FAQ

MFCoin Escrow

  • What is the service for?
  • Conduct secure transactions in which the service acts as a third party. And also in order to find sellers\buyers of the necessary product or service.


  • How do I make a deal?
  • If you want to purchase a product or service, first you need to replenish your internal account, which address you can find in your personal account.
    Select the appropriate offer or create your own.
    On the offer page, you can open a transaction by selecting the required quantity of goods and click on the “Make a deal” button.


  • What is MFCoin?
  • MFCoin is a cryptocurrency used in our service for conducting transactions.
    You can learn more about it on the official website .
    If you don’t have a wallet for MFCoin, you can find a list of them here .
    MFCoin is listed on the Crex24, Stex and Bisq.


  • How to replenish the internal account?
  • In the personal profile you can find your MFCoin replenishment address - Escrow-account.
    To top up, send the required amount of MFCoin to it.
    Your balance will become active after 2 confirmations from the network.


  • How to withdraw funds from the account?
  • In the personal profile look at the bottom of the page to find a withdrawal form. Specify the MFCoin address for the withdrawal and the amount. A withdrawal request will be created, you'll receive confirmation request to your email.


  • How can I describe the delivery method?
  • If the item is virtual, describe how you pass it on to the buyer (or how you wish to receive it in case you create a purchase offer). For example, if it is a sale of any currency, then describe how you send funds, for example, through which bank or payment system.

    If the goods are material, then describe the appropriate delivery services, for example, CDEC, UPS and so on.

    If the offer relates to a service, please indicate how you will provide this service (or how you want it to be indicated).


  • How can i be sure that the package will reach the recipient?
  • This is a matter of trust to the delivery service of your choice.
    If you admit that the package may be lost,
    we recommend that you specify the declared value of the parcel.
    If the parcel is lost, but it was insured, the delivery service will be obliged to pay you the declared value of the parcel.


  • Where the funds go from the transaction?
  • If the transaction is successful, then the seller receives the funds. If the transaction was canceled or was unsuccessful, the funds are returned to the buyer. In the first case, the funds are sent to the seller's Escrow account on the service.


  • What is the scheme of transactions?
  • The seller and the buyer open a deal on any offer.
    The buyer’s funds (transaction amount) are frozen by the service.
    The seller must prepare the goods and transfer them to the buyer, on the transaction page the seller clicks on the button "confirm dispatch of goods". In turn, the buyer will have to confirm that he received the goods. If all goes well, the transaction is considered completed, the funds from the transaction go to the seller.

    However, if the conditions were not met, then the following options are possible:

    1. If the seller has not confirmed the dispatch of the goods and the time of the transaction (the transaction window) is out, the transaction is considered unsuccessful and the buyer’s funds are unfrozen.
    2. If confirmation of the shipment of goods has not been yet , and the time of the transaction did not expire, but one of the parties (the buyer or the seller) canceled the transaction, then the transaction is canceled and the buyer’s funds are unfrozen.
    3. If the seller has confirmed the shipment of the goods, but the time of the transaction expired and the buyer has not confirmed receipt of the goods - in this case the transaction goes to the "Waiting" status. If the buyer does not open a dispute within 24 hours, the transaction will be considered successful and the seller will receive funds from the transaction. Such an action is needed for two reasons: the buyer could receive the goods, but forget to confirm their receipt or the buyer did not receive the goods and he should be given an opportunity to have time to open the dispute.

    If during the "Waiting" status of the transaction the buyer opened a dispute , the transaction goes into the status of "Dispute", during which the parties must negotiate. If this does not happen and the time of the dispute ends, the transaction goes to arbitration, changing the status to "Court". In this case, service judges join the dispute, examine the transaction and make a decision - consider the transaction successful or return the funds to the buyer.


  • What is deal chat for?
  • In order for the parties could agree on the transaction and delivery, as well as provide evidence of the dispatch and receipt of the goods. In controversial moments, judges will pay attention to the chat of the transaction. If the transaction has moved to the status of "Court", then the chat is blocked and the judges will consider messages in it.
    We recommend add scans of receipts, invoice numbers, check scans, etc., to transactions chat , so that in case of controversial issues there are no problems with lack of evidence.


  • Can I leave a complaint to the offer?
  • Yes, at the bottom of the offer's page you will find a form page, filling you can define whether you see in a particular sentence, violating any of the rules of service.


  • Who pays for shipping?
  • If you are creating a new offer, you can specify in the field "delivery method" who pays for the delivery. So, it depends on the author of the proposal and the agreement between the seller and the buyer.


  • Can the buyer cancel the transaction when I sent the goods?
  • If you are a seller in the transaction and clicked "confirm dispatch of the goods", then the buyer will not be able to cancel the transaction. Therefore, we recommend after the preparation of the goods for shipment to confirm its sending on the transaction page.