Q: How does Escrow work?
A: First, both parties need to reach an agreement. Then the sender will send his coin(s) under our custody after he initiates an Escrow request.
After the success of the exchange or the expiration of the Escrow period, we will send those coin(s) to the receiver.
Q: Why do you need Escrow?
A: Escrow solves the problem of trust for both parties in the exchange. The sender doesn’t have to worry about the receiver refuse to pay money (or send goods) after received bitcoins; the receiver, on the other hand, doesn’t have to worry about the sender refuse to send bitcoins after received money (or goods).
With this feature, you can buy or sell Bitcoin, Ethereum, or any other cryptos Bixin supports. Or you can exchange Bitcoin, Ethereum, or other cryptos for commodities and services from others.
Q: Is there a fee for Escrow?
A: The issuing party will be charged 0.2% as the escrow service fee.
1. Contact your counterparty and initiate an Escrow
1.1 Contact your counterparty, then confirm the price and amount.
1.2 Tap “Escrow” to initiate an Escrow.
1.3 The default currency is Bitcoin (BTC). If you need to send other cryptos, you can tap “Currency” to change.
1.4 Enter the amount and write a note, then choose the Escrow period.
1.5 Tap “Initiate Escrow,” Input the Payment password.
2. Check the details and confirm the Escrow is successful
2.1 Tap to check the details in the chatting interface.
2.2 If the Escrow is done successfully, tap “Confirm Escrow,” then input the payment password to end the Escrow.
3.1 If there is a dispute during the process of Escrow, you can tap “Apply for arbitration.”
3.2 Choose a reason for the arbitration (compulsory); input a note (optional); then tap “Submission to arbitration.” Our staff will handle this arbitration.