Escrow Service?

I really have not done any trading online except for ebay and I just want to protect myself and not lose money on a trade. Anyone know how escrow services work and what not? Or any other tips to make trading easier?

I think they hold the money until both parties complete their duties.

[url]http://en.wikipedia.org/wiki/Escrow[/url]

thanks! has anyone tried escrow before?

Yes I have.  If you are purchasing from someone and want to ensure you receive the right product in acceptable condition you enlist an escrow service.

You pay the escrow service who holds on to the funds and they notify the seller to ship the product.  Once the product arrives and you are satisfied with the condition you alert the escrow service who releases the funds to the seller.

I have only used it once on a very large purchase because of the fees involved.  I also had to do a wire transfer with my bank which was a pain in the butt because then my bank charged me for the wire transfer as well.