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I'm in the US. So I found somebody selling locally quite close to me and since that seems like the quickest/cheapest option (at 21.37 USD / BTC) I'd like to go that route. The only thing worrying me is that the person has no confirmed trades, no feedback score, and less than 25 trade volume, according to their profile on LocalBitcoins.com. How exactly do in person trades work? Is it possible to be scammed from a local trade? If so, how can I best protect myself? Thanks all
Make sure the seller has a way to transfer the coins while in public (laptop, portable wallet, etc). Make sure that you, as the buyer, have a way to verify the receipt of the coins while in public (laptop, smart phone, etc). Agree on a transfer method before heading out, that way there are no surprises.
You meet at a coffee shop. Order some coffee and sit down. You show him the cash, and provide him with a Bitcoin address. He transfer the coins to your address. Enjoy your coffee while waiting for enough confirmations to make you feel comfortable with the exchange (number of confirmations should be agreed upon before the exchange as well). Pay him. Done.
Edit: Always feel free to cancel the exchange at any point before the actual transfer of funds. If the person is making strange excuses or trying to change the deal midstream, feel free to walk away.
Thanks for the info Holliday! Just one more question. You say to "wait for enough confirmations to make you feel comfortable with the exchange." What exactly does that mean? How do I know how many confirmations have happened? What is a reasonable number of confirmations to make sure it was a good exchange?
