I am starting a small Exchange service on Local Bitcoins.
I take Bank Of America Online Transfers and Cash Deposits from any Bank Of America teller.
I will soon support Wells Fargo and Chase Bank transfer in the near future.
I take Bank Of America Online Transfers and Cash Deposits from any Bank Of America teller.
I will soon support Wells Fargo and Chase Bank transfer in the near future.
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FAQ:
What Escrow do you use?
I use the Escrow system built into LocalBitcoins.com . They provide automated escrow services and security built into their site.
How does this Escrow work?
Sellers (me) deposit money into a LocalBitcoins.com account. Then when a purchase occurs (by you) the Escrow service deducts the money from my LocalBitcoins online wallet and waits until Buyer and/or Seller indicate that the other party has done their part of the transaction in good faith. The funds (BTC) are then automatically released to you. As a Seller, I don't have control over the coins after they enter into the escrow so there is no way to steal anything.
If there is ever a problem you can start a dispute and localbitcoins staff will look into it and release funds as appropriate.
We also (as a Seller) cannot sell what we do not actually have deposited, it is that simple.
What service are you providing?
If you are using Bank of America - Online Transfers (From an BOA account to a BOA account) I will wait until the payment clears the first time. Then release the escrowed bitcoins to you. (usually this will take anywhere from a few hours to the next business day.)
If it is your 2nd or nth time buying BTC from me then I won't wait until the payment clears. I will release the BTC from escrow as soon as I see the payment coming in. Usually the turn around time from your payment being sent to receiving your coins is about 15 to 20 minutes.
What if I go to a Bank Of America Teller and deposit my cash directly into your BOA account?
We will then immediately release the funds upon seeing the transfer from the teller. This is called a Bank Of America - Cash Deposit and it clears almost immediately. The release of the BTC from escrow is then made within minutes, it is pretty fast.
What are the fees?
LocalBitcoins charges very small fees for the escrow service. There are also some tiny fees associated with Bitcoin Transfers. So the difference might be anywhere from 1% to 0.25%. I have decided I will cover the fees for you. I will, as they are pretty small fees. I will update the FAQ as soon as I have more info.
Please see this link for more information:
https://localbitcoins.com/fees
How often do you monitor your trades?
I monitor my trades around the clock. On weekends, there may be a brief delay in getting back to your questions.
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Feel free to leave feedback about your experience. Current limits per buyer are set to 250$ per transaction. I will lift the limits as soon as I am comfortable with doing larger trades.