• How Do I Use Paxful Earn?
    What is Paxful Earn

    Paxful’s Earn feature is an exciting and simple way to gain more from the cryptocurrency you store in your wallet. With Earn, you can add crypto to your Earn Wallet, and in return, you’ll receive interest every week. 

    You can also use the built-in interest calculator to see how much you’ll earn with every cryptocurrency deposit you make. The interest you accrue on Earn will automatically be added to your wallet every Tuesday, and you’ll receive a notification once the interest has been added to your account.

    Keep in mind that our interest rates may change from week to week. You can find the current interest rate in the Deposit section of your Earn Wallet.

    Note:

    Right now, only Nigerian ID-verified users can use Paxful Earn. However, we’re hoping to open this up to other users soon. Stay tuned for updates

    What Forms of ID Are Accepted for Verification
    Accepted IDs include driving licenses, passports, and national IDs.
    How do I Verify My ID to Use Earn

    You need to verify your ID in order to use Earn. Follow the steps below for a step-by-step guide.

      1. Head over to the Wallet section of your Paxful account.
        Earn_KB_KYC_Step_1_-_Home_page.png
      2. At the top of the page, click Earn (next to Balance and Transactions).
        Earn_KYC_KB_Step_2_-_Wallet_page.png
      3. The window below will pop up and welcome you to Earn.
        Earn_KYC_KB_Step_3.png
      4. Once you hit Get Started, the next screen will ask you to fill out your information.
        Earn_KYC_KB_Step_4.png
      5. On the next screen, you will be asked to upload your document to verify your address and identity.
        Earn_KYC_KB_Step_5.png

    Note:

    Images of your documents should be in JPG, JPEG, or PNG format and are colorized. We do not accept black and white images. Also please ensure that all text is legible and that your entire ID is in the photo. See the example below for reference:
    Earn_KYC_KB_Step_5_note.png

    6. Another window will pop up to confirm your information. Once you’ve filled that out, click Submit.

    Earn_KYC_KB_Step_4_-_Review.png

    7. Once you submit your materials, you will see the screen below letting you know you have completed your verification process.
    Earn_KYC_KB_Step_5_-_Confirmation.png

    Note: 

    If you fail verification, you will be notified and will see a small pop-up window as shown below.Earn_KYC_KB_Step_5_-_Rejected.png

    How Do I Use Earn?
    1. Head over to the Wallet section of your Paxful account.
      Earn_KB_KYC_Step_1_-_Home_page.png
    2. At the top of the page, click Earn (next to Balance and Transactions).
      Earn_KYC_KB_Step_2_-_Wallet_page.png

      Your Earn page will look something like this:
      How_to_Use_Earn_-_Earn_Page.png
    3. On the left side, you’ll see a menu with the total amount of crypto you have in your Earn Wallet, the amount of interest you’ve earned, and next week’s interest payout.
      How_to_Use_Earn_-_Payout_Screen.png
    4. On the right side, you’ll see the built-in interest calculator. Here you can visualize how much interest you can earn with a specific deposit amount.
      How_to_Use_Earn_-_Interest_Calculator.png
    5. Input the amount you want to deposit into your wallet, and then click Review and Deposit.

      Note:

      Every deposit has a minimum requirement of 25 USD

    6. Once you deposit your funds, you’ll see the message below, and your funds will eventually be reflected in the left side menu.How_to_Use_Earn_-_Final_Screen.png

      That’s it! You’ll now gain interest on your deposit. 

    How Do I Withdraw Funds from my Earn Wallet

    To withdraw your crypto from your Earn Wallet and move it back to your Paxful Wallet, follow the steps below: 

    1. Go to your Earn page.
      How_to_Use_Earn_-_Earn_Page.png
    2. Click on the Withdraw button at the bottom of the left side menu.
      How_to_Use_Earn_-_Payout_Screen.png
    3. You’ll then see a pop-up message that will ask you to enter the amount you would like to withdraw. Review and confirm your withdrawal by clicking on the bottom blue button.
      Earn_-_How_to_Withdraw_Funds_-_Withdraw_Amount.png

      Note:

      There is a minimum withdrawal requirement of 25 USD.

    4. You’ll receive a notification once the withdrawal is complete and you’ll see the withdrawal reflected in your transaction history. Keep in mind that withdrawals and deposits are not instant and can take up to an hour to process. Earn_-_How_to_Withdraw_-_Transactions_list.png

    You’re all done! You have successfully withdrawn from your Earn Wallet.

     
  • How Does Paxful’s Travel Rule Affect Me?

    In order to comply with international regulations, Paxful is now requiring users who send out 1,000 USD or more in cryptocurrency to provide further information when trading.

    To keep you in the loop, we implemented the new travel rule for user protection and to stay up-to-date with international standards

    Why was the Travel Rule created, and where will my information go?

    The Travel Rule was created to better understand where users are sending and receiving cryptocurrency from.  

    The Financial Action Task Force (FATF), FINCEN, and other international regulatory bodies created the Travel Rule to help make your transactions more secure.

    By providing further information (as listed below), there’s less risk of sending crypto to an unknown wallet address. Furthermore, it helps companies, like Paxful, better detect money laundering and terrorist financing.

    The rule requires money service businesses to communicate when users send money from one financial institution to another. There are businesses, such as Paxful, that are called Virtual Asset Service Providers (VASPs), and they allow users to trade cryptocurrency. The new Travel Rule requires VASPs to securely gather specific information when a transaction is made between two VASPs. The gathered information is then communicated back and forth between the VASPs. 

    For further information visit Paxful’s blog article: Introducing the Travel Rule.


    Who needs to follow the new travel rule? 

    Anyone who is sending out 1,000 or more USD in cryptocurrency on Paxful to another platform will need to abide by the new travel rule and provide the appropriate information. 

    Note: If you are sending 1,000 or more USD in cryptocurrency to another Paxful user within Paxful, the Travel Rule will not apply.


    How do I follow the Travel Rule?

    A pop-up window will appear on your screen when you confirm the amount of cryptocurrency you would like to send. Keep in mind that this window will only pop up if you are sending 1,000 USD or more in cryptocurrency. 


    What information is needed to send over 1,000 USD in cryptocurrency on Paxful? 

    You need to ensure that you’re proof of address (POA) verified, meaning that your address associated with your Paxful account has been verified.

    You will also need to submit the following recipient details on a pop-up screen when it is presented to you.

    When sending to a private person, Paxful requires their information, which includes:

    • The recipient's first name
    • The recipient's surname or last name
    • The recipient’s wallet provider

     

    Note: The wallet provider is the service that your recipient is using to accept the sent funds.

    You can also submit a custom wallet provider name by choosing the option: Other. You will then be prompted to type in the custom provider name. (Reference the image below for more information.)

     

    When sending to a company or corporation, Paxful requires their information, which includes:

    • The company name
    • The company’s wallet provider 

    Note:  Similar to sending to a private person, you can also submit a custom wallet provider name by choosing the option: Other. You will then be prompted to type in the custom provider name. (Reference the image below for more information.)

     

    Once you submit your information and click the blue button, you will see the below image:

     

    How do I verify my address for the Travel Rule?

    You will need to verify your email address, phone number, address, and identity in order to comply with Paxful standards and the Travel Rule when sending out 1,000 USD or more in cryptocurrency.  Please visit our help center page on verifying your account for additional help.

  • What is a Paxful Wallet?

    To help kickstart sending and receiving cryptocurrency, Paxful gives all users a safe and free cryptocurrency wallet when they sign-up.

    The Paxful Wallet is a digital wallet where you can store your hard-earned cryptocurrency securely. Your wallet lets you see your transactions, similar to your online banking account. 

    All wallets come with a wallet address. To send and receive cryptocurrency to your Paxful Wallet, you can simply send your wallet address to other crypto users. 

     There are many varieties of wallets available, whether you’re looking for a web or mobile solution—your Paxful wallet helps get you up and running ASAP! For more information on wallet restrictions and various types of wallets, visit our glossary

    To learn how to sell and buy cryptocurrency using your Paxful Wallet visit our Help Center.

     

  • I Sent Funds to the Wrong Address. How Do I Get Them Back?

    Sometimes you may accidentally send your cryptocurrency to the wrong wallet address.

    As cryptocurrency transactions are irreversible, they can neither be canceled nor reversed once initiated. In case you end up sending the funds to the wrong person, you may have to contact them and request a refund. If you don’t know whom the address belongs to, you can’t do anything else to retrieve the funds.

    Warning: Always double-check and ensure that the address you’re sending funds to, exactly matches the address of the recipient beforehand.