Buy Bitcoins Safely from Uncle Che

How to Buy Bitcoins Safely

To buy bitcoins safely, there are several factors to consider. We have already discussed on how to buy bitcoins online safely. There are thousands of ways to buy bitcoins online. This is NOT a comprehensive guide. This is a custom guide tailored towards new traders who want to buy bitcoins from me (Ferdinand Che) on the www.localbitcoins.com website. My username on LocalBitcoins is uncleche.

The reason I decided to write this guide is because several new users contact me on LocalBitcoins with a request to buy bitcoins but they don’t know exactly what to do. I spent a lot of time chatting with them to a point where I decided to block all new users from contacting my ads. However, I later noticed that most people do the same (since LocalBitcoins offers that option) leaving new potential traders with limited options. So I decided that instead of blocking them, I should write this simple guide for them.

 

How to Buy Bitcoins on LocalBitcoins.com

To buy bitcoins on LocalBitcons.com, please follow this simple guide. You might have completed some of the steps already, so please feel free to skip them. If a step links to another page, please open the link in a new tab or new window browser so that after reading you can come back to this page.

Create a LocalBitcoins.com Account

This is easy. Just go to Localbitcoins.com and click on Sign Up. Fill the form and submit. There are various forms of account verification but the most basic is email. Email verification is simple. A link will be sent to your email to click on it. That’s all. Other verification are optional but completing them helps build trust with other traders.

Decide on How to Pay for Bitcoins

Again, Bitcoin is NOT free. If you go to localbitcoins.com to buy bitcoins, then you must decide on how you want to pay for the bitcoins.

  • Log into LocalBitcoins.com
  • Click on the Buy bitcoins link (top left)
  • enter the amount, currency and country
  • select the payment method you want to use

Below are a few details you might want to consider to help you make a decission.

Buy Bitcoins Using Cash (In Person)

The money you want to use for Bitcoin purchase is already in your hands. Below are the options;

The seller is in the same city or region with me (Cash, in Person)

If the seller is in the same city with you, then you can initiate a trade online and meet the seller in person. After paying, the seller will release the bitcoins to your LocalBitcoins account.

Example: You want to buy bitcoins from me and you are in the same city with me (Buea) or region (South West Region) you can use this trade –> Buy bitcoins with cash in Central African CFA Franc (XAF).

Buy Bitcoins Using Cash (through money transfer service)

If you have cash but for some reasons you can’t meet the seller in person, consider the following options

The seller is in a different city (the same country)

If the seller is in another city, then you might want to transfer the money using national money transfer services. Some national money transfer services in Cameroon include Express Union, Express Exchange and Ecobank Rapid Transfer. You can simply go to the service center, fill a form and send the money.

Example: You want to buy bitcoins from me but you are NOT in Buea. Maybe you are in Douala, Younde or Bamenda, can use this trade —> Buy bitcoins using Cash deposit: Express Union, Express Exchange, Eco Bank Deposit with Central African CFA Franc (XAF).

The seller is in a different country (but maybe in the same continent)

If the seller is in another country but the same continent with you, then you might consider using international money transfer services. A few include Moneygram, Western Union, RIA and Ecobank Rapid Transfer.

Example: You want to buy bitcoins from me and you are in Nigeria while I am here in Cameroon, you can use this trade —> Buy bitcoins using Cash deposit: Ecobank Rapid Transfer with Central African CFA Franc (XAF).

Global Payment Options

Most payment options that require you to have cash to send are limited to the same country, or a list of countries in the same continent. The only truly “global” payment options in the world with the wides coverage where you can send money from hundreds of countries and they are pickep up from any country in a list of hundreds are Western Union and Moneygram. Western Union has a wider coverage but Monegram has lower fees.

For example you are in the Philippines and you want to buy bitcoins from me in Cameroon, you can use this trade to buy via Moneygram — > Buy bitcoins using Moneygram with US Dollar (USD).

Remember we are still discussing about buying bitcoin with cash (the money is in your hands). To round up on this point, consider the following scenarios and options listed from the most convinient to the least

The seller is in Cameroon (country), Buea (city) and I am not far from there

  • Meet and pay cash in person
  • Express Union
  • Express Exchange
  • Ecobank Rapid Transfer
  • Moneygram
  • Western Union

The seller is in Cameroon (country), Buea (city) and I am in Bamnenda (another region but same country)

  • Express Union
  • Express Exchange
  • Ecobank Rapid Transfer
  • Moneygram
  • Western Union

The seller is in Cameroon (country), Buea (city) and I am in Nigeria (a neighboring country in the same continent)

  • Ecobank Rapid Transfer
  • Express Union
  • Express Exchange
  • Moneygram
  • Western Union

The seller is in Cameroon (country), Buea (city) and I am in the Phillipines (in a different continent)

  • Moneygram
  • Western Union
Buy Bitcoins Using Cash (through mobile money transfer)

In most countries, some mobile operators, banks and money transfer services allow you to send money from your mobile phone. In Africa, for example, one can send money using the following  mobile money wallets

  • Mobile Money (Offered by MTN mobile operator)
  • Orange Money (Offered by Orange mobile operator)
  • EU Mobile (Offered by Express Union money transfer)
  • Ecobank Rapid Transfer (using Ecobank account and app)

It is very easy to fund the above mobile wallets. Simply go to a kiosk, hand in your money and account details and it is done within a minute. If you don’t have a mobile money wallet, you can still send using the account of the kiosk operator.

If the money is already already loaded the cash into your mobile phone wallet,  or you intend to send in a kiosk using the kiosk owner’s account, this payment option is a good choice if the seller accepts it.

Example: If you are in Cameroon or any other African country that supports any of the above mobile money wallets, you can buy bitcoins from me using this trade —> Buy bitcoins using Cash deposit: MTN Mobile Money, Orange Money, EU Mobile Money with Central African CFA Franc (XAF).

Buy Bitcoins Using Cash (via Bank Deposit)

This is easy, and a great option if you and the seller are in the same country. Just walk into the seller’s bank and deposit the money into his account. This is different from bank transfers because you do not need to have a bank account or have an account with the seller’s bank.

Buy Bitcoins Using an Online Wallet

Online wallets are services that allow you to keep your money online. You can use them only if you have already created an online wallet and funded it, or earned money into it via other means. The advantage of most online wallets is that they are almost global.

A few examples of online wallets include

  • Payeer
  • Advanced Cash
  • CashU
  • Perfect Money
  • Skrill
  • Paypal

Loading these wallets can be quite tricky deepening on your location. The main downside is that they charge extra fees which may not be profitable for a buyer. However, if your online wallet already has funds, it is easy to use. Note that for the sake of security, the seller may extensively verify your identity if you are paying via some options like Skrill and Paypal to avoid charge-back.

Buy Bitcoins Using Bank Transfers

This method involves transferring money from your bank account to the seller’s bank account.

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