LIBERTY RESERVE - how to use it?

@buddha3 (1029)
India
December 1, 2011 3:36am CST
I'm very confused regarding the usage of liberty reserve. Paypal and alertpay are very simple and straight forward. But liberty reserve is not! I tried understanding it by browsing their site and going through FAQs but in vain. They say they are not responsible for payments and they don't process any payments. Instead they give us a suggestive list of sites that trade LR currency. When i visited many of those sites, I was lost. I was like going into an unknown sea and it didn't make any sense to me. It was like going into a maze in search of something and getting trapped with lots of unwanted stuff!!! Is liberty reserve like share trading, forex trading, or a payment processor or what??? WHAT IS LIBERTY RESERVE, "ACTUALLY" AND WHY IS IT SO COMPLICATED???
3 responses
@ohid2u (145)
• Bangladesh
1 Dec 11
Actually Liberty reserve seems to be much complicated because of security system.You need login pass(complicated case),login pin,transact pin blah blah which really helps to make your LR account secured,don't take it hard.Read the user manual you will understand everything.Its an awesome payment processor.
1 person likes this
@buddha3 (1029)
• India
1 Dec 11
I don't have any problems with all those. As I am used to such extra security features in my online banking account, I can manage it. But the basic process of LR itself isn't clear to me yet!!! How on earth can we send and receive money through it???? I just can't figure out. Could u pls explain it briefly?
@Yasya08 (214)
• Israel
2 Dec 11
It is not complicated. You just use an exchanger to ge the money in and out. I use e-forexgold.com To get the money in, you just fill Buy form, get their banking details, send them the money and they fund your LR account. They have local options for some countries, so you'd better check them out.
@buddha3 (1029)
• India
2 Dec 11
That's what makes it complicated. Two service providers are to be used here! One is LR and in addition to it, an exchanger!!! Two accounts, two passwords, two websites!!
@momof3kids (1903)
• Singapore
1 Dec 11
For Liberty Reserve you have to use a service like swapgold.com which is one of the sites that trade LR currency. swapgold puts your money in your liberty reserve account by having you to put your money in their bank. When you have put your money in their bank, they transfer that money into your liberty reserve account. The opposite happens when you want to withdraw your money out of your liberty reserve account. To be nonest I havent used swapgold. I use snapgold which is a sister company of swapgold. So far snapgold.com has transfered all my money to and fro, with their charges, of course. Hope that helps.
1 person likes this
@buddha3 (1029)
• India
1 Dec 11
Yes, it was pretty clearly explained. I've looked at many sites but couldn't understand how to go about it. Like in some sites it was mentioned "exchange ur LR currency for so many dollars" etc. Do we need to exchange stuff to get paid there? or is it simple like in paypal? Also are their charges reasonable?
• Singapore
3 Dec 11
Paypal transacts your money to and fro straight from the bank. In the case of services like LR do not. They need another service to exchange/transact the money. That is just the way it is. The way they do tansactions is different from services like paypal and alertpay. I think once you try to put in and take out money from LR, you will understand more how it works. Try to put in and withdraw a small sum of money. Use what people have recommended for ecurrency exchange or use the ones LR recommends. If you already have the experience of transacting money this way, there will be more possibilities of earning online.
1 person likes this
• Singapore
3 Dec 11
Oops forgot about your last question. Their charges are quite reasonable to me. I think the last time I withdrew money from my money making program to my LR account, they charge about USD0.03 for less than USD5. But you have to consider the charges to and from the ecurrency exchange also.
1 person likes this
@hotsummer (10308)
• Philippines
1 Dec 11
you would exchange your LR to a website that buys them. and they will pay by providing your bank account info where they will send the payment. there are many exchangers for indians.
@buddha3 (1029)
• India
2 Dec 11
The biggest problem using LR is that we have to use another exchanger and we will have to buy and sell LR with them! We have to bid when we are buying!
@varier (5699)
• Indonesia
8 Dec 11
IMHO, using exchanger's service is not really bad, especially if the exchanger is legit and has low fees. I got one local legit exchanger here, which is buy/sell LR balance with IDR (my country's currency). IMHO, the transaction with this exchanger is way better than withdraw Paypal balance to bank. Because, first of all, this exchanger has no fees. I know that there's no withdrawal fees for Indian members, but unfortunately, there's fees for Indonesian members - it's even up to around $2 . And second, Liberty Reserve balance's exchange rate is better than Paypal's exchange rate. But well, using LR might be a big problem if we can't find any legit exchanger around..
1 person likes this
@buddha3 (1029)
• India
8 Dec 11
Absolutely right. Finding legit exchangers is the key. And also transactions with them must be simple like paypal. Only then we can go for LR.