Can I Get Cash From Gift Card? Expert Tips & Tricks

Can I Get Cash From Gift Card? Yes, you can, and lawyergift.com is here to guide you through the process. Converting unwanted gift cards into cash opens up financial flexibility, allowing you to use the value for immediate needs or other desired purchases. Explore practical strategies to redeem your gift cards for cash. Whether it’s selling them online, using kiosks, or creatively reselling purchased items, you can find the best method for you. Uncover the best approaches to optimize your gift card’s utility, avoid common mistakes, and learn about gift card liquidity.

1. Understanding Your Options: Cashing Out Gift Cards

Navigating the world of gift cards can sometimes feel restrictive, especially when you’d rather have cash. But fear not, there are several avenues you can explore to convert those plastic treasures into cold, hard currency. Each method offers different levels of convenience, payout, and effort. The best choice for you will depend on the type of gift card you have, how quickly you need the cash, and how much of the card’s value you’re willing to part with. Here’s a detailed look at your options:

1.1 Selling or Exchanging Gift Cards Online

Selling or exchanging your gift cards online is a popular and often rewarding method. Platforms such as CardCash, Raise, and lawyergift.com act as intermediaries, connecting you with buyers who are interested in purchasing discounted gift cards. These platforms offer flexibility and can often yield a higher return than other options.

How it Works: You list your gift card on the platform, and potential buyers can browse and purchase it at a discounted price.
Payout Rates: Payout rates typically range from 70% to 92% of the card’s face value. This can vary based on the retailer’s popularity and the current demand for that brand. For example, cards from popular retailers like Amazon or Walmart tend to fetch higher returns, while those from niche stores may offer lower percentages.
Swapping Cards: Some platforms also allow you to exchange your card for one from a different store. This can be a great option if you don’t need immediate cash but want a card for a store you frequent more often.
Fees and Timing: Be aware that some websites may charge transaction fees. Payout times can range from a few days to a week, depending on the platform’s policies.

1.2 Utilizing Gift Card Kiosks

Gift card kiosks offer a quick and easy way to convert your gift cards into cash. These machines are often found in grocery stores, shopping malls, and large retail outlets. If you need cash immediately, this could be a suitable option.

How it Works: You insert your gift card into the kiosk, which assesses the balance and makes an instant cash offer.
Payout Rates: Kiosk payouts are typically lower than selling online, generally ranging from 50% to 70% of the card’s value.
Voucher System: If you accept the offer, the kiosk prints a voucher that you can redeem for cash at the store’s customer service desk.
Considerations: Kiosk offers are usually non-negotiable, and not all kiosks accept every type of gift card. They tend to favor cards from major retailers.

1.3 Buying and Reselling Items

For a more hands-on approach, consider using your gift card to purchase popular items and then reselling them. This strategy works best if your gift card is for a store that sells in-demand products such as electronics, fashion, or home goods.

How it Works: Purchase items with your gift card that are easy to resell.
Resale Platforms: List the items on platforms like eBay, Craigslist, or Facebook Marketplace. For electronics, consider specialized sites like Swappa.
Item Selection: Focus on products that hold their value well, such as smartphones, laptops, gaming consoles, and brand-name clothing.
Research: Before purchasing, research the resale market to ensure you can sell the items quickly at a competitive price.

1.4 Claiming Remaining Balances

Did you know that several states have laws requiring retailers to cash out gift cards with small remaining balances? States like California, Colorado, Maine, and Washington require retailers to provide cash back if the balance falls below a certain threshold, typically between $5 and $10.

How it Works: Visit the store, present your gift card, and request the remaining balance in cash.
Legal Requirements: This option is only available in states with such laws, so check your local regulations first.
Benefits: This method avoids fees and commissions associated with third-party platforms or kiosks.

By understanding these different options, you can choose the method that best suits your needs and preferences. Whether you prioritize speed, payout, or convenience, there’s a way to convert your gift cards into cash effectively.

2. Selling Gift Cards Online: Maximizing Your Return

Selling gift cards online can be a lucrative way to convert unwanted cards into cash. The key is to understand the landscape, choose the right platforms, and optimize your listings to attract buyers. Here’s a comprehensive guide to maximizing your return when selling gift cards online.

2.1 Choosing the Right Platform

Selecting the right platform is crucial for a successful sale. Several reputable websites specialize in buying and selling gift cards, each with its own advantages and disadvantages.

CardCash: Known for its user-friendly interface and secure transactions, CardCash offers competitive rates and a straightforward selling process. They buy a wide variety of gift cards and provide options for payment, including direct deposit and PayPal.
Raise: Raise is a popular marketplace that allows you to list your gift card for sale and set your own price. While this gives you more control, it also requires more effort to manage your listings and attract buyers.
Gift Card Granny: Gift Card Granny aggregates offers from multiple buyers, allowing you to compare rates and choose the best deal. This can save you time and ensure you get the highest possible payout.
Lawyergift.com: While primarily known for unique gifts for lawyers, lawyergift.com also provides options for selling or exchanging gift cards. Their platform offers a curated experience, focusing on quality and customer satisfaction.
eBay: As a large online marketplace, eBay can provide a broad audience for your gift cards. However, it also comes with more competition and requires careful management of your listings to stand out.

2.2 Optimizing Your Listing

To attract buyers and sell your gift card quickly, it’s essential to create an optimized listing. Here are some tips to make your listing stand out:

Accurate Information: Provide accurate details about the gift card, including the retailer, the exact balance, and any expiration dates. Honesty and transparency build trust with potential buyers.
Competitive Pricing: Research similar gift cards on the platform to understand the current market price. Price your card competitively to attract buyers while still maximizing your return.
High-Quality Images: Include clear, high-quality images of the gift card. This helps buyers verify the card’s authenticity and condition.
Detailed Description: Write a detailed description that highlights the benefits of buying your gift card. Mention any discounts or special offers that apply.
Promote Urgency: Create a sense of urgency by mentioning limited availability or special promotions. This can encourage buyers to make a purchase quickly.

2.3 Understanding Fees and Payouts

Before listing your gift card, understand the fees and payout options associated with the platform.

Transaction Fees: Most platforms charge a transaction fee for each sale. This fee can vary depending on the platform and the type of gift card.
Payout Options: Different platforms offer various payout options, including direct deposit, PayPal, and checks. Choose the option that best suits your needs and preferences.
Payout Time: Be aware of the payout time, as it can range from a few days to a week. Plan accordingly if you need the cash quickly.

2.4 Tips for a Smooth Transaction

To ensure a smooth and secure transaction, follow these best practices:

Verify Buyer: Before completing the sale, verify the buyer’s identity and reputation. Check their feedback and reviews to ensure they are trustworthy.
Secure Payment: Use secure payment methods recommended by the platform, such as PayPal or direct deposit. Avoid accepting payments through غير آمن methods like money orders or wire transfers.
Track Shipment: If you need to mail the gift card, use a tracking service to monitor its progress and ensure it reaches the buyer safely.
Keep Records: Keep detailed records of all transactions, including screenshots, confirmation emails, and receipts. This will help resolve any issues that may arise.

By following these tips, you can maximize your return and ensure a smooth and secure transaction when selling gift cards online.

3. Local Options: Gift Card Kiosks and Retailers

While online platforms offer a wide reach, sometimes the most convenient option is right in your neighborhood. Gift card kiosks and local retailers can provide quick and easy ways to convert your gift cards into cash. Here’s a guide to utilizing these local options effectively.

3.1 Finding Gift Card Kiosks

Gift card kiosks are automated machines that buy gift cards for cash. They are typically located in high-traffic areas such as grocery stores, shopping malls, and big-box retailers.

Location: Use online search tools or kiosk locator apps to find kiosks near you.
Brands Accepted: Check which brands the kiosk accepts. Most kiosks focus on popular retailers, but acceptance can vary.
Payout Rates: Be aware that kiosk payouts are generally lower than online rates, often ranging from 50% to 70% of the card’s value.

3.2 Using Gift Card Kiosks

Using a gift card kiosk is a straightforward process:

Insert Card: Insert your gift card into the machine.
Balance Assessment: The kiosk will assess the card’s balance.
Receive Offer: The machine will provide an instant cash offer.
Accept or Decline: You can choose to accept or decline the offer.
Voucher Redemption: If you accept, the kiosk will print a voucher that you can redeem for cash at the store’s customer service desk.

3.3 Local Retailers and Cash-Out Policies

In some states, retailers are required to cash out gift cards with small remaining balances. Check your local laws to see if this option is available to you.

State Laws: States like California, Colorado, Maine, and Washington have laws requiring retailers to cash out gift cards with balances below a certain threshold (typically $5 to $10).
Retailer Policies: Visit the store and ask if they offer cash back for small balances.
Documentation: Bring your gift card and a valid ID for verification.

3.4 Benefits and Drawbacks

Benefits:

Immediate Cash: Kiosks provide instant cash, which can be useful in urgent situations.
Convenience: Local options are easily accessible and require minimal effort.

Drawbacks:

Lower Payouts: Kiosks and retailer cash-out policies typically offer lower payouts compared to online platforms.
Limited Acceptance: Not all kiosks accept every type of gift card.

3.5 Tips for a Successful Local Transaction

Check Balance: Before heading to a kiosk, check the balance on your gift card to avoid surprises.
Compare Rates: If possible, compare rates at different kiosks to ensure you’re getting a fair offer.
Read Reviews: Check online reviews of local kiosks to avoid scams or unreliable machines.
Verify Policies: Contact local retailers to verify their cash-out policies before visiting.

By leveraging gift card kiosks and local retailer policies, you can efficiently convert your gift cards into cash while enjoying the convenience of local options.

4. Creative Strategies: Buying and Reselling

If you’re looking for a more hands-on approach, buying items with your gift card and then reselling them can be a creative and potentially profitable way to convert your card into cash. This strategy requires some effort and research, but it can yield a higher return than simply selling the gift card directly.

4.1 Identifying High-Demand Items

The key to success with this strategy is to identify items that are in high demand and easy to resell. Here are some categories to consider:

Electronics: Smartphones, laptops, gaming consoles, and headphones often have strong resale markets.
Fashion: Brand-name clothing, shoes, and accessories can be resold on platforms like eBay or Poshmark.
Home Goods: Popular kitchen appliances, home decor items, and furniture can be sold on Craigslist or Facebook Marketplace.
Collectibles: Limited edition items, rare books, and collectibles can attract niche buyers willing to pay a premium.

4.2 Researching Resale Value

Before purchasing items with your gift card, research their resale value to ensure you can sell them quickly at a competitive price.

eBay: Check completed listings on eBay to see how much similar items have sold for in the past.
Amazon: Monitor prices on Amazon to understand the current market value of the items you’re considering.
Craigslist and Facebook Marketplace: Browse local listings to get a sense of demand and pricing in your area.
Swappa: If you’re selling electronics, Swappa is a specialized platform that provides accurate pricing data.

4.3 Purchasing Items Strategically

When purchasing items with your gift card, keep these tips in mind:

Focus on Discounts: Look for items that are already on sale or discounted to maximize your profit margin.
Consider Liquidation Sales: Check if the store is having a liquidation sale, where prices are heavily reduced.
Buy in Bulk: If possible, buy multiple units of the same item to increase your potential profit.
Keep Receipts: Always keep the receipts for your purchases, as they may be required for returns or warranty claims.

4.4 Reselling Your Purchases

Once you’ve purchased the items, it’s time to resell them. Here are some platforms to consider:

eBay: A large online marketplace with a global audience.
Craigslist: A local classifieds site for selling items in your area.
Facebook Marketplace: A convenient platform for selling items to people in your local community.
Swappa: A specialized site for selling electronics.
Poshmark: A popular platform for selling fashion items.

4.5 Tips for Successful Reselling

High-Quality Photos: Take clear, high-quality photos of the items you’re selling.
Detailed Descriptions: Write detailed descriptions that highlight the benefits of buying your items.
Competitive Pricing: Price your items competitively to attract buyers.
Excellent Customer Service: Provide excellent customer service to build trust and encourage repeat business.

By following these strategies, you can turn your gift card into cash and potentially even make a profit along the way.

5. Navigating State Laws: Cashing Out Small Balances

Did you know that in some states, you have the right to cash out gift cards with small remaining balances? These laws are designed to protect consumers and ensure that gift card value doesn’t go to waste. Here’s what you need to know about navigating state laws and cashing out small balances.

5.1 Understanding State Regulations

Several states have enacted consumer-friendly regulations that require retailers to cash out gift cards if the remaining balance falls below a certain threshold. These laws vary by state, so it’s important to understand the specific regulations in your area.

California: Retailers must cash out gift cards with balances below $10.
Colorado: Retailers must cash out gift cards with balances below $5.
Maine: Retailers must cash out gift cards with balances below $5.
Washington: Retailers must cash out gift cards with balances below $5.

5.2 Checking Local Laws

To determine whether you’re eligible to cash out a small balance on your gift card, check your local laws.

State Attorney General: Visit the website of your state’s Attorney General for information on consumer protection laws.
Consumer Protection Agencies: Contact local consumer protection agencies for guidance on gift card regulations.
Legal Resources: Consult legal resources or attorneys for clarification on specific laws in your area.

5.3 Requesting Cash Back

If your state has a law requiring retailers to cash out small balances, here’s how to request cash back:

Visit the Store: Go to the store where the gift card is valid.
Present Your Card: Present your gift card to the cashier.
Request Cash Back: Ask to receive the remaining balance in cash.
Provide Identification: You may be required to provide identification to verify your identity.

5.4 Retailer Policies

Even if your state doesn’t have a law requiring cash back, some retailers may have their own policies.

Check with the Store: Contact the store to inquire about their gift card policies.
Ask Customer Service: Speak with a customer service representative to learn about your options.
Review Terms and Conditions: Review the terms and conditions of the gift card for any relevant information.

5.5 Benefits and Drawbacks

Benefits:

Reclaim Unused Value: Cashing out small balances allows you to reclaim value that might otherwise go unused.
Avoid Fees: This method avoids fees and commissions associated with third-party selling platforms or kiosks.

Drawbacks:

Limited Availability: This option is only available in states with specific laws or retailers with accommodating policies.
Small Payouts: The cash back amount is typically small, as it only applies to low balances.

By understanding state laws and retailer policies, you can maximize the value of your gift cards and ensure that no amount goes to waste.

6. Avoiding Scams and Fraud: Safe Practices

Cashing out gift cards can be a convenient way to access funds, but it’s also important to be aware of potential scams and fraudulent activities. By following safe practices, you can protect yourself and ensure a secure transaction.

6.1 Recognizing Common Scams

Phishing Emails: Be cautious of phishing emails that ask for your gift card information. Scammers may pose as legitimate companies or retailers to trick you into providing sensitive data.
Fake Websites: Avoid using unknown websites or marketplaces, as they may be fraudulent. Stick to reputable platforms with clear policies and secure transactions.
Suspicious Offers: Be wary of offers that seem too good to be true. Scammers may lure you with high payout rates or special promotions to steal your gift card information.
Unsolicited Calls: Never provide gift card information over the phone to unsolicited callers. Legitimate companies will not ask for this information.

6.2 Verifying the Buyer

When selling gift cards online, verify the buyer’s identity and reputation before completing the sale.

Check Feedback and Reviews: Look for feedback and reviews from other users to assess the buyer’s trustworthiness.
Use Secure Payment Methods: Use secure payment methods recommended by the platform, such as PayPal or direct deposit.
Avoid Risky Payments: Avoid accepting payments through غير آمن methods like money orders or wire transfers.

6.3 Protecting Your Information

Always safeguard your personal and financial information when cashing out gift cards.

Secure Websites: Ensure that the website you’re using is secure and has an SSL certificate (indicated by “https” in the URL).
Strong Passwords: Use strong, unique passwords for your online accounts.
Two-Factor Authentication: Enable two-factor authentication for added security.
Monitor Accounts: Regularly monitor your accounts for any suspicious activity.

6.4 Reporting Fraud

If you suspect that you’ve been scammed, report the incident to the appropriate authorities.

Federal Trade Commission (FTC): File a complaint with the FTC online or by phone.
Local Law Enforcement: Contact your local police department to report the fraud.
Gift Card Issuer: Notify the gift card issuer to report the scam and potentially recover your funds.

6.5 Tips for Safe Transactions

Use Reputable Platforms: Stick to well-known and reputable platforms for selling or exchanging gift cards.
Read Reviews: Read reviews and check ratings before using any online service.
Secure Payment Methods: Use secure payment methods like PayPal or direct deposit.
Track Shipments: If you need to mail the gift card, use a tracking service to monitor its progress.
Keep Records: Keep detailed records of all transactions, including screenshots, confirmation emails, and receipts.

By following these safe practices, you can minimize your risk of becoming a victim of gift card scams and ensure a secure transaction.

7. Gift Card Strategies for Lawyers

Understanding the nuances of gift cards can be particularly useful for lawyers and legal professionals. From ethical considerations to practical uses, here’s how lawyers can navigate the world of gift cards.

7.1 Ethical Considerations

Lawyers must adhere to strict ethical guidelines, and gift cards are no exception.

Gifts from Clients: Accepting gifts from clients can create conflicts of interest. Lawyers should be cautious about accepting gift cards, especially if they are of significant value.
Gifts to Clients: Providing gifts to clients may be permissible, but lawyers should avoid offering gift cards that could be seen as inducements or bribes.
Transparency: Lawyers should be transparent about any gift card transactions and disclose them to relevant parties.

7.2 Using Gift Cards for Professional Development

Gift cards can be a useful tool for professional development.

Online Courses: Use gift cards to purchase online courses or webinars to enhance your legal skills.
Legal Resources: Use gift cards to buy legal books, software, or subscriptions to legal databases.
Conferences and Seminars: Use gift cards to cover the cost of attending legal conferences and seminars.

7.3 Gifting to Colleagues and Staff

Gift cards can be a thoughtful way to show appreciation to colleagues and staff.

Holiday Gifts: Give gift cards as holiday gifts to express gratitude for their hard work.
Performance Rewards: Reward employees for outstanding performance with gift cards.
Special Occasions: Celebrate birthdays, anniversaries, and other special occasions with gift cards.

7.4 Client Appreciation

Gift cards can be used to show appreciation to clients, but lawyers should be mindful of ethical considerations.

Thank You Gifts: Send gift cards as thank you gifts for referrals or positive feedback.
Holiday Greetings: Include gift cards with holiday greetings to express goodwill.
Settlement Agreements: Consider including gift cards as part of settlement agreements to compensate clients for damages.

7.5 Managing Gift Card Balances

Lawyers should manage gift card balances carefully to avoid losing track of their value.

Track Balances: Keep a record of all gift card balances and expiration dates.
Use Promptly: Use gift cards promptly to avoid losing their value.
Consolidate Balances: If possible, consolidate multiple gift card balances into one card.

By understanding these strategies, lawyers can make the most of gift cards while adhering to ethical guidelines and professional standards.

8. Tax Implications of Cashing Out Gift Cards

Understanding the tax implications of cashing out gift cards is essential for both individuals and businesses. While gift cards themselves are generally not taxable, the way they are used and acquired can have tax consequences. Here’s what you need to know.

8.1 Gift Cards as Gifts

When you receive a gift card as a gift, it is generally not considered taxable income. According to the Internal Revenue Service (IRS), gifts are not taxable to the recipient.

Gift Tax: The donor may be subject to gift tax if the value of the gift exceeds the annual gift tax exclusion limit (which is $16,000 per recipient in 2022 and $17,000 in 2023). However, gift tax is typically paid by the donor, not the recipient.

8.2 Gift Cards as Employee Rewards

If you receive a gift card from your employer as a reward or bonus, it is considered taxable income. The value of the gift card is subject to income tax and employment taxes (Social Security and Medicare).

Reporting: Employers must report the value of gift cards on your W-2 form.
Withholding: Employers are required to withhold income tax and employment taxes from your paycheck to cover the value of the gift card.

8.3 Gift Cards as Business Expenses

Businesses can deduct the cost of gift cards given to employees or clients as business expenses, subject to certain limitations.

Employee Gifts: The IRS allows businesses to deduct up to $25 per employee per year for gifts. Gift cards are considered gifts for this purpose.
Client Gifts: The IRS also allows businesses to deduct up to $25 per client per year for gifts.
Record Keeping: Businesses must keep accurate records of all gift card transactions, including the date, amount, and recipient.

8.4 Gift Cards from Loyalty Programs

If you receive gift cards from loyalty programs or credit card rewards, they are generally not considered taxable income. The IRS does not consider these rewards to be taxable as long as they are not provided as compensation for services.

8.5 Selling Gift Cards

When you sell a gift card for cash, the tax implications depend on whether you sell it for more or less than its face value.

Selling for Less: If you sell a gift card for less than its face value, you generally do not have any tax consequences.
Selling for More: If you sell a gift card for more than its face value, the excess amount is considered taxable income.

8.6 Bartering with Gift Cards

If you barter goods or services for gift cards, the fair market value of the goods or services you provide is considered taxable income.

Reporting: You must report the fair market value of the goods or services on your tax return.

By understanding the tax implications of cashing out gift cards, you can ensure that you are complying with all applicable tax laws and regulations.

9. Maximizing Value: Tips and Tricks

To truly maximize the value of your gift cards when cashing them out, consider these additional tips and tricks that can help you get the most for your plastic assets.

9.1 Monitoring Expiration Dates

Gift cards sometimes come with expiration dates, although federal law restricts expiration dates to at least five years from the date of issuance. Always check the expiration date and plan to use or cash out the card before it expires.

Track Expiration Dates: Keep a record of all gift card expiration dates to avoid losing their value.
Use Promptly: Use gift cards as soon as possible to avoid the risk of expiration.

9.2 Checking for Fees

Some gift cards may come with fees, such as inactivity fees or service fees. Check the terms and conditions of the gift card for any applicable fees.

Avoid Inactivity Fees: Use the gift card regularly to avoid inactivity fees.
Minimize Service Fees: Be aware of any service fees and try to minimize them by using the gift card efficiently.

9.3 Comparing Offers

When selling gift cards online or using kiosks, compare offers from multiple buyers to ensure you’re getting the best deal.

Shop Around: Don’t settle for the first offer you receive. Shop around and compare rates from different platforms.
Negotiate Prices: If possible, negotiate prices with buyers to maximize your return.

9.4 Utilizing Discounts

When using gift cards to make purchases, look for discounts and special offers to stretch your gift card balance further.

Coupons: Use coupons to save money on your purchases.
Sales: Take advantage of sales and promotions to get more for your gift card.

9.5 Combining Gift Cards

If you have multiple gift cards with small balances, consider combining them into one card to make them easier to use.

Retailer Policies: Check with the retailer to see if they allow you to combine gift cards.
Online Services: Use online services to consolidate multiple gift card balances into one card.

9.6 Gifting Strategically

When giving gift cards as gifts, choose retailers that the recipient is likely to use.

Consider Preferences: Take the recipient’s preferences into account when selecting a retailer.
Versatile Options: Opt for versatile gift cards that can be used at multiple locations or online.

9.7 Reselling Wisely

If you’re planning to resell items purchased with gift cards, choose items that are in high demand and easy to sell.

Research Market: Research the resale market to identify items that are likely to sell quickly and at a good price.
High-Quality Items: Choose high-quality items that are in good condition.

By following these tips and tricks, you can maximize the value of your gift cards and get the most for your money.

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FAQ: Cashing Out Gift Cards

Can I really get cash from a gift card?

Yes, you can get cash from a gift card through several methods, including selling them online, using gift card kiosks, or claiming remaining balances at certain retailers as mandated by state laws.

What are the best websites to sell my gift card for cash?

Reputable websites for selling gift cards include CardCash, Raise, and Gift Card Granny. lawyergift.com may also offer options for selling or exchanging gift cards.

How much can I expect to get when selling a gift card?

The payout rate typically ranges from 70% to 92% of the card’s face value, depending on the retailer and the platform you use.

Are there any fees associated with selling gift cards online?

Yes, most platforms charge a transaction fee for each sale, which can vary depending on the platform and the type of gift card.

What should I do before selling my gift card?

Before selling, check the gift card balance and any expiration dates or restrictions. Use trusted platforms and safeguard your personal and financial information.

Is it better to sell my gift card online or use a gift card kiosk?

Selling online often yields a higher payout, while kiosks offer immediate cash. The best option depends on your need for speed versus maximizing value.

Can I exchange my gift card for another one?

Yes, some platforms allow you to swap a card for another one, giving you more spending options if you don’t need immediate cash.

What states have laws requiring retailers to cash out small gift card balances?

States like California, Colorado, Maine, and Washington require retailers to cash out gift cards with balances below a certain threshold (typically $5 to $10).

What are some creative ways to use gift cards instead of cashing them out?

Consider buying high-demand items and reselling them, or using the gift card for professional development if you’re a lawyer.

How can I avoid scams when cashing out gift cards?

Stick to trusted platforms, verify buyers, protect your information, and report any suspicious activity to the authorities.