Topic: Advice sought on selling on LocalBitcoins (Read 116 times)

After getting nowhere with Coinbase and other exchanges I thought I would try to sell Bitcoin on LocalBitcoins.  I would like to get some advice on this as I have spent the last day or so researching this. I have read through the site and taken note of the correct way to do it and also researched forums. Now my question is that I am still struggling to understand who to trust. It seems straight forward enough in that you put the Bitcoin in the wallet and sell to someone and once you receive the money you release the Bitcoin. Is that right?

Now the thing that makes me nervous is that when I go through the list of buy offers for Bitcoin and you go into the profile I am seeing what appears to be some weird looking conditions. For example one guy says he will send cash in the post and if you dont receive it then he has no responsibility. Other guys are sending money from Kenya, another has trading limits of 5000 to 20,000,000 GBP's (seriously?)  I notice some people stating that they video the bank transfer and once you get the video file you must release the Bitcoin. So what is that all about? I thought you don't release the Bitcoin until the money is in your Bank account?

Most important question of the lot - if I select National Bank Transfer and go ahead with a trade. Provided I wait for the money to reach my account before releasing the Bitcoin am I right in assuming this is safe.

Any advice much appreciated.