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 sell bitcoins using Roolo.
Method 1 : Place an Advertisement to Sell Bitcoins
You can place an advertisement that you want to sell bitcoins. In the advertisement, you decide, how many bitcoins you want to sell, the currency that you will receive, the price and other details - such as whether you will split your sale amongst more than one buyer. You then decide how you want to get paid - by bank transfer, mobile phone or money transmitter (such as western union). You can then set certain requirements for the buyers to be able to respond to your advertisements - such as a requirement that the buyer should have a verified email or postal address. You can decide, either just to accept any buyer if they meet your requirements or you can include a pre-trade review which will allow you to review the buyer’s profile before accepting the trade. Finally, you can insist on checking the buyer’s real name against the name you see on the transfer. This gives you the confidence that the transfer is genuine and also enhances the buyer’s reputation as each ‘real name check’ is noted on their profile.
Method 2 : Respond to Another User who has posted a Buy Advertisement
If you want to sell 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 bids placed by other users. Each bid 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 buyer, the terms of the advertisement and, if you are happy, choose the payment method, the amount you want to sell and press the ‘SELL’ button.
Receiving 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 buyer will have to complete an action and then acknowledge that it is done. For example, if you have reserved the right to review the buyer’s profile, you must do this and accept the trade. The buyer must then make the payment for the bitcoins to the account information that is displayed in the Order Information dialog box. He must notify you that the payment has been made and then wait for your 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.
Sending your Bitcoins
When all the after payment checks are complete, the bitcoins are automatically transferred to the buyer’s wallet!