This is my first time exchanging fiat (via clearXchange) for bitcoin and I’m having a little trouble with it. The fiat seller tried sending me $ via clearXchange, but was notified that only banks in the network could receive. I’d seen that all US banks could send/receive, so I did a bunch of searching and found that the problem was likely because I hadn’t gone through the verification process with clearXchange and my bank. I initiated Friday morning (-0600 GMT), but since it’s the weekend, I’m guessing the 1~2 business-day verification won’t go through until Monday. And then, if the seller is then able to send me $, it won’t arrive before transaction time has run out.
So I’m wondering what the best course of action would be at this point. I’m in contact with the fiat seller by email. Should I tell him not to send the fiat? Or should I tell him to try sending it anyway? Or…? This is his first time using Bitsquare as well, so he’s also a bit unclear of what to do. After searching a bit, my understanding is that there is no way to cancel the transaction so that the bitcoin he sent automatically gets sent back to his address, and we have to wait arbitration. I can’t find a clear answer. So if someone could direct toward where these directions are, I’d appreciate it!
Also, in response to Manfred’s comment:
But we should find out why so many people have issues and add more info to the account setup.
I think one of the problems is that clearXchange doesn’t make it obvious that people have to verify the account. There’s nothing in the instructions when signing up for the service that I saw. I should have realized that I needed to do this, and when I finally thought of it (after the trouble), I went into the settings and there’s just a small link next to the bank account settings that one has to select to begin the process. So perhaps mentioning this in the instructions for Bitsquare could help since clearXchange doesn’t make it explicit. (The other two times I’ve had to use this verification process, e.g. Schwab and Coinbase, it’s been very explicit that one needed to go through this process.)