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.
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.