Topic: Using the forum to post trading instructions? (Read 238 times)

It's not required to ask for KYC but I get in trouble if I don't. I learned this the hard way.
Apparently frauds who steal bank information prefer to buy Bitcoin with it. They act fast before the account gets flagged.
And so as a trader, when I have too many fraudulent buyers with fraudulent payments, banks block my account from receiving or sending e-transfers. They are essencially blaming it on me instead of on the actual fraudster.

I understand that KYC is a big turn off for the community. Which is why I want to explain to my buyers why I need KYC, what I will do with the information, and what alternative verification methods they may choose.

People misunderstand why KYC is needed in my particular case.
The easiest and most widespread payment method in Canada is e-transfer, or email transfer by using your bank card. And once the payment is deposited in my account, it's not reversible. Most Canadian buyers don't want to do KYC because they imagine the trader reports them to the government, for tax purpose I suppose. But that's not at all why KYC is needed.

In the last summer several buyers bought Bitcoin from me with e-transfer, and they turned out to be frauds who were using stolen identities and stolen bank cards. Two of my buyers were frauds who sucessfully bought a total of over $5,000 of BTC from me. And an other 6 or 7 buyers were also frauds but their payment got stopped before completion.

But instead of fixing their obvious security problems, banks opt for the easy way: blaming me, the trader for accepting fraudulent payments. And so I have been blocked from receiving or sending e-transfers.

So I am fixing my problem with the banks and trying to clear my name. In the mean time, I will need to implement methods to filter out fraudulent buyers. KYC is just one of the two methods I intend to use. If you send me a picture of you holding your ID, and a piede of paper saying you are buying BTC from me, that makes it nearly impossible to commit fraud.

An other way to filter out frauds without KYC would be to freeze the Bitcoin you buy in our first trade for a week.
That gives the banks time to determine if the transaction is fraudulent or not. I intend to tell my buyers the first transaction with me should be no more than $20 and the coin gets frozen in escrow for a week until their account is verified.
If they don't want to wait, they can opt for KYC.

In short, banks can't do their job of protecting their customers money. So they dump that responsibility on me.

No matter of the jurisdiction of the user needs to complete KYC or not but everyone wants to use LBC has to complete KYC to get their tier level to be upgraded.But here OP asking about his personal trade terms so a trader can set their terms of trade into KYC if they wish for and mostly traders will do such one time KYC for high risky payment methods. And I though Holdhodl is KYC less p2p but he mentioned he need KYC as well.

There is no issue with posting such things on bitcointalk unless their own referral link which could be place in their signature and personal text spaces.

Yep, both suggestions are good ones, and using his signature space to advertise his website on bitcointalk is a great way to promote a service like the one OP is offering.

OP, are you required to collect KYC info?  By that question, I mean are you registered as a business where the government/regulating agency in your jurisdiction requires you to have that data?  Don't know about anyone else, but that would be a huge turn-off for what amounts to using someone else's trading bot.  I don't even trust half the crypto exchanges out there with my personal info.

And yes, I think a thread in the Trading Discussion section ought to be fine for the type of content you proposed.

I meant for the year it shouldn't cost more than $30.

Cheap hosting is much less than what you state, and for his needs VPS it is not needed at this time. Unlimited webspace & bandwidth for only $5.95 per month + com. or net. domain for less than $10 per year. Of course, he can pay for all this with BTC or with some other coin if he chooses some crypto friendly provider like this one.

Hi! Yeah I do remember that (took a while though) and no worries .


This is probably dependent on how much OP is actually making but people might feel more confident having the option between submitting kyc info on lbc or a personal website.

I didn't think the rules in Canada were that strict actually.

You shouldn't be paying more than about $20-30for cheap hosting even with a vps and domain (and then about $10-20 after the first year).

It sounds like you need to do this as a company, I wouldn't want to do "KYC" with just anyone, and I can imagine people use LocalBitcoins to avoid KYC at an exchange that has much better rates.
I'm no expert on KYC, but I can imagine you'll also need an AML policy. Just knowing who you're dealing with doesn't mean they won't use you to launder illegal funds.

That would be my suggestion too.

Register a domain name,and get some cheap hosting,then you can put as much as you want to on the site. Jack's suggestion is good as well. It would help your customers to get a feel for Bitcoin, and you could put the link in your signature here.

Hey bud! Remember me?
You gave me a few sats so that I could try LN. I thought that was very kind of you.

Yeah just shove it in services in the marketplace section.

The admin doesn't actively trade crypto and this forum was made for bitcoin community growth as a non profit.

Hey guys.
I'm a Bitcoin trader, but not the day trader kind.

I buy and sell Bitcoin on p2p exchanges like LocalBitcoins and HodlHodl. Typically I buy Bitcoin at around 2-5% below market price and I also sell Bitcoin at 4-8% above market price. And I am building a program to automate my trades.

If my clients have some questions or concerns about trading with me or my bot, I want to be able to provide a link for them to a page where I explain it. For example with a specific kind of payment (e-transfers in Canada) I require KYC. And so I would like to write an article why I need to perform KYC, how I will store their private data, and what I will do with it.

So my question is, would I be able to open a tbread on here and my post will explain the why/how/what? Or course, the buyers might decide to join the forum or not to post in those threads.

Would that be allowed? To post a thread which would essencially be a FAQ for my customers on a p2p exchange?