Your exchanges, carried out through our p2p market, are protected by an escrow system. At Ccoins we offer you escrow.
INDEX
- Safeguarding of funds with Escrow
- Escrow controls the release of Cryptocurrencies
- Disputes and identity verification to support your transactions
When two people make one Cryptocurrency purchase and sale operation without any protection, a dilemma may arise as to who should pay first. This dilemma arises when it is assumed as a risk factor that once one of the parties has sent the first payment, the other could refuse to deliver what was agreed, thus concretizing a scam.
At Ccoins we contribute to solving this dilemma because we ensure commercial exchanges through a guarantee deposit system or“escrow”. Likewise, as a client you have the possibility of opening assisted commercial disputes and to review the user’s score statistics prior to an exchange, in addition to qualifying it afterwards.
- Safeguarding of funds with Escrow
The way in which our system addresses this problem is by safeguarding the funds committed in exchange operations, until they can be released safely. In this way, our platform encourages both parties to comply with their obligations and offers a much more reliable dynamic.
Once a user initiates a P2P sale of any of our supported Cryptocurrencies (Bitcoin, Ethereum, Tether, USD Coin or CCUSD) for local currency, the funds are transferred from the seller’s wallet to the escrow. While the funds are deposited there, the buyer and the seller can interact through a chat that will allow them to coordinate the payment according to the conditions described in the commercial offer. This means that until the moment of the release of the coins, that occurs after the agreement of both parties, neither may dispose of the funds reserved for himself.
- Escrow controls the release of Cryptocurrencies
After the buyer has made the corresponding payment under the agreed terms, the seller can proceed to release the funds in favor of the buyer, thus acknowledging the completion of the exchange and both proceeding to rate their counterparty.
It should be noted that the seller is recommended to verify for himself that said payment is reflected in his account before releasing the Cryptocurrencies.
Both the payment and the release can be made without the direct intervention of an operator from the Ccoins team, this being the characteristic procedure of sales between honest agents that are successfully completed.
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- Disputes and identity verification to support your transactions
In addition to the safekeeping of funds, the Ccoins guarantee deposit system allows that, in the event that the buyer and seller fail to reach an agreement, or that one of them acts maliciously (sending false payment receipts or inciting by the buyer to release without having paid, among others), you can proceed to initiate a trade dispute, which will be assisted by the Ccoins team and will allow both parties to present evidence in this regard.
In addition, since in order to carry out exchanges in our market it is essential to have completed the basic identity verification (KYC) we keep our market healthier, since we can identify malicious agents and expel them, minimizing the frequency in which it is necessary to initiate commercial disputes. In any case, at Ccoins we always recommend acting prudently and following the basic security precautions for Peer-to-Peer (p2p) operations.
Conclusion
In conclusion, Ccoins escrow is a system that protects users who make Cryptocurrency exchanges on their P2P platform. The system safeguards the funds of the operations until the payment and the release of the coins are confirmed. In addition, the system allows opening commercial disputes in case there is a problem or disagreement between the parties. Finally, the system requires identity verification of users to maintain a more secure and reliable market. For these reasons, Ccoins offers escrow, a service that facilitates and guarantees Cryptocurrency transactions between people.
