BitCheck reduces counterparty risk and ensures a secure environment against frauds, illegal activities, and scams. Acting as an independent third party, BitCheck withholds payment until everyone fulfills their responsibilities in the transaction.
BitChecks are either released or canceled only when both parties agree; these steps can easily be finished within minutes on the XREX app.
BitCheck is a secure, effortless, and quick third-party escrow transaction service supported by XREX, a team combined with world-class experts having over 14 years of cybersecurity experience. All the parties you do transactions with are users who have passed XREX’s identity verification. Over $400 million are escrowed since launch.
In just a few steps, you can complete escrowed transactions with other parties at any time from anywhere, without hassle. Before using BitCheck, please register with the XREX app and pass identity verification.
For a visual representation of how BitCheck works, please take a look into the video below:
Types of BitCheck:
Escrowed BitCheck (with contract): contracts for BitCheck is currently divided into 4 types: P2P transaction, goods/service trading, trusted third-party payment and gift/donation. You are free to choose the applicable legal jurisdiction, choice of law and leave relevant agreements as notes for this transaction. This type of BitCheck needs to be signed or rejected by both parties before it can be completed or canceled.
Escrowed BitCheck (without contract): There are two ways to complete the transaction: The received can apply for release and will receive the payment once the sender approves the release; The sender can opt to release the BitCheck directly and the receiver will receive payment instantly.
Direct transfer: It is executed by the sender and the transaction will be completed after confirmation. Please note that this type of transaction cannot be canceled and only NFT is currently supported.
How does BitCheck work?
BitCheck will allow you to transfer funds to another XREX user. This feature currently supports cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), USDT, BCH, and XRP. Fiat currency is currently not supported.
After the two parties agree on the terms and conditions, the sender can enter the BitCheck page, select transfer, enter the user ID or select the recipient in the Contacts.
After filling in your preferred amount and currency, click Send Escrowed BitCheck to confirm.
You should be able to view the option to add a contract before sending the BitCheck.
During the BitCheck process, funds will be temporarily escrowed by XREX. XREX will release the funds to the receiver only after both parties confirm that the agreement has been fulfilled and approve the release of funds.
In the case of goods transactions, the sender can approve the release of funds after receiving the goods or ask the receiver to provide proof of delivery to ensure that the agreement has been fulfilled.
After the receiver fulfills the agreement, they can send a request to the sender for approval to release the escrowed funds in BitCheck.
After the sender approves the release of escrowed BitCheck funds, the receiver will receive the funds and the transaction will be deemed completed.
** Please note that the images and videos displayed here may not always reflect the most current version of the XREX App. For the latest updates, we encourage you to refer directly to the XREX App. **
Together, we grow and go beyond.
The XREX team
Please note that XREX is a fin-tech company aiming to comply with all regulations relevant to our services. The type and scope of services provided might be different depending on the jurisdiction where you are located and the relevant regulations for that jurisdiction.