In our previous tutorial – Part II – we explained how to validate and select the correct profile to sell to as well as some safety tips that you can consider when dealing with each category of the four payment method categories.
This part will explain how to safely create an offer to sell followed by the process of accepting an incoming trade. As we saw in the previous part, there are some offers in the sell section that turn out to be too good to be true. To avoid having to deal with scams and such things with the added benefit of setting your own price, we recommend using the “Create an Offer” link.
Create an offer to sell:
You can find this link by following the drop down on the “Buy Bitcoin” button and selecting “Create an Offer”.
This section deals with both buyers and sellers, as both can be selected to offer. For the purpose of this tutorial however, we will be focusing on the sale aspect.
- Choose Currency: Select the currency that you wish to sell your bitcoin for. You can see the list of available currencies on the drop down. In this example we have selected USD – U.S Dollars.
- Payment Method: Select from over 300 payment methods. PayPal, Amazon Gift cards etc. We will select Amazon Gift Card.
- Payment Method Label: If you would like to leave a note for the buyer to see with the payment method. For example in the case of the Amazon Gift Card, we will mention “cash receipts only” to increase our safety when dealing with gift cards.
- Country: In some cases, such as bank transfers or other situations, you may want your offer to be displayed to certain regions. If that is the case, you can select the countries here. We will not be doing this as it does not relate to our sell method.
- Price Margin: This allows you to select a percentage to increase the price of Bitcoin by. Meaning that regardless of the live Bitcoin price, the amount will be increased by the percentage you enter in this field. If lets say the price is $1000, and you put 10%, the buyer will see the price as $1100.
- Set Minimum & Maximum Amount: The Bitcoin trading price can be volatile, this allows you to create a safety price so that you are always in the safe zone. Perhaps the price of bitcoin increases and you no longer want to sell it if it reaches above $1500 or in reverse, what if the price drops down below $800. You can adjust these based on your own thoughts.
- Alternatively Use Predefined Amounts: This is useful if you are looking for a specific price. Perhaps you have an item in mind that you would like to attain by selling your Bitcoin. You can select such amounts using this option.
- Payment Window: You can define the amount of time the person has to complete the transaction and make the purchase. This helps support those who are selling amounts that they do not want tied up into a transaction that may not be paid for within a day. Some may want the process to be done quickly so that their Bitcoin is not held in escrow for a long time. This can also help you go through the process quicker, rather than waiting a long time for the end user to make the payment or finalise their end of the purchase.
- Offer Terms: If you have any terms that you would like the buyer to commit to, you can simpy write them here. It could be something like “I need the receipt of the gift card and it has be purchased using cash. Will also require your ID.” You can customise this based on your own terms and selected method of payment.
- Offer terms tags: As mentioned above, you can select tags related to your terms. Such as “ID Required”, “Cash Only”.
- Trade Instructions: To help the buyer understand the process better, you can inform them with your instructions here. Try and let them know how you would like to make the sale and what is required before the Bitcoin is released to them.
- Advanced Settings: These settings allow you to control some other functions, which are useful based on your personal references.
- Dissalowed Countries: If you would like people from certain countries to not see your offer, then enter those countries in this section.
- Allowed Countries: Same as above, but for allowing only certain countries to see your offer.
- Verified: As a seller and depending on the amount you wish to sell, you should select both, especially in the case of higher amounts. This verifies that the buyer has done their best to increase their integrity.
Require that trade partner has verified their email
Require that trade partner has verified their phone
- Offer visibility
Show offer only to trusted users: Users who have had others select them as being trustworthy have a number to represent this.
- Require minimum: In our previous article we mentioned that it would be a good idea to select users with at least 20 trades. If you would like to implement this recommendation, then enter your desired number in this field, or use our recommended amount.
The vendor dashboard allows you to see all your active trades and offers. You can also monitor your earnings and overall activity. Once you receive place an offer, people can request to purchase through you. This will place the trade into the “Active trades” section. There you can click on “CHAT” to initiate the conversation.
Finalise The Deal:
All trades are performed through a live chat. Here you can provide support, upload files, discuss and verify the payment. Once you are done and satisfied, you can release the requested Bitcoins. Always make sure you are safe and secure prior to releasing the Bitcoins in escrow. After you release them, there is no way to undo the process.
We had included some safety tips in the previous tutorial, though we will once again include them below.
- Biggest profit and every vendor has its own ways to convert gift card back to bitcoin and usually does not share it around.
- Ask receipt and make sure gift card is bought with cash.
- Watch out for brokers so when suspicious ask to write on receipt your username/trade ID and let them retake picture.
- Be careful when accepting e-codes or gift cards bought with debit/credit cards as any debit/credit card purchase can be charged back.
- Least risk, smallest profit margin but purchase amounts are higher compared to gift cards.
- Make sure buyer deposits cash on your name and ask for receipt
- First make sure that buyer’s account is verified on that wallet (i.e verified PayPal account).
- Ask for ID of the buyer. Make sure full name matches on ID and online wallet account.
- Riskiest way to sell bitcoin since buyer can easily charge back but at the same time its quickest way to acquire bitcoin without leaving computer.
- Every payment is tied to debit/credit card which is reason why it can be easily charged back. In example of PayPal less risk would be to make sure buyer is sending payment from their PayPal balance and not directly from debit/credit card.
- As extra precaution option ask buyer to write on paper that he confirms purchase of bitcoins with trade ID, amount and payment that payment is final. In case of charge back you can show it as evidence.
- As risky as online wallets. Has same chargeback avoiding tips as online wallets. Except that debit/credit card name has to be matched with one on ID.