Bitcoin Forum
January 22, 2019, 11:29:23 AM *
News: Latest Bitcoin Core release: 0.17.1 [Torrent]
   Home   Help Search Login Register More  
Pages: [1]
Author Topic: Any tips from established LBC sellers please?  (Read 51 times)
Offline Offline

Activity: 15
Merit: 0

View Profile
December 08, 2017, 11:37:14 PM
Last edit: December 08, 2017, 11:48:28 PM by alborg

Hi all,

I've recently started selling on LBC.  Overall I enjoy it and am doing pretty well with sales and have good feedback however I need some advice from established traders on how to make it work long term.

I've had two banks close in the space of a couple of months.  Not because the banks caught wind and decided to close but because two scammers decided to falsely claim their payments were fraudulent in the hope of getting their money back.  One was cash deposit (yeah right!) and the other bank transfer.  The claim forced the bank to look into the accounts then I had to defend by providing evidence of the bitcoin sale.  Then they close due to misuse of account.  I believe I have adequate controls in place to prevent MITM fraud for cash deposit so have no idea how the cash deposit trade thought he could scam me. The bank transfer one I've learnt from.

I'm also a little worried on how to handle the large amounts of cash and payments being deposited into my bank accounts and being flagged.  Can anyone offer any advice?

To combat the scammers I've changed my advert settings to restrict who my adverts advertise to and upped my requirements.  Eg. people with max positive feedback and multiple trades only, as both scammers had less than 100%.  Although they did have lots of previous good feedback.  I also go through a process of vetting and checking every trade I have by checking the users account and feedback manually.  Insist on writing on receipt etc.

For banking issues I'm spreading the load across different banks (personal) and also considering using a business account.  Reason being is the reason one bank gave me for closing was I was using personal for business.  I figure the threshold for cash deposits and payments are generally higher for business accounts.

I generally do cash deposit but am considering running this maybe only a couple of days a week and switching to bank transfer as I think even lots of cash deposits on a business account looks suspect compared to a mix of bank transfers and cash.

I do a good job and provide a good service to my customers so would like to continue for the long term.  I notice there are long term traders on LBC with 30K plus trades.  Would love to hear their experience on how they continue and overcome scammers as they are a blot on the landscape.

Any advice would be appreciated.  

Thanks in advance,

Pages: [1]
Jump to: is not available or authorized for sale. Do not believe any fake listings.
Sponsored by , a Bitcoin-accepting VPN.
Powered by MySQL Powered by PHP Powered by SMF 1.1.19 | SMF © 2006-2009, Simple Machines Valid XHTML 1.0! Valid CSS!