E-commerce experiences must be intuitive, making it easier for users to buy and receive physical products, digital items, and services from established companies. Unfortunately, buying and selling products can become more complicated when users have to transact with each other directly. Fraudulent practices tend to increase the risk with the value of the item and the method of payment.
For those planning to facilitate a bitcoin purchase from an untrusted person or company, a bitcoin escrow service can help minimize risks. CryptoExchange is one of these platforms. To determine if the platform deserves your trust and attention, we dive into what this service is and talk about whether CryptoExchange is truly one of the best on the market.
CryptoExchange.com is an exchange, marketplace, and escrow service created to help facilitate cryptocurrency transactions. CryptoExchange handles several product categories, including commodity domains, luxury vehicles, watches, and real estate. Before transacting with the account, users must provide an email and password as part of their account setup.
CryptoExchange services aim to provide escrow services that ensure the safety of both the Buyer and the Seller, all at affordable prices.
How does a bitcoin escrow service work?
A bitcoin escrow service is an intermediary between two participants in an encryption transaction. CryptoExchange will collect, hold and distribute funds when buyers and sellers have determined that they are satisfied with their transaction. We can summarize the CryptoExchange escrow process in five key steps:
The buyer navigates the CryptoExchange marketplace until he finds a seller with a product that interests him. The Buyer will pay for the escrow service from their cryptocurrency wallet. CryptoExchange will verify that they have received the funds. The seller will ship the item to the buyer and the buyer will confirm delivery. The Buyer takes an inspection period to determine whether he will accept the products and will inform CryptoExchange of his decision. CryptoExchange will either deliver the money to the Seller or help reverse the process in the event of a rejection.
To estimate the cost of the transaction, CryptoExchange provides an escrow fee calculator. The fees are shown in US dollars and bitcoins, but can be changed based on the user’s transaction. Rates change in proportion to the cost of the item requiring escrow services, although there is a minimum flat fee of $ 32.50. These rates are lined up, if not a little less, on expensive items compared to other platforms.
CryptoExchange offers an exchange, marketplace, and escrow service all on one platform. Therefore, users who want to take advantage of the payment benefits of cryptocurrencies but do not have a wallet configured yet can do so. Users can also buy bitcoin, Litecoin, XRP, and Ethereum for fiat money with a credit card (Mastercard or Visa) or a debit card. The fees to buy cryptocurrencies are 0.1%, which is lower than the industry average of 0.2% -0.5%.
Additionally, users may also have difficulty locating a vendor independently and can take advantage of the global network at CryptoExchange.
CryptoExchange looks like any other e-commerce platform. Users can add items to their cart or participate with the escrow service separately. The platform’s dashboard guides new users through the escrow process, and tells the Buyer and Seller when to complete an item or task.
The evaluation of a user interface can be a subjective metric. However, the platform complies with the standard set by similar platforms.
Support from large companies
To facilitate transactions, CryptoExchange partners with big names, including watchmaker Jacob & Co and CarVault. Entrepreneur, Forbes, and Yahoo Finance have also provided CryptoExchange features, further enhancing its reputation.
Buyer and seller protection
Like other platforms of this type, the Buyer and the Seller begin by agreeing to a set of terms. Only after doing so will they be able to proceed with the transaction. The platform allows an “evaluation period” in which the buyer has the opportunity to evaluate the quality of the product before accepting it. The evaluation protects buyers from feeling “stuck” with a product offering that does not meet the online description.
Sellers have full confidence that the buyer has the money to buy their offer and, in the event of a dispute, they will receive their product with the same quality.
CryptoExchange offers users a competitive offer, ensuring that BTC will only be sent to a seller when they deliver the goods and services as promised.
Before selecting an escrow service, users are encouraged to do their own research so that they feel secure in the reputation of the platform. However, since our initial review, the platform is among the best escrow services available to users today.