May was yet another month full of new feature announcements and this month is no different. In this blog post, we’ll give you a quick rundown of all the new features.
The first update concerns all offers.
Country-specific payment methods
The biggest change is that offers on our Buy Bitcoin and Sell Bitcoin pages will now be country specific. The pages will have the offer list divided into two sections—your country-specific offers first on the list and the remaining general offers following after. If needed, customers can still see other offers by changing the country from the dropdown menu in the top left corner of the offer list. Our system automatically chooses the most suitable country based on the customer’s location.
Instead of finding offers directly like you used to do—Nigerian bank transfers for example—you’ll now have to first select Nigeria as your preferred country and bank transfers as your preferred method of payment. This helps to categorize payment methods and makes navigation a lot simpler.
As for vendors, all current offers will be made country-specific according to the location of the vendor but they’ll need to check that they are happy with the settings of the offer. In the case where an offer was previously put up for more than in a specific country, a new offer will need to be created due to the fact that bank transfers can be created in one country only. Please note that SEPA transfers are not country-specific with this new update.
The rate of bitcoin is determined by the bitcoin price equations
This will be released before the end of June and then vendors have the option to choose where they get their quotes for the price per bitcoin.
Every trader is aware that bitcoin prices sometimes vary on different platforms. Paxful values your freedom of choice and provides flexibility to choose bitcoin rates for your offers the way you find it most convenient and profitable. Creating and hosting an offer on Paxful gives you the option to choose your preferred market source for your bitcoin market rate, along with the freedom to select a price point.
Here we have the rates from each of the following top platforms:
What does this mean for the vendors?
Many vendors buy and sell their bitcoin automatically through APIs with other trading platforms and they need to use rates from those sources to keep their accounting. This new feature gives our vendors cleaner accounting and ease of sales. We implemented this feature based on vendor feedback. If there are any new sources needed, please let us know!
Offer minimums are now 10 USD
The next update is regarding all customers who have offers below 10 USD or the equivalent of 10 USD in other currencies.
Currently, the minimum trade amount is 10 USD if you want to buy bitcoin. We updated the offers below 10 USD so buyers can make bids and act on your offers. What’s the use of having offers if buyers can’t purchase, right?
How does it affect the offers?
If you have an offer below 10 USD or the equivalent of 10 USD, we have deactivated it. You can change the amount with 10 USD as the minimum amount and have it reactivated.
If your offer’s minimum is below 10 USD or the equivalent of 10 USD, our system will automatically set it to 10 USD.
KYC trade limits updates
The next update is part of Paxful’s KYC. Our team has been putting great effort into keeping our platform safe and secure for you. This new feature is a part of the KYC process we have been implementing. Now only ID-verified users can start a trade over 1500 USD. Please verify your ID if you would like to trade over 1500 USD. You can follow our step-by-step guide to get verified and start trading any amount.
Affiliate dashboard updates
Last but not least, we’ve updated our Affiliate Dashboard to give you a more user-friendly overview of the Affiliate Program. The new design enables you to see the number of Tier 1 and Tier 2 affiliates clearly with your previous and current-month earnings statistics. If you are still not an active member of the Paxful Affiliate Program, this is an opportunity to check out the new dashboard and start sharing your affiliate link. You can learn more about the affiliate program here.
If you have any questions regarding these updates, feel free to drop us a line at [email protected] or via our live chat feature!