how does LocalBitcoins.com work?

[FruitsBasket]

I want to sell bitcoins for cash, can anyone tell me how localbitcoins.com works with selling bitcoins?
If I open a trade, where my btc goes? To the buyer or to an escrow?
Also how do I change those settings?

[1713952730]

1713952730

[1713952730]

1713952730

[1713952730]

1713952730

[mirana12345]

I want to sell bitcoins for cash, can anyone tell me how localbitcoins.com works with selling bitcoins?
If I open a trade, where my btc goes? To the buyer or to an escrow?
Also how do I change those settings?

This question was asked before, you can dig for more as there is plenty if you deem needed  -  https://bitcointalk.org/index.php?topic=423524.0
You can also take a look at video tutorial here https://www.youtube.com/watch?v=hroPcR-0zSI
afaik the funds are first at escrow, seams more logical that way. Hope this helps 

[FruitsBasket]

I want to sell bitcoins for cash, can anyone tell me how localbitcoins.com works with selling bitcoins?
If I open a trade, where my btc goes? To the buyer or to an escrow?
Also how do I change those settings?

This question was asked before, you can dig for more as there is plenty if you deem needed  -  https://bitcointalk.org/index.php?topic=423524.0
You can also take a look at video tutorial here https://www.youtube.com/watch?v=hroPcR-0zSI
afaik the funds are first at escrow, seams more logical that way. Hope this helps 

So if I open a trade, the funds will go to an escrow first?

[xqus]

So if I open a trade, the funds will go to an escrow first?

First you deposit bitcoins to your account. When someone wants to buy bitcoins from you the bitcoins goes to escrow.
When you receive the cash, you release the bitcoin.

[twister]

There are two ways to sell and it depends on how much Bitcoins you want to sell, Option 1. if you're selling more than 0.4 BTC then you're allowed to post a trade with the price you want to sell them for and then the buyers who are looking to buy will send you trade requests.

Or Option 2. you can find the traders who are looking to buy and send them the trade request, you have to deposit the Bitcoins in your LBC wallet before you can do either of the two and they stay in escrow, when you post a trade as explained in the option 1 above or when you send the trade request to someone.

[teddy5145]

I want to sell bitcoins for cash, can anyone tell me how localbitcoins.com works with selling bitcoins?
If I open a trade, where my btc goes? To the buyer or to an escrow?
Also how do I change those settings?

This question was asked before, you can dig for more as there is plenty if you deem needed  -  https://bitcointalk.org/index.php?topic=423524.0
You can also take a look at video tutorial here https://www.youtube.com/watch?v=hroPcR-0zSI
afaik the funds are first at escrow, seams more logical that way. Hope this helps 

So if I open a trade, the funds will go to an escrow first?

Yep, you open a trade then your money will be held by the escrow for safety purposes
And after that the buyer should confirm and send you the money to your bank account
After checking and everything's good you can release the coin to the buyer
It's that simple yet really effective
I've been using localbitcoin to buy myself some steam wallet and i was pleased by it
Though only do transactions with 100% rep people for safety

[STT]

Ive used that site before, its well established.  The site handles the escrow afaik and both of you must confirm you are happy for money sent to proceed.   Not been there for a while but it seems to be a system that works well off reputation of sellers.  Start with small amounts so you can learn first hand and dont break the rules given by the site for your own safety