Paxful introduces Security Deposit System 2.0!

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Paxful introduces Security Deposit System 2.0!

Paxful security deposit system 2.0 is for those vendors who are trading bitcoins for gift cards. The security deposit system borrows the funds for the defined period. Every one of the sellers on Paxful who are trading bitcoin and using the gift card offer that is needed for uploading the security deposit to make sure the safety of paxful buyers. On Paxful, the needed security deposit is around 0.1 BTC.

Few things to note!

  • The security deposit system is the only gift card trades only. For other payment groups such as online wallets, cash, debit, and credit cards, the security deposit is not needed.
  • If you do not have enough BTC in your Paxful account for covering the entire security deposit, then your offer will never be activated.
  • Your amount of deposit will release after 7 days after your last gift card trade.
  • Some of the users may have flexible and secured deposit logic.
  • You need to manage your deposit on your own on your dashboard.

How can you upload the security deposit?

  • First, you just need to login to your account of paxful. On the header bar, click on the dashboards. Please note that you can use both classic as well as vendor dashboard for managing your security deposit.
  • Above the list of my offers on the dashboard, click on the deposit. A confirmation window displays.
  • If you click on the deposit on the paxful security deposit dashboard, the full amount will be uploaded.
  • If you click on the deposit on the offer section of one of the offers, then the exact amount needed for the specific gift card type will be uploaded.
  • Read the entire message carefully by clicking on the deposit for confirming the transaction. The notification shows the confirmation that your bitcoin was deposited from the wallet to a paxful secure escrow.
  • Then the deposited amount will be shown on the paxful security dashboard.
  • Now keep the note that you do not have to deposit the bitcoin for all offers on payment method differently. Your deposit covers all the types of gift cards and offers.
  • For instance, you have many offers that need 0.1 BTC, 0.2 BTC, and 0,3 BTC. if you deposit 0.3 BTC of all your offers become visible and active.

How to withdraw the security deposit?

  • First, you need to login to your paxful account and on the header bar, click on dashboards. The dashboard gets to appear.
  • And above your offers list, you will see the withdraw option on the paxful security deposit dashboard, click withdraw option.
  • Then read the message carefully by clicking withdrawal to confirm the transaction. Then the notification screen shows confirmation that your bitcoin was transferred from the escrow to your wallet.

Few things to note –

  • It is possible to withdraw your security deposit only seven days after your gift card trade as it includes canceled and successful trades for all gift card types.
  • If you do not have the gift card trades, you can withdraw your deposit at any time.