Due to lack of time and family involvement i have decided to close my online community that have been running for 3 years selling only the domain name.

on alexa it rank between 8000, google page rank - 3, average 170 back links.

Is approaching sedo the only option to sell the domain securely?

Thank you.

Nope. But it depends on the name, how much you want for it, and how quickly you intend to sell it. IMHO, you'd get much more if you included the website.

Sedo may be an option to do the transaction, but not to find the buyer.
There is an other thread where there are some market places listed, have a look there: http://www.webhostingtalk.com/showthread.php?t=684434

Sedo can be sketchy