Localbitcoins – review and feedback on the world-famous Btc exchange

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Localbitcoins – review and feedback on the world-famous Btc exchange

A modern person is constantly interested in the most diverse ways of earning money. At the same time, many of them are trying to come up with something that is not just profitable financially, but also exciting for the overall development and implementation of their own plans. Quite often, even people without financial education, having a vague idea of ​​crypto-currencies, blocking technology, etc., try to increase their savings using digital money.

A unique exchange allows you to make transactions with the crypto currency, using direct transactions between the participants of the system. without intervention of administration of a web resource, favorably differs from competitors. Localbitcoins is registered in the Finnish capital Helsinki in 2020 (which already indicates a positive reputation of the exchanger).

General characteristics of the Localbitcoins exchange

The clients of the management company are residents from 224 countries from around the world, and the work of the web resource is supported in the seven most popular languages, including:

Control of the activity of the resource

In parallel with the growing popularity of the exchange, the best programmers have created for Localbitcoins an application that significantly increases the processing speed of information and incoming data, which can have at least indirect relation to this work. Also for customers introduced mandatory verification, and the administration of the management company launched an active fight against the laundering of illegal proceeds.

Training

By registering for a Localbitcoins login and opening a trading account, a new user of the resource can proceed to conclusion, interested in his transactions. On the official website of the Crypto Exchange, training materials are presented that will help even players with minimal experience to make the right steps aimed at obtaining the first profit:

● Quickly buy and sell bitcoins (the only crypto currency that is quoted on the exchange).

● To study guidelines for the prevention of dangerous situations related to the protection of personal information and own savings.

● Understand the tips for automating your own trading using the capabilities of the crypto exchange.

Based on the above recommendations, you will not only learn how to use digital and fiat money with maximum benefit, but also work with them in your own outlets, including online stores.

Another important point, which every participant of the prepared Localbitcoins demo should remember is a mass of advertising information, the quality of which is improving every year. It is these factors that indicate an increase in the professional training of developers of such products.

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What you need to know about trading at Localbitcoins

Given the specifics of the crypto-exchange, the participants of this project should pay special attention to the rating of potential partners. Most analysts that make up the Localbitcoins reviews share all of the web resource’s customers by the color of their labels (it is this that indicates the speed of decision making by the user):

● green – no more than five minutes;

● yellow – up to half an hour;

● Red – more than 30 minutes.

Purchase of the required digital currency

When choosing a partner to conduct a potential transaction, you need to consider how much these methods of exchanging digital currencies are operating in your partner’s country of residence. You should pay tribute to this web resource. Clients of the site can use the following electronic purses, bank transfers, plastic cards, etc .:

● Plastic cards (Visa, MasterCard, etc.).

Advantages and disadvantages of the crypto exchange

If you read about Localbitcoins reviews compiled by professionals and ordinary fans of digital currencies, the first thing that “catches your eye” is the company’s foundation year and significant advantages, which is quite a rare phenomenon in this field of activity.

This platform allows you to conclude deals with a huge number of cryptonyms, which, with a detailed analysis of this market, allows you to successfully work and earn a good income. Another plus is the high popularity of this site, which attracts the attention of the fans of crypto-currencies from all developed countries.

Presented by the exchange, despite the prospects for development and good business reputation, according to many financiers, lags far behind other crypto-exchange platforms, and above all, the unconventional pricing policy is to blame, despite the fact that it differs significantly from the legendary course, the end of 2020.

LocalBitcoins Review

We may receive compensation when you use LocalBitcoins. This post contains affiliate links. Disclosure.

LocalBitcoins is a global Bitcoin exchange that gives a lot of options to its users.

Before getting into the details, here are some good and bad things to know about LocalBitcoins:

  • LocalBitcoins is one of the most private ways to purchase bitcoins
  • In some countries it is the only way to buy bitcoins
  • It allows you to buy bitcoins with many payment methods
  • There are many scams and you need to use caution
  • Fees can be slightly high when buying with cash, since many people are willing to pay extra for the privacy LocalBitcoins offers

limits and liquidity: How Much Are You Buying?

LocalBitcoins itself does not impose any limits on its users. Users are free to decide on their own prices and limits.

  • No buying or selling limits imposed by LocalBitcoins
  • Some sellers will require ID verification for larger amounts

Supported Countries

LocalBitcoins is available in nearly every country. Liquidity will depend on the amount of buyers and sellers in your area. LocalBitcoins is not available in Germany or the state of New York. LocalBitcoins left New York due to the BitLicense.

What Makes LocalBitcoins Different than Other Exchanges?

The difference between Local Bitcoins and most exchanges is that LocalBitcoins does not require personal information when making good trades.

Unlike other exchanges, which require ID verification and personal information, Local Bitcoins allows you to buy bitcoin without connecting your name to the bitcoin you’re buying.

LocalBitcoins vs Other Exchanges

Here is LocalBitcoins compared to some other top exchanges:

Payment Methods Accepted

LocalBitcoins users are free to buy and sell using any payment method. The payment methods available to buyers will depend on what’s available in your location.

  • Wide range of payment methods available
  • Many payment methods should not be used; like PayPal or any reversible payment methods

privacy: Is Your Personal Info Kept Private?

LocalBitcoins is private and does not require I.D. verification or any personal information besides an email address to signup. While LocalBitcoins itself does not require personal details, some buyers or sellers may request identification before making a trade.

speed: When Are Your Coins Delivered?

The speed at which your bitcoins are available will depend on payment method.

  • Buys made with cash deposit generally deliver bitcoins within 1 hour
  • In-person cash trades are fast and easy to organize
  • Speed of delivery is entirely dependent on seller confirming payment, so at times it can take a while (although it is generally within 15 minutes)

reputation and regulation: Can You Trust LocalBitcoins?

LocalBitcoins was one of the first peer-to-peer Bitcoin exchanges, and the largest one today.

  • One of the oldest Bitcoin exchanges
  • Not a scam
  • Even though it’s trustworthy, users should not store bitcoins in the “LocalBitcoins wallet”
  • Reputation of exchange is good, but need to check reputation of each user on the exchange

Most problems with LocalBitcoins are a result of trading with a new user or one with multiple bad feedbacks.

Be sure to only trade with users who have a history of making trades.

You can view any user’s feedback history by looking at their profile:

In this case, the user has made 11 trades with three different trading partners. The user has a 100% success rate, meaning there were little or no issues with scams during his trades.

The user above would be a good user to trade with!

fees: Are You Paying Too Much?

LocalBitcoins charges a flat 1% fee on all trades.

  • LocalBitcoins only takes 1%
  • Even though fees are low, prices may be inflated depending on payment method

Customer Support

LocalBitcoins offers support via email.

  • Support is usually quick to respond to all issues
  • LocalBitcoins offers forums where you can request help from other users of the platform

Review by: Jordan Tuwiner

LocalBitcoins Alternatives

BitQuick Read Review

BitQuick is a Bitcoin exchange that lets customers buy bitcoins with cash via cash deposit.

Disclaimer: Buy Bitcoin Worldwide is not offering, promoting, or encouraging the purchase, sale, or trade of any security or commodity. Buy Bitcoin Worldwide is for educational purposes only. Every visitor to Buy Bitcoin Worldwide should consult a professional financial advisor before engaging in such practices. Buy Bitcoin Worldwide, nor any of its owners, employees or agents, are licensed broker-dealers, investment advisors, or hold any relevant distinction or title with respect to investing. Buy Bitcoin Worldwide does not promote, facilitate or engage in futures, options contracts or any other form of derivatives trading.

Buy Bitcoin Worldwide does not offer legal advice. Any such advice should be sought independently of visiting Buy Bitcoin Worldwide. Only a legal professional can offer legal advice and Buy Bitcoin Worldwide offers no such advice with respect to the contents of its website.

Buy Bitcoin Worldwide receives compensation with respect to its referrals for out-bound crypto exchanges and crypto wallet websites.

Wallabit Media LLC and/or its owner/writers own Bitcoin.

LocalBitcoins Review – A Beginner’s Guide

By: Ofir Beigel | Last updated: 11/14/19

LocalBitcoins is a peer-to-peer (p2p) marketplace that allows buyers and sellers to directly communicate and trade Bitcoins. In this post I’ll review the service and also dispense some tips on what to look out for if you’re new to it.

LocalBitcoins Review Summary

Unlike most exchanges that match buyers and sellers manually, LocalBitcoins allows users to communicate directly. LocalBitcoins is like the Craigslist for buying and selling Bitcoin. Its sellers offer a wide variety of payment options and the built in escrow allows for greater buyer security.

Having said all that, since anyone can become a seller there is a lot more room for scammers on this platform.

Bottom line, LocalBitcoins is a good place to go to buy Bitcoins when you can’t find your requested payment methods anywhere else. However, prices are usually higher on this platform and you have to do your due diligence to avoid getting scammed.

That’s LocalBitcoins in a nutshell. If you want a more detailed review about LocalBitcoins keep on reading. Here’s what I’ll cover:

1. LocalBitcoins Overview

LocalBitcoins was founded in 2020 in Finland by Nikolaus Kangas and has since grown to become one of the leading marketplaces for Bitcoin in the world without any outside investment.

LocalBitcoins offers a platform for sellers and buyers from around the world to meet and trade Bitcoins. It’s like the Craigslist for buying and selling Bitcoin.

Secure trading

LocalBitcoins allows for secure trading through the use of several measures:

  • Reputation system – Each trader has a reputation rank and also public history records showing their past activities.
  • Escrow – When you request a trade, the traded Bitcoins are held on LocalBitcoins’ escrow service. The Bitcoins are released only after the seller confirms the trade is completed.
  • 2FA (optional) – Whenever you log into your account you will be required to enter an additional PIN code sent to your mobile phone. This prevents people from hacking into your account. This option is not enabled by default.
  • Login guard – LocalBitcoins is also able to verify you are always logging in from the same browser. If a login from a different browser occurs, an email verification will be required.
  • Support and conflict resolution – LocalBitcoins has a support team ready to answer user questions and also resolve conflicts between buyers and sellers in case it happens.
  • Buying Bitcoin anonymously

Until recently, LocalBitcoins acted as one of the main places you can still buy Bitcoins anonymously. However, as new legislation comes into play, LocalBitcoins now verifies customer identities with traditional KYC (Know Your Customer) processes. Additionally, the option to buy Bitcoins with Cash was removed from the site.

2. Currencies and Payment Methods

LocalBitcoins supports the buying and selling of Bitcoins only. However, multiple clones have risen up such as LocalEthereum and LocalMonero.

There are no official fiat currencies that the site supports, since the site itself doesn’t hold fiat deposits.

Users on the site accept a wide array of payment options including but not limited to:

  • Paypal
  • Wire transfer
  • SEPA
  • Neteller
  • MoneyGram
  • Skrill
  • Cash deposits
  • Payoneer
  • Payza
  • WeChat

The specific available payment methods are determined by the user you will be buying from / selling too. Since you’re buying and selling to individuals, you won’t be able to use a credit card. However, the Paypal option allows you to pay with your credit card in case you don’t have a Paypal balance.

Keep in mind that different payment methods will result in different exchange rates, since some methods are riskier than others and the buyer/seller will need an “insurance” against possible fraud.

Because to this, you will usually get the best price for buying Bitcoins using an irreversible payment method such as cash deposits or wire transfers. On the other hand, these are also the most risky ones from your side.

3. LocalBitcoins Fees

Registering, buying and selling Bitcoins on LocalBitcoins is completely free. LocalBitcoins users who create advertisements are charged a 1% fee for every completed trade. So basically, only the people who are actively promoting their services (i.e. makers) are being taxed.

Transactions to wallets of other LocalBitcoins users are also free of charge. Each time you send Bitcoins outside of LocalBitcoins, you will only be charged the standard Bitcoin Network fee, which varies depending on how crowded the network is.

It’s highly recommended not to leave your Bitcoins lying around in LocalBitcoins’ wallet and to move it to your own secure Bitcoin wallet.

For the complete fee schedule you can visit this page.

4. Buying Limits

Depending on your verification level you’ll have different buying limits:

  • T0 – Requires your name, country, email address and phone number. The limit for trade is €1,000/year.
  • T1 – Requires T0 + physical address, ID verification and KYC info. The limit for trade is €20,000/year.
  • T2 – Requires T1 + Proof of residence. The limit for trade is €200,000/year.
  • T3 – Requires T2 + extra ID verification. There is no limit for trade.

5. Countries Supported

LocalBitcoins is available worldwide with seller listings from 248 countries.

6. Customer Support and Reviews

As with any platform, LocalBitcoins has its fair share of negative reviews. However, you’ll find that most reviews relate to people getting scammed by sellers and not about the platform itself.

LocalBitcoins is only a platform, it does not screen out buyers and sellers. This is something you should do yourself (and I will show you how in a minute).

Reviews that are related to the platform itself state that the site is fairly buggy with support taking a long time to respond.

From additional online reviews on Reddit, the general vibe was that the platform is good, it’s the people you need to be suspicious of. Or, like one Redditor put it: “Trades are as trustful as the people you’re making the transaction with”.

LocalBitcoins also has an extensive FAQ page where answers to most questions can be found.

7. LocalBitcoins VS. Paxful

Aside from LocalBitcoins there is one more popular website that acts as a p2p marketplace called Paxful. Both sites basically offer the same services with similar fees however LocalBitcoins has been around longer and is generally considered as more reliable.

Also LocalBitcoins has a wider variety of sellers and buyers. You can read my complete Paxful review here.

8. How to Use LocalBitcoins Safely

Before I explain how to avoid fraud, here’s a short video about how to buy and sell on LocalBitcoins:

LocalBitcoins is a great platform, however sometimes the traders on it are not so great. At the end of the day, you’re trading with strangers so you have to make sure you’re taking precautions.

Finding a reliable seller

After filtering out your sellers by the preferred location and payment method, you need to choose who you are going to deal with. As a rule of thumb, DO NOT CHOOSE A SELLER BASED ON PRICE.

Sometimes it’s worth paying 5% more in order to conduct a transaction with a more reputable seller. Look at the seller’s transaction history and see how he was rated in past transactions.

Also, don’t post a request to buy Bitcoins, that will just attract a lot of scammers. Instead, look for people who are actively selling Bitcoins as they are probably more legit.

Go over the seller’s profile and make sure that he or she qualifies as follows:

  • They have traded over 100BTC in total with a minimum of 100 trades
  • The seller has a feedback score of at least 98%
  • The seller’s account is more than 1 year old
  • The seller is verified (phone number, email, company account)
  • The seller is trusted by at least 10 people

If you follow these strict rules then you’ll probably be fine. If you can’t find a seller that matches all of the above, try to find the next best thing. The idea is to do your homework and see that the seller has actually completed large successful trades in the past.

Afterwards, search the LocalBitcoins’ forum for that seller’s username. If any complaint comes up, you’ll probably find it there. If all goes well you should now have your chosen seller.

Communication with sellers

Send a message to the seller requesting a trade and wait for their response.

  • Send additional information before receiving a response from the seller.
  • Agree to trade with the seller outside of LocalBitcoins since you will not be protected by LocalBitcoins’ escrow service.
  • Send your payment information in any other way other than the LocalBitcoins message box. No emails, text messages or phone calls. Use the LocalBitcoins interface only.

Once everything seems in order, you can start the trade and send the payment.

Make sure to mark the payment as made only after you send payment, or else you will probably be denied from the trade.

Additional tips

If any issue arises, try solving it with the seller first. Don’t worry about losing money, since you are protected by LocalBitcoins’ escrow service.

Keep in mind that if you’re totally new to LocalBitcoins, “power sellers” may not want to trade with you because you do not have enough feedback yet. This means you may have to make a few small trades with less trustworthy sellers in order to bump up your feedback so you can deal with the more respected sellers.

9. Frequently Asked Questions

Is LocalBitcoins Safe?

Yes, LocalBitcoins as a platform is completely safe. What you need to look out for are the risky sellers. Use the safety tips I’ve described above to avoid them.

How do I Sell Bitcoins on LocalBitcoins?

  1. Sign up to LocalBitcoins
  2. Complete the verification process
  3. Click on “Sell Bitcoins”
  4. Inset search parameter and click on “Search”
  5. Choose a seller and enter trade details
  6. Click on “Send trade request”

Why do People Use LocalBitcoins?

Up until recently many people used LocalBitcoins to buy Bitcoin anonymously mainly via cash trades. Today, since this option has been removed, LocalBitcoins is used mainly by people who don’t have any other option for buying Bitcoin in their country.

Due to heavy regulations on cryptocurrencies, some countries are excluded from using Bitcoin exchanges. This leaves LocalBitcoins as a final resort for buying Bitcoin.

10. Conclusion – Is Local Bitcoins Legit?

LocalBitcoins supplies a variety of payment methods for buying Bitcoin. However, this flexibility usually comes with a higher price tag and is also a magnet for scammers, so you’ll need to do extra background checks before getting into a trade.

If you can’t find a regulated exchange that supports your country or requested payment method, more often than not LocalBitcoins will have a solution for you, just make sure to follow the safety tips I’ve detailed in this post.

Have you used LocalBitcoins yourself or have any additional questions? If so, I’d love to hear about it in the comment section below.

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