Bitsooq is a peer-to-peer Bitcoin exchange focused on the MENA region.
We offer our service in the following countries:
United Arab Emirates
What do we do?
Bitsooq allows users to create ads to sell Bitcoins. Sellers can select the price using a margin mechanism. Once an ad is created, buyers will be able to view and reply to those ads. When buyers reply to an ad a transaction is created.
Buyers have an option to protect their transaction. Bitsooq offers an escrow service where the seller can transfer the Bitcoins to Bitsooq's escrow address.
Once we get a confirmation from the seller that they received the payment from the buyer we release the Bitcoin to the buyer. The escrow service is not mandatory, however, Bitsooq will not be held responsible for any transaction outside its escrow system.
Dispute (Only Applies to Escrow Transactions)
If a buyer confirms that they sent a payment but the seller doesn't confirm that they recevied it, buyers have the right to dispute the transaction.
Important Note: Only buyers have the option to dispute a transaction.
If a transaction is disputed, Bitsooq's team will request proof of payment from both the buyer and the seller. A disputed will be assessed based on the documents received from the buyer and the seller.
If the dispute is canceled by the buyer, the bitcoins go back to the seller. If the dispute is canceled by the seller, the bitcoins go back to the buyer.
Bitsooq charges 2% for its escrow service. If there is a dispute and we need to investigate, we charge an extra 5% processing fee.
All Bitsooq users have a public profile where other users can view their trade history, feedback, and comments.
All transaction on Bitsooq have transaction IDs (this is a unique number) and a transaction status:
For non-escrow transaction the statuses of the transactions are:
Buyer confirmed Payment
For Escrow transaction the statuses of the transactions are:
Seller request escrow
Buyer request escrow
Escrow protected (bitcoin by the seller to escrow address)
Escrow Released (seller released escrow, bitcoin will be sent to buyer)
Cancelation grace period (if the seller after sending the bitcoin to escrow address decide to cancel the transaction, the buyer has 24 hours to dispute, if not bitcoins will be returned to seller)
Finalized by escrow (transaction finalized, bitcoin sent to buyer)
All ads on Bitsooq have a unique ID, price margin, and a maximum of 4 active ads by users. Seller can still cancel an ad and issue a new one.