This guide will be useful for people who want to trade cryptocurrencies actively. If you are planning to sell cryptocurrency from time to time, or you’re just starting to get involved in this process, pay attention to the how to sell guide.
On Bitcoin Global, you can trade cryptocurrency for traditional currencies through online trades, protected by an escrow service. People prefer to buy and sell cryptocurrency OTC (Over The Counter) because it provides fast transactions and more diverse payment methods. Centralized crypto exchanges are slow and unwieldy. Trading directly with other people using the same payment provider makes the money move much faster. This creates a better user experience for the customer.
Hundreds of crypto traders from all over the world use more than 60+ payment methods on Bitcoin Global. This guide will help you become one of them.
Let’s have a look at the trading process with an example of selling cryptocurrency. The buying process is quite similar.
Before you start trading you need to consider what payment methods you are going to provide and research the payment method to understand how it works. For the start we recommend you to choose low risk payment methods. Transfer with a specific bank can be a good starting payment method, especially if there are few traders active in your country. Below we’ll describe different payment methods and their risk level.
If you have a new account with no previous trading history, we recommend you start by replying to existing advertisements in order to buy and sell some cryptocurrency. This will help you get a hang of how trading works and it will let you build some trading history which will make your account trustworthy.
You can create new advertisements on the advertisement creation page. You can also find this page from the post a trade link in the menu bar. There are some options when creating an advertisement which are required, and a lot of extra options which are optional but recommended to set. Using the extra options allows you to tune your advertisement to suit your trading strategy. You can find all of the advertisements that you have created from your dashboard, you can also find it from the dashboard link in the menu bar. In your dashboard you can also see all of your trades, both open and closed.
Below you can see the list of currently supported payment methods on Bitcoin Global. If you are thinking about selling cryptocurrency with a certain payment method, check its risk level and read the topic on risk mitigation below.
If you want to see a new payment method added or have questions about the risk of a payment method, please contact Bitcoin Global support. We recommend you to study payment methods that you’ve planned to use.
|Other online payment||The advertiser gives payment details in the advertisement message.|
|Hal-cash||Hal-Cash is a bank service that allows you to send money to any mobile phone, and withdrawn instantly at an ATM of any of the financial institutions associated with the worldwide system, anytime and anywhere without needing a credit card.|
|Vipps||Send money to anyone who has a Norwegian phone number.|
|Chase Quickpay||Person-to-person payments through Chase’s quickpay system.|
|Chipper Cash||Chipper is a mobile cross-border money transfer platform in Africa.|
|Paypal||Transfer money to anybody with an email address.|
|WebMoney||Secure and immediate transactions online.|
|Moneybookers/Skrill||The simple and secure way to send and receive money.|
|Neteller||Instant deposits, withdrawals and payouts online.|
|Apple Pay||Online payment method to transfer funds between two Apple Pay users.|
|TWINT||Online payment method to transfer funds between two Twint users.|
|Cashier’s check||Checks signed by cashiers.|
|Venmo||Send money to friends using a mobile app in the US. Can be funded using a credit card.|
|Zelle||The service allows you to send transfers and receive payments directly to your bank account.|
|Dwolla||Send money online using Dwolla.|
|Perfect Money||Instant payments and confidential money transfers online.|
|CashU||Pay online securely without a bank account or credit card and fund your account using a variety of methods.|
|Bluebird Card||Card to card payments offered by American Express.|
|GreenDot Card||Green Dot Corporation is an issuer of prepaid MasterCard and Visa cards in the United States. Card to card transfers.|
|Other Online Wallets||Other online wallets that do not have their own category. The advertiser gives payment details in the advertisement description.|
|Other Online Wallet (Global)||International online wallets that do not have their own category.. The advertiser gives payment details in the advertisement description.|
|Other Remittance||Remittance vendors not already on the list. The advertiser gives payment details in the advertisement message.|
|Bitmain Coupon||Coupon given out by Bitmain that you can use to purchase their products.|
|Google Pay||Online payment method to transfer funds between two Google Pay users.|
|Cash App||Send money to friends using a mobile app in the US. Can be funded with debit cards.|
|Credit card||Buy cryptocurrencies using your credit card.|
|National bank transfer||Wire transfer within a specific country.|
|SEPA (EU) bank transfer||Single Euro Payments Area (SEPA) wire transfers. Usually recallable up to 10 days.|
|Transfers with specific bank||Transfers to and from other customers with the same bank as you.|
|Cash deposit||Go to a bank/ATM and deposit cash directly to the bank account.|
|Swish||Send and receive Swedish Krona to and from mobile phone numbers.|
|QIWI||Send money to anyone with a QIWI account. All you need to know is their phone number, simple, easy and fast.|
|Tele2||Tele2 позволяет обмениваться платежами быстро, легко и удобно, зная только номер телефона получателя.|
|Revolut||An electronic money institution providing online wallets. Not the same as a traditional bank. Funds with Revolut remain safeguarded in accounts with a tier-one UK bank, as per our obligations under the e-money regulations.|
|M-PESA Kenya (Safaricom)||Send and receive money with your mobile phone in Africa.|
|PayID||Enables customers of different banks to make and receive real-time payments.|
|Ripple altcoin||Altcoins are other cryptocurrencies than Bitcoin.|
|Litecoin altcoin||Altcoins are other cryptocurrencies than Bitcoin.|
|Ethereum altcoin||Altcoins are other cryptocurrencies than Bitcoin.|
|International Wire (SWIFT)||International wire transfer with SWIFT code.|
|MobilePay FI||Easy way to send money with phone numbers, works with all Finnish banks.|
|IMPS Bank Transfer India||Immediate Payment Service (IMPS) – bank transfers in India.|
|UPI Transfer||Transfer money between bank accounts in India.|
|Interac e-transfer||Canadian online transfers.|
|Faster Payments||Faster Payments Scheme Limited (FPSL) mobile payment system in the UK.|
|Paym||The service allows you to make money transfers, knowing only the recipient’s phone number.|
|Paym/Natwest||Pay your contacts with mobile payments by Natwest/Royal Bank of Scotland.|
|Western Union||ПSend and receive money internationally. The receiver can redeem the transfer as cash.|
|PostePay||Italian online payments.|
|Moneygram||Send and receive money internationally. The receiver can redeem the transfer as cash.|
|RIA Money Transfer||Send and receive money internationally. The receiver can redeem the transfer as cash.|
|Xoom||Xoom Corporation is a digital money transfer company based in San Francisco. It provides consumer remittance services to Europe, Canada, Australia, Latin America, the Philippines and India.|
|MobilePay||Easy way to send money with phone numbers, works with all Danish banks.|
|Walmart2Walmart||Send and receive money between two Walmart locations. The receiver can redeem the transfer as cash.|
|Serve2Serve||Reloadable debit cards and transfers between them.|
|Яндекс-деньги||A popular service for making electronic payments.|
|EcoCash||Send money to and receive money in Zimbabwe with your mobile phone.|
|PayTM||Indian mobile payment method (Pay Through Mobile).|
|Lydia||French mobile payment method.|
|Alipay||Alipay is a major Chinese online payment system.|
|Superflash||Italian debit card with an IBAN number.|
|AstroPay||AstroPay Card is an easy and safe way to make payments online in latin american countries.|
|M-PESA Tanzania (Vodacom)||Send and receive money with a mobile phone in Africa.|
|Transferwise||Transfer money online internationally.|
|Payeer||Send money anywhere in the world, the receiver does not need to be registered.|
|Advcash||Advanced cash is an online wallet service that lets you send and receive money.|
|Hyperwallet||Hyperwallet is an online payment solution which offers instant bank transfer funding in Canada.|
|Tigo-Pesa Tanzania||Send and receive money with a mobile phone in Africa.|
|Payoneer||Payoneer is a financial services business that provides online money transfer and e-commerce payment services.|
|Paxum||Send money anywhere in the world with just an email address.|
|Cash at ATM||Cash at an ATM is a service some banks that lets you withdraw or deposit money from/to ATMs with a PIN code.|
|WeChat Pay is a digital wallet service incorporated into WeChat, which allows users to perform mobile payments and send money between contacts.|
|Easypaisa||Send money to other people in Pakistan using your mobile phone.|
|WorldRemit||Send money anywhere in the world.|
These risk levels apply when you sell cryptocurrency online as the risk comes from accepting payments that can later be charged back. When you buy cryptocurrency you are completely protected by escrow as long as you have proof of payment.
|Risk level||Typical payment provider features||Mitigation|
|Low||The payment method is irreversible or almost irreversible.||It is safe to use this payment method, Bitcoin Global is aware of few or no issues with it.|
|Medium||The payment is reversible and Bitcoin Global receives the occasional report of fraud.||Set first time buyer limits. Require reputation and account history. Check the buyer ID.|
|High||It is easy for the buyer to reverse the payment, reversals can occur weeks or months after the trade. The payment provider may lock your account without a refund after receiving payments for cryptocurrency. Bitcoin Global are aware of several cases of fraud or other problems with trades. Proceed with caution.||Set very low first time buyer limits. Require high user reputation and long account history. Check the buyer ID.|
|Unknown||Bitcoin Global has not researched this payment method or there is little to no history with it being used for crypto trading.|
It’s important to have good digital security, but it’s especially important when you’re trading cryptocurrencies. When you have crypto selling advertisements you tell the world that you have cryptocurrency, which can make you an attractive target to cyber criminals if you don’t check your security.
Most common attacks are done using spear phishing techniques. In this case, the attackers get access to your email or cell phone account and after that for other services. Thus, they can get access to your financial services. This is why it’s very important to keep all of your online accounts secure, not just your Bitcoin Global account. By following these steps you can be sure that your account is protected from most security threats.
If you are selling cryptocurrency using a reversible payment method, you should verify that the buyer is making the payment with his/her own account.
When you receive a new trade, take a look at the buyer’s Bitcoin Global profile to gauge his/her reputation. Go through the buyer’s previous feedback and his trading history.
On the trade page you will see buyer security information. Always pay attention to it for understanding who your trading partner is. Also, check whether the real name of his account matches the name attached to his payment and that the user’s IP address is from the same country as the payment is coming from.
If you’re selling using a payment method such as transfer with a specific bank where the buyer’s name is visible, limiting your advertisement to only users who have verified their ID with Bitcoin Global is a good idea.
A large part of fraud occurs from new accounts. Setting first time buyer limits on your advertisement helps you limit the risk you expose yourself to any potential damage from fraudulent buys. They prevent a no-reputation buyer sending high volume trade requests. Setting the limits itself discourages the fraudulent buyers to contact you. See more above in the section “Setting up an advertisement”.
Most online payment methods are reversible. The payment provider can take back a payment even after it has arrived to your account. For example, PayPal payments are reversible up to 180 days.
In many countries, online banking is not protected by two-factor authentication. This means that whoever gains the control of the user’s computer, using malware or otherwise hijacked computer, can do unauthorized bank transfers. This is an issue for SWIFT, SEPA and wire transfers. Receiving money from a stolen source may lead to freezing your bank accounts for the duration of criminal investigation. You can mitigate this risk by checking that the buyer ID matches the sender bank account name.
Recommended reading: The May Scale of Money Hardness and Bitcoin.
Scammers take advantage of the fact that crypto transactions are irreversible or they try to trick you into releasing cryptocurrency without sending payment. That’s why it is important to never release cryptocurrency from escrow until you have payment. Even if it’s a regular buyer and someone you know, as once the cryptocurrency has been released from escrow, there is no way for you to get it back.
With reversible payments, scammers will attempt to pay using stolen credentials or purchase proof. Requiring the buyer to have an ID verified their Bitcoin Global account, and always checking that the user’s real name matches the payment information helps you stop these attempts. In case you encounter a suspicious user you can always open a dispute for the trade and Bitcoin Global support will help you ensure a safe trade.
Buying cryptocurrency with online payment methods is a generally safe process protected by Bitcoin Global escrow service. Nonetheless, you should pay attention to the following tips:
Bitcoin Global wishes you happy trading!