Topic: Paxum Questions and Concerns - page 2. (Read 14765 times)

This has not been discussed at all, however I will send the suggestion along. Thank you for your feedback


Each individual case would be evaluated accordingly and a decision would be made based on the facts in the case.


Wires take 3-5 business days to arrive to us. As soon as we receive wires to fund accounts we deposit them immediately to the appropriate account.

Why do wires take 3+ business days to clear?

A few posts above I was said that's it's highly unlikely for a client to receive his funds if account is closed due to violating TOS. Sorry, I don't want to nitpick, but in terms of financial things when e.g. funds of a whole exchange with thousands of users would depend partially on you, this is too important.

Would Paxum ever consider switching from playing the middle man, and just let people exchange their currencies to Bitcoin directly on their site? Would be another source of revenue, and an advantage against Dwolla.

1) When you dismiss your cheap and unprofessional programmers/admins? 
2) When you replace your ugly and unprofessional site backend?

Your current system is a joke: near to zero usability and full of security holes.
Your software is unstable for almost a year, and still not progress here.
Please STOP hiring cheap php "programmers".

In regard to ANONYMIZING PROXIES

We need to know who the person is that creates the account, who logs into the account,  who transfers the funds, etc, in order to prevent fraud and identity theft.

This is NOT a Major rule, and is simply in the TOS to protect against abuse of our system. Fraud prevention is one of our top priorities, and this is simply an additional security measure to prevent against fraudulent use of our system.

If at any time a Paxum account is terminated for the ANONYMIZING PROXIES Terms of Service clause, please do note that ALL FUNDS will be delivered to the Paxum client in question should the account be closed. (by check, or wire).

Paxum is NOT an anonymous payment service, and we do follow a strict KYC policy to protect against fraudulent use of our system.

I hope this addresses your concerns.

First of all, they are not a bank. Second, they already request quite a lot of personal documents, so tracking the IP won't help that much. And third, real banks don't care how you access their internet bank. They care about whether it's really you who's logging in to the internet bank. I can log in to the banks where I'm serviced from any place, using any kind of connection, and I never hit any limitation from their side. That's talking about some major european banks of course, I don't know about smaller banks though.

It has nothing to do with "know your customer". When you log into the site you have to provide your credentials. I think it is more likely that they try to use IP addresses to detect fraud. With IPv4 addresses running out in the next 2 years, more and more users are going to be using shared IP addresses until they make the leap to IPv6. I don't see how they are going to distinguish between ISP-level NAT and an annonymising proxy.

If I set up my router to tunnel all HTTP traffic, I would have to take  specific steps to avoid using my "proxy." I suppose the easiest way of doing it would be to leave HTTPS traffic alone (since it is supposed to be encrypted and authenticated anyway). Paxum appears to use HTTPS by default.

I think this rule regards your use of an AP in the course of communications with them, not your use of an AP in general.  It's part of the whole "know your customer" thing.  IOW, you can hide from others all you like, but you can't hide from your banker. 

This one totally irked me as well. Was considering paxum, but after this one - no go, and probably will not consider it even if they change this thing. Wtf? i already have paypal to phuck me up, I don't need a second one

I signed up any ways just to see what the site UI looks like and how it works. I noticed that I'm able to add my Canadian bank account to the list of EFT bank accounts to withdraw or deposit to. I'm confused about this. If I add my bank and try to make a transfer will it just fail since you don't support International EFT?

When can we expect support for International EFT?

I'm sorry you had difficulty locating our fees. The link is visible in our menu headers on our website - FEES

Link - https://www.paxum.com/payment/fees.php?view=views/fees.xsl

Personal accounts are charged $0.25 USD per P2P transaction
Business accounts are charged $1.00 USD per P2P transaction.

We have a strong Know Your Customer policy, and strong Anti-Money laundering protocols in place. This requires that we ask for certain documentation in order to verify your account. All documentation is kept offline on a secure server.


To transfer funds to your Canadian bank account you would currently need to use our Wire option, or Check withdrawal option. International EFT is on our list of future implementations.

Please do note, the Paxum Mastercard is available INTERNATIONALLY - WORLDWIDE. You do NOT need to be a US customer in order to request the Paxum Mastercard. You do NOT need to have any funds in your account before requesting your Paxum Mastercard. All Fees are listed on our site (as linked above)


We were asked to do so in the Tradehill thread about adding Paxum. It was suggested we start a new thread to cover all questions people may have.


Many of our clients have the Paxum Mastercard which enables them to transfer their funds instantly and withdraw them immediately at a local ATM, or through purchases made online or in a store (the Paxum Mastercard is a fully useable credit card embossed with name, expiration date, CVV, etc). ATM withdrawal is $2 USD per transaction. Daily limits are $2,500 USD and you can withdraw that as one lump sum if you prefer.

As stated, all fees are visible on our site. We do not have any hidden fees.

Yeh, you are right that it cost more than the 0.50 with dwolla but from what I can see this is the only alternative we have now (afaik dwolla is still accepted by mtgox) and dwolla was allways US only so with Paxum atleast non-US citizens have a real alternative. Trust me trying to move Libertyreserve around is way more expensive for alot of non-US users so this Paxum method is relieving.

Unfortunately, pretty much every company's terms of service can be summarized that way. We can do whatever we want, take your money, send you nothing, and you can't do anything about it. Your ultimate recourse is always, of course, to sue them.

Thats correct Clipse, I didnt realize there was a difference in personal and business fees.  But, still, it will cost miners $1 to withdraw from the exchange to Paxum.
You also need to be aware that to send or receive to Paxum from your bank account, that is a flat fee of $5 both ways.  So, it will still cost a total of $6 to transfer money from the exchange to Paxum and then to your bank.  That is significantly higher than the $.50 it would cost for this same transaction chain at Dwolla

Because  eventually paxum will actually provide a better service to bitcoin than dwolla ever could. If T T Tradehill was dwollas second biggest customer/merchant then its to Paxums benefit to keep the community up to date regarding their service. This issue has been thrown around in the forums for days now... read up!

Why do you post this thread in "Bitcoin Discussion" if you don't even provide any services in Bitcoin?

Just to correct one thing mentioned here.

Paxum transfer by personal account is 0.25 and paxum transfer by business acount is $1.

So if you as personal account holder send money to any other personal/business account it would cost you 0.25 thus if you deposit your funds thats allready in paxum to an exchange the deposit fee would be 0.25 and when you withdraw from an exchange it would be $1, all these fees are fixed fees.

Yeah now that I read it closer it says USD not US. *sigh*

So if I wanted to transfer funds from Paxum to my Canadian bank account how much will that cost?