Many people may not be familiar with the word escrow.
Escrow is a trusted 3rd party system setup to ensure a safe transaction during an exchange.
On an exchange platform, the escrow system is usually automated (not bias) and may attract a fee. However, it is safer and more convenient to use an escrow-enabled platform for exchanges (especially e-currency or cryptocurrency exchange).
Exchange process using escrow.
In currency exchange (cryptocurrency inclusive), a trader(buyer/seller) has the ability to put up an advert to buy/sell at a particular price, that becomes visible to other users/visitors. When interested client initiates a trade, the fund is locked in the escrow for a specified period, allowing both parties to complete transaction. If both parties have confirmed the transaction, the escrowed fund is released and the trade is completed. Else, the trade could either be cancelled(by buyer), expire(after window period elapses) or disputed(if there is a misunderstanding or unsatisfactory transaction).
This method of security during exchange in an open exchange market/platform is more viable & fast, and puts the minds of both traders and clients at rest.
However, one must be careful not to fall prey to fraudsters and scammers, as there are many fraudulent means or platforms/forums used to lure people to losing their funds.
Example of a trusted escrow platform is GekoBox - It has low escrow fees, multiple payment methods and latest security applications.
I have over 5years experience in trading currencies (especially cryptocurrenies), and have traded on many platforms.
Based on my years of experience, I am familiar with couple of strategies used by scammers. I will be glad to help people get into genuine business(trading) and also escape being defrauded.
My contact details:
Tel: +2347037485610
Email: thebtcfancytrader@gmail.com