With Singbit escrow, you can trade Bitcoin or Ethereum securely without the risk of fraud or losing money.
What is an Escrow?
An escrow service works by keeping your funds in a deposit account to safeguard both the buyer and the seller. Think of escrow as an automated security system that safeguards your transactions.
The money is kept and controlled by an independent 3rd party. How does this secure transactions? The payment is kept safely by a 3rd party until all the agreed terms are met. Escrows are important especially when we're dealing with money, no matter how big or small the amount is.
In short, escrow is used to ensure that buyers and sellers stick to their ends of the deal. This helps to weed out fraudsters and ensures legitimate transactions. So, escrow service is useful especially when you're getting into multiple transactions with people you don't personally know or have no legally binding contract with.
While the funds are held in escrow, traders can proceed with the transaction safely without having to worry about being scammed. An escrow service provides great convenience as both parties don't have to draw up any legal contracts.
How does the Singbit escrow work?
Singbit is a global peer-to-peer marketplace for Bitcoin and Ethereum. It's a platform where we connect buyers and sellers to trade Bitcoin/Ethereum with multiple payment methods such as Paypal, DBS PayLah, AliPay, WeChatPay, bank transfer and cash!
Here is how it works:
1. Before any sellers can post a deal to sell their BTC/ETH on Singbit, they have to first deposit their BTC/ETH into the Singbit e-wallet. The deposited cryptocurrency is guarded by Singbit escrow, keeping it safe and secure. Then, sellers can post deals on Singbit with terms and price they require. Once there is a buyer agrees with the deal, the trade begins.
2. Buyer will then pay the fiat amount to seller using the agreed payment method.
3. Once the payment is received by the seller, he has to confirm and click on the ‘Payment Received’ button. That's when the Bitcoin/Ethereum will be released from the escrow vault and into the buyer’s digital cryptocurrency wallet.
Traders on our platform can securely trade BTC or ETH with one another without having to worry about being scammed. Escrow ensures safe, transparent and smooth transactions!
Read our Getting Started FAQs to find out more on how to trade on Singbit!