Wallet

To comply with international regulations, we require users to provide more information when trading 1,000 USD+ in cryptocurrency.

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. 

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

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

• The company name
• The company’s wallet provider 

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.

The Paxful Wallet is a digital wallet given upon sign-up and allows you to securely send and receive your hard-earned cryptocurrency. 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 how to trade cryptocurrency using your Paxful Wallet, visit our Help Center.

Cryptocurrency transactions are irreversible. To get your funds back, you must contact the receiver and request to send them back. If you don’t know to whom the address belongs to, you can’t do anything else to retrieve the funds.

The Bitcoin you sent may not appear immediately in the recipient's wallet balance but that doesn't mean that the funds are lost. Here are some steps for you to figure out what could have happened:

1. Make sure you sent the Bitcoin to the correct wallet address. You can check this by going over your transaction history.
   • If the recipient’s wallet address is correct, go to the next step.
   • If you have used an incorrect address, go to this article about recovering funds sent to the wrong wallet address.

2. Check the transaction status on Blockcypher.com or Blockchain.com. 
   • If you see less than three confirmations, give the transaction some more time to be processed  (this may take up to 24 hours). 
   • If you see three or more confirmations, contact the recipient’s wallet service provider to investigate this situation further.

If you notice that Bitcoin sent to your Paxful wallet isn’t showing up on your balance, it doesn’t mean that your funds are lost. Here's what you can do:

1. Make sure that the funds were sent to the correct wallet address. If they were sent from an online wallet, check the transaction history. If they were sent from an ATM, check the transaction history and the receipt.
   • If the recipient’s wallet address matches your wallet address, go to the next step.
   • If the address is incorrect, go to this article about recovering funds sent to the wrong wallet address.

2. Check the transaction status on Blockcypher.com or Blockchain.com. 
   • If you see less than two confirmations, give the transaction some more time to be processed (this can take up to 24 hours). 
   • If you see two or more confirmations, go to the next step.

3. Check your wallet page for notifications and our Twitter feed for any announcements. 
   • If you see a message on your wallet page or on our Twitter, just wait for further updates.
   • If there is no information about any technical issues, contact Support right away. Make sure you have provided us with the recipient’s wallet address and transaction ID.

You can easily send your Bitcoin from your Paxful Wallet to an external wallet as we support major Bitcoin wallet types except for one.

There are three Bitcoin address formats currently in use:

1. P2PKH addresses which begin with the number 1.
   Example: 1BvBMSEYstWetqTFn5Au4m4GFg7xJaNVN2.
2. P2SH addresses starting with the number 3.
   Example: 3J98t1WpEZ73CNmQviecrnyiWrnqRhWNLy.
3. Bech32 addresses also known as "bc1 addresses" starting with bc1.
   Example: bc1qar0srrr7xfkvy5l643lydnw9re59gtzzwf5mdq.

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.

Additionally, see how to send Bitcoin from your Paxful wallet and the details of Paxful fees.

Sending Bitcoin from one Paxful wallet to another is instant. But for external wallet transfers, you may need to monitor the process. Here’s how to check the Bitcoin transaction status:

1. 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
   
   
2. 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.

When you sign up for a Paxful account, you get a free wallet and a Bitcoin address where you can send and receive Bitcoin. 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. Look for Bitcoin (BTC) currency under Assets and click RECEIVE.

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.

Wait for your BTC to arrive and start trading as soon as you are ready. You can also always check your Bitcoin transaction status.

Additionally, see how to send Bitcoin from your Paxful wallet. If you want to start trading, check out the following guides: creating sell Bitcoin offer and selling Bitcoin.

Signing up for a Paxful account comes with a free wallet that enables you to send Bitcoin to both internal and external wallets. To send Bitcoin from your Paxful wallet:

1. Log in to your Paxful account and click Wallet.

The Wallet page will then appear. 

2. Look for Bitcoin (BTC) currency under Assets and click SEND.


The Send cryptocurrency dialog box will then appear.

3. Enter the recipient’s Bitcoin address into SEND TO field, or if you’re sending BTC to another Paxful user, you can enter their username by clicking PAXFUL USER. Indicate the Bitcoin amount in the AMOUNT TO SEND field and click Continue.

4. Double-check the receiver’s Bitcoin address (or username) and the amount you are about to send. If you have enabled 2FA for sending Bitcoin, enter your 2FA one-time password into the 2FA Code field and click Send.

Your Bitcoin is sent successfully and you are redirected to the Wallet page.

To send Bitcoin to your Paxful wallet check out how to deposit Bitcoin. Also, be sure to take a look at Paxful wallet fees.

It's so easy to send Ethereum (ETH) from your Paxful Wallet to another wallet, in or outside Paxful. Here's how you get started:

1. Log in to your Paxful account and head to the Wallet page.
   
   
   The Wallet page will then appear. 
   
   
2. Look for Ethereum (ETH) currency under Assets and click SEND.
   
   
   The Send cryptocurrency dialog box will then appear.
   
   
3. Enter the recipient’s Ethereum address into SEND TO field, or if you’re sending ETH to another Paxful user, you can enter their username by clicking PAXFUL USER. Indicate the Ethereum amount in the AMOUNT TO SEND field and click Continue.
   
   
   
4. Double-check the receiver’s Ethereum address (or username) and the amount you are about to send.
   If you're sending ETH to an external wallet, you will also see the current fees associated with this transaction at this step. To learn more about this fee, check out this article. If you have enabled 2FA for sending crypto, enter your 2FA one-time password into the 2FA Code field and click Send.
   

Paxful allows you to deposit and receive Ethereum (ETH) using your Paxful Wallet. If you’re looking to deposit ETH into your Paxful wallet, check out the steps below to get started:

1. Log in to your Paxful account and head to the Wallet page
   
2. Look for Ethereum (ETH) currency under Assets and click RECEIVE.
   
   
3. From there, you can copy your Ethereum wallet address or use the QR code. Please make sure the amount you’ll be receiving is worth more than the fee! 
   
   

Ethereum, Tether, and USD Coin transactions on Paxful externally rarely fail but you can always check if your transactions went through.

When you send ETH, USDT, or USDC from one wallet to another, you can check the status of the transaction through Etherscan for ETH and USDC, Ethereum-based Tether (ERC-20), and Tronscan for Tron-based USDT (TRC-20). Check out the steps below to get started:

Each transaction has a transaction ID (also known as a transaction hash). The IDs are alphanumeric characters and look something like this:

• 0x931d387731bbbc988b312206c74f77d004d6b84

To find your transaction ID in your Paxful wallet:

1. Log in to your Paxful account and head to your wallet
2. Click on the "Transactions" tab and on the drop-down select ETH or USDT.
   Scroll down at the bottom of the page and select “View All Transactions” to see your full transaction history.
   
   
   
3. Once you find the transaction you’re looking for, copy the transaction ID.
   
   

Once you have the transaction ID:

1. Head over to Etherscan.io or Tronscan.org
2. Paste in the transaction ID
3. From there, you can track your transaction. It usually takes 12 confirmations (it can take up to 30 on some platforms) for your transaction to complete, so hang tight! 

For more information on sending USDT, take a look at this article.

If you are looking to securely deposit and receive Tether (USDT) on Paxful, read our guide on how to do it in three simple steps:

1. Log in to your Paxful account and head to the Wallet page.
   
   
2. Look for Tether (USDT) currency under Assets and click RECEIVE.
   
   
3. From there, you can copy your Tether wallet address or use the QR code. Please make sure the amount you’ll be receiving is worth more than the fee!
   
   

Sending Tether (USDT) from your Paxful wallet is so easy. Check out the step-by-step procedure on how to send and withdraw USDT.

1. Log in to your Paxful account and head to the Wallet page.
   
   
   The Wallet page will then appear. 
   
2. Look for Tether (USDT) currency under Assets and click SEND.
   
   
   The Send cryptocurrency dialog box will then appear.
   
   
3. Enter the recipient’s Tether address into SEND TO field, or if you’re sending USDT to another Paxful user, you can enter their username by clicking PAXFUL USER. Indicate the Tether amount in the AMOUNT TO SEND field and click Continue.
   
   
   
4. Double-check the receiver’s Tether address (or username) and the amount you are about to send. If you have enabled 2FA for sending crypto, enter your 2FA one-time password into the 2FA Code field and click Send.
   
   

Paxful does its best to give users the option to save on fees for USDT transactions, that's why TRON (TRC-20) Network was added.

Transaction fees on the blockchain can get expensive and are sometimes unpredictable. These fees are called Network fees and do not go to Paxful. They go to the blockchain networks to make sure your funds are safe.

Luckily, the fees in the TRC-20 Network are lower than the fees in older blockchains (such as Bitcoin and Ethereum).

What USDT does Paxful support?

For USDT (Tether USD) we allow two send-out options from your Paxful Wallet: Ethereum (ERC-20 USDT) and TRON (TRC-20 USDT).

What are the fees associated with TRON USDT send-outs?

You will be charged a network fee when sending USDT via the TRON (TRC20) network and that's on top of the Paxful Wallet fee. Check out this article for more information on our fees.  

Which network does my wallet/exchange accept? 

Typically you can see that in the ‘Receive’ or ‘Deposit’ screen within your wallet. Look for either Ethereum (ERC20) USDT or TRON (TRC20) USDT. If you are given a deposit address, you can easily spot the Ethereum address by the ‘0x’ in the beginning, while TRON addresses start with a capital ‘T’.

Note: Make sure your wallet/exchange supports USDT transfers. Please never withdraw money directly to ICO addresses or services not designed to accept USDT.

What if I want to send USDT to another Paxful user?

You can still send funds to another Paxful Wallet by using a Paxful username or wallet address. There is no network fee for internal transfers (you have 1000 USD worth of free internal transfers each month).

I want to withdraw the funds to my own wallet, what software should I use?

Your funds are safe in your Paxful Wallet, but if you want to keep USDT in your own wallet, you can find the software for your desktop or mobile device here:

Ethereum Wallets

TRON Wallets 

Why won’t my transaction go through?

Make sure you copied the address correctly. Keep in mind that addresses are case-sensitive. Also, make sure your address is either Ethereum USDT (starts with ‘0x’) or TRON USDT (starts with ‘T’). 

If you’re still running into issues, feel free to reach out to our support team.

The Lightning Network is a system built on top of Bitcoin and it allows users to transfer BTC in a matter of seconds with low fees.

When sending or receiving BTC via Lightning on Paxful, your Paxful BTC Wallet will be used and you can use that BTC to do everything you already do on the platform.

What is Lightning used for?

Lightning is supported by many BTC wallets and exchanges and is usually used to send small amounts of Bitcoin (also known as micropayments).

How do I send BTC on Paxful using the Lightning Network?

1. First you’ll need a Lightning invoice—you can create this in the wallet you’re sending BTC to, or the wallet owner can generate it for you. Make sure that this app or exchange supports Lightning transactions.
2. Head to the Lightning tab of your Paxful Wallet.
3. Select Send.
4. Paste the invoice you received or scan the QR code.
5. Confirm the amount you’re sending and click Pay. 
6. Your transaction will be processed in seconds. Please keep in mind that transactions made on the Lightning Network cannot be reversed.

How do I receive BTC on Paxful using the Lightning Network?

1. Head to the Lightning tab of your Paxful Wallet.
2. Click Receive and enter the amount you’d like to receive.
3. Share the invoice with the wallet you’d like to receive the payment from, or scan the QR code.
4. Once the transaction is initiated, you’ll receive your BTC in seconds—no need to wait for confirmations, all transactions are final.

What are the fees associated with Lightning?

When you send BTC using the Lightning Network on Paxful, you’ll be charged a 1% fee on the amount of BTC you’re sending. Paxful doesn’t charge a fee for receiving BTC via Lightning.

Where did the funds from my Lightning transaction go?

If you received funds from a Lightning transaction, they will be added to your Paxful BTC Wallet balance. Any time you use the Lightning Network to send and receive funds with your Paxful Wallet, your BTC wallet will be used.