Open trade with untrustworthy maker - proceed or cancel?

Trading
1

I’ve just created a trade (me as buyer/taker) with a counterparty that was responsible for the only failed trade I’ve had so far - which I only realised after creating the trade, when I recognised their banking details.

In the case of my failed previous trade, I sent funds, but did not receive the BTC I was buying in return. The counterparty did not respond to my messages in the trader chat, and also didn’t respond to the messages the mediator sent them afterwards. The issue was ultimately resolved through arbitration and I was impressed with how the process worked.

So, my questions to the brilliant minds of the Bisq community:

  • Any reasons why I should proceed with the trade?
  • If not, how do I cancel it and what are the costs of cancelling?
  • How do I prevent this from happening again - can I mark a counterparty as one that is suspicious or that I don’t want to trade with again?
2

Canceling the trade would mean having to pay a penalty of up to 20% that will be offered to the peer, since you canceled, so it is not advisable, as you would even be giving them free money.
You can absolutely “ban” a peer by going to Settings > Preferences > ignore peer, if you so wish.
For the current trade, I suggest going forward, and if the peer doesn’t release the BTC, or is late, you are entitles to a penalty, which is higher if they do not reply to mediator, and dispute goes on to arbitration; it might be argued that you have to gain from the peer’s unresponsiveness.

1 Like
3

Thank you, great answer. I will follow your advice.