Comment on page
Completing a Buy Order
After a seller responds to your ad, you must specify the amount you would like to buy once again, and then notify the seller by signing it.
(Note: This signature is just to record this action on the blockchain. You do not have to pay any gas fees, nor is any crypto deducted from your account (in fact, this simply isn't possible since we never even ask buyers to approve spending tokens.)
Once you press the
Sign and Continuebutton in the previous step, OpenPeer notifies the seller that someone is interested to complete one of their open orders, and asks them to deposit the funds in an escrow contract.
Sometimes sellers respond immediately, whereas others times they may be delayed in their response. If the seller is taking time to deposit the funds, you may the leave the application. We shall intimate you when the seller escrows the crypto.
(This is why we encourage users to add their email address to their accounts, even though it is optional. It helps us notify everyone in a timely manner, and maximize the number of completed transactions!)
Once the seller deposits the funds in an escrow, you need to transfer the fiat amount to the merchant via their mentioned payment method. In our example, the seller demands UPI payment (which is a form of digital payment in India), however this will vary from region to region.
After you transfer the fiat money, click on the
I've made the paymentbutton which will mark the order as paid from your end.
Once the seller receives the fiat money you sent them, they will release the crypto from the escrow, which will credit the same to your wallet.
Feel free to message the merchant by using the chat widget in the bottom-right of the screen. You may cancel the order by clicking on the
Cancel Orderbutton, or open a dispute by clicking on the
Congratulations, you have successfully completed a buy order on OpenPeer. 🥳