• Depositing bitcoins

    Receiving bitcoins is the most exciting part about trading bitcoin.

    When you sign up on Paxful, you get a free wallet. With that free wallet, you get a default bitcoin address. That address looks like a long intimidating password with numbers and letters (both uppercase and lowercase letters). This address never expires so just copy it and send it to whoever you want. You can also generate a new bitcoin address for extra privacy/security. You can make as many bitcoin addresses as you want and use them any time over and over again.

    When other people send bitcoins to this address, it goes straight into your wallet. It’s not always instant, so be patient and give it some time. This is because the bitcoin network needs to confirm the transaction 3 times before the bitcoins have been fully sent. Once the bitcoins have been sent, you should get a notification saying “incoming bitcoin at 0 confirmations”. When that reaches 3, you get your bitcoins. Be patient as this can take anywhere from 20 minutes to a couple of hours depending on how congested the bitcoin network is.

    Here’s how to check the bitcoin transaction status:

    1. Look for the transaction ID. You can get it from your wallet transaction history after you have made the transfer. It should look like this: e2e400094he873ec4af1c0ae7af8c3697aaace9f7f56564137dd1ca21b448502s
    2. Go to https://live.blockcypher.com/ or https://www.blockchain.com/explorer and type in the transaction ID into the search field. It should then show how many confirmations the transaction has. If it has 3 or more confirmations, the recipient should have received the funds. If the transaction still hasn’t appeared in the recipient's wallet, then reach out to their provider. If the transaction has less than 3 confirmations, the funds have left the sending wallet but the transaction is still in the middle of processing. If your transaction says “No Transaction Found”, then the transaction never left the sending wallet. In that case, you should contact the provider of the sending wallet.
  • Bitcoins withdrawal

     Sending bitcoins out is extremely easy on Paxful.

    Bitcoin withdrawals and making payments can be done at any time.

    First step is to go to your Paxful wallet and then click on the “SEND BITCOIN” button. A pop up should then come out containing fields of the next step.

    The first thing you’ll see is your available balance at the top, so make sure not to exceed that limit as the sending will not push through. Set the amount of bitcoin you’re sending out (note that the currency shown depends on your preferred and local currency). Under “Bitcoin amount”, you can see an option to show the amount in your local currency rather than bitcoins. You can keep clicking it to change it. You’ll then want to get the address of the person you’re sending to and then paste it on the “To bitcoin address” field. You will then need to input your password and you should be ready to confirm and send out those bitcoins.  

     

    Please note that if you are sending bitcoins out of Paxful wallet the miner’s fee will be deducted from the wallet balance.

    It is important that you review all the details of the send out carefully because if you make a mistake, you’ll never be able to get your bitcoin back. Bitcoin is irreversible, so be extra careful so you don’t make any mistakes.

  • Is my Paxful wallet secure?

    Your Paxful wallet is just as secure as your password (so make sure that your password is a good one).

    Not only are our servers very well guarded to the highest banking specifications, but as an additional layer of security, 2-factor extra protection can be enabled whenever you log into your account and when you send out bitcoins as a buyer or seller. We also support Google Authenticator, Authy, and SMS based 2-factors.

    As long as we’re talking about security, beware of any phishing sites. ALWAYS make sure you are on https://paxful.com/ before you enter any account details. Never give your account details to anybody. Paxful support will NEVER ask for your account password or one-time password. Note that Paxful has no Skype or Phone support. It is impossible for Paxful to take all the phishing websites down, so you, as a user, should learn how to protect yourself from any sort of scam.

  • Depositing coins from a bitcoin ATM to my Paxful wallet

    Sending bitcoins from an ATM to a Paxful Wallet is very simple.

    Bitcoin ATMs are just like any regular ATMs in the sense that they both dispense currencies. The main difference between the two is that regular ATMs dispense fiat currencies such as USD or EUR, while bitcoin ATMs dispense bitcoin.

    A bitcoin ATM can have a lot of different uses. Some can help you withdraw bitcoins, some can help you convert your bitcoins into fiat currencies, and there are some that do both.

    Bitcoin ATMs don’t usually require much verification, allowing users to buy and sell bitcoins anonymously. Although this may sound appealing to some people, users should know that bitcoin ATMs require a fee if you’re buying and selling bitcoin (usually between 7-10%).

    If you’re looking to send bitcoins from a bitcoin ATM to your Paxful wallet, all you need to do is to write down or print your Paxful bitcoin address, head to the ATM, and input the address when you send the bitcoins. You also have the option of using the QR code (the square-like pattern) as an address to send the bitcoin to.

    Once you’ve sent the bitcoin, just give it time and you’ll eventually receive your bitcoin.

  • Can my bitcoin transaction be cancelled or reversed?

    Regrettably, Paxful is unable to cancel or reverse your bitcoin transaction once sent.

    This is not due to our business model, this is simply how bitcoin works. As unfortunate as it is, transactions on the Bitcoin network are designed to be irreversible and we have no control over them. This applies in all cases:

    • If you were hacked and someone sent out your coins
    • If you sent to the wrong bitcoin address
    • If you released bitcoins by mistake
    • If you were scammed

    Once the bitcoins have been sent out, it cannot be reversed. We are very sorry about this and we know it is painful, but there is nothing we or anyone can do.

    If you want to try tracking the bitcoin address you sent to then please use a tool like a Block Explorer.

  • How long does it take to receive a bitcoin transaction?

    Give some time for the bitcoin network to process your transaction. 

    We wait for 3 confirmations before we make your balance fully available. This is the industry standard for a truly secure wallet. This can take anywhere from five minutes to an hour, depending on the bitcoin network. 

    Here’s how to check the bitcoin transaction status:

    1. Look for the transaction ID. You can get it from your wallet transaction history after you have made the transfer. It should look like this: e2e400094he873ec4af1c0ae7af8c3697aaace9f7f56564137dd1ca21b448502s 
    2. Go to https://live.blockcypher.com/ and type in the transaction ID into the search field. It should then show how many confirmations the transaction has. If it has 3 or more confirmations, the recipient should have received the funds. If the transaction still hasn’t appeared in the recipient's wallet, then reach out to their provider. If the transaction has less than 3 confirmations, the transaction has left the sending wallet but it still in the middle of processing. If your transaction says “No Transaction Found”, then the transaction never left the sending wallet. In that case, you should contact the provider of the sending wallet.

    Here are factors which affect the speed of bitcoin transactions:

    • Miner's fee. The higher miner's fee you choose to pay, the higher is the priority of your transaction within the blockchain. Please note that Paxful has fixed fees for all outgoing external transactions.
    • The blockchain processor service you (your provider) use. Paxful uses services of BitGo - the most secure and successful blockchain processing service in the world. In case if you transfer from Paxful wallet to an external wallet which is also processed by BitGo, it significantly improves the speed of your transaction.
    • All transactions made between wallets provided by Paxful are instant.