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Author Topic: BTC/Western union Localbitcoin  (Read 145 times)
Husires (OP)
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May 25, 2021, 05:54:08 AM
 #1

It is the first time that I have used both services.  Cheesy I would have liked to get advice and whether there have been experiences.
How to avoid scam and what is the best way to find out which vendors and accounts with fake reviews, which documents can be requested, and whether you prefer a seller from this list https://localbitcoins.com/sell-bitcoins-online/western-union/

is using the forum or any DEX (which one?) better, faster or LBC sufficient?

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May 25, 2021, 11:29:05 AM
 #2

How to avoid scam and what is the best way to find out which vendors and accounts with fake reviews
Go to their profile. First check the feedback score and number of confirmed trades. Then check that their confirmed trades have been with a high number of different partners (i.e. not 500 trades with the same 5 people). Check they are "trusted" by a good number of users and not "blocked" by an excessive number of users. Then scroll to the bottom and click on the link to see the individual feedback, and make sure they have a good number of positive feedback from accounts which are not marked as "low volume". Also check their neutral and negative feedback if there is any. (Percentages are rounded so even users with 100% feedback can still have one or two negative ratings).

which documents can be requested
You have to complete KYC to use LocalBitcoins. If you click on the "Sell" button next to any of the names on the link you shared, there is a text box at the right which tells you exactly what the seller wants/needs from you.

is using the forum or any DEX (which one?) better, faster or LBC sufficient?
I stopped using LBC when they started enforcing KYC. I now predominantly use Bisq and LocalCryptos instead.
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May 25, 2021, 06:00:53 PM
 #3

If you decide to go with LBC, aside from their user profile stats be sure to also take note of LBC's How to stay safe while trading Bitcoin. With account trading and feed back manipulation being a thing, even excellent accounts (lots of positive feed backs, confirmed trades etc..) can try to scam you.

Take a look at these cases for example


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May 25, 2021, 09:24:36 PM
 #4

It is the first time that I have used both services.  Cheesy I would have liked to get advice and whether there have been experiences.
How to avoid scam and what is the best way to find out which vendors and accounts with fake reviews, which documents can be requested, and whether you prefer a seller from this list https://localbitcoins.com/sell-bitcoins-online/western-union/

is using the forum or any DEX (which one?) better, faster or LBC sufficient?

You're not going to be able to use a DEX - that's simply not how they work. DEX's host only tokens that are native to their platform and do not accept any fiat based payments (unless they are stablecoins).

LBC would be sufficient, as long as you pick a vendor that has a proven track record and follows the appropriate steps to protect yourself with LBC's escrow system.

But why not consider just using a larger CEX that will likely give you better rates? If you can bank transfer and get verified at sites like Binance, Bitstamp, Kraken etc. (depending on where you're from) you're going to save like 3-4% off off LBC spreads.
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May 25, 2021, 09:39:03 PM
 #5

You're not going to be able to use a DEX - that's simply not how they work. DEX's host only tokens that are native to their platform and do not accept any fiat based payments (unless they are stablecoins).
You are mistaken.

Sure, there are plenty of DEXs which only support trading between cryptocurrency pairs, but there are also some which support trading between fiat and bitcoin or other cryptocurrencies. Bisq and LocalCryptos as I mentioned above are the two most popular. Others include Hodl Hodl, LocalCoinSwap, and AgoraDesk.

I do agree that there is little point using LocalBitcoins at this point though. They have all the downsides of a DEX - slow trades with bigger spreads - combined with all the downsides of a CEX - custodial, non-private, require KYC. If you want the privacy and security of a DEX then pick one I have mentioned. If you don't care about completing KYC and depositing your coins to a custodial wallet, then just use a CEX.
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May 25, 2021, 10:38:56 PM
 #6

You're not going to be able to use a DEX - that's simply not how they work. DEX's host only tokens that are native to their platform and do not accept any fiat based payments (unless they are stablecoins).
Really?
I bet you are mistaken into thinking that DEXes (Decentralized Exchanges) are only the common exchanges using Ethereum or Binance smart chain "centralized" smart contracts that you see every day like Uniswap, panicake swap, sushiswap etc

Well we do have DEXes where traders use fiat to trade as well. They are p2p DEXes like bisq, localcryptos, hodlhodl etc, so your statement is not true



Western union and localbitcoins are safe as long as you follow guided. Do not release crypto unless you have received payment. Also when using Western Union to receive payments, make sure you provide the correct required details to your trading partner. Localbitcoins suck thought, due to their strict KYC.

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May 26, 2021, 11:52:54 AM
 #7

Sorry to ask it here, but since it's about Western Union...

I'm looking to use this payment method too. Primarily for privacy and to avoid a KYC verification. Looking at the website regarding receiving money (here), it says I need the tracking number and an official identity document.

Do they scan my ID card and store them in their system? Or I only need to show it to be sure I'm the correct receiver? Otherwise, I have no use if I'm not really 'safe'...

Thanks in advance.

(note: Regarding Bisq, sadly I never see any offer for Western Union. At least with EUR)

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May 27, 2021, 02:01:11 PM
Last edit: May 27, 2021, 02:12:45 PM by Husires
 #8

I decided to make the deal using localcryptos.
After searching, I decided to choose one of these members.

https://localcryptos.com/offer/2kaG7enkcW6jQrJiojQHKl/Sell-BTC/Cashoutethereum/Western-Union
https://localcryptos.com/offer/1xPREauCXPCJZawa7HZT4q/Sell-BTC/Strawberries/Western-Union
https://localcryptos.com/offer/bzFaf0LAicOhRWc7I9ntU/Sell-BTC/CARPE_DIEM/Western-Union
https://localcryptos.com/offer/3Uk2KhCm8fbSKq4RggMFx5/Sell-BTC/Cryptocity/Western-Union


All of them seem to have more than 100 good deals and reputations, and sell rate is around 5% to 10% (not bad  Undecided Undecided??.)

Do you have any ideas or suggestions? If I do not find any warning, I will choose one of them within 48 hours.


Just wander why LBC rate is better than localcryptos Huh example
https://localbitcoins.com/ad/1282795/cash-out-your-bitcoins-western-union
https://localbitcoins.com/ad/1265301/cash-out-your-bitcoins-western-union

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May 27, 2021, 05:43:34 PM
 #9

After searching, I decided to choose one of these members.
Out of those 4 users, and without paying attention to price, I would pick the first one based on their stats - highest number of trades, highest volume, longest account age.

The vast majority of trades of the second user are from Paxful, a site I don't use and therefore I don't know if I can trust their ratings.

The third user has only traded around $5,000 in total.

The fourth user looks good, but just not quite as good as the first one.

This is just my personal opinion though. Others will differ, and I don't think any of those users is a particularly bad choice.
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May 30, 2021, 10:47:39 PM
Last edit: May 30, 2021, 10:58:16 PM by Bitcoin_Arena
 #10

Do they scan my ID card and store them in their system? Or I only need to show it to be sure I'm the correct receiver? Otherwise, I have no use if I'm not really 'safe'...

Thanks in advance.

It probably depends on;
1. The amount one is receiving (Smaller amounts don't need any scanning)
2. The Country the receiver is in ( Some countries have stricter financial policies than others)

I think the best thing to do is locate any western union agent around your area and inquire about the capturing of your ID details before you use the service.

When I used the service, after providing him with the other required details the agent just took a look at my ID and that was it.



Just wander why LBC rate is better than localcryptos Huh example
It's because LBC is custodial thus a little more straight forward (user friendly) and popular as compared to localcryptos. Very few people know about local cryptos, therefore, there are few advertisers too.

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May 30, 2021, 11:51:29 PM
Merited by LeGaulois (1)
 #11

I'm looking to use this payment method too. Primarily for privacy and to avoid a KYC verification. Looking at the website regarding receiving money (here), it says I need the tracking number and an official identity document.
If you are using LBC to receive cash via WesternUnion, you are going to have to complete KYC verification with LBC, as o_e_l_e_o noted above.
Do they scan my ID card and store them in their system? Or I only need to show it to be sure I'm the correct receiver? Otherwise, I have no use if I'm not really 'safe'...
I have never used WesternUnion to receive cash, however, I would presume they would need to store your identification number in their system, with your identification number being the number on your identity document. Your identification number would be stored with your name, and possibly your address. This is based on my understanding of KYC/AML laws.
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May 31, 2021, 08:08:15 AM
 #12

Instead of using LocalBitcoin website better use similar services that don't force you do mandatory  kyc verification like LocalCryptos, HodlHodl or LocalCoinSwap.
They all should have escrow for reducing chance of scam and selecting members for trading that have good reputation history will also help you, and best thing would be to trade locally with cash.
I think that I used WesternUnion just one time but it was years ago and I only remember that they charged me some high fees.

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May 31, 2021, 05:08:45 PM
Merited by LeGaulois (1)
 #13

Just to address some of the DEX issues brought up by magneto and others.

Magneto refers to the modern type of DEXs like Uniswap that use Automated Market Maker protocols and liquidity pools to handle exchanges. All orders are done on spot market.

DEXs like bisq still use the order book system -- makes and takers like on a CEX or Localbitcoins, except without an intermediary party (just a front-end protocol).

Do they scan my ID card and store them in their system? Or I only need to show it to be sure I'm the correct receiver? Otherwise, I have no use if I'm not really 'safe'...

Used Western Union a lot before, but only once in 2020 =) They only want ID. Even a train card with photo and name worked for the one I used, just to ID you as the person claiming the funds. I did not see them scan it -- sending it, however, they require a national ID. I'm actually not sure if this is WU requirement or the vendor.

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LeGaulois
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May 31, 2021, 06:51:32 PM
 #14

Thanks, @buwaytress. Pretty good news.

@PrimeNumber7's answer appeared to be logical with all the AML stuff but I was a bit surprised.

I remember when many scammers used this method to get money. It was also the best way to transfer money to another country in incognito mode. There was a controversy with this service in my country. They said for example it helps drug dealers to move money in foreign countries.

I thought the KYC verification was random with Localbitcoins but it's not really a problem. My main concern is how I receive the money. Hence my question.

It's all clear. TYVM.

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PrimeNumber7
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May 31, 2021, 11:12:55 PM
 #15

@PrimeNumber7's answer appeared to be logical with all the AML stuff but I was a bit surprised.

I remember when many scammers used this method to get money. It was also the best way to transfer money to another country in incognito mode. There was a controversy with this service in my country. They said for example it helps drug dealers to move money in foreign countries.
If scammers are receiving money, they could use third parties to receive cash and show their ID. In the US, people can often receive cash up to certain amounts at places like grocery stores, and employees paying out cash often make little more than minimum wage, so they would likely be easy to trick with things like fake IDs, and IDs belonging to other people, or something else that would allow a scammer avoiding having their actual ID being recorded.

I have heard about scammers using WU to send money and later complain to WU that transactions were fraudulent in an attempt to recover the money, or would do things like use credit cards, whose payments are later disputed, legitimately or otherwise.
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