Hello everyone!
This is my first post, and to start things off on a good note. I'm posting a guide on how I pull 1000$ or more in profit from Local Bitcoins on a weekly basis with little work.
Part 1 - Creating your account
- Go to https://localbitcoins.com/?ch=dl32 or https://localbitcoins.com (Feel free to use my referral link, if not no worries)
- Create an account with VALID information
- Verify your identity.
Part 2 - Posting your first listing
Unless you already have bitcoins you want to sell, we're going to start with a BUY listing.(If you do have coins you want to sell, skip to "Part 3."
Click "Post a Trade" at the top of the Localbitcoins Home Page.(It's beneficial to create multiple listings for different methods to receive the maximum trade volume possible)
Here are the settings I typically use.
I want to: Buy Bitcoins Online
Location: Your Country
Trade Type: Western Union or Moneygram or Walmart2Walmart or Online Transfers W/ Specific Bank
Currency: USD
Margin: 5-10%(For trades where I have to leave the house to send the money, e.g. Moneygram or Western Union, I typically set a margin of 10% to account for gas needed)
Min Transaction Limit: This will all depend on your funds available(I typically set mine to 500)
Max Transaction Limit: This also depends on funds available(I typically set mine to 2000)
Restrict Amounts To: Leave Blank
Opening Hours: I typically set mine to 8AM EST - Midnight EST(If you have to go to a store to send it, make sure you close an hour before the store closes)
Terms Of Trade: For terms of trade it's best to do some snooping on your competitors ads. I typically copy and paste a competitors TOS and tweak it to make it my own.
Track Liquidity: NO
Identified People Only: NO
SMS Verification Required: NO
Trusted People Only: NOClick Submit
Part 3 - Selling your Bitcoin
- Click "Post a Trade"
Here are the settings I typically Use
I want to: Sell Bitcoins Online
Location: Your Country
Trade Type: Cash Deposit or Online Transfers With Specific Bank(I only use these two because you don't have to leave the house to receive)
Currency: USD
Margin: 5-8%(For cash deposit I typically set to 5% & for Online Transfers 8%)
Min Transaction Limit: This will all depend on your bitcoin available(I typically set mine to 300)
Max Transaction Limit: This also depends on funds available(I typically set mine to 2000)
Restrict Amounts To: Leave Blank
Opening Hours: I typically set mine to 8AM EST - Midnight EST(For cash deposit make sure closing time is 8PM EST since banks will all be closed by then)
Terms Of Trade: For terms of trade it's best to do some snooping on your competitors ads. I typically copy and paste a competitors TOS and tweak it to make it my own.
Payment Details: This is whatever the buyer will need to send you the money(For Cash Deposit they will need Acct #, Name, and State Account was opened in; Online Transfer information will vary by bank)
Minimum Volume: 0-.2(For cash deposit, I set to 0; for online transfers I set to .1)
Minimum Feedback Score: 90%
New Buyer Limit: .2
Transaction Volume Coefficient: 1.5
Display Reference: YES
Reference Type: Short Form
Identified People Only: YES for online transfers; NO for cash deposit
Identify users before continuing trade: YES for online transfers; NO for cash deposit
Real Name Required: YES for online transfers; NO for cash deposit
Track Liquidity: NO
Identified People Only: NO
SMS Verification Required: YES for online transfers; NO for cash deposit
Trusted People Only: NO
-For cash deposit always require they send you a picture of the deposit receipt with NO REFUNDS for BITCOIN written on the receipt
-Remember to always have them send you a copy of their photo ID and a selfie of them holding their photo ID before allowing them to send an online transfer.
-NEVER EVER EVER release the bitcoin prior to verifying the money is in your account
Part 4
- Wait for trades.
- Complete Trades.
- Stack Paper
$$$You will be making 12-20% on every bitcoin you buy and sell(at the current rate you'll be making 250-500 on every coin you flip$$$$
I typically average exchanging 5-10 bitcoin a week which is HUGE profit.
I follow you and hope to make money doing this what you wrote.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
I wish you the best of luck. It's worked out well for me so far and I hope it will for you too.
Cheers,
GreatBambino
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit