How to create new advertisement?
The advertisement creation page is where you create new advertisements. 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 suite 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 (from the icon that looks like a speedometer). In your dashboard you can also see all of your trades, both open and closed.
- You need to set a location, currency, payment method and specify that you are buyer or sell.
- You need to have at least 0.04 BTC in your Keepchange wallet for your advertisements to be shown publicly.
- You can create up to 5 advertisements at a time. For each Bitcoin you trade during 30 days you can create one additional advertisement.
Enter the country where you want your advertisement to appear.
Select the payment method you want to offer from the dropdown menu. See more in the section about payment methods.
Choose which currency you're selling for. For instance, if you're selling in France you should select EUR. You can use this list to find what your currency acronym is.
Margin or Price equation
The easy way to price your advertisement is to enter a margin you want above the Bitcoin market price. To do that, enter a percentage in the margin field.
If you want more control over your price, you can use the price equation field. This will allow you to create an advanced pricing algorithm taking into account many variables.
Min. / Max. transaction limit
The minimum transaction limit sets the smallest amount someone can buy. If you set it to five, and you have your currency set to EUR it means that smallest trade someone can open with you will be for 5 EUR.
The maximum transaction limit sets what the biggest trade that you want to accept is. Note that if you put in a larger maximum than what you have Bitcoins for in your wallet, the actual maximum will be your wallet balance.
Restrict amounts to
You can restrict the advertisement to only being able to open trades for specific amounts. If you enter 20,30,60 into the box a potential trade partner could only open a trade for 20, 30 or 60 EUR.
Terms of Trade
This is the text the buyer sees before he opens up a trade with you. It's a good idea to write instructions for the buyer on how you want the trade to proceed and if you have any specific instructions.
If you require, for example, the buyer to submit a receipt as proof of payment before you release the Bitcoins or if you need the buyer to provide an ID, this is the place to mention it. You can take a look at other traders advertisements for the payment method you want to use to get an idea of what good terms of trade contain.
General trading tips
- If the buyer too is slow or non-responsive. The escrow is automatically cancelled unless the buyer presses Mark payment done within the payment window (90 minutes).
- Dispute the trade If there are any disagreements in the trade, you can open a dispute. After a dispute has been started you can still release the Bitcoins and finish the trade e.g. in the case the payment took longer than usual to arrive and dispute was opened prematurely.
- Not replying to trade offers can give you negative feedback. Turn off your advertisements when you're not trading.
How to stay safe while trading Bitcoin
It's important to having good digital security, but it's especially important when you're trading Bitcoins. When you have advertisements up selling Bitcoin you also tell the world that you have Bitcoins, which can make you an attractive target to cyber criminals if you don't have your security in check.
Most common attacks are done using spear phishing techniques. That's where the attackers will first attempt to get access to other services that you use, mainly your e-mail or cell phone account. From there they will try to get access to your financial services. This is why it's very important to keep all of your online accounts secure, not just your keepchange account. By following these steps you can be sure that your account is protected from most security threats.
- Enable Login Guard from the security settings of your account to prevent logins to your account without an e-mail confirmation. This is not enabled by default for older accounts, please make sure it is turned on.
- Enable Two-Factor authentication on your keepchange account, this adds a second layer of security in case your password falls into the wrong hands. Make sure you do not store the backup code electronically, write them down and store the code safely. Enable it from your security settings.
- Use a different e-mail address for your keepchange account that is not used for anything else. Don't give this address out to your customers, use a separate e-mail account for customer correspondence. Gmail accounts are good as you can protect them with two-factor authentication.
- Review your login history & authorized browsers. From the account security settings you can view your account Login history and authorized browsers. It's a good habit to check these from time to time.
- Be wary of any images, links and other files that customers or unknown people send you, it can be an attempt to infect your computer with malware or worse. Run periodic malware and anti-virus checks on your computer.
- Don't use the same password on more than one site, instead use unique and randomly generated passwords. A password manager, like KeePass, allows you to do this without having to remember all your passwords. Using the same password on more than one site very dangerous, it can allow an attacker to get access to many of your accounts by knowing only one password.
- Enable Two-Factor authentication on services that support it, Google, Facebook, Dropbox all support it.
- Educate yourself on cyber security. Having knowledge is probably the best defence, read up on common attack techniques such as spear phishing to know how to identify potential attacks.
Verify the buyer
If you are selling Bitcoins for a payment method that is reversible you should verify that it is the buyer who is making the payment with his own account.
When you receive a new trade, take a look at the buyer's Keepchange profile to gauge the reputation of the buyer. Go through the buyer's previous feedback and his trading history.
On the page for the trade itself you will see a box showing security information of your buyer. Always view this information to get a picture of who your trading partner is, check whether the real name of his account matches the name attached to his payment.
If you're selling using a payment method such as transfer with specific bank where the buyer's name is visible.
Most of 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 user 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. The way to mitigate this risk is to check that the buyer id matches the sender bank account name.
Recommended reading: The May Scale of Money Hardness and BitCoin.
Characteristics of fraudulent activity
Scammers take advantage of the fact that Bitcoin transaction are irreversible or they try to trick you into releasing Bitcoins without sending payment. That's why it is important to never release Bitcoins from escrow until you have payment. Even if it's a regular buyer and someone you know, as once the Bitcoins have been released from escrow, there is no way for you to get them back.
With reversible payments, scammers will attempt to pay using stolen credentials or purchase proof. always checking that the users real name matches that of 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 Keepchange support will help you ensure a safe trade.
Quick tips on identifying scammers
- Fraudulent buyers are often in a hurry. The more a customer asks you to hurry/rush the more suspicious you should be, real customers always have patience.
- Fraudulent buyers often suggest doing all or part of the transaction outside escrow and then do not complete their part of the transaction.
- Be careful about photoshopped payment evidence, don't release Bitcoins until you have confirmed that you have received the money. You are not obliged to release a trade until you can verify that you have received the buyer's payment.
- Don't open any links that your trading partner is sending to you. If you must, use different browser than the one you are using.
- Don't visit websites other than Keepchange.io with the browser that you're using to trade. Use a different browser for other websites.
- Bookmark Keepchange.io in your browser and always use the bookmark when visiting the website. This helps you avoid accidentally visiting phishing websites, they exist and can be very convincing. Even experienced traders have fallen victim to phishing websites.
- If you're unsure about a user, you can always contact support for help.
Please also read our terms of service.
Keepchange.io support handles disputes based on evidence supplied by trade participants and their reputation.
Disputes can be started 1 hour after payment is marked complete.
If the buyer has fewer than 3 completed trades, the seller may open a dispute after 1 hour.
After the escrow has been released by the seller the trade is considered finished by Keepchange.io and cannot be disputed.
When a Bitcoin seller is unresponsive, Keepchange will release the Bitcoin to the buyer if the buyer can provide valid proof of payment.
If the buyer is unresponsive after starting a trade, the escrow will released to the seller by Keepchange support.
Keepchange wishes you happy trading!