FAQs | Velo Trust

How secure is Velo Trust?

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.

What is the transaction process?

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.

What is the jurisdiction in the event of a legal dispute?

The United Kingdom.

How are fiat funds held?

We hold escrowed funds in USD, GBP & EUR denominated bank accounts.

How long does settlement take?

Once all assets have been confirmed in escrow, fiat funds are sent to seller and then bitcoin is forwarded to buyers wallet. Purchase price reaches sellers bank account within 3 days depending on their bank jurisdiction and currency.

Are escrowed assets insured?

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.

What are your escrow fees?

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.

What are your onboarding requirements?

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.

How long does onboarding take?

We are able to verify and onboard clients within 24 hours of all necessary account opening submissions.

How is broker/intermediary settlement handled?

All brokers/intermediaries as noted on the IMFPA are settled alongside the transacting parties once all assets are confirmed in escrow.

How is proof of settlement provided?

For bitcoin settlements we provide the transaction ID and a detailed bank statement for fiat settlement.

Who are your banking partners?

HSBC and Halifax Bank, both domiciled in the United Kingdom.

How is bitcoin held?

Escrowed bitcoin is held in air-gaped cold wallets.

As a seller, what spot price I’m I selling at?

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.

What digital assets do you support?

Bitcoin only.

Can I use Velo Trust from my country?

Yes, we provide our services to all qualified buyers and sellers irrespective of country of residence.

What happens if counter-party does not send bitcoin to escrow?

Fiat funds in escrow will be refunded to buyer if seller fails to send bitcoin to escrow within 2 working days of fiat funding.

How do I close my account?

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.

Frequently Asked Questions