Feel safer when exchanging money with other members
We’ve decided to open our Currency Exchanges section to everyone. Until today, it has been restricted to Premium and VIP+ only, and has allowed them to exchange currencies without SWAPD staff’s involvement.
We’ve come to realize that some of you are exchanging larger amounts of money, and we sometimes see people being hesitant going first, or taking part in the exchange. Because of this, we’re introducing escrow for currency exchanges at an optional basis (for Diamond Club & Millionaire Club). Regular members, premium members and VIP’s wishing to exchange currencies will have to do so via a ticket.
Diamond Club and above are in no way required to use SWAPD escrow when exchanging currencies, but they have the option to. SWAPD escrow for Currency Exchanges will work on a progressive fee structure, based on the amount being exchanged, or $20 USD minimum. The fee structure can be seen below. Escrow for Currency Exchanges is only available between Bank Wire and Cryptocurrencies (BTC, USDT & ETH).
Fee structure
Regular & Premium Members: 3% from each payment (If two regular users are exchanging, the total fee for the exchange will be 6%).
VIP: 2% (If two VIP’s are exchanging, the total fee for the exchange will be 4%. If a VIP is exchanging with a regular user, they will receive a 2% deduction, while the regular user will receive a 3% deduction).
Diamond Club: 1% (If two Diamond Club members are exchanging, the total fee for the exchange will be 2%).
Millionaire Club: 0% (note that you will still be liable to international wire fees and/or fees charged by the blockchain).
FAQ
Q: Am I more secured if I use escrow for my currency exchange?
A: Yes. The deal won’t proceed until both parties have made their escrow deposits.
Q: What happens if I get scammed outside of escrow?
A: As long as you’ve dealt on SWAPD, we will do our best to help you, but we are not obligated to reimburse you if you don’t use escrow.
Q: Which currencies can SWAPD escrow help me exchange?
A: SWAPD escrow for Currency Exchanges only supports Bank Wire to Cryptocurrencies (BTC, USDT & ETH) and vice versa.
Q: What are the fees associated with SWAPD escrow for currency exchanges?
A: If you’re exchanging crypto to bank wire (or vice versa) please note that you will face the SWAPD escrow fee (as outlined above), bank wire fees (determined by banks) as well as crypto network fees and potential fluctuations.
Q: Who is bearing the SWAPD escrow fees?
A: The SWAPD escrow fee is split between both parties. This means we will deduct a percentage based on the fee structure above from both payments.
Guide: How to start a Currency Exchange ticket
Note: Currency Exchange tickets does not count towards your sales/purchase data, and will not count towards sales-focused user upgrades.
