Escrow

If you already have an external counter-party to your Bitcoin trade, we have the capabilities to provide a safe and efficient escrow service where both parties are protected.

Our Escrow Process

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Read through our most frequently asked questions to gain a better understanding of how our service works.

Most escrow services only have the capability to validate, monitor and safely hold fiat funds but no capability to secure cryptocurrency. However, we at Velo Trust via our airgapped, cold storage infrastructure solutions are able to totally secure bitcoin held in escrow. The bitcoin we hold in escrow on behalf of our clients is also insured against loss.
After the transaction is opened, the escrow officer provides the buyer with escrow funding instructions, then confirms the availability of funds to the seller and requests bitcoin transfer to the designated escrow wallet, after bitcoin confirmation of receipt, purchase price is then released to the seller and bitcoin to the buyer.
We hold escrowed funds in USD, GBP & EUR denominated bank accounts.
Bitcoin settlement is completed 24 hours after we confirm receipt of your payment, while fiat settlements occur between 1-3 business days depending on the location of your bank, the currency being settled, and the time the trade took place.
Fiat assets are federally insured and digital assets are insured from the moment we receive them in escrow to the moment they reach the counterparty wallet.
Our escrow transaction fee is fixed at 1%. This fee can be split between both parties or paid entirely by a single party depending on the transaction terms.
In order to use and onboard our service we require you to provide us with some of your personal data which is verified against credit reference agency data in order to fulfil our KYC/AML compliance checks. Your personal data is protected by privacy laws and is never shared with any third parties. It is also protected from any form of data breach by military grade encryption.
We are able to verify and onboard clients within 24 hours of all necessary account opening submissions.
All brokers/intermediaries as noted on the IMFPA are settled alongside the transacting parties once all assets are confirmed in escrow.
For bitcoin settlements we provide the transaction ID and a detailed bank statement for fiat settlement.
HSBC and Halifax Bank, both domiciled in the United Kingdom.
You cannot send bitcoin to an escrow wallet without a transaction however you can send fiat funds to an escrow account in anticipation of a future transaction or have some fiat funds left over from a previous transaction. This displays on your dashboard as your available balance.
The moment we receive buyers funds in escrow, we quote the corresponding bitcoin you have to send from Bitstamp prices based on the discount or premium you are selling at.
Yes, we provide our services to all qualified buyers and sellers irrespective of country of residence.
Fiat funds in escrow will be refunded to buyer if seller fails to send bitcoin to escrow within 2 working days of fiat funding.
If you would like your account closed and your personal data deleted, please send a request to dataprivacy@velotrust.com and we would be happy to do so.
Buyers escrowed funds are not released until we receive sellers bitcoin and are able to provide total assurance that the coins are real and transferable.
Once we confirm receipt of sellers coins, they can only be released to the buyer, once escrowed funds have been sent and confirmed at the sellers bank.
Velo Trust through the institutional grade ledger vault technology safely holds and secures bitcoin held in escrow.
Please reach out to our support desk who offer around the clock support via email and telephone here.
Click here to contact us.