Can I Withdraw Bitcoin from Paxful Wallet to My External Wallet?
You can easily send your Bitcoin from your Paxful wallet to an external wallet from the Wallet page. We support all major Bitcoin wallet types, however, there is an exception.
There are three Bitcoin address formats currently in use:
P2PKH addresses which begin with the number 1.
P2SH addresses starting with the number 3.
Bech32 addresses also known as "bc1 addresses" starting with bc1.
Bech32 is supported by the majority of software and hardware wallets, but only a few exchange platforms.
Paxful Wallet allows withdrawals to P2PKH, P2SH, and Bech32 addresses.
- P2PKH addresses which begin with the number 1.
How to Check Bitcoin Transaction Status
If you send Bitcoin from one Paxful wallet to another, transactions are instant. However, if you make transactions from or to an external wallet, you may need to monitor the process. Here’s how to check the Bitcoin transaction status:
Look for the transaction ID. You can find it in the transaction history of the sending wallet provider or, in case of ATM, you will see it on the screen and on your receipt. It will look something like this: e2e400094he873ec4af1c0ae7af8c3697aaace9f7f56564137dd1ca21b448502s
Go to https://live.blockcypher.com/ or https://www.blockchain.com/explorer and type or paste the transaction ID into the search field. You can see how many confirmations your transaction has.
If you’re receiving BTC in your Paxful wallet, the funds should arrive after two confirmations. If you’re sending BTC to an external wallet, it usually takes six confirmations to arrive.
This can take anywhere from 20 minutes to a couple of hours depending on how congested the Bitcoin network is.
If your transaction says “No Transaction Found”, then the transaction never left the sending wallet. In that case, you should contact the service provider of the sender’s wallet.
See our guide on how to deposit Bitcoin to your Paxful wallet and how to send funds from your wallet. Additionally, here’s a quick look at the Paxful fees.
Why is a different wallet address showing up on the transaction?
Since we use a custodial wallet, you may see a different wallet address listed on the transaction inputs, but don't worry, this is normal.
- Look for the transaction ID. You can find it in the transaction history of the sending wallet provider or, in case of ATM, you will see it on the screen and on your receipt. It will look something like this: e2e400094he873ec4af1c0ae7af8c3697aaace9f7f56564137dd1ca21b448502s
Receiving and Depositing Bitcoin (BTC)
When you sign up for a Paxful account, you get a free Bitcoin wallet. With this free wallet, you also get a Bitcoin wallet address. This address is a combination of numbers and letters (both uppercase and lowercase) in no apparent sequence.
This address never expires, so just copy it and use it to receive Bitcoin from other wallets or Bitcoin ATMs. You can also generate a new Bitcoin address for extra privacy/security. You can create as many Bitcoin addresses as you want and use them any number of times.
When other people send Bitcoin to this address, it goes straight into your wallet. It’s not always instant. This is because Bitcoin transactions are non-reversible and the Bitcoin network needs to confirm the transaction two times before the Bitcoin is released into your Paxful wallet. Once the Bitcoin is sent, you should get a notification saying “incoming Bitcoin at 0 confirmations” or "Unconfirmed". When that count reaches two, you should see your Bitcoin in your Paxful wallet. This can take anywhere from 20 minutes to a couple of hours depending on how busy the Bitcoin network is.
To deposit Bitcoin to your Paxful wallet:
1. Log in to your Paxful account and click Wallet.
2. Click Receive under your Bitcoin wallet.
3. From there, you can copy your Bitcoin wallet address or use the QR code.
4. Enter your Paxful wallet address into the app, website, or ATM. If you have scanned the QR-code, your wallet address appears on the screen of the app or ATM automatically.
5. Confirm sending Bitcoin to your Paxful wallet.
Warning: Make sure that you are sending Bitcoin and not any other cryptocurrency (Litecoin, Bitcoin Cash, Ethereum, etc.). Such transactions can result in a loss of your funds.
- Make sure you have enough funds in the sending wallet or ATM. Be aware of the minimum BTC transaction amount.
- Remember that the person sending the Bitcoin will bear the transaction fee. Usually, the amount you send, the amount you will be charged as a network fee, the total amount deducted from your wallet are clearly shown to you before you confirm the Bitcoin transfer.
Paxful offers a free wallet service for Bitcoin. One of the features of this service is to enable you to send Bitcoin to both internal and external cryptocurrency wallets. To send Bitcoin from your Paxful wallet:
1. Log in to your Paxful account and click Wallet.
The Wallet page appears.
2. Click SEND under your Bitcoin wallet.
The Send from Paxful wallet dialog box appears.
3. Enter the Bitcoin amount into BTC AMOUNT field, the recipient’s Bitcoin address into TO BITCOIN ADDRESS field, or if you’re sending BTC to another Paxful user, you can enter their username into the TO ANOTHER PAXFUL USER field and click Continue.
4. Double-check the receiver’s Bitcoin address (or username) and the amount you are sending. If you have enabled 2FA for sending Bitcoin, enter your 2FA one-time password into the 2FA Code field and click Send bitcoin now.
Your Bitcoin is sent successfully and you are redirected to the Wallet page.
Note: To be extra sure of the transaction status, go to the Transactions tab and check your last outgoing transaction. If you made a transaction to a non-Paxful wallet, read our article on how to check transaction status for such transfers.
Withdrawing Bitcoin from Paxful wallet
After a number of successful trades, you may decide to withdraw your Bitcoin from Paxful wallet. This can be done as a send-out transaction to an external wallet. You can send Bitcoin from your Wallet page.
How Do I Get a New Bitcoin Address?
When you create a Paxful account, you get a free Bitcoin wallet. With that wallet, you also get a BTC address. To help maximize your privacy, you may need a new Bitcoin address. Check out the steps below to learn how to generate a new BTC address in your wallet.
Log in to your Paxful account and head to the Wallet page
Click Receive in your Bitcoin wallet
Select Get new address
- From there, your new wallet address will appear
- Log in to your Paxful account and head to the Wallet page
Is My Paxful Wallet Secure?
We use BitGo as a wallet service provider, which is one of the most secure and high-tech services on the market. Additionally, we provide you with all means to protect your funds within your Paxful account. However, the overall security of your Paxful wallet depends on the decisions you make.
Not only are our servers highly secure meeting the most stringent of compliance requirements but as an additional layer of security, two-factor authentication can be enabled whenever you log into your account and when you send out cryptocurrency. We support Google Authenticator, Authy, and SMS based two-factor authentication. Even though we offer all the mentioned security measures, it is up to you to set up a strong password, safely store it, and choose to activate two-factor security for your account and transactions.
Speaking of security, beware of any phishing sites. Always ensure that you are on https://paxful.com/ before you enter any account details or other sensitive information. Never share your account details with 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 be vigilant and learn how to protect yourself from the scammers out there.
Read more on how to protect your wallet in our security guide.
Why the Amount Sent May Be Different from the Received One?
While sending Bitcoin it is important to bear in mind the transaction fees and possible currency rate differences.
Let’s imagine you need to send 0.05 BTC to another wallet.
Sending BTC between Paxful wallets.
If you send this amount to a Paxful wallet, it means that you are making an internal Paxful transaction. There is no fee for the 1,000 USD worth of internal transfers each month. After the limit is reached, a fee of - 1 USD or 1% of the amount sent, whichever is greater, is charged. So the amount deducted from your wallet will be exactly 0.05 BTC (0.05 BTC + 1 USD). Currency rate differences will also stay the same. So if while sending 0.05 BTC it is equal to 100 USD, the recipient will see the same rate after receiving the transaction. This is due to the fact that transactions within Paxful are instant. So the effect of currency fluctuations is eliminated in such internal wallet transactions.
Sending BTC between Paxful and external wallets.
Sending funds to an external wallet will have a fixed Paxful transaction fee (for the full list of fees, check out this article). The amount of crypto you're sending in addition to the fee will be deducted from your wallet. The currency rate will also be different from the one the recipient will see in their wallet. Why?
- Paxful may use different rates from those used by the recipient's wallet service. So while 0.05 BTC in a Paxful wallet may be equal to 100 USD, in another wallet service it may be equal to 101 USD or 99 USD, for example.
- External transactions may take some time. During this timeframe, the Bitcoin value may change. This is out of control of any cryptocurrency service. So if in your Paxful wallet, 0.05 BTC appears as 105 USD, in the recipient's wallet it may appear to be worth less or more, for example, 100 USD or 115 USD, due to a drop or increase in the value of Bitcoin. Remember that you are sending Bitcoin and not fiat amount. So the recipient will still receive 0.05 BTC in this case.
- Some other wallet services may have a deposit fee. Paxful does not charge any deposit fee.
Can My Cryptocurrency Transaction Be Cancelled or Reversed?
Unfortunately, Paxful cannot cancel or reverse your cryptocurrency transactions.
This is because transactions on cryptocurrency networks 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 crypto to the wrong address.
- If you released crypto in a trade by mistake.
- If you were scammed.
Once your cryptocurrency is sent out, it cannot be reversed. Please read our security guide to increase the protection of your funds.
If you still want to try tracking the cryptocurrency address you accidentally sent your crypto to, you can use tools like Block Explorer. If you accidentally released your crypto to a trade partner or if you think another Paxful user has scammed you, please contact our support team.
Minimum Limit for BTC Transactions
Before making any transactions or depositing Bitcoin to your Paxful wallet, it is important for you to know the minimum BTC amount allowed by the blockchain network for a transaction.
Currently, the smallest amount of Bitcoin you can send or receive in a transaction is 5460 Satoshis, which is equivalent to 0.0000546 BTC.
One of the reasons behind this limit is to prevent spamming transactions.
How Long Does it Take to Receive a Bitcoin Transaction?
Transfers may not always be instant. Give the Bitcoin network some time to process your transaction.
It takes two confirmations from the network before your balance is fully available in your Paxful wallet. 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 are factors which affect the speed of Bitcoin transactions:
- Miner's fee. The higher the miner's fee you choose to pay, the higher is the priority of your transaction within the blockchain.
Note: Paxful charges a fixed fee for external transactions. This means all our outgoing transactions are treated equally.
The blockchain processor service you (your provider) use. Paxful uses services of BitGo - the most secure and successful blockchain processing service in the world. If you transfer from your Paxful wallet to an external wallet which also uses BitGo, this significantly improves the speed of your transaction.
- All transactions made between Paxful wallets are instant.
Find out more about How To Check Bitcoin Transaction Status.