• Can my bitcoin transaction be cancelled or reversed?

    Unfortunately no, it’s not possible to cancel or reverse your bitcoin transactions. Transactions on the Bitcoin network are designed to be irreversible and we have no control over them. We can’t cancel or reverse your transaction in all cases including:

    • If you were hacked and someone stole your bitcoin
    • If you sent BTC to the wrong Bitcoin address
    • If you released bitcoin in a trade by mistake
    • If you were scammed

    Please read our security guide to learn more about how you can protect your funds.

    If you still want to try tracking the bitcoin address you accidentally sent your BTC to, check out this article on how to check transaction status. If you accidentally released bitcoin to a trade partner or if you think another Paxful user has scammed you, please contact our Support.

  • 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.

  • I sent bitcoin from Paxful wallet but it doesn't appear on the recipient's balance

    Sometimes the bitcoin you send from your Paxful wallet may not appear in the recipient’s wallet balance. This doesn’t mean that your funds are lost. Here are some steps for you to figure out what could have happened:

    1. Ensure that you’ve sent the bitcoin to the correct recipient’s 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.
    1. 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.

    Note: Don't worry! If you've entered the correct recipient's wallet address, your funds will be recovered.

  • Bitcoin was sent to my Paxful wallet but I don't see it on my balance

    You may notice that the bitcoin sent to your Paxful wallet (by yourself or a third party) isn’t showing up on your balance. This doesn’t mean that your funds are lost. Here are some steps that you can take to fix this:

    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.
    1. 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 can take up to 24 hours). 
      • If you see three or more confirmations, go to the next step.
    1. 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.

    Note: Don't worry! If the sender has entered the correct recipient's wallet address, your funds will be recovered.

  • 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:

    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.

  • 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:

    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 it has three 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 the recipient's wallet provider.

      If the transaction has less than three confirmations, the funds have left the sending wallet but the transaction is still in progress. 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.

  • Receiving and depositing bitcoin

    When you sign up on Paxful, you get a free bitcoin wallet. With this free wallet, you also get a default bitcoin address. This address looks like a long complex password with 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 hence, the Bitcoin network needs to confirm the transaction three times before the bitcoin is released into your wallet. So be patient and give it some time. Once the bitcoin is sent, you should get a notification saying “incoming bitcoin at 0 confirmations” or "Unconfirmed". When that count reaches 3, you should see your bitcoin in your wallet. This can take anywhere from 20 minutes to a couple of hours depending on how congested the Bitcoin network is.

    To deposit bitcoin to your Paxful wallet:

    1. Log in to your Paxful account and click Wallet.
    Deposit1.png

    The Wallet page appears.
    2. Copy the wallet address from the screen or click COPY ADDRESS.
    If the app or ATM you are using to send bitcoin to your Paxful wallet has an option to scan  QR-code, simply scan the QR-code from your Paxful wallet.
    Screenshot_2020-02-06_at_15.23.38.png

    Note:

    • You can click Get a new address to generate a new additional address with a new QR-code.
    • Usually, after scanning the QR-code, apps or ATMs do not make an instant transfer but simply download the wallet address into their system. So if you scanned the wrong address, you still have the opportunity to cancel the transaction.

     3. 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.
    4. 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.

    Note:

    • 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.

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

    Read more on bitcoin ATM topic or 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.

  • Sending bitcoin

    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.

    Deposit1.png
    The Wallet page appears.
    2. Click SEND BITCOIN.
    Screenshot_2020-02-06_at_17.53.35.png

    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 and click Continue.
    send3.png
    4. Double-check the receiver’s bitcoin address and the amount you are sending. In case you have enabled 2FA for sending bitcoin, enter your 2FA one-time password into the 2FA Code field and click Send bitcoin now.
    send4.pngYour bitcoin are 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.

    Warning: If your country is in the OFAC grey list, sending bitcoin to an external wallet requires you to verify your ID.

    To send bitcoin to your Paxful wallet read how to deposit bitcoin. Learn more about  Paxful wallet fees from our knowledgebase.

     

  • Withdrawing bitcoin from Paxful wallet

     After a number of successful trades, you may decide to withdraw your bitcoins from Paxful wallet. This can be done as a send-out transaction to an external wallet. You can send bitcoins from your Wallet page

    Check our guide for more information about the process. Also, be aware of the types of bitcoin addresses we support and note our wallet fees.  

  • Getting new bitcoin wallet address

    When you sign up on Paxful, you get a free wallet. With that free wallet, you get a default bitcoin address. However, to maximize privacy, you may need a new bitcoin address each time you receive a deposit. This short guide will help you to understand how to generate additional wallet addresses in your Paxful account.

    Step 1

    Login to your account and click on “Wallet”.

    Newaddress1.png

    Step 2

    Click on “Get a new address”.

    Newaddress2.png

    Please note:

    - It is possible to generate a new address only if a previous address has been used: received BTC from a non Paxful wallet or ATM!

    - Older deposit addresses will still work. 

    Step 3

    In a pop-up window, you will see a new address and QR-code. Copy them and use the way you want.

    Newaddress3.png

    Useful tips:

    - You can click on “Addresses” tab to check all your existing BTC addresses. 

    - If you did not save your new QR-code, before receiving any external transactions to your new address, click on "Get a new address" and you will see it in the pop-up window.

    NewAddress4_.png

  • 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 bitcoin. 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 first five transactions every month. After this, 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 starting from 6th transaction per month). 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 of 0.0005 BTC. So in our example, if you are sending 0.05 BTC to an external wallet, a total of 0.0505 BTC will be deducted from your wallet. The currency rate will also be different from the one the recipient will see in their wallet. Why?

      1. 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.
      2. 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 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.
      3. Some other wallet services may have a deposit fee. In other words, from your 0.0505 BTC deducted from your Paxful wallet 0.05 BTC will be sent to the recipient. However, only 0.0495 BTC will be credited to the recipient's account due to a deposit fee of 0.0005 BTC. Paxful does not charge any deposit fee.
  • Can my bitcoin transaction be cancelled or reversed?

    Unfortunately, Paxful cannot cancel or reverse your bitcoin transactions.

    This is because 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 BTC to the wrong bitcoin address.
    • If you released bitcoins in a trade by mistake.
    • If you were scammed.

     

    Once the bitcoins are sent out, they cannot be reversed. Please read our security guide to increase the protection of your funds.

    If you still want to try tracking the bitcoin address you accidentally sent your BTC to, you can use tools like Block Explorer. If you accidentally released bitcoin to a trade partner or if you think another Paxful user has scammed you, feel free to contact our Support.



     

  • 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.

    Please check our article on how to deposit bitcoin, withdraw bitcoin from your wallet, and explore our step-by-step guide to send bitcoin from one wallet to another.

  • 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 three confirmations from the network before your balance is fully available in your 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.