When you trade on Bitsooq you may engage in a transactions with people you know nothing about. When trading Bitcoins peer-to-peet there is always a risk that you send Bitcoins to a buyer and not receive your payment and vice versa. This is an undesirable outcome for any trader and you should do your best to protect yourself against it.
If you do not have a transaction history with a trader or don't trust your counterparty there are several actions you can take to mitigate the risk of fraud.
How can you protect yourself?
You can always check the following:
1. Trader's history
2. User feedback
3. The date when the trader's account has been created
4. The number of completed transactions
Bitsooq offers guaranteed protection solutions
You can always request using Bitsooq's esrow serivce to fully protect your transaction against fraud. To learn more about our escrow service read the questions related to this topic on the FAQ.
If you don't trust the seller you can ask him to send the Bitcoins you intend to buy to Bitsooq's escrow address. When the Bitcoins are received in the escrow address the status of the transaction will change from ''Open'' to ''Escrow Protected''. You can then go ahead and send your payment to the seller. We added a link where you can check the escrow address balance for confirmation. Make sure that the seller sent the right amount to that address.
Buyers may send you a request to send the Bitcoins to Bitsooq's escrow address. You can choose whether you want to use the escrow service or not. Our escrow service offers both you and the buyer protection for this translation. After you send the Bitcoins to the escrow address you can still cancel the transaction and get your Bitcoins back, there will be a grace period of 24 hours during which the buyer can still dispute the transaction. Bitsooq won't charge you anything for cancelling the transaction. (Only network fees will be charged)
If the status of the transaction is ''Escrow Protected'' and the seller decided to cancel the transaction and get his Bitcoin back. You will have a grace period of 24 hours during which you can dispute the transaction.
After sending the Bitcoins to the escrow address you will still have the right to cancel the transaction. Your Bitcoins will be held for 24 hours during which the buyer can dispute the transaction.
For Non-escrow Transactions
Bitsooq doesn't charge any fees and can be used free or charge by all users. If you are a buyer and you choose bank deposit, Paypal or Neteller or any other payment method, those payment providers may still charge you fees for using their service.
For Escrow Transaction
Bitsooq charges 2% of the funds sent+flat fees to cover the Bitcoin network fees.
For disputed transactions
Bitsooq will charge an extra 5% for dispute-processing fees if the buyer and the seller are unable to agree on settling the transaction amongst themselves. Disputed transaction can be canceled at any time by either the seller or the buyer.
If the transaction is disputed we will require form the buyer proof that he completed his payment and we will require form the seller proof that he didn't receive any payment. Whether you are the buyer or the seller, if you do not provide us with a proof that you made your payment we will assume that your counterparty is right and we will settle the dispute.
Proof of payment must be sent to Support@bitsooq.net. Please make sure you mention your transaction number. You can send account statements, copies of discussions between you and the seller, screenshots, pictures or any other document that you think is relevant for your case.
United Arab Emirates
Escrow confirmed transaction
A transaction that has been completed through Bitsooq's escrow service. Bitsooq will guarantee that this transaction is 100% legitimate because Bitsooq will be involved in protecting it.
Non-escrow Confirmed Transaction
Bitsooq cannot guarantee the authenticity of this transaction because it didn't go through our escrow service. It is possible that non-escrow confirmed transaction is a fake transaction. (You need to make sure to do your due diligence before transacting with user like carefully readying feedback about the seller before you start trading)
Every user is limited by the number of ads they can create. You can create 5 ads in total. You can cancel an ad on the dashboard under the ''ads'' tab by clicking the disable option.