Trading crypto with untrusted parties? That’s when a 3rd party escrow service comes to play. Learn how a bitcoin escrow service will protect buyers and sellers from scams and how to find one.
Here, we use CoinCola as an example.
Step 1: Place an order
When you place an order to buy or sell bitcoin, the traded crypto will be held by CoinCola escrow temporarily.
Step 2: Communicate with trader
When you are trading with an untrusted party, communicate on the platform’s live chat and never answer to any offline request.
The chat history plays an essential role while the escrow platform is reviewing any dispute.
Step 3: Notify the trader you’ve completed payment
If you are buying crypto, make sure to use the button to notify trader that you have paid. In CoinCola’s case, that’s the “mark as paid” button.
If you are selling crypto, wait for the buyer’s confirmation of payment before releasing crypto.
Step 4: Congrats – successfully traded!
If everything goes smooth, buyer paid and seller released crypto. Congrats! You have successfully traded.
Step 4.5: Trader not responding
Unfortunately, traders are not always trustworthy. That’s why escrow service hold the crypto for you temporarily.
- If the buyer didn’t pay as requested, CoinCola escrow will release the crypto back to the seller after the trading window time.
- If the buyer paid but seller didn’t release, buyer can submit a dispute ticket to notify CoinCola escrow support team to review the chat history and other payment evidence.
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Founded in 2016, CoinCola is a Hong Kong based company offering both over-the-counter cryptocurrency trading and crypto-to-crypto pair trading exchange. CoinCola now serves millions of users from over 150 countries with our fast, secure, and reliable trading services. We support BTC, ETH, BCH, LTC, USDT, DASH, and XRP. Visit www.coincola.com to invest in digital assets.
Disclaimer: Trading and investing in cryptocurrencies, also called digital currencies, crypto assets, and so on) involves substantial risk of loss. All informations are used at your own risk, and any content on this site should not be relied upon as advice or construed as providing recommendation of any kind.