Bitcoin-Brokers brings together bitcoin buyers and bitcoin sellers and creates the framework to either buy or sell bitcoin.
Buyers who wish to purchase bitcoin submits a support ticket through the Help Desk to request a quote.
The buyer need to choose a bank to make a cash deposit.
Sellers can list their bitcoins for sale at a price they want and place their bitcoin in escrow with Bitcoin-Brokers prior to Bitcoin-Brokers presenting the seller’s bitcoins as available inventory to interested buyers.
When a buyer requests a quote, they will be presented with the available inventory of bitcoin, along with the price which each seller needs to be paid.
Buyers will choose which bank and price they prefer.
Bitcoin-Brokers will then forward the necessary deposit instructions to the buyer to complete the transaction.
After the buyer has made the cash-only deposit into the seller’s account, the buyer will need to photograph the deposit receipt and upload that receipt to the same support ticket that was used to initiate the transaction as proof of deposit.
Bitcoin-Broker’s fee paid by the buyer is 2%. There are zero fees paid by the seller of bitcoin.
The proof of deposit is forwarded to the seller who confirms the deposit has been made into their account via their online banking. The seller then grants Bitcoin-Brokers permission to release the escrowed bitcoin to the buyer and the transaction is complete.
Q) The price of bitcoin moves up and down in the open market. At what point through the transaction are prices determined?
A)This depends on two things which are both up to the seller. Sellers have the choice of working with Bitcoin-Brokers in a couple different ways. If sellers simply have a supply of bitcoin which they want converted to cash deposits, then Bitcoin-Brokers will use the time on the buyer’s deposit slip as a point of reference to establish the pricing of the bitcoin.
If the seller is buying the bitcoin directly from an exchange to pair off the order, then Bitcoin-Brokers will allow the seller to take a screenshot of the paired off purchase. The price which is displayed on the screenshot will be used as the price. This will allow the seller to “lock in” a guaranteed profit. The screenshot will also be forwarded to the buyer as a form of receipt, so the buyer has confidence that the price they paid per bitcoin was in fact the actual price at the time it was purchased out of an exchange.
Q)How long after a deposit has been made, and proof of deposit supplied before bitcoin are released to the buyer’s wallet?
A)Bitcoin-Brokers will release the bitcoin as soon as we are given authorization from the seller to do so. We allow the seller until 8:00 am PST the following day to confirm the deposit and authorize the release of bitcoin. In the event that proof of deposit has been submitted, and the seller becomes unavailable for any reason, Bitcoin-Brokers will complete the transaction on behalf of the seller with the seller’s escrowed bitcoin. If this happens, the time on the buyer’s deposit slip will represent the time at which pricing of the bitcoin is determined in all cases.
Q)Do quotes ever expire?
A)Yes. After a buyer has been presented with deposit information, Bitcoin-Brokers needs to place a hold on the seller’s escrowed bitcoin to ensure that we only sell what we can deliver. The buyer has until 6:00 pm their local time to make the deposit and upload the deposit receipt as proof of deposit (2 hour extensions may be granted if the buyer needs extra time to make it to the bank). If the deposit has not been made by the cut-off time, the quote expires, the hold is taken off of the bitcoin, and the bitcoin are available for sale again to a new buyer. As a buyer, if you miss the cut-off time, never attempt to deposit with the same deposit information. Ask Bitcoin-Brokers for a new quote.
Q)I bank at the same bank as the seller. Can I simply perform an account to account transfer?
A)No. The only form of payment which is acceptable is a cash deposit.
Q)As a seller, can I ask for my bitcoin back?
A)Yes. Your bitcoin can be returned at any time. There is a 1% fee to return bitcoin.
Q)Are there any minimum transactions values?
A)The minimum transaction amount at Bitcoin-Brokers is $400.
Q)Does Bitcoin-Brokers have any published reviews from past clients?
A)Here is the link to the dedicated thread for Bitcoin-Brokers at Bitcointalk.org:
WHO ARE THESE GUYS? HOW CAN I TRUST THEM WITH THOUSANDS OF DOLLARS/BITCOINS WITHOUT KNOWING WHO THEY ARE? THERE ARE GRAMMAR ISSUE IN THEIR WEBSITE. THE ARTICLE WRITER DOES NOT EXPLAIN HOW THE PROCESS WORKS. THEIR WEBSITE IS THE PROPERTIES OF ZENDESK.
Daniel Brown (Bitcoin-Brokers)Dec 10 10:10 (MST)
First things first…who are we? & Why trust us with your money?
Here is a link to our dedicated thread at Bitcointalk.org
The thread has almost 30,000 views and has hundreds of comments from many past clients. If you take the hours that are necessary to read through the thread you will see two things:
1)Lots of very happy clients
2)Zero complaints from a single buyer or seller.
With respect to a greater understanding about how we get paid at Bitcoin-Brokers:
Here is a quick explanation as to how things work here:
The bitcoins that we sell you have been placed for sale on our site by individual sellers. The sellers provide us with their personal banking information. Bitcoin-Brokers handles the sale of the bitcoins, handles the communications and directs buyers to make cash deposits into these seller’s bank accounts.
By setting it up this way, Bitcoin-Brokers never touches the cash. The buyer simply pays the seller directly. This is a free service to the seller, and the buyer incurs a 2% fee.
That’s it. There is no sign up, or registration. We do not collect any ID. All you have to do when you want to buy bitcoins, is simply respond to this ticket, and I will always be here to offer you a current quote as well as the appropriate banking information for the seller’s account.
Sellers have their bitcoin priced in relation to specific exchanges (such as MtGox +4%, or Bitstamp +8%). This is always based on current (last) price on the specific exchanges.
Typically, the lowest sellers will sell their bitcoin for will be approximately MtGox +4%. I will always offer you the lowest priced bitcoin available among the various sellers when you are presented with your deposit instructions.
The best way to get an idea of what you are going to pay for your bitcoin is to view one of a couple different websites which offer lives quotes from the various exchanges. The two most popular sites are www.bitcoincharts.com and www.bitcoinity.org (I prefer this one because the graphics are better which help in visualizing the prices, and it tends to run smoother than the other site. Yet information offered at either site is equally reliable).
When ordering I need to know three things from you:
1)How much in dollars would you like to purchase?
2)What bank would you like to pay at? (currently I have bitcoin available at Bank of America, Chase, Wells Fargo)
3)What is your bitcoin wallet address?
Once I have that information I can prepare a quote for you.
After you have made a cash-only deposit into the seller’s bank account you will need to collect proof of the deposit you have just made. You will need to obtain the deposit receipt, as well as the business card of the teller.
Those two items will need to be photographed and then uploaded as an attachment to this same ticket we are using right now. Once that is forwarded to Bitcoin-Brokers, I inspect it, and then forward it to the seller as confirmation of the deposit. It is at this time that I also make a request from the seller to release the escrowed bitcoin. Once this authorization is granted, I transfer your bitcoin to your wallet.
The seller has 24 hours to authorize a release of the bitcoin, though 99% of the time the bitcoin is authorized to be released much sooner than 24 hours.
On the off chance that the seller fails to reply to the request, Bitcoin-Brokers already has the bitcoin escrowed in our wallet, and we will simply complete the transfer of the bitcoin to you on behalf of the seller. You are always guaranteed to get your bitcoin when you buy them at Bitcoin-Brokers.
Anyways, I hope that clears that up for you.