ECommerce experiences should be intuitive, making it easy for users to buy and receive physical products, digital items, and services from established businesses. Unfortunately, buying and selling goods can get more complicated when users must transact with each other directly. Fraudulent practices tend to increase in risk with the value of the item and method of payment.
For those planning to facilitate a purchase with bitcoin from an untrusted person or company, a bitcoin escrow service can help to 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 if CryptoExchange is really one of the best on the market.
CryptoExchange overview
CryptoExchange.com is an exchange, marketplace, and escrow service built to help facilitate cryptocurrency transactions. CryptoExchange handles several product categories, including item domains, luxury vehicles, timepieces, and real estate. Before transacting with the account, users must provide an email and password as a part of their account setup.
CryptoExchange’s services aim to provide escrow services that ensure the safety of both the Buyer and the Seller, all at affordable rates.
How does a bitcoin escrow service work?
A bitcoin escrow service is a middleman between two participants in a crypto transaction. CryptoExchange will collect, hold and distribute funds when buyers and sellers have determined they are satisfied with their transaction. We can summarize the CryptoExchange escrow process in five key steps:
- Buyer browses through the CryptoExchange marketplace until they locate a Seller with a product they are interested in.
- The Buyer will pay the escrow service from their cryptocurrency wallet. CryptoExchange will verify they have received the funds.
- The Seller will ship the item to the Buyer, and the Buyer will confirm the delivery.
- The Buyer takes an inspection period to determine if they will accept the goods and inform CryptoExchange of their decision.
- CryptoExchange will release the money to the Seller or help reverse the process in the event of a rejection.
CryptoExchange fees
To estimate the cost of the transaction, CryptoExchange provides an escrow fee calculator. Fees are listed in US dollars and bitcoin but can be changed based on the user’s transaction. Rates change in proportion to the cost of the item that requires escrow services, although there is a minimum flat fee of $32.50. These fees are in alignment, if not slightly less, on big-ticket items when compared to other platforms.
Platform features
CryptoExchange offers an exchange service, marketplace, and escrow service all in one platform. Therefore, users who want to take advantage of cryptocurrency payment benefits but don’t yet have a wallet set up can do so. Users can also purchase bitcoin, Litecoin, XRP, and Ethereum for fiat money with a credit card (Mastercard or Visa) or a debit card. Fees to purchase cryptocurrencies are 0.1% which is lower than the 0.2%-0.5% industry average.
Additionally, users may also struggle to locate a Seller independently and can take advantage of the global network on CryptoExchange.
User interface
CryptoExchange resembles any other eCommerce platform. Users can add items to their cart or engage with the escrow service separately. The platform’s dashboard guides first-time users through the escrow process, prompting the Buyer and Seller when they must complete an item or task.
Assessing a user interface can be a subjective metric. However, the platform meets the standard set by similar platforms.
Support of large companies
To facilitate transactions, CryptoExchange partners with big names, including the watchmaker Jacob & Co and CarVault. Entrepreneur, Forbes, and Yahoo Finance have also provided features of CryptoExchange, further enhancing its reputation.
Buyer and seller protection
Like other platforms of its kind, the Buyer and Seller start by agreeing to a set of terms. Only after doing so can they proceed with the transaction. The platform permits an “assessment period” where the purchaser gets an opportunity to assess the quality of the product before accepting it. The assessment protects buyers from feeling “stuck” with a product offering that doesn’t meet the description online.
Sellers have full confidence the Buyer has the money to purchase their offering, and in the event of a dispute, they will receive their product back in the same quality.
Bottom line
CryptoExchange provides users with a competitive offering – guaranteeing 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 still encouraged to do their own research, so they feel confident in the platform’s reputation. However, from our initial review, the platform is among the best escrow services available to users today.
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