First of all, you have to set up your account. You fill in your details and design your profile. The verification centre allows you to verify your details including your email, phone, postal address and Identity documents. The verification centre also lets you link to social media accounts. The more you verify and show on your profile, the more trust you can build with other users. Before you trade, you also need to set up details of the accounts and methods that you will use to send or receive money.
When you have set up your account and are ready to go, there are two ways to buy bitcoins using Roolo.
Method 1 : Place an Advertisement to Buy Bitcoins
You can place an advertisement that you want to buy bitcoins. In the advertisement, you decide, how many bitcoins you want to buy, the currency that you will buy with, the price and other details - such as whether you will split your buy amongst more than one seller. You then decide how you want to pay - by bank transfer, mobile phone or money transmitter (such as western union). You can then set certain requirements for the sellers to be able to respond to your advertisements - such as a requirement that the seller should have a verified email or postal address. Finally, you can allow the responder to check your real name against your transfer. This gives the seller confidence that the transfer is genuine and also enhances your reputation as each ‘real name check’ is noted on your profile.
Method 2 : Respond to Another User who has posted a Sell Advertisement
If you want to buy bitcoins immediately, you can respond to an advertisement posted by another user. Simply select the market you want to trade in (such as GBP) and review the offers placed by other users. Each offer will be marked with a tick or a cross which indicates whether you meet the requirements to respond to the advertisement. Some advertisers will set conditions but will allow you to respond even if you do not meet the conditions subject to their reviewing your profile before they accept your response. When you have found an advertisement that suits you, simply click on it, check the profile of the seller and, if you are happy, choose the payment method, the amount you want to buy and press the ‘BUY’ button.
Sending the Money
When you have agreed terms with another user, you have an Order. An order will go through various stages depending upon the terms of the advertisement. At each stage, either you or the seller will have to complete an action and then acknowledge that it is done. For example, if the seller has reserved the right to review your profile, he must do this and accept the trade. You must then make the payment for the bitcoins to the account information that is displayed in the Order Information dialog box. You must notify the seller that the payment has been made and then wait for his acknowledgement.
After Payment Checks
It is always good practice to make sure that payments received are from the person you have made the agreement with. This guards against chargebacks and reversals which can occur if the payment was not authorised or was made in respect of another service or purchase and was fraudulently diverted to your account. Roolo allows (if set as a condition of the advertisement) for the buyer’s real name to be revealed to the seller so the seller can compare it to the name on the transfer they receive. In addition, a seller, may require the bitcoins to be locked for a period to allow for any chargebacks or reversals to emerge. All of the terms are noted in the advertisement - so read them carefully.
Receiving your Bitcoins
When all the after payment checks are complete, the bitcoins are transferred into your wallet!