cryptocoingossip

Bitcoin made online transactions easy and quick.

Even though Bitcoin makes online transactions easier, people still have the problem of dealing with a strange person because of Bitcoin’s pseudonymity and irreversible nature.

To solve this problem. Many Escrow services came forward, ensuring both parties trust them as arbitrators while doing the transaction.

Today Bitcoin Escrow services do not have that much popularity compared to the initial days of Bitcoin because of the emergence of Multisig wallets.

But still, people who do not have too much technical know-how and running the business want more features. Escrow services came as the best option available.

What Is Bitcoin Escrow Service?

Bitcoin Escrow is an arbitrator or an intermediary service that holds the buyer’s Bitcoin until the seller provides the product or service in a given time frame. Releasing the Bitcoin to the seller after the product or service is received by the buyer.

Today Bitcoin Escrow services are not only limited to just holding the Bitcoin. They’re offering many extensive features, so it is time to look into some of those Bitcoin escrow services.

List of Top Bitcoin Escrow Services.

1. IBC Group.

IBC Group is a crypto fundraising platform along with providing Bitcoin escrow services since 2017.

Doing the escrow transaction in IBC, the buyer has a pre-specified amount of time to fund the transaction. Once the funds are received by IBC, they release the product or service purchased by the buyer. Only when the buyer receives and is satisfied with the product, then the funds be released to the seller.

To do all the escrow transactions, the platform leverages smart contracts that accelerate the entire procedure and allow the buyer and seller to conduct unlimited transactions.

They’re a licensed escrow organization and enforce strict KYC/AML protocols, so they might request you to submit some personal information.

In exchange for using the escrow service, they charge a 1% fixed rate fee.

2. Bitrated.

Bitrated is the Multisig service provider based out of Israel and operating since 2013.

The platform provides a multisig service rather than an escrow solution, which means for conducting any transaction, you’ll need a trusted third party who can act as an arbitrage. You can choose the transaction participants by checking their rating – there is a feedback feature provided.

That also means the platform allows you to be an arbitrage and earn the reward for handling the transactions but to be an arbitrage. You have to build a reputation by gaining points.

By using Bitrated, your private key remains safe because the platform itself cannot control your funds since it does not have the private key to the wallet.

Bitrated is free to use, but you have to pay a fee to the third who acts as an arbitrage.

3. ItBit Escrow.

ItBit Escrow is a cryptographic escrow service provided by the New York-based crypto exchange ItBit.

ItBit started operation in 2013 and claims to be the only Bitcoin exchange in the world that has been federally regulated and offers service in all 50 states in the US.

They also ensure you are anonymous during the escrow transaction and ensure all your USD funds using Federal Deposit Insurance Corporation (FDIC).

But for doing the escrow transactions, ItBit set the threshold of $50,000 and charged a small amount of fee.

4. Coinsavr.

Coinsavr is the Canadian base Bitcoin escrow service provider operating since 2018 (according to their Twitter page).

Their user-friendly UI makes it easy for you to conduct any escrow transactions. Also, you don’t have to worry about your Bitcoin Coinsavr being a government-registered entity, plus all your details are encrypted, and they provide your own encryption key if you want.

Using Coinsavr escrow, you’ll have more freedom to do escrow transactions. For example, you can choose delivery time and date, and you can cancel the transaction if you’re not satisfied.

For the Escrow service, Consavr charges a 1% + $2 fee, although once the other party accepts an Escrow, this amount is charged and isn’t refundable even when the Escrow fails or is disputed.

5. Escaroo.

Escaroo escrow services started in 2019 in the UK and are registered with the Jersey Financial Services Commission, with the registration number- 129709.

If you’re looking for more crypto options and high-ticket items like Cars, Jewellery, and Real-Estate to buy using crypto through escrow, then Escaroo is a suitable option for you.

Escaroo’s proprietary KeylessEscrow® transaction system will never ask you for your wallet keys. Your funds will be securely held on a publicly listed blockchain within a uniquely created keyless smart contract, guaranteeing no one can access your money, not even Escaroo.

Other than Bitcoin, they support many crypto assets and allow you to transact using Metamask, Leger, Trust wallet, Wallet connect, and Portis wallets.

Also, their user-friendly UI shows user ratings, allowing private chat for doing a transaction with a trusted party.

The company offers all these services under three different fee structures.

6. ESCRYPTO.

ESCRYPTO is a US based crypto escrow service platform supporting Bitcoin, Ethereum, Tether, BNB, and crypto wallets like Metamask Ledger.

Apart from normal escrow services, ESCRYPTO also offers a payment button that you can use on your website as an additional method by which to purchase goods and services. And gives brokers who take care of the crypto transaction, plus provides EaaS (Escrow as a Service) for businesses, where the platform offers a secure transaction arena that protects your company when trading with individuals or businesses that you’re unfamiliar with.

For securing the transactions, ESCRYPTO uses an institutional-grade vault that requires a public and a private key to access; with the private key disconnected from the internet, it can’t be hacked.

Moreover, ESCRYPTO verifies every user and makes sure that every transaction is fully compliant with current KYC, KYB, and AML standards.

On top of security and authenticity, the platform is user-friendly and fully licensed/pending/ on 3 continents.

Currently, ESCRYPTO offers two types of accounts, Personal and Business, with different/same features.

7. Monbux.

Monbux is not a website or company offering Bitcoin escrow services. It is a person who gained an immense reputation on the Bitcointalk forum.

The big reason to trust him is he’s been on the forum since 2014 and gained a legendary level reputation of 1000+ merits. The reviews and comments by other established and reputed users (with great individual merits, activity, and forum status for themselves) are why the user seems to be a trustworthy Bitcoin Escrow.

For security, he offers PGP verification and charges a 1% transaction fee.

Conclusion.

Bitcoin escrow services are not as popular as in the initial days of Bitcoin.

The main reason for decreasing popularity is the rise of Multisig transactions.

Even though Multisig occupies most of the market, escrow services maintain their existence because of their trustworthiness and easy-to-use infrastructure.