Selling bitcoins is useful as we can use it to withdraw our bitcoins as anything and send money to family but there are risks.
Only verified vendors appear in the proper lists to BUY your bitcoins and help you withdraw the funds but there is the option to see offers by non verified vendors as well. This can be risky so here are some tips to stay safe.
- NEVER release bitcoins from escrow UNTIL YOU ARE 100% SURE YOU HAVE THE FUNDS. If they request you to release first then they are 100% trying to scam you and you should dispute and report them right away!
- DO NOT even THINK about releasing bitcoins unless you are 100% certain you have ALL the funds. Yes we just repeated number 1 but somethings are worth repeating as scammers can spend alot of time making up stories. Many use VPNS’s to give the impression they are from the USA or Europe but may actually be from India, Africa etc.. where even a $100 trade can be quite significant so they are willing to spend the time. Stay strong and immediately report them and dispute.
- Beware of RISKY Payment Methods! Even if you have received the funds many payment methods can be REVERSED and charged back so you will lose your funds and your bitcoin, additionally if you are using a risky payment method like PayPal, Venmo, etc.. they may also shut down your account. ONLY TRADE WITH TRUSTED users or VERIFIED vendors!
- Use SAFE methods like Western Union, MoneyGram or Bank cash deposit etc… These cannot be so easily reversed.