1. How to open a trade dispute

 

Trade disputes are handled through the CoinCola online customer service system. You may only open a trade dispute once the allotted time limit for a trade has expired(15 minutes after you click the "Mark as paid" or "Mark as Completed").

To open a trade dispute, follow the steps below:

Open the ‘Orders’ page and navigate to the disputed trade in the question.

For website users

Select ‘Open a trade dispute?’ and click on the ‘Open’ button,fill in the dispute details as required and attach any supporting photos or other files to help you prove your case.

For APP users

Navigate to the disputed trade, select the ‘Help’ button and then choose ‘Order a complaint’,fill in the dispute details as required and attach any supporting photos or other files to help you prove your case.

Once the dispute has been received by CoinCola, you will receive an SMS push notification.

You can also submit additional evidence and inquire about the progress of the dispute by sending a email to this address: [email protected].

Dispute Processing time

During weekdays, the processing time for dispute resolution is approximately 1-4 hours. Disputes raised during the weekend or on public holidays will be processed on the next working day.

For more complex trade disputes, a longer processing time is normally required.

Once you’ve raised a trade dispute, assets from the trade in question will be frozen by the platform. During this time, it is recommended that you keep an on-going line of communication with the CoinCola support team.

2. Dispute resolution process (OTC)
  • Disputes can be opened once the allocated time limit for a trade has expired(15 minutes after you click the "Mark as paid" or "Mark as Completed").
  • The CoinCola support team resolves disputes based on the evidence supplied by both parties to the transaction. The trust score and feedback of both parties to the transaction will also be taken into consideration.
  • After cryptocurrencies in the escrow have been released by the seller, the trade is considered to be completed by CoinCola and cannot be disputed.
  • If a user selling cryptocurrency does not release assets after receiving payment, CoinCola will release the assets to the buyer if the buyer can provide valid proof of payment.

If a user buying cryptocurrency is unresponsive or does not send payment after starting a trade, the assets in the escrow will be released back to the seller by the CoinCola support team.

3. What is the trade escrow?

An escrow is a way to control and protect financial assets. CoinCola uses a secure online escrow to facilitate and execute OTC trades, protecting both buyer and seller.

In the following example, we’ll illustrate how the CoinCola trade escrow works when buying bitcoin through an OTC trade.

Once you start an OTC trade, bitcoin will be moved from the seller’s wallet to the trade escrow. Once the seller has confirmed that you have made the outgoing payment, they can choose the select the ‘Release’ button on their trade page.

This will release the bitcoin from the trade escrow to the buyer’s CoinCola wallet and complete the trade. If a trade is cancelled, bitcoin in the trade escrow will be returned to the seller’s CoinCola wallet.

If a trade dispute is opened during a trade, the buyer's bitcoin assets will be held in the escrow until the CoinCola support team has resolved the dispute.