When dealing with money, especially massive amounts of money, it is always important to be sure that it is safe and that the process is secure. Besides, when interacting with customers or performers, it is not always possible to know with certainty whether the client will make the payment for the service or product provided in whole or whether the provider will fulfill the task in good faith. The presence of many partnerships and the desire to protect oneself from fraud prompted the creation of escrow services.
An escrow service is a financial agreement that includes an independent third party. This party provides safe custody of the funds and regulates the disbursement of funds required by the two parties. By keeping the funds on the independent party until it is completed, transactions become more secure. It is important to note that a monetary transaction is carried out only when all the terms of the agreement are fulfilled under the control of the escrow company. The process is the following: the buyer and seller agree to the terms and conclude a contract, the buyer makes a payment into the system, the seller delivers services and goods to the buyer, the buyer approves the delivery, the agreed amount of money will be sent to the seller.
As a matter of fact, the crypto industry is relatively young and does not yet have any established regulators. Accordingly, it is impossible to be 100% sure about the security of transactions, given the number of scams and dubious projects. That's why escrow service in the crypto sphere is practically the must have and essential for making safe and reliable transactions. Here is a selection of companies that provide reliable crypto escrow service in the coming year of 2022, with which your funds will be safe, and your nerve cells will be saved.
List of Crypto Escrow Services
Except for being one of the leading crypto marketing agencies on the market, ICODA provides safe & secure escrow services for transactions in cryptocurrencies. ICODA delivers a full range of status updates to clients throughout the escrow process. Both participants are fully aware of the steps involved, including where they stand in the transaction process.
ICODA offers an unprecedented level of security through top-notch technology integrated into the service, which requires all parties involved in the transaction to have private keys. Moreover, an ICODA agent's private key is needed to gain access. Thus, no one can withdraw funds from it without the consent of all parties involved and the escrow agent's permission.
Among the advantages of the ICODA escrow service:
- A wide range of cryptocurrencies are accepted: BTC, ETH, USDT, as well as tokens based on ERC20, BEP20, TRC20;
- Low commission: 3%;
- Your transaction will be under complete control: you will be notified of any changes and progress in the contract or messages from the other party via email and notifications.
- Fast and easy to use service: ICODA provides an easy-to-use dashboard for contract management and direct communication with the other party.
- Your personal data, as well as the transaction, will be safe.
Coinsavr's automated escrow service is designed around industry-standard encryption to safeguard user data and information. When you create a new bitcoin escrow on the Coinsavr platform, you set your transaction conditions that must be met to transfer funds to the executor. Your funds are stored on the platform until the task is completed successfully.
The platform ensures transparency of the processes by providing timely notification to the parties of all changes regarding the transaction. Coinsavr also allows users to set a time frame for the transaction within which both parties must complete the transaction. In case of failure, the buyer receives a full refund. As for Coinsavr fees, it charges a flat fee of 1% as well as $2 for escrow transactions.
CryptoExchange has a dedicated team of cryptocurrency specialists responsible for providing escrow services. As a result, CryptoExchange escrow services guarantee the fulfillment of the transaction terms agreed upon by the seller and the buyer. The peculiarity of CryptoExchange is the conversion of funds into US dollars to protect the value of the buyer's assets. In case of volatile price fluctuations, users can be assured that they have the capital to make a purchase. If the sale fails, CryptoExchange converts funds back to the original cryptocurrency.
The CryptoExchange platform provides constant updates on transaction status throughout the escrow process for both parties to ensure transparency of the whole process. Transactions made using CryptoExchange escrow services are held in a secure, interest-free trust escrow account. Only upon the successful completion of the transaction by agreement of both buyer and seller is the transaction executed.
Escaroo's platform allows users to deploy cryptocurrency-based escrow smart contracts without the need for coding. Escaroo's proprietary KeylessEscrow system provides complete security of funds until the buyer receives the product or service and is ready to transfer money to the seller.
Escaroo's patented KeylessEscrow transaction system never asks for keys to the personal wallet of parties to a transaction. The parties' funds are securely stored on a publicly registered blockchain within the platform's keyless smart contract, ensuring that the funds are completely secure. Escaroo charges a fixed cost of 1.5 percent for personal and small company transactions, plus special rates for corporate transactions.
Counos Escrow ensures a secure way for buyers and sellers to enter into contracts and participate in transactions with a powerful, user-friendly dashboard for managing contracts and direct contact with the other party and providing continuous updates on the stage of the transaction.
Counos Escrow uses Multisignature wallet technology, a digital wallet that requires three signatures - buyer, seller, and escrow agent, to release funds. Additionally, the MultiSig wallet requires the private keys of all parties to the contract in addition to the escrow agent's private key for access. It helps guarantee the security of the buyer's financial assets, as well as ensure that the seller receives the funds pledged. The cryptocurrencies currently supported by Counos Escrow include Counos X (CCXX), Counos Coin (CCA), Counos U (CCU), Counos E (CCE), Litecoin (LTC), and Bitcoin (BTC).