Hi there,
I submitted an order to buy BTC and it was for a range, and the deposit was 50% of the low end of the range but the other party took the trade for the max, so now the deposit is only 20% of the whole trade value. I am looking at this trader and I never traded with them before and they are not signed, …I’m scared. What if I send them the money and they just walk away and I only get the 20% after arbitration? This is a pretty big amount. Can I cancel this trade? If I do that, do I risk losing my deposit?
The security deposit and mult-sig combination Bisq uses is very strong and means that scammers stay away from Bisq.
I submitted an order to buy BTC and it was for a range, and the deposit was 50% of the low end of the range but the other party took the trade for the max, so now the deposit is only 20% of the whole trade value.
I am looking at this trader and I never traded with them before and they are not signed, …I’m scared.
No need to be scared. Not all traders are signed, especially new ones.
What if I send them the money and they just walk away and I only get the 20% after arbitration?
You would get:
You deposit: 20%
Their deposit: 20%
And the trade amount: 100%
So if they walk away you will get everything, pretty much. This makes them likely not to walk away and complete trade when you have sent the funds.
This is a pretty big amount. Can I cancel this trade? If I do that, do I risk losing my deposit?
If you cancel you lose 20% (your security deposit). No need to cancel. Bisq makes it safe to trade with strangers on the internet
