Selling on localbitcoins.com

[dolligan]

Hoping I don't have to do it any time soon, but if I need to get some emergency cash out of my coins, localbitcoins.com seems best suited to me - used it for buying a few times and everything has gone very smoothly.
Just wondering how long it takes generally to find a buyer - there seem to be sellers lining up all the time, is it generally a case that you can find someone fairly swiftly if you need to cash out a small amount?
Also do they ask for any id or verification at any point of the selling process?

[coreli]

They don't ask for any id however be very careful trading on localbitcoins. I've done a number of trades there and the number one type of fraud is stolen bank funds. So the lesson here is to wait at least 7 days after the bank deposit before releasing escrow.

This is of course only if you trade with someone who accepts bank transfer.

Good luck,

[dolligan]

Really? I find that surprising as all of the traders I've bought from on there have released the escrow fairly promptly after I paid them.
How do you mean stolen bank funds? The transfer is non-refundable I think, with standard (uk) bank transfers.

[Dr Bloggood]

Is there any problem with selling larger amounts (say, for 5000€) in person over localbitcoins?

Experiences anybody?

[TheButterZone]

Only a problem if you don't meet past armed personnel and metal detectors...

[ruggedman_dan]

They don't ask for any id however be very careful trading on localbitcoins. I've done a number of trades there and the number one type of fraud is stolen bank funds. So the lesson here is to wait at least 7 days after the bank deposit before releasing escrow.

This is of course only if you trade with someone who accepts bank transfer.

Good luck,

Explain please.

[justusranvier]

Just wondering how long it takes generally to find a buyer - there seem to be sellers lining up all the time, is it generally a case that you can find someone fairly swiftly if you need to cash out a small amount?

It depends on your reputation and feedback levels.

I don't have any trouble selling any quantity I want, but that's only because I've been build my reputation there since February.

[coreli]

They don't ask for any id however be very careful trading on localbitcoins. I've done a number of trades there and the number one type of fraud is stolen bank funds. So the lesson here is to wait at least 7 days after the bank deposit before releasing escrow.

This is of course only if you trade with someone who accepts bank transfer.

Good luck,

Explain please.

Sure. Generally people attempting this scam will set their buy prices a fair bit higher than everyone else. I have easily seen anywhere between 25 - 35% the market rate. Here is an example of such a user, https://localbitcoins.com/accounts/profile/Jacopdunn88/feedback

[escrow.ms]

If you worried about stolen money ask Buyer to contact you over phone, and always sell only small amount to new buyers. There is a limit option, you can use that. You can also ask some sort of I'd proof from buyer if amount is large.