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I'm interested in selling Bitcoins online, probably through LocalBitcoins, but worried about getting scammed. Does anyone have techniques to share regarding what worked well for them to sell BTC online?

I've looked at the OKPay, PerfectMoney, and MoneyPak payment methods. They seem like a hassle to setup. Do they work well?

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The most important to secure online transactions in bitcoin trade is that you use irreversible payment methods. Otherwise, the disparity between irreversible bitcoin transactions and reversible soft money transactions opens the bitcoin seller up for fraud. Reversible - irreversible payment method scale is called "money hardness".

The safe online payment methods include

  • Cash deposits (thus far the safest, popular in US)

  • OKPay (advertises itself to be irreversible, not available in US)

Experienced traders are trading with very fraud sensitive methods like PayPal. However, they usually do identification checks or similar to further have guarantees against spammers.

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  • Also if possible open up a separate bank account for holding the money related to bitcoin trading. Sometimes banks freeze accounts related to trading because of their own policies and hostility towards such actions. Though the risk may be low, you don't want to get your only credit card, etc. for hold.
    – Mikko Ohtamaa
    Jul 31 '13 at 14:51
  • Is OKPay only for US?
    – Pacerier
    Aug 19 '13 at 15:17
  • There was a mistake: fixed that OKPay is not available on US
    – Mikko Ohtamaa
    Aug 19 '13 at 20:06

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