In my recent posts, I’ve showed you how to buy Bitcoin from LocalBitcoins.com, Unocoin and Zebpay. In this tutorial, I’ll be showing you how to sell bitcoins on LocalBitcoins.
LocalBitcoins is a renowned international bitcoin exchange that allows individuals to buy and sell Bitcoin easily. You can also send BTC to other wallet address from your LocalBitcoins wallet.
You can read this article how to send bitcoin from LocalBitcoins to Coinbase, Zebpay, any other Bitcoin address, paper wallet or hardware wallet. Also, one thing that I observed here is that on LocalBitcoins.com Bitcoin selling price is very low as compared to other cryptocurrency exchanges.
Let alone. All Bitcoin users have been facing this problem. So let’s get to the point, read on to know how to sell bitcoins on Localbitcoins.
Do you know exchanges are least safest way to store Bitcoin? If you’re concerned about safety of your BTC then read, “How to store Bitcoin safely?“
How to sell bitcoins on LocalBitcoins
Next I’m going to guide you through how to sell your bitcoins on this exchange.
First of all, get access to your LocalBitcoins.com Bitcoin wallet account and then from the navigation menu, click on ‘Sell bitcoins’ link.
Now select you currency, country, and preferred payment method (through which you want to receive money). Subsequently, hit Search button.
Select you currency, country, and preferred payment method (through which you want to receive money). Subsequently, hit Search button.
Upon hitting the search button, you’ll be able to see all users who can buy Bitcoin from you.
Simply, select a user whom you would like to sell your Bitcoin.
Here is a tip to select a reputed Bitcoin buyer for hassle-free trading: see buyer’s total transactions and overall rating (see screenshot above).
See whether buyer’s buying limits are within your range or not for example in the above screenshot buyer at the top can buy Bitcoins from ₹10,000 or $143 to ₹1,020,00 or $1460 which means this buyer does not accept Bitcoin less than or more than the specified limits.
Once you decide to whom you want to sell Bitcoins on LocalBitcoins.com, click on ‘Sell’ button.
Now, scroll down and enter amount/portion of Bitcoin that you want to sell.
Thereafter, provide your bank account details or digital wallet details (depending upon your payment method) as asked by buyer for example in above screenshot buyer needs my name, bank account number, IFSC code, and bank name to transfer funds.
Provide your bank details to the buyer. After entering payment details, press ‘Send trade request’ button.
That’s it. We’ve successfully sold out our bitcoins on LocalBitcoins.
Now buyer has 60 minutes to complete the trade request. If he/she fails to pay within the specified time limit then your BTC will automatically come back to your LocalBitcoins wallet.
Also, to speed up your trade you can send following message to the buyer, ‘I would like to sell Bitcoin/portion of Bitcoin and I’ve initiated a Bitcoin trade process. If you’ve any query then I’m online to answer.’
Sometimes buyer needs further account or contact details to transfer funds therefore you’d be available to answer his queries.
Note: Don’t worry! Your trade is secure. As mentioned above, if buyer fails to transfer funds within 60 minutes time window then the trade will automatically get cancelled and your BTC will come back to your LocalBitcoins wallet.
If you’ve any query regarding how to sell bitcoins on localbitcoins, I’m here to answer. Use comment box to start a discussion.