How escrow works

What escrow means

Escrow is a safe holding place. As soon as a trade starts, the seller's crypto is taken out of their available balance and locked by Peerlyx. The seller can't spend it, withdraw it or use it in another trade while this trade is open.

How the crypto moves

• The buyer starts a trade, and the seller's crypto is locked in escrow straight away.
• The buyer pays the seller using the payment details shown inside the trade, then taps I've paid.
• The seller checks that the money has arrived in their own account and releases.
• The crypto moves from escrow into the buyer's Peerlyx wallet.

When a trade doesn't finish

• If the buyer doesn't mark the trade as paid within the time to pay, the trade is cancelled automatically and the crypto goes back to the seller.
• If the buyer cancels, the crypto goes back to the seller. Only the buyer can cancel a trade.
• If something goes wrong after the trade is marked paid, either side can open a dispute. The crypto stays in escrow until Peerlyx support decides.

What escrow can't do

Escrow protects the crypto. It can't protect a payment sent outside the trade, and Peerlyx can't pull back a bank transfer. That is why buyers pay only to the details shown in the trade, and why sellers release only after checking their own account.