Q. What is Escrow?
Escrow is a contractual arrangement in which a third party receives and disburses funds or documents for the primary transacting parties, with the disbursement dependent on conditions agreed to by the transacting parties.
Q. How does escrow work on the Transactwise platform?
We built Transactwise Crypto Transfer System to be an escrow service for crypto trading and exchanges, with one big difference we give the power of security back to both parties (In this case, the Buyer and Seller). Transactwise is a true Peer-to-Peer crypto exchange escrow service, where each transaction produces a unique smart contract that only holds the designated funds for your transaction, with absolutely no pooled funds, guaranteeing a trustful trading experience.
Q. Who is the Founder of the Transactwise Company?
The Founder & Director of the Company is Mr. Maclain Edward
Q. Is Transactwise a registered company?
Yes Transactwise is a UK based privately registered company incorporated on the date 11th September 2018. View License Here
Q. Advantages of using Transactwise?
There are so many advantages to using Transactwise for your next crypto exchange transaction. The biggest reason for doing so, is to keep your funds secure. With so many potential scammers out there, Transactwise's patent pending technology is designed to secure your funds during the entire transaction process, with funds only being released when all parties have fully through with their obligations.
The other reason for using Transactwise is its ease of use, you can start a transaction in just a few minutes, managing every step within a simple to use transaction panel. You can see the detailed status during a transaction
Q. Are my personal details secure with you?
Transactwise takes a number of precautionary measures to ensure that the personal details of our clients
are held in absolute confidence and are securely stored so as not to be accessible by unauthorized persons.
Q. Are my funds secure?
Yes, every Transactwise transaction creates a unique irrefutable smart wallet listed on public wallet addresses, this smart contract will hold the funds for your transaction until time of distribution between buyer and seller.
Q. How do I Verify or Confirm a transaction?
In order to verify your account, Both parties must click on the mail sent to them after successfully creating a transaction.
Q. How long does it take for funds to be released?
Once the required funds have been received from both the buyer and seller, Normally your funds are automatically available for withdrawal to your desired wallet address, In few cases, You may need to wait for a maximum of 1 hour due to the network
Q. How long does the withdrawal take?
The withdrawal duration depends on the coins which are being traded. In some cases, transaction fees will have to be charged during the withdrawal.
Q. How much are the fees charged?
We charge 10% of the total transaction amount as the fees for trading, Buyers and Sellers can choose who pays the total fee or if the fees will be shared equally between them.