IM ONLINE NOW!

 Join me @ IBOtoolbox for free.
Ioan Santos
Member Since: 7/8/2014
  
performance / stats
Country: United States
Likes Received: 621
Featured Member: 0 times
Associates: 456
Wall Posts: 2112
Comments Made: 13
Press Releases: 1840
Videos: 0
Phone: 14428889837
Skype:     santoion
profile visitor stats
TODAY: 152
THIS MONTH: 5217
TOTAL: 411748
are we ibo associates?
business links
recent videos
active associates
Whitney Jacqueline      
Last logged on: 2/22/2019


Phil Schaefer    
Last logged on: 2/22/2019


Tom Riach    
Last logged on: 2/22/2019


Mark Turnbull    
Last logged on: 2/22/2019


Karl Erik Bjørnhaug    
Last logged on: 2/22/2019


New Macro JobHouseRanger    
Last logged on: 2/22/2019


Bruno Duarte    
Last logged on: 2/22/2019


Eugenijus Sakalauskas    
Last logged on: 2/22/2019


Ted Hunter    
Last logged on: 2/22/2019


Lonnie E. Shipe, M.A.    
Last logged on: 2/22/2019


Pauline Burke    
Last logged on: 2/22/2019


Manzel Caudle    
Last logged on: 2/22/2019


Stephen Porter     
Last logged on: 2/22/2019


Todd Treharne    
Last logged on: 2/22/2019


Horst & Leah ScreenSA    
Last logged on: 2/22/2019


other ibo platforms
Ioan Santos   My Press Releases

Why trade on LocalBitcoins?

Published on 12/30/2018
For additional information  Click Here

LocalBitcoins is the leading P2P Bitcoin trading platform with over 1 000 000 registered users from 249 countries. On LocalBitcoins.com you can trade Bitcoins for traditional currencies through person-to-person trades. This is also known as over-the-counter (OTC) trading. 

People prefer to buy and sell Bitcoins OTC because it allows for fast transactions and more diverse payment methods. Centralized bitcoin exchanges are slow and cumbersome, trading directly with other people using the same payment provider makes the money move much faster. This creates a better user experience for the customer. 

Hundreds of Bitcoin traders from all over the world already earn a living trading Bitcoins on LocalBitcoins using more than 60+ payment methods, this guide will help you become one of them.

Benefits of trading on LocalBitcoins.com

  • The largest P2P Bitcoin trading platform, LocalBitcoins trade volume doubled during the past 12 months.
  • More than one million users registered from 249 different countries, LocalBitcoins gives you access to a global marketplace.
  • Quick and easy way to trade Bitcoins.
  • Escrow protection for safe trading protects both the buyer and the seller.
  • Reputation system for finding and filtering trustworthy customers.
  • Dynamic pricing system with hundreds of sources ensures your prices are always up to date.
  • API to allow you to make your own trading applications to automate trading.

Overview of the trading process

A typical trade on LocalBitcoins works like this, the example is an online sell trade where you're selling Bitcoins to a buyer. The process is similar when you are buying Bitcoins online, but for this example we're focusing on selling Bitcoins, as that's the most common type of trade.

  • First you need to create a sell Bitcoins online advertisement (called an online sell advertisement). When making the advertisement you choose a payment method, set your pricing, your limits and write your terms of the trade as a free form message.
  • Then you need to fund your LocalBitcoins.com wallet with Bitcoin. You need to have Bitcoin in your LocalBitcoins wallet in order for customers to be able to open trade requests from your advertisements.
  • When a buyer opens a trade with you, Bitcoin for the full amount of the trade is automatically taken from your wallet into escrow. Give the buyer payment instructions and guide the buyer through paying for the trade. You will receive email and SMS notifications when someone replies to your advertisement.
  • Once the buyer has paid and pressed the I have paid button you will receive a notification via e-mail, SMS and on the website that a trade has been paid for.
  • When you've confirmed that you have received the payment it's time for you to release the Bitcoins. This moves the Bitcoins from escrow to the buyers LocalBitcoins wallet.
  • The final step is to Leave feedback for the buyer and encourage the buyer to do the same for you. Feedback is important in order to gain reputation and make more trades.

Getting started

Before you start trading you need to consider what payment methods you are going to provide and research the payment method so that you know how it works. When you first start trading we recommend you don't choose a high risk payment method. Transfer with specific bank can be a good starting payment method, especially if there are few traders active in your country. A few sections down is more information about different payment methods and their risk level. 

If you have a new account with no previous trading history, we recommend you start by replying to existing advertisements in order to buy and sell some Bitcoins. This will help you get a hang of how trading works and it will let you build some trading history which will make your account trustworthy which in turn gives your advertisements better placement in the listings.

Before you start trading

  • Just starting out? Get some trading experience, with a brand new account it will be hard to find users to reply to your advertisements. Start out by contacting other traders ads to buy and sell, this help you get your first feedbacks and trade completions. The more trades and feedback you have, the more trustworthy you are.
  • It's also a good idea to verify your account by completing both the SMS verification and ID verification. A verified account is more trustworthy for buyers and will help you get more customers.
  • Before you start trading make sure you familiarise yourself with your local legislation and that your are in compliance with any relevant laws and that you have the necessary business licenses for the jurisdiction you’re trading in. 

    Legislation varies a lot from country to country and whether your trading as an individual or as a business.
  • Research the payment method you're going to offer. Read through other traders ads of the same payment method and make some trades with them. Try to identify possible problems before you start trading. Searching the discussion forums is also a good idea. We recommend you start trading using a low risk payment method, see more about payment methods below.
  • Use payment accounts only for Bitcoin trading. Some payment providers will temporarily or permanently close your account if you receive unauthorized payments that are related to fraud. Using accounts only for Bitcoin trading protects your personal finances.

Setting up an advertisement

The advertisement creation page is where you create new advertisements. You can also find this page from the post a trade link in the menu bar. 

There are some options when creating an advertisement which are required, and a lot of extra options which are optional but recommended to set. Using the extra options allows you to tune your advertisement to suite your trading strategy. 

You can find all of the advertisements that you have created from your dashboard, you can also find it from the dashboard link in the menu bar (from the icon that looks like a speedometer). In your dashboard you can also see all of your trades, both open and closed.

Advertisement requirements

  • You need to set a location, currency, payment method, price, limits and write a terms of trade.
  • You need to have at least 0.04 BTC in your LocalBitcoins wallet for your advertisements to be shown publicly.
  • You can create up to 5 advertisements at a time. For each Bitcoin you trade during 30 days you can create one additional advertisement.

Required options

Location 
Enter the country where you want your advertisement to appear.

Payment method 
Select the payment method you want to offer from the dropdown menu. See more in the section about payment methods.

Currency 
Choose which currency you're selling for. For instance, if you're selling in France you should select EUR. You can use this list to find what your currency acronym is.

Margin or Price equation 
The easy way to price your advertisement is to enter a margin you want above the Bitcoin market price. To do that, enter a percentage in the margin field. 

If you want more control over your price, you can use the price equation field. This will allow you to create an advanced pricing algorithm taking into account many variables. See more in our pricing guide.

Min. / Max. transaction limit 
The minimum transaction limit sets the smallest amount someone can buy. If you set it to five, and you have your currency set to EUR it means that smallest trade someone can open with you will be for 5 EUR. 

The maximum transaction limit sets what the biggest trade that you want to accept is. Note that if you put in a larger maximum than what you have Bitcoins for in your wallet, the actual maximum will be your wallet balance.

Terms of Trade 
This is the text the buyer sees before he opens up a trade with you. It's a good idea to write instructions for the buyer on how you want the trade to proceed and if you have any specific instructions. 
If you require, for example, the buyer to submit a receipt as proof of payment before you release the Bitcoins or if you need the buyer to provide an ID, this is the place to mention it. You can take a look at other traders advertisements for the payment method you want to use to get an idea of what good terms of trade contain.

Extra options

Restrict amounts to 
You can restrict the advertisement to only being able to open trades for specific amounts. If you enter 20,30,60 into the box a potential trade partner could only open a trade for 20, 30 or 60 EUR.

Opening hours 
No-one likes it when someone doesn't reply. By setting your opening hours you can limit the time when your advertisements are shown to exactly those times when you are ready to trade. Tip: Set the times acording to your own local time, but first make sure that you have your own time zone set in your user settings.

Payment details 
Enter here specific information relating to how the buyer should pay, this can be your bank account number or e-mail address (For e.g. PayPal).

Minimum volume 
You can set a minium required Bitcoin trading volume before a user can open up a trade request for your advertisement. If you set this to 0.1 BTC it will require the person contacting your advertisement to have previously completed trades totalling at least that amount.

Minimum feedback 
Similar to Minimum volume, the feedback minimum allows you to set a minimum required feedback percentage required to have in order to open a trade using your advertisement.

New buyer limit 
This is a specific maximum transaction limit for new users. If a new buyer with no previous trading history wants to contact you, this is the largest amount they can open a trade for.

Transaction coefficient 
This option works in combination with new buyer limit. If you set the previous option to 0.5 BTC and the transaction coefficient to 1.5 it will slowly raise the maximum amount that the user can purchase from you. For the first trade it will be your new buyer limit, for the following trade it will be 1.5 times the new buyer limit, or 0.75 BTC for our example.

Display reference 
This shows an automatically generated reference code for the trade. It's a convenient feature to use as the buyer can enter the reference as part of the message when purchasing, allowing you to quickly match payments to trades.

Reference type 
Let's you select what kind of reference to display. You can select between short, long, numbers & letters.

Payment window 
How long of a time the buyer has to make payment before the trade is automatically cancelled.

Track liquidity 
In case you are offering Bitcoins for sale using a payment method that only allows you to accept a certain amount a day you can use this feature to limit yourself to that. Enabling tracking liquidity lowers the maximum limit of the advertisement each time someone makes a purchase.

Identified only 
By marking this checkbox you limit the advertisement so that only users who have verified their ID with LocalBitcoins are able to open a trade.

Real name required 
By marketing this checkbox you limit the advertisement so that only users who have entered a real name on their account are able to open a trade. This is only availalbe for Online Sell advertisements.

SMS required 
By marking this checkbox you limit the advertisement so only users who have verified a phone number with us can open a trade.

Trusted only 
Marking an ad for trusted users only allows you to create special advertisements for users whom you have trusted. See more in our FAQ.

General trading tips

  • If the buyer too is slow or non-responsive. The escrow is automatically cancelled unless the buyer presses Mark payment done within the payment window (usually 90 minutes). If this was a mistake in this case you can reopen the escrow if you want to finish the trade with this buyer.
  • Dispute the trade If there are any disagreements in the trade, you can open a dispute. After a dispute has been started you can still release the Bitcoins and finish the trade e.g. in the case the payment took longer than usual to arrive and dispute was opened prematurely.
  • Not replying to trade offers can give you negative feedback. Turn off your advertisements when you're not trading. Tip: use the opening hours feature to automatically turn on and off your ads as you are available.
 

 

Member Note: To comment on this PR, simply click reply on the owners main post below.
-  Copyright 2016 IBOsocial  -            Part of the IBOtoolbox family of sites.