I'm not sure if this sort of question should go to this forum branch, please suggest a better forum section if you think this topic has to be moved.
I'm paxful trader, and sometimes I see notifications about users looking at my offers, but not taking them. I am sure this is partially because of my identity check procedure, where a customer should present a photo of his passport(if he doesn't wish some data to be shown, he can blur it) with his payment method's account name. Honestly I don't like it myself when I am being asked to do it, but how can I otherwise check a user is not fraud/hacker/etc?
My offer limits are within range of $10-$150, perhaps I'll extend it in future. This is not big money, maybe I shouldn't worry about fraud with these offer limits at all? Who knows, many customers are living in countries where $150 is treasure. There are some from USA and EU, of course.
Do you think I should set this $10-$150 offer without id check requirement?
It's customary to require
some kind of verification if buyers are using a reversible payment method. I suppose you could scrap the ID requirement for anyone who already has Level 2+ verification on Paxful. Maybe even Level 1 for really small trades. Obviously this exposes you to the risk of hacked Paxful accounts.
Increasing the value of your offers could help. People trading $1,000 are less likely to be bothered by KYC since Paxful already requires phone verification at $1,500 total volume and ID verification at $10,000.
Are you charging a premium? How much feedback do you have and is it all positive? Are you using popular payment methods? Maybe the verification procedure isn't the only problem.
