-
Notifications
You must be signed in to change notification settings - Fork 8
Frequently Asked Questions ( FAQ )
Swapsteem is a peer-to-peer exchange of STEEM/SBD between users (called traders) in the steem blockchain. We’re a fast, secure and convenient marketplace where traders create advertisements with the price and the payment method they want to offer. You can choose the user you want to trade (buy and/or sell) your STEEM/SBD with. You can also search for the amount, currency, country, and payment method of your preference.
Once you choose to make a trade, an escrow is initiated. Escrow places the seller’s money under our (@swapsteem) care in order to protect both buyer and seller in a transaction. When both parties verify the transaction has been completed per terms set, the money is released. If at any point a dispute arises between the parties in the transaction, we will reimburse the affected person. The outcome of the dispute resolution process will decide what happens to the money in escrow. **Please be sure you have received your money before you release them.
All transactions are managed by our escrow agents. Also, the escrow agents pay a certain deposit to us in order to become our trusted agent. We ‘Power up’ with these deposits and also refund the affected party, in any fraud cases. Also, should in case our agent turns out to favor any of the party, we immediately ban him from the role.
Typically, a Steem transaction validates within its three (3) seconds of initiation, you can view the status at http://steemd.com/@username. It may take up to a minute before your transaction will appear on our website. Kindly report to us if your transaction does not reflect in more than three (3) minutes later.
There is no need to deposit STEEM/SBD before making a trade, instead you create escrow transactions.
Disputes are managed by our qualified moderators in escrow, they have the power to return the amount to the buyer or seller, or split the amount as the case may be. Moderators also check for proof of payments in chat windows and take necessary decisions accordingly.
Once an order is created, rate change is irreversible. For creating an ad, we take a margin from Creator (a percentage of the current market rate). If a user selects the ‘+0%’ margin, this means he wants to buy or sell at the current market rate. If he chooses the ‘-1%’ margin, his rate is 1% less than the market rate. Similarly, if the margin is +1%, his rate is 1% more than the market rate. Note that at the time of creating an order, it is created at market rate +/- margin. For instance, you created an ad at $1 per STEEM with 0% margin. If the market price rises, it will become the market price +0 % margin. The margin is the deciding factor. Rate always depends on the current price (+/- margin) set by Creator.
@swapsteem charges a minimum fee of 1SBD. Fees may vary from different agents as they may choose their own fee.
Orders can be cancelled any time before an escrow is initiated. Users will be provided with Cancel Order button until the transaction status is escrow transferred. If an escrow has been initiated, the order can be automatically cancelled once it is not yet approved by the receiver and our agent.
You need to notify the seller after making the payment by uploading a proof of your payment and clicking the Mark Payment Done button.
Your session will be stored, but any unsubmitted data from your last session will be lost.
Trades on Swapsteem happen with other verified Steem users, each trade has a single registered owner that is irreversible. It is impossible to send funds to an unwanted address other than the advertisement owner, until and unless a user modifies the transaction URL. Kindly note that any modified transaction will not be approved and we will not, for no reason whatsoever; claim any responsibility for funds lost due to this.
Swapsteem does not require any additional account other than your Steem account. Kindly use the account recovery option provided at steemit.com if you want to recover your account.
Yes, there will be a feedback system. After each trade, both parties will give a feedback of each other’s experience.
Every advertisement has to declare the minimum and maximum limit of order they take. Limits section is for that purpose only.
Trustworthy This increases the receiver’s feedback score and also marks the receiver as a trusted person. Positive This also increases the receiver’s feedback score. Neutral This doesn’t affect the receiver’s feedback score. Negative This affects the receiver’s feedback score. Fraud This will affect the receiver’s feedback score drastically and also marks the person as a fraud.
After making payments, you need to mark your payment as done so as to notify the seller. The seller checks his account for payment receipt and releases the money. If the seller is taking longer than the specified time to release payment, you can raise a dispute with proof of payment.
You need to make payments and mark them within the specified time. After time expiration, the order cancels automatically. You may lose your funds if you pay for a closed order.
Yes, users can make unlimited transactions, but the limit for free open trades is two (2) for a single trader.
Made with <3 By @bunyy, @shubh1692 and @aneilpatel05 at @nirvanaitsolutions