Ccoins’ trade disputes mechanism combats fraud and allows you to resolve conflicts that may arise concerning transactions.
Protection on Ccoins Through Escrow
All exchanges on the Ccoins P2P market are protected by our security deposit system, called Escrow, which safeguards the cryptocurrencies involved in the transaction while the buyer and seller meet all the conditions of the offer. Coordinate payment and proceed to release the funds.
Although Ccoins keeps the seller’s cryptocurrencies in custody via the escrow system, this does not mean that it advantages the buyer or disadvantages the seller. Escrow is impartial in the exchange process. It will only release the cryptocurrencies to the buyer when the buyer himself proves that he has paid and the seller confirms receipt of payment.
The dynamics of purchase and sale payments on Ccoins make cryptocurrency exchanges for local currency easy, quick, and safe, and they are usually completed without any need for involvement of the Ccoins dispute resolution team. However, for exceptional cases, Ccoins’ purchase and sale interface enables users to initiate a trade dispute and get assistance from a Ccoins conflict resolution specialist. This specialist will collect, evaluate, and analyze the information set out in the offer and the contents of the exchange chat to verify proof of payment by both parties.
Conflict Resolution on Ccoins
Ccoins’ trade dispute mechanism is a process in which a Ccoins agent participates as a mediator to help resolve a transaction dispute at the request of any of the transaction participants.
This process can be started when either party acts maliciously or has made a mistake in the exchange. For example, when a party sends a false receipt or induces the other to release the cryptocurrencies held in escrow before they make the required payment, or when there is some other major disagreement, such as about the terms and conditions of the offer.
The usefulness of this feature is closely linked to the operation of the escrow system, which does not allow the buyer or the seller to dispose of the funds for themselves until they are released, which occurs only once the buyer has marked the payment as completed. As a result, the buyer cannot take the cryptocurrency without the seller’s consent, and the seller cannot take the cryptocurrency back once the buyer has paid.
Once a dispute is initiated, the mediating agent will prepare a report reflecting the case and will proceed with the investigation process. First, he will acquire access to the encrypted Ccoins exchange chat in which the negotiation of the trade at issue took place. The mediator will take into account what was discussed in this chat in their final decision. Second, he will request and evaluate the evidence provided by both parties.
It is important to remember that at Ccoins we recommend using payment methods that provide proof and leaving said proof of payment in the chat before marking it as “I have paid,” as this facilitates the evaluation and dispute processes.
Once the mediator collects all the information provided by both parties, he will compare it with the offer details (cryptocurrency, price, amount to be traded, country, payment method) and any offer conditions imposed by the offeror for which there is evidence. The mediator will also take into account the policies or internal rules of Ccoins regarding exchanges, such as those regarding the use of third-party accounts or fraudulent attempts to determine via chat who is right and in favor of whom it is due. release the coins. In this way, Ccoins provides a safe trading platform. It can thwart attempted scams, protect you, and ensure a healthy peer-to-peer market.
At Ccoins, to prevent malicious users from trading, we have implemented an identity verification system that is at the level of those used by the best financial institutions, as well as a tool that any of the parties to an exchange can request be used, called the Liveness Test. The Liveness Test offers extra security by requesting a small biometric verification from the user to corroborate that they are trading with the person who registered in Ccoins.
For this reason, on Ccoins it is very rare for commercial disputes to arise due to attempted scams. Nevertheless, our users must be aware of all the procedures related to exchanges since they provide greater security to and enhance the exchange experience.
What Information Must Be Provided to Resolve a Trade Dispute?
When a trade dispute is opened, the conflict resolution specialist will normally request information from both parties to allow them to analyze the conflict. Below, we present the kinds of information that the agent will normally request from each party.
Buyer
First, you must inform the agent what payment method you used in the exchange.
The agent will request the exact value or amount that you sent to make the payment for the purchase of the cryptocurrencies.
You must deliver a copy of the payment receipt generated by the payment method you used. It is very important that this document has not been altered in any way, since any alterations will negate its validity for the purposes of conflict resolution. It is also very important that the delivery information matches the data provided by the seller.
There is a possibility that the support agent will request, in addition to proof of payment, a record of the last movements or transactions of the account you used to make the payment.
You should also give a summary of what happened during the exchange and why you believe the seller is at fault.
Seller
You must inform the agent of the payment method(s) used by the buyer or requested in the exchange.
The agent will request the exact amount that the buyer had to send as payment.
You must send the agent the proof of payment sent by the buyer, without any alterations.
In addition to proof of payment, the support team may request a record of the latest movements of the account you used to receive the payment.
You should provide a summary of what happened during the exchange and why you believe the buyer is at fault.
We invite you to read our post Get to Know the Services Offered by Ccoins.
