Getting halfway through a P2P trade and needing to cancel for whatever reason is frustrating enough. Having to raise a dispute and wait for a dispute resolution manager to resolve the dispute for you is even worse. After requests from users, LocalCoinSwap has now solved this issue by implementing the “cancel trade” functionality.
This functionality allows a trade to be canceled by either party before the local currency payment is made. After the payment is marked as paid, the trade can only be canceled by the buyer, and not the seller. This may be useful in the case of a bank transfer that bounces, or other similar cases and still protects the buyer from fraud.
On top of providing a smoother trading process for users, this feature should significantly reduce staff time spent on dispute resolution as the vast majority of disputes are simply ones where both parties have agreed not to go ahead with the trade.
In order to cancel a trade, simply click the “Cancel Trade” button above the trade terms and conditions.
You may still raise a dispute if you have any issues with the trade at any time before completion.
Keep an eye out for more upcoming features on the LocalCoinSwap platform!
The LocalCoinSwap team