If my counterparty and I want to walk away from an open trade, what will the fees and procedures be?

My I opened a trade almost 4 days ago and I fear it is about to time out due to an unpleasant little surprise from zelle. (Trade ID 221417)

Background: I listed a BID to buy .0079 BTC (about $100 worth) in the BISQ market . I have 0.01 BTC (about $135) locked up for fees and collateral.

My offer was accepted, and I was given 4 days to pay for my BTC. Then came the glitch… I very recently changed my cell phone number within my account proflle at my bank. I had no idea, nor was I warned by my bank that this would interrupt my ability to use zelle until they had gone thru some anti-fraud steps to verify that I was the true owner of that phone number.

Fortunately, I was able to contact my counterparty to this trade and explain the situation. (Their email address was used as their Zelle ID.) And they said it would be no problem to let the 4 days payment window expire and try again at a later date.

My question is, Can we just “walk away” from this trade? Are there any instructions for doing so?

Thank you.

No, you can’t. You should open a dispute for this once the trade period is over or if you are certain you can’t complete the trade, you can open the dispute now with cmd+o.

You will just explain the situation to the arbitrator and it will all get sorted out once he confirms it with the other trader.

Thank you Alexej, I am concerned that opening a dispute will cause me to lose my security deposit. I don’t want to lose $130.00 on a $100.00 purchase that failed.

I am hoping to recoup all my deposits. I have an incentive to not dispute the transaction.

Will all the collected fees be returned to the maker and the taker’s accounts if the trade never takes place and if the trade is never disputed?

There is never a reason to not open a dispute, you should always open it if you are unsure.

You can not get out of a trade once it is started, funds will not be returned automatically, they are locked in a multisig until either both users release them when the trade is completed or until arbitrator releases them with the help of one of the traders.

If you don’t open a dispute, your funds will be locked until the other trader opens a dispute. There is nothing to worry about either, arbitrator will talk to you and the other trader and will make a decision based on that.