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Kyraishi
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January 02, 2020, 09:05:16 AM
Merited by OmegaStarScream (1), hugeblack (1)
 #1

I'm just wondering how Paxful's system of verification works.

Right now I'm holding an anonymous account but I've heard that you need to verify yourself after a certain threshold of trading volume. Contradictory to that however I've also heard people who have been trading for years without ever needing to verify themselves.

So which is true? Obviously with Localbitcoins imposing these new verification rules there is need to seek for some alternatives in this space.
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January 02, 2020, 09:26:37 AM
 #2

I'm just wondering how Paxful's system of verification works.

Right now I'm holding an anonymous account but I've heard that you need to verify yourself after a certain threshold of trading volume. Contradictory to that however I've also heard people who have been trading for years without ever needing to verify themselves.

So which is true? Obviously with Localbitcoins imposing these new verification rules there is need to seek for some alternatives in this space.

you can avoid KYC by remaining below $1500 in total trading volume or wallet activity. you could use multiple accounts to help stay below that threshold, though that's probably against their terms.

these are paxful's verification tiers:

Quote
-Users who reach an equivalent of $1,500 in trade volume or wallet activity must provide ID for verification.
-Users who reach $10,000 in trade volume or wallet activity must provide ID and address verification.
-Users who reach higher trade volumes or engage in certain wallet activity may undergo enhanced due diligence and may be asked for additional information.
-All buyers of bitcoin for bank transfer must provide ID and address verification.

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January 02, 2020, 11:53:56 AM
 #3

there is need to seek for some alternatives in this space.

https://localcryptos.com/ is another peer to peer trading platforms which is formerly as local ethereum which has no KYC for any amount and also multiple cryptos can be traded which could be best alternative for paxful and LBC.

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January 02, 2020, 01:36:30 PM
 #4

Contradictory to that however I've also heard people who have been trading for years without ever needing to verify themselves.

So which is true?

I'm not familiar with how they use that platform, but the most likely reasons are that they either stay just below the threshold, or have a bunch of other 'anonymous' accounts there each staying below the threshold, but combined the actual USD throughput increases significantly. Multi accounts however is against their terms;

Quote
You may not use multiple accounts to get an advantage in the number of listed offers or its position in the list. This is an unreasonable advantage in the natural market competition which is considered as system abuse.
https://paxful.com/support/en-us/articles/360009979374-Rules-for-selling-bitcoins

They do not directly refer to the threshold, but common sense is enough to know that it is also system abuse, but likely even worse.
Kyraishi
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January 03, 2020, 04:02:13 AM
 #5

I'm just wondering how Paxful's system of verification works.

Right now I'm holding an anonymous account but I've heard that you need to verify yourself after a certain threshold of trading volume. Contradictory to that however I've also heard people who have been trading for years without ever needing to verify themselves.

So which is true? Obviously with Localbitcoins imposing these new verification rules there is need to seek for some alternatives in this space.

you can avoid KYC by remaining below $1500 in total trading volume or wallet activity. you could use multiple accounts to help stay below that threshold, though that's probably against their terms.

these are paxful's verification tiers:

Quote
-Users who reach an equivalent of $1,500 in trade volume or wallet activity must provide ID for verification.
-Users who reach $10,000 in trade volume or wallet activity must provide ID and address verification.
-Users who reach higher trade volumes or engage in certain wallet activity may undergo enhanced due diligence and may be asked for additional information.
-All buyers of bitcoin for bank transfer must provide ID and address verification.

Fair enough.

I could have sworn I've exceeded that limit already, but oh well, it doesn't hurt to remain being able to trade Undecided

Also, any information on what kind of suspension could be placed on your account if you were to be limited? Would you be able to withdraw your funds from your account freely (similar to a localbitcoins trading ban) but not be able to trade any further until verifying your account, or would you not be able to withdraw either?
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January 03, 2020, 09:32:03 AM
Last edit: January 03, 2020, 09:48:03 AM by OmegaStarScream
 #6

Fair enough.

I could have sworn I've exceeded that limit already, but oh well, it doesn't hurt to remain being able to trade Undecided

Also, any information on what kind of suspension could be placed on your account if you were to be limited? Would you be able to withdraw your funds from your account freely (similar to a localbitcoins trading ban) but not be able to trade any further until verifying your account, or would you not be able to withdraw either?

To confirm, go to your completed trades page. If the successful trades turnaround exceeded 1500$, you won't be able to trade.

As for your second question, then from what I understood from this article is that KYC is only required for increasing your trading limits and not your withdrawal's. So you should be able to withdraw your funds just fine but personally, I wouldn't take the risk.

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January 04, 2020, 07:49:58 PM
 #7

Fair enough.

I could have sworn I've exceeded that limit already, but oh well, it doesn't hurt to remain being able to trade Undecided

Also, any information on what kind of suspension could be placed on your account if you were to be limited? Would you be able to withdraw your funds from your account freely (similar to a localbitcoins trading ban) but not be able to trade any further until verifying your account, or would you not be able to withdraw either?

Well I got a feeling that they are ignoring your activity as long as it doesn't hit the 10,000$ threshold multiple times which is one of the thresholds being used by AML procedures to flag an account I think you are still good to go. Also Paxful isn't known to be highly complacent when it comes to KYC and they are one of the exchanges that are still under the radar from the authorities which I think will be good news on your side. But @OP can you be honest and tell me if having KYC isn't really an option for you right now?

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Kyraishi
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January 04, 2020, 10:42:28 PM
 #8

Fair enough.

I could have sworn I've exceeded that limit already, but oh well, it doesn't hurt to remain being able to trade Undecided

Also, any information on what kind of suspension could be placed on your account if you were to be limited? Would you be able to withdraw your funds from your account freely (similar to a localbitcoins trading ban) but not be able to trade any further until verifying your account, or would you not be able to withdraw either?

To confirm, go to your completed trades page. If the successful trades turnaround exceeded 1500$, you won't be able to trade.

As for your second question, then from what I understood from this article is that KYC is only required for increasing your trading limits and not your withdrawal's. So you should be able to withdraw your funds just fine but personally, I wouldn't take the risk.

Ah, yeah I just checked and it's sitting just a bit below $1500.

Thanks for the info on the consequences of the suspension as well. I guess I'll have to move to another platform for trading or create a new account (latter is obviously risky). I'll consider verification but if I did so, I might as well just go with localbitcoins which has a lot more liquidity compared to paxful.

Localcryptos looks interesting as well but its liquidity is sorely lacking also.
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March 28, 2020, 08:54:29 PM
 #9

Buy bitcoins and when try to trannsfer to my purse - get message what i need verification
Try make verification -
Unknown reject reason happened. Always submit a document with clear quality, all sides shown, and no flash covering anything. If an error still persists, please contact customer support at support@paxful.com and we will review your case.
Support not answer
Moreover, I did not exceed the limit of $ 1,500; I had transactions worth $ 400. And finally i still can buy bitcoin
LOL
Not recommend to use paxfull they take you money and collect you documents and finally fuck you ass Grin Grin Grin
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