Perfect question! thank you!
Just to confirm I understand this, basically, I the crypto seller will have my crypto escrow into an exchange wallet?
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Yes, before starting selling (in your case) you deposit crypto assets (BTC, ETH, etc.) into the Exchange wallet. Then these assets are appearing on your account, on the platform (our centralized exchange) and you can sell them to other users.
When your order to sell (e.g. 0.1 BTC) matches with the buyer's order, the Exchange holds(freeze) 0.1 BTC from your account for that transaction.
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An upon my confirmation that the paypal payment is legit (with no chargeback), I will press the confirm button to release the crypto from escrow?
[/quote]Yes, when you confirm the acceptance of money, your crypto, held for that transaction, is being released to the buyer's account (inside the Exchange).
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Wonder how the situation will be handled if the payment is pass 90 days via paypal (a valid payment), yet I forget to release crypto from escrow? Does the exchange perform an automatic release after a certain number of days without confirmation?
[/quote]First of all, you should know that PayPal is the most inappropriate way to trade crypto assets! We will be supporting other 50+ payment methods to perform trade deals. But, we must provide our users with all payment methods (including PayPal), so that they could choose.
Second, if you positively choose PayPal as the payment method while selling crypto then the Exchange automatically sends the following instructions to the buyer (after your orders matching):
- only pay as family and friends;
- send the funds only as a “gift”;
- be ready to provide additional documents* in case of disputes.
Also, the Exchange instructs the seller to withdraw money from his PayPal account immediately after acceptance of funds from the buyer. Depending on where the seller lives, these bank transfers can take 2-5 business days, although the money should be relatively safe as soon as PayPal marks the request as “completed.”
Finally, if you forgot to press "confirm" (or other disputes declared), then the Exchange follows these procedures:
Step 1) the buyer pays via PayPal (during 120 min after orders' matching) and press "Money had been sent".
Step 2) If the seller of crypto (you) forget to press "confirm money acceptance" (during 48 hours after the moment when the buyer press "Money had been sent", then the Exchange contact you, asking to confirm the money acceptance.
Step 3) If the exchange cannot reach you, then it asks the buyer to confirm the payment on his side by providing a lot of docs*
Step 4) If the exchange contact you and you don't confirm the money acceptance, then we follow step 3.
Step 5) if the buyer provides all required docs* and they are FINE, the Exchange contact the seller again (steps 2-4), only then the Exchange release 0.1 BTC to the buyer's account (and deduct from your account).
* list of documents provided by buyers for proof-of-payment (PayPal) in case of disputes.
1-Proof of ID (Passport, Driver license or ID Card) (IN HIGH QUALITY)
2-Selfie (entire face) with ID in hand (readable) (IN HIGH QUALITY)
3- Screenshot of the buyer's OWN VERIFIED PayPal Account balance - - ONLY PAYPAL VERIFIED ACCOUNTS--
4-For Business Account, Proof of address
5-Paypal info & ID must match
6-Proof of payment with own balance
7-The letter, authorizing the trade.
must be written by hand and then take a picture of the buyer next to his/her face ('selfie'):
I, <buyer's name>, accepts that I am buying XXXX amount of WICKED bitcoins for the PayPal price of $ XXX.XX. I am willingly acknowledging that if I attempt to make a chargeback that all information will be presented to PayPal including this agreement I am voluntarily acknowledging that this is a valid purchase and the compilation of this information is for validation purposes. Signed <buyer's name> + the number of the buyer's ID CARD
If the buyer's account is business, then he/she will have to do the same, but in a stamped sheet of his/her company and duly stamped.
So, believe me, if a dishonest buyer, using PayPal as a means of cheating, faces all our requirements he just cancels the transaction and gets negative feedback from the system (several negative feedbacks means a ban/black list), and your crypto will be unfrozen back to you.
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Wow,
