Answering my own question: Yes, it is the buyer that pays the 1% fee. The advertised amount is deducted from the seller's wallet, and the buyer receives 99% of the advertised amount.
I also had a small buffer, and my trade didn't attract a transaction fee, so I'm still not sure what would happen in that case.
Topic: selling on localbitcons.com (Read 733 times)
Hi all,
I'm considering selling on localbitcoins.com but I'm finding their fee structure less than transparent.
https://localbitcoins.com/fees
If I use their escrow service, for example, and offered a buyer BTC1, could anybody clarify the fees?
My current understanding is that BTC0.01 would be deducted from the amount the buyer would receive.
But I've read some other posts here that claim there are transaction fees - which contradict the "no other fees" listed on that fees page. For example, even on the sell page itself it says the following:
Does this mean if I fuded their address with BTC1, they would "reserve" 0.003, and not have enough to complete the sale?
I'm considering selling on localbitcoins.com but I'm finding their fee structure less than transparent.
https://localbitcoins.com/fees
If I use their escrow service, for example, and offered a buyer BTC1, could anybody clarify the fees?
My current understanding is that BTC0.01 would be deducted from the amount the buyer would receive.
But I've read some other posts here that claim there are transaction fees - which contradict the "no other fees" listed on that fees page. For example, even on the sell page itself it says the following:
Quote
Fees: 0.003 BTC from your wallet are reserved for bitcoin network fees.
Does this mean if I fuded their address with BTC1, they would "reserve" 0.003, and not have enough to complete the sale?
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