Things that will get you blocked on Bitcoin trading websites

Bitcoin trading is a risky proposition. Recently the influx of amateur traders with no idea true idea of the costs or risks involved has lowered prices and made bitcoin trading less profitable. Those profits are what professional traders used to offset the inevitable losses from price fluctuations and scams.

Often professional sellers are forced to block other traders and leave negative feedback. A good trade is one that is finished quickly and easily. A bad trade requires a seller to answer a lot of unnecessary questions, interrupts his ability to complete other trades and slows down his overall business. A bad trade wastes time or causes a lot of trouble for the trade partners.

These are the most common reasons why trades go bad and people get blocked.

  1. The most common reason is the trade partner did not follow the instructions in the buy/sell ad agreed to.
  2. The trade partner started a trade just to talk or ask questions and is not truely interested in trading. These people are commonly known as “time wasters”.
  3. The trade partner did not cancel when asked and kept coins locked up so the seller was unable to offer them to others.
  4. For a local trade one party did not show as agreed, again, wasting the other person’s time.
  5. A buyer was dishonest or committed fraud by marking a trade as paid when it had not been made.
  6. The trade partner asks the seller to change their pricing. If you don’t agree with the price you are free to select another ad or seller.
  7. A buyer started a trade, accepting the terms of the trade and then tried to renegotiate the price or terms
  8. The trade partner tried to use a different payment method than the one stated in the ad.
  9. The trade partner continued to debate/argue/beg/whine/convince the other trader after being told no.
  10. A buyer was based in a country that was banned by the seller (these are often Nigeria, Philippines and China).
  11. The trade partner took longer than 30 minutes to respond to messages (unresponsive) or took longer than allowed to complete the trade
  12. The trade partner was impatient, sent multiple messages after being asked to wait or was “high maintenance”.
  13. A buyer did not provide the required proof of payment
  14. A buyer provided photos of payment that were blurry, dark or faked
  15. A seller took more than an hour to release coins after valid payment had been received
  16. The trade partner said or did things commonly associated with known scams.
  17. Foul language, harassment or threats of any kind

Can you think of any other reasons to block a potential trade partner?

Tagged with:

Have a Comment? Share it here.