Escrow is what makes trading with a stranger safe. Here is exactly how it works on Peerlyx.
When the crypto is locked
The moment a buyer starts a trade, the seller’s crypto for that trade is locked in escrow. The seller can’t send it anywhere else, and the buyer can’t receive it yet. Only then does the buyer pay.
The time to pay
Every offer sets a time to pay, between 15 minutes to 3 hours. The buyer must pay and tap “I’ve paid” within that time. If they don’t, the trade is cancelled automatically and the crypto returns to the seller.
Who can do what
- The buyer pays, marks the trade as paid, and can cancel the trade. Only the buyer can cancel.
- The seller checks the payment and releases the crypto. Releasing needs the seller’s password and a two-factor code, so nobody else can release it.
- Either side can open a dispute once the buyer has marked the trade as paid.
How disputes work
If the buyer says they paid but the seller didn’t receive it, or anything else goes wrong, either side opens a dispute from the trade page. The crypto stays in escrow while Peerlyx support reviews:
- the messages in the trade chat
- the payment evidence each side adds
- the trade history
Support then releases the crypto to the buyer or returns it to the seller. Keep all communication in the trade chat: support can’t use messages from other apps.
An example
Priya wants to buy USDT with UPI. She picks an offer from Ravi and starts a trade:
- Ravi’s USDT for the trade is locked in escrow straight away.
- Priya sends the money by UPI to the UPI ID shown in the trade and taps “I’ve paid”.
- Ravi opens his banking app, sees the money from an account in Priya’s name, and releases.
- The USDT moves from escrow to Priya’s Peerlyx wallet.
If Ravi hadn’t received the money, he wouldn’t release, and either of them could open a dispute. Support would check the trade chat and Priya’s payment proof before deciding.
Why only the buyer can cancel
If sellers could cancel after a buyer paid, a buyer could lose their money. So only the buyer can cancel a trade. A seller who has a problem after the buyer marks the trade as paid opens a dispute instead.
What escrow can’t do
Escrow protects the crypto, not payments made outside the trade. Always pay only to the details shown in the trade, from your own account, and never release before the money is in your account. Read 7 P2P scams and how escrow stops each one.