Bitcoin Forum

Afternoon chaps  ;D

I'm new to the forum (HI!)

I was wondering if someone could link me to any information about how best to start selling btc on Local Bitcoins? And any potential pitfalls etc.

My general plan at the moment is to start with small trades £5-100, Then buy from coinbase and sell for 10-15% profit on each transaction.. Thats the general idea right?!

Sorry if this question has been asked a million times, I have searched previous threads.

Thanks in advance ;)

DTD

Are you talking about meet in person trades or online (wire transfer, other payment option) trades. These two are quite different.

If you start charging premiums like you said on online trades where there is a lot of competition you won't get any people. Trust us everything on localbitcoins and to earn trust, sometimes you must trade at the same price you buy or even at a loss. This of course only until you don't get reviews to attract other customers.

If you wanna sell in person, it just depends where do you live and is there a lot of other people that are selling in person and also what are their prices. If there is no much competition, you might get through with your 10 - 15%.

How do you plan to make 10-15 % profit on each transaction, are you going to wait when the price increases by that much or just sell at a higher price? If it is the latter then why do you think people will buy from you at an increased price, when there must be many sellers who are offering for lower than that?

You need to tell what payment medium are you looking to sell bitcoins for and then people can advise on things to look out for when trading with such mediums.

There is a lot of information on the localbitcoins site. There is an active forum, too.

Sellers are exposed to risk from fraud (though buyers are well-protected), so it is important to understand the risks of the payment methods you use. Read information about payment methods on the site.

If Coinbase believes you are trading bitcoins, they will ban you.

I first started buying on LBC in 2013. Back then you could do trades via bank transfer with barely any contact with the seller. The last time I checked they wanted skype calls, screenshots and ID printing. That's gotta tell you about the scamminess levels there now.

And make no mistake, Coinbase will shut you down if they sniff that you're a seller on there. You'd need to send your coins to an exchange or something and then withdraw to cover your tracks.

i think very few will be willing to buy at 10-15%, i would do 5% to begin with

if you offer a fast way to have money to the buyer, there might be a betetr chances to find someone with those rate

Believe it or not, about a year or so ago, that amount of effort could be put into things and often times, for the payment methods I was accepting at the time, I could expect 'finex/bitstamp + 30 to sometimes 60% rate and the only issue was a matter of supply to cater to the volume of demand..

As was mentioned above though, with a new seller account, if you also want to make relatively sure that you're not losing coins to scammers, realistically you should expect 5-7% with a lot of competition. Things sure aren't like they used to be back when the amount of $500 Moneypaks you were able to ACCEPT a day (contingent upon your ability to have as many pre-paids as possible that accepted Greendot MP, and more importantly, your withdrawal techniques - getting thousands of dollars off pre-paids without being noticed) decided what you were able to make...and people expected to pay a 25% and up rate if they wanted to use Moneypaks and the rate just went up as the payment method got shadier and shadier until MP pulled the plug on Moneypaks and switched exclusively to register reloads.

Being that localbitcoins.com is a site where reputation means absolutely everything, much like ones ability to locate honest traders etc..in general within this space, you have an uphill journey ahead if you want to turn profit consistently and not worry about just breaking even the way things have been lately. Who knows though, the tides may indeed be changing with the recent upward price trend...

In any regard, remember what I said regarding your rep/rating and keep that in mind when you're dealing with 2 different buyers with no feed-back have initiated trades but aren't now responding, effectively locking your stock of coin into escrow until they decide to return or...not.

Good luck if you decide to persist, do you REALLY have to buy from Coinbase of all companies though?

BTCe cool

I liked LBC for awhile but then it started getting kinda crazy thee. I still utilize them when trying to help my local clientele cash out their coins. They take ID pictures and everything and that's not even secure. You will find that you can deal with certain people and you tend to develop a clique.

i have try sell on lbc and it is very dead community. not many people interested, not many offer for digital currency to.

Once you get higher trust, it may not be true...

I would suggest then better to buy from one exchange and then sale at another exchange  ;) The main point would be find the cheap exchange from which to buy  ;D

That'd be cool to find a list of exchanger services.

it's better to buy first and gain trust in some way, because otherwise they may see you as a scammer

maybe you cna send first at the beginning to speed up the whole process, you can also try to sell it, with the same logic

They have an escrow service set in place. Damn near in possible to scam. They automatically hold your coins for a certain amount of time.

It is a risky business. The price might invert after you buy at the cheaper exchange. You have to do it very quickly.

I guess so, but i always accept escrow and offer first for trusted member. but still not transaction.
I give up with that site  ;)

maybe because they think you're federal or something, they work there also in disguise to do what they did with burt

there is an alternative to localbitcoin it's called 100btc if i'm correct, you can try there

Excellent advice! Keep buying from the lower priced one and immediately sell it where the price is high. But dont depend too much on it. Play it cool . :-D

I am in a similar situation as OP. except i don't want to make a profit i just want to get cash or bank transfer for my coins.
What is the best way to go about doing business on local bit coins? and is this the easiest way or one of the easiest ways to transfer coins into cash? Please share your experiences using the site? Should i just complete a small transaction first?