What is this place?
TrustedCoinTrades is peer-to-peer trading on steroids. Here members directly trade the top 200 cryptocurrencies using different transfer methods, secured with dual escrow. Loans are also supported.
What is dual escrow?
Dual escrow allows safer trades because not only the seller places funds in escrow. Since many cash transfer methods are reversible sellers remain at risk after releasing coins to a buyer. Dual escrow allows buyers to escrow funds putting sellers at ease while their payment settles. Learn more
Is trading here private?
Yes. Trades here are peer-to-peer.
Do I need to submit identifying documents to trade?
No identification is required to trade. For trade security escrow can be held (in Bitcoin or Litecoin) for the value of any trade.
What is deleted when I close my account?
Everything is deleted except trade and feedback history, because other trade accounts are attached. However, all chat messages and submitted documents, including those in trades, are deleted. The username is no longer available. Note accounts cannot be fully closed until 15 days after the last completed trade.
Are 200 cryptocurrencies supported within the wallet?
No. At present only Bitcoin and Litecoin are supported. Members may send each other any cryptocurrency directly, while trades are secured with the USD equivalent trade value in Bitcoin/Litecoin held in escrow.
Which wallet should I use for cryptocurrencies?
Security is always a balance between usability and maximum security. Hardware wallets such as the Ledger Wallet currently provide the best balance. Online wallets are most convenient, but there is counterparty risk when not holding your own private keys. We therefore recommend keeping such account balances low and spread across different services when possible. Software viruses are a risk when holding your own private keys and not using a hardware wallet, so it's recommended to also keep these balances low. Two well established, convenient and secure wallets for holding your own keys are Electrum for Bitcoin and Electrum-LTC for Litecoin.
What can be traded here?
Almost anything can be traded, including national currencies, cryptocurrencies, precious metals, gift card codes, and even loan offers at interest. Escrow secures trades in USD equivalent amounts.
Is there a penalty for defaulting on a loan?
Yes. When a member leaves a negative feedback for a loan the receiving member's feedback score is reduced by 10%. For example, a member with a feedback score of 97% would have 87% after negative feedback. This heavier weighting for negative loan experiences reflects our emphasis on trust. A loan is the ultimate form of financial trust, as the recipient gives their word they will repay, which should be trustworthy. This incentivises the repayment of loans.
Why are loans listed under 'Trades' in My Account?
For simplicity a loan is another kind of trade, but the trade is always one US dollar amount for a higher US dollar amount. Loans can be secured with escrow similarly to other trades and can be transacted with different currencies.
How are exchange rates calculated? Should I manually adjust my ads over time?
Exchange rates are described in this article. Ad prices are automatically adjusted up or down according to live market rates.