1. Definition of Escrow
Escrow refers to a crypto hosting service offered by Bixin where the sending party initials escrow, and then traded cryptos are distributed to hosting account and the receiving party pays as agreed. After the sending party confirms its receipts and releases the cryptos, the hosted cryptos will automatically be distributed to the receiver party’s account.
2. Operation Tutorial
I. Create Escrow
l Open Bixin App
Tap [Escrow] in homepage of App
l Find contacts
Enter phone number or Bixin UID of the other party, or find in [Latest Contacts ]
l Select cryptos and fill amount
Select the cryptos and fill amount as agreed. And in this page, you can also directly contact the other party via Bixin Chat.
Tap [Initial Escrow] and [Confirm] after review amount and service fee, and then enter payment password. Finally, the Escrow order has been successfully created.
l Confirm to send crypto
To adapt to more payment scenarios, the sending party can tap [Confirm to release] and choose different percentages, including 10%, 20%, 30%, 40%, 50%, 60%, 70%, 80%, 90% or All, to release cryptos after receiving payment or goods.
The Escrow process is considered to be finished after confirmation of release.
II. Apply for Arbitration
If neither party has doubt about transactions and negotiation between the two parties fails, the party can tap [Apply for arbitration] to turn on Bixin for arbitration and the payment will be processed based the results.
Please be noted with following rules:
l Correct reason for your arbitration request is necessary when submitting the arbitration.
l Once arbitration has been submitted, please wait for customer service officers to contact you and the transaction will be postponed indefinitely during the arbitration period.
l Arbitration is not allowed within 15 minutes of the transaction being created
l No more than 10 arbitration requests from the same party in one day for the same order.
III. Cancel Escrow
Once an Escrow has been initiated, the other party can cancel and the amount of Escrow and service fee will be returned to the sending party's account.
No more than 10 cancellations can be made by the same user within 24 hours.