Nothing matters more than trust when it comes to trading your hard-earned money. Here at Paxful, we’re always implementing different methods to make Paxful as safe as possible for you. KYC has become one of the most important building blocks of keeping our platform safe and we want to make sure it stays that way.
We’re lowering the mandatory ID verification threshold from 1,500 to 1,000 USD
Before global regulatory requirements shifted, you were required to get ID verified once you’ve reached a total lifetime wallet and/or trade volume of 1,500 USD worth of bitcoin on Paxful. That’s not the case anymore.
Soon, you’ll need to verify your ID as soon as you’ve reached a total lifetime wallet and/or trade volume of 1,000 USD worth of bitcoin. This is a strict global requirement—37 other countries are implementing this rule so you’re not alone. The global crypto community is only getting safer.
Note that this change is only applicable to users outside of the United States as American users are already required to be ID verified once they’ve created a Paxful account.
Why should I bother getting ID verified?
Besides playing by the rules, getting verified also means unlocking a whole new level of benefits and advantages on Paxful.
We continuously update our verification software to make the process faster and easier for you. The whole process should take only a few moments to complete and once you’re verified, you’ll be able to:
- See exclusive offers visible only to verified users
- Get better exchange rates on trades
- Export past data
- Start a trade
- Create or view offers
Want to reap these perks right away? Hop over to your account settings to get verified!
What happens if I don’t get ID verified?
If you choose not to verify your ID at this point in time, you’ll still be able to use Paxful services. However, as soon as the new KYC requirement is implemented, you’ll be subject to a trade and wallet limit of 1,000 USD.
Don’t want to feel restrained when you trade? Get ID verified right away because it’s a much better deal.