LocalBitcoins.com is a person-to-person bitcoin trading site, where traders in 248 countries, including Nigeria can exchange their local currency to bitcoins and vice versa.
Here are some of the unique features of localbitcoins since we started using the platform:
- It allows you to advertise yourself as a bitcoin seller to a wider audience.
- It allows users to rate each other, so one may assess the trustworthiness of a potential trade partner.
- You may be able to sell with a premium attached once you have a reliable reputation.
- Buyer and seller of bitcoin can also arrange for physical meeting on locabitcoins. However, we implore you to always think about the general safety rules for meeting a stranger from the Internet.
- LocalBitcoins also supports escrow transactions; however, these are for online transactions, not face-to-face deals. Therefore, do not comply with requests for someone who asks for escrow for a face-to-face transaction.
Follow this GUIDE TO BUY AND SELL BITCOINS ON LOCALBITCOINS
Login to localbitcoins or sign up if you haven’t already done so. Setting up account on localbitcoins is Free, you can do so here localbitcoins.com/register/
Click on sell bitcoins on top of your page
Scroll down to see the list of bitcoin buyers under Sell Bitcoins online in Nigeria
Please pay special attention to the limits in front of each buyer. If a buyer’s limit is N100,000-N500,000 it means that’s range of bitcoin he buys, then you look for other buyer who buys lower quantity within the range of bitcoin you want to sell.
Click on “Show More” if you’ve not seen the buyer that is ready to buyer the quantity of bitcoin you have. Please pay attention to the rating in from of the buyer as well, though your btc transfer is held until payment is made into your bank account.
Click on “All in Nigeria” to reveal more buyers
In front of the buyer you want to sell, click on “Sell” in front of your prospective buyer’s username.
Inside the box titled, “How Much You Wish To Sell?” Enter the portion of bitcoin you want to sell. For instance entering 0.011 inside the BTC space provided will automatically give you the naira value (if you accepting payment in Nigerian Naira) by the left handside close to BTC. That’s the amount you’d receive in your bank account. That’s what the buyer pays you.
Remember to write your payment details in the message box so that the buyer can pay you. Your account number, your full name, and your bank name are all you need inside the message box so that the buyer would be able to make payment to you within minutes.
Check your account details, and click on “Send Trade Request.”
Read the instruction that follows, wait for the buyer to confirm your transfer, when he does he sends you your payment.
Scroll down after receiving payment to click on “Release Btc.”
Note: If the buyer hasn’t made payment please don’t click on release payment.
If he fails to do that after a given time, you have nothing to worry about unless you mistakenly clicked on release bitcoin when you’ve not got your payment. In that case you file a complaint right away and report the buyer.
Is there any other bitcoin trading platform that’s global you’ve used and can recommend for a fellow bitcoin trader? Please let us know so that we can check it out.