to the sudden shutdown of an exchange you had selected. For those of you who may be wondering what next after Paxful suspension of operations, we have compiled a list of the best Paxful alternatives that you could migrate to for a smooth continuation of your crypto experience.
Top 5 Paxful alternatives
- eToro: Best for beginners, copy-trading & demo-account
- Bitstamp: Best for professionals & trading with APIs
- Binance: Best crypto platform for trading altcoins
- Skilling: Best app for mobile trading
- AVATrade
eToro
eToro is a multi-asset investment platform with more than 2000 assets, including stocks, ETF’s, indices, commodities and Cryptoassets. eToro offers over 60+ Cryptoassets to invest or invest in their CryptoPortfolio where investors can benefit from the accumulated growth of Bitcoin, Ethereum, XRP, Litecoin and other leading cryptocurrencies. eToro users can connect with, learn from, and copy or get copied by other users.
Register with eToro instantly Disclaimer Cryptoasset investing is unregulated in most EU countries and the UK. No consumer protection. Your capital is at risk. CFD crypto trading is unavailable for clients residing in the UK and US.
Bitstamp
World's longest-standing crypto exchange. Since 2011 Bitstamp has been providing a secure and reliable trading venue to over four million individuals and a range of institutional partners.
Register with Bitstamp instantly
efinno
Register with efinno instantly
Binance
Binance has grown exponentially since it was founded in 2017 and is now one of, if not the biggest cryptocurrency exchanges on the market.
Register with Binance instantly
OKX
OKX is a world-leading cryptocurrency exchange, providing advanced financial services to traders globally by using blockchain technology.
Register with OKX instantly Disclaimer Trading in digital assets is considered high risk. Digital assets are NOT backed by any government or central bank. The risk of loss in trading or holding digital assets can be substantial. You should carefully consider whether interacting, holding, or trading digital assets is suitable for you in light of your financial condition.
Conclusion
While the recent Paxful suspension of operations could be a shock for many who are looking for a peer-to-peer (P2P) cryptocurrency exchange especially since it comes after the shutting down of LocalBitcoins, there are still many other P2P alternatives outside there.
The above list is our best picks that Paxful users can migrate to. Nevertheless, if you are looking for a specific cryptocurrency exchange, you can select from our list of the best cryptocurrency exchanges with low fees.
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