What is Escrow?

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16 comments

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    liptonmcrain

    What if the seller want to crook you from your money or if he or she decide not to send you your coins you want to buy

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    Dan

    @liptonmcrain This is why you should only trade with escrow. The seller locks the crypto being sold into escrow and it is held securely there while the buyer makes the payment.

    If the seller does not release the crypto from escrow to the buyer once they have received the payment then the buyer can raise a dispute and a LocalCoinSwap dispute resolution manager can release the coins to the buyer manually.

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    Mithun

    Seller need to open an escrow account or it will processed automatically by this site?

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    Dan

    Hi @Mithun,

    Neither traders need to open any additional escrow account.


    Once 2 users agree to trade, the seller will see a "Fund Escrow" button on the trade page. They click this and the crypto is automatically locked in escrow. 

    Once the seller receives the payment, they release the crypto from escrow to the buyer.

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    Jonsnow099

    Please, is it possible for a seller not to see “fund escrow” on a trade page and if yes what conditions can that happen?

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    Dan

    Hi @Jonsnow099

    Once the trade is accepted the seller will see the "Fund Escrow" button.

    They will not see the "Fund Escrow" button at certain stages throughout the stage (as it is not necessary). For example:

    • Before the trade is accepted
    • After the escrow is funded
    • Once the trade is completed or canceled
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    GreenJunglefow

    How does a buyer get proof of payment for a cash in person transaction?

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    jimster

    how does one prove if the seller even receives the payment or a merchant giftcard transaction? example: say im trading my gamestop gift card to the seller for btc, the seller gets the whatever funds in the gamestop card then seller wont release funds because he or she can just say i couldnt get or there wasnt any funds in the gift card (the seller is obviously being untruthful here in this scenario) how does localcoinswap resolve this...? feels like this might be a million dollar question here lol im sure LCS dealt with this example thousands of times since the opening of the site. 

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    Dougla30

    Please I need a factual response; Is it possible for seller escrow account marked approved and not marked on the buyer dashboard so as to proceed in paying seller account?

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    mdarifshiak55

    bakers

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    omotayo16

    How can you know that the seller has fund the escrow

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    BlackSheep78ce

    What are the guarantees when exchanging USDT with Bitcoin?

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    GoldCephalopod7a88

    500

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    GoldCephalopod7a88

    200

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    GoldCephalopod7a88

    100

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    noidian4455

    Is it possible to fund an escrow from an external wallet?

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