Becoming a Market Marker on Localbitcoins.com
Localbitcoins.com allows you to trade Bitcoins for fiat currencies through individual trades, sometimes referred to as over the counter trading or OTC. Most people are comfortable selling bitcoins over the counter as the transactions are fast and they offer diverse methods of payment.
Hundreds of bitcoin traders from around the globe are making profits on Localbitcoins by becoming market makers (buying and selling in Localbitcoins). Here is a brief guide on how to sell bitcoins on LocalBitcoins.com.
•First, you sign up to LocalBitcoins.com
•Then, you need to create an online sell advertisement for bitcoins. When designing an advertisement you select a payment method, set you pricing limits and outline your terms of trade as a free-form message.
•Next, you need to replenish your wallet with bitcoin, for you to order customers to be able to access trade requests from your advertisements.
•Once a buyer opens a trade with you, the full bitcoin amount is automatically transferred from your wallet to escrow.
•When the buyer has made the payment and pressed the Mark payment complete button you will receive an SMS alert or a notification via email informing you that payment of the trade has been done.
•Upon confirmation of the payment, the bitcoins are released to the buyer from the escrow to his Localbitcoins wallet.
•The last step is to leave feedback for the buyer so as to gain reputation and make some trades.
Depending on the country, bid/offer prices vary greatly. If you are making markets in less saturated bitcoin markets, you can make easy money as a market maker on LocalBitcoins
