Escrow is a place of trust where funds or objects (in this case Bitcoin or Ethereum) are kept with a third party for a period of time until the deal is considered complete between two parties.
Due to the nature of Bitcoin transactions sent are irreversible. This means that once you send Bitcoin from one address to another there’s no way to force the receiving party from sending you the payment back. Unlike traditional currency services such as credit cards, bank transfers, and even PayPal, as a buyer once you spend your Bitcoin you cannot charge-back the funds.
Irreversible transactions is one of the great features Bitcoin. It offers online retailers and sellers peace of mind over traditional payment methods, but at the same time it increases the risk for buyers spending their bitcoins. Buyers are forced to place their full trust in the seller and hope that nothing goes wrong with their purchase.
This is where coinsmarket.nl unique escrow service comes in. When a buyer pays for an item coinsmarket.nl will hold on to the funds until the buyers receives their items and are happy to release escrow to the sellers. If the buyer does not receive their item or it is not as it was advertised, they can apply to coinsmarket.nl for a refund. This process reduces the risk of Bitcoin loss and increases the trust between parties.
coinsmarket.nl will hold funds in escrow for up to 90 days before releasing them to sellers, providing up to90 days of protection for buyers that choose to use our escrow service.
All coins are paid into CM Escrow wallets, fees are automatically deducted and coins sent straight to the seller. In case of an escrow, coins are transferred straight to our offline wallets where they will be transferred to a cold wallet until the reception of the item is confirmed by the buyer. 100 % Safe and Secure.
No, Escrow is optional for buyers. Buyers are not obliged to use escrow when buying an item, but it is highly recommended to do so for the safety and security of the purchase. if you checkout through this platform. that means you have made a payment to an escrow account. outside of this platform, it is not our responsibility.
Fees are calculated and deducted from the final price of any sold items, payment are sent to Escrow offline wallets where fees get deducted before sending the remainder amount to the seller.
Before more than 3 days (Starting from the date of order )
you may cancel the order unilaterally. you are only charged a transfer fee
If you do not receive the order within the time set by the seller. then you can do open dispute. Please contact us
Escrow refunds can range from 72 hours to 90 days. If an item is cancelled or a seller’s account get suspended, the funds are usually refunded within 72 hours to the buyer ( Automatic ) . If the escrow refund is disputed by the seller, then we are required to gather evidence from both parties before reaching a decision. Please do not contact support before 72 hours have passed on your refund request as you may not receive a reply.
Posting and listing on C/M is completely FREE! Charges occur on sold items only.
Seller Fees: Seller pay 0.85% flat rate or transaction fee (whichever is higher) on sold items across the site, regardless of the price or the category the item is listed under. Sellers also pay for the network fee used to send them the payment. This is based on the average fee needed to have your transactions confirm within 5 blocks.
Buyer Fees:Buying on C/M is free, Buyers will NOT be charged the escrow fee if the sale gets cancelled by the seller. Instead, only the max network fee (0.0001 BTC ) will be charged when processing the refund. Escrow secures your payment and provides the buyers protection on their funds.
NOTE : ESCROW REFUND
In the event that they have not received or are not satisfied with their purchase, buyers can submit refund request to coinsmarket.nl and ask for a refund of their Bitcoin. At this point sellers are sent a notification of the buyers request for a refund, and the following refund process occurs:
- Buyers are expected to give sellers a minimum of 72 hours to deliver the item before they ask for a refund.
- Sellers are given 72 hours to respond to a refund request, to either Agree to it or Dispute it.
- If the seller agrees to the refund, buyers are immediately refunded their coins.
- If the seller disputes refund, our escrow team will intervene and arbitrate the dispute. At this point we will normally ask both the buyer and the seller to provide further evidence to support their claims, before making a decision.
- If the seller does not respond within the 72 hour time-frame to either agree or dispute the refund request, we will normally determine in favour of the buyer and action a refund.
- Once evidence is received from both parties, We will use this, along with other information sources such as account history, feedback, prior sales, private messages etc in order to make a decision as to who should receive the funds from escrow.
- By selling or buying good using our escrow service, you agree that Coinsmarket.nl reserves the right to use its own judgement an any and all means at their disposal in order to arbitrate a refund request and reach a final decision.
- Escrow refund decisions are final and can not be overturned.
NOTE : BUYER TIPS
- Whilst it is optional, we recommend buyers use escrow for all purchases they make.
- We recommend buyers not to release the funds before they receive their items.
- We holds funds in escrow for up to 90 days before it is automatically released to sellers, unless a refund request/dispute is in progress.
- If you purchase gift cards or other similar credit, do not release escrow until you’ve used the cards/credit
- Never agree if a seller asks you to release escrow before they ship the items.
- Never agree to transact with sellers outside of coinsmarket.nl
- Do not agree to send Bitcoins directly to the seller’s Bitcoin address
- If you release the funds for an item, we cannot refund you for that item. The seller receives the Bitcoins as soon as you release them and we no longer have the funds on hand.
TRUST AND SAFETY
Seller behavior is monitored 24/7
Sellers compensate buyers in the event that they don't honor business policies
Dishonest seller accounts are immediately black listed and closed indefinitely
Quality control system prevents fraudulent, illegal, and counterfeit products from being allowed onto our platform
Products are inspected by quality control professionals prior to shipment
Customer information is encrypted . We promise your money back if the item you received is not as described, or if your item is not delivered within the Buyer Protection period.