Crypto Escrow transaction (Secure OTC trading) between VNDC users

Trade cryptocurrencies securely with other VNDC Wallet users with Crypto Escrow

In order to protect both the seller and the buyer in an OTC transaction between 2 VNDC users, VNDC Wallet comes with the Crypto Escrow feature. Transactions made through Crypto Escrow will be processed by the VNDC system, which ensures both the buyer and the seller go through with the payment once both sides have agreed on the deal, therefore preventing fraudulent activities.

Below are the steps to make a Crypto Escrow transaction (we separate the steps into 2 sections: 5 steps for the person placing the order, and 3 steps for the person confirming the order)

For the person placing the Crypto Escrow order (Buying or Selling)

Step 1:

From the VNDC Wallet Pro home screen, in the Features section, tap on Crypto Escrow:

 

Step 2:

In the Crypto Escrow screen that appears, tap on the (+) button in the lower right corner. Tap on "Sell" or "Buy" depending on the type of transaction you want to make.

Note: In the following example, we will be placing a Sell order. The process for placing the Buy order is similar.

 

Step 3:

In the Sell Crypto/Buy Crypto screen, type in the information corresponding to the provided boxes:

  • User: Type in the exact email address / phone number / username (10-digit number) of the person confirming the order/the person you want to make the transaction with
  • Amount: Choose the cryptocurrency you want to buy/sell from the list and type in the desired amount
  • Unit price: Type in the desired price for one unit of the cryptocurrency being used in the transaction (the price should be in VNDC)

The Total box will automatically show the final amount of money involved in the transaction - in other words, the amount of VNDC that the buyer will pay the sellers.

Tap on "Create Crypto Escrow" when you have typed in all the information accurately.

Note:

  • Make sure all the information you type in is accurate. VNDC do not take responsibility for lost assets caused by user error, including inaccurate exchange rates and mistyping of user credentials.
  • The Market price shown on screen is for reference purposes only. The price of the exchanged cryptocurrency should be determined previously by the people participating in the transaction.
  • Use the "Max" button to type in the largest amount of the chosen cryptocurrency that you can buy/sell based on your wallet balance.

 

Step 4:

The Confirm Transaction screen appear with the information of the participants (the person placing the order and the person confirming the order - in the example below, they are the Seller and the Buyer, respectively), the amount of cryptocurrency being exchanged, the price for each unit of that cryptocurrency, and the total price in VNDC.

Confirm all these information before tapping "Create now".

 

Step 5:

The Verification Code screen appears. Type in the 6 digits of your OTP Code sent to your registered email or phone number and tap Verify.

You have successfully completed the Crypto Escrow order placing process.

 

For the person confirming the Crypto Escrow order

Step 1:

After the person places a Crypto Escrow order successfully, the other side will receive a notification. You can open the Detail Transaction screen to confirm this transaction in 2 ways:

  • Tap on the notification
  • From the main screen of the VNDC Wallet Pro app, in the Features section, tap on Crypto Escrow. Tap on the transaction that you want to confirm:

 

Step 2:

The Detail Transaction screen appears. Confirm that all the transaction details are correct before tapping Accept. Tap Cancel if you want to abort the process.

 

Step 3:

The Verification Code screen appears. Type in the 6 digits of your OTP Code sent to your registered email or phone number and tap Verify.

You have successfully finished the Crypto Escrow transaction.

 

Should you encounter any difficulty during this process, feel free to contact us at:

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