What is an escrow?

An escrow is a legal/financial arrangement where a third party holds an asset on behalf two parties involved in a transaction. It is a method that ensures a secure transaction because the asset in question is released only after the agreed terms have been met. Thus protecting both parties concerned from fraud.

Bitkoin Africa provides escrow services for all cryptocurrency trades. This means that all cryptocurrency intended for sale, and payments for cryptocurrency are first deposited by the sellers/buyers who create Trade Postings, held by Bitkoin Africa, and then dispensed to the appropriate buyers/sellers who respond to Trade Postings.

In your Bitkoin Africa Wallet, there’s an item labelled ‘Escrowed Balance’. This shows how much cryptocurrency or Naira you have deposited in escrow. If you create a Trade Posting to sell cryptocurrency, there should be cryptocurrency in your Escrowed Balance. Likewise, if you create a Trade Posting to buy cryptocurrency, there should be Naira in your Escrowed Balance. An empty Escrowed Balance means you have no Trade Postings active.

Bitkoin Africa escrowed balance

What happens if I retire my trade?

If you retire your Trade Posting, it will no longer appear on the Bitkoin Africa trading page. However, because all trades are irreversible, you keep the sales you have made on your trade prior to its retirement. The remaining escrowed amount will then be returned to your wallet or bank account immediately, thereby leaving your Escrowed Balance empty.

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