Bank transfer trade case study: Is this a valid trade?

Hello everyone,

I wanted to share my recent trading experience and seek some advice on how to handle a situation that has arisen.

First and foremost, I want to assure everyone that the trades I am discussing here are genuine and that I have received the money as promised. However, I have encountered some complications and would appreciate your insights on what I can do next.

To provide some context, a new user initiated a trade with me and opted for a bank transfer with an initial amount of $15. The transaction went smoothly, and I received the payment within one minute. The buyer proceeded to initiate another trade for $50, which also went well but took around 4 minutes for the payment to arrive.

Immediately, the third trade, however, gave me some concern. The buyer initiated a trade for $100, and at this point, I became cautious, feeling that frequent transactions from the same person within a short time frame (10 miuntes) could raise red flags with my bank. I chose not to send my bank details to the buyer and expressed my hesitation to continue trading with this buyer. Unfortunately, before I could convey my decision, the buyer sent the payment within seconds.

After a considerable wait, I finally received the payment after two hours. I promptly released the cryptocurrency to the buyer as per the agreement.

Now, I have some questions regarding the validity of the trades and the potential actions I can take:

  1. Is the third trade considered valid, given that I did not provide my bank details to the buyer? If I start a dispute, am I still obligated to release the cryptocurrency since I did not disclose my bank details to the buyer?

  2. If I start a dispute, and the buyer provides strong evidence of the money transfer but my bank blocks the transaction, am I still obligated to call my bank to ask about the money since I did not disclose my bank details to the buyer?

  3. Additionally, I would like to seek advice on how to proceed if I wish to revoke the positive feedback I initially gave to the buyer. Unfortunately, I cannot find an option to do so.

Thank you.

Hi XeroManceR,

  1. Thanks for the report. Sending unsolicited payments is against our ToS. You aren’t obligated to finalize the trade if you didn’t provide any payment details. If you don’t wish to proceed with the trade, you have the right to send the payment back to the original sender or raise a dispute and our staff member will join the trade chat to handle it.

  2. We solve the disputes on the case by case basis. If you encounter such situation, we’d recommend you report this to the admins by contacting us or by raising a dispute.

  3. You can change the feedback to neutral or negative. If you wish to completely revoke it, you can contact me directly and I’ll help you sort this.

You can report the trade ID and the details of the trade to me directly, I’ll investigate this. You can contact me via Telegram @EDWARD_LOCALMONERO_AGORADESK, or via Matrix