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:

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

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

в—Џ 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.

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):

в—Џ green – no more than five minutes;

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в—Џ yellow – up to half an hour;

в—Џ 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 .:

в—Џ Bank transfers;

в—Џ 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 Exchange Review | Fees, Security, Pros and Cons in 2020

LocalBitcoins is a well-known peer-to-peer marketplace for Bitcoin trading. Today we will review the features which the exchange offers and if it’s suitable for your trading needs.

LocalBitcoins Review: Exchange Overview

LocalBitcoins was established in 2020 by Jeremiah Kangas, in Helsinki, Finland, with the current CEO being Nikolaus Kangas. The platform has quickly gained popularity, with the service being available in over 240 countries.

Recently, the company launched a sister-site called LocalEthereum, which supports Ethereum P2P exchanges. What’s interesting about this company is the fact that it has not received financial backing from venture capitalists.

The platform facilitates in-person meetings or direct negotiations for buyers and sellers, which are able to use over 40 payment methods. This aspect will be discussed later in our LocalBitcoins review.

Supported Currencies and Available Countries

As the name suggests, LocalBitcoins only supports the trading and exchange of Bitcoins.

The website allows traders to use a wide variety of fiat currencies, including USD, EUR, GBP, AUD, CAD, CNY, and 120 other currencies.

The platform is available in 248 countries and 7789 cities all over the world. The countries that cannot be accessed because of regulatory problems and international financial restrictions include the US, China, Indonesia, Syria, Iran, and, North Korea.

LocalBitcoins Compatibilities

The LocalBitcoins interface can be used on all major web browsers, as well as PC and tablet operating systems, such as Windows and Mac. Their mobile app is only available for Android users.

User Interface and Experience

The exchange’s interface has a clean design with all its information being well-displayed, making it easy for everyone to use and find what they need without having to navigate to other parts of the site.

The Local Trader mobile app for LocalBitcoins is an open-source software for Android devices. The app has been reported to have many errors and log-in problems.

How to get a LocalBitcoins account

Registration Process

  1. Go to the LocalBitcoins website and click on “Sign up”;
  2. Complete the form with your username, email, password, and pass the captcha;
  3. Upload an identity document, such as a passport or national ID card;
  4. It is recommended to complete your profile once you have opened your account. Most traders will refuse to trade with you if you have an incomplete profile.

How to Use LocalBitcoins Exchange

Buying and Selling Bitcoin

  1. Go to the “Quick Buy” or “Quick Sell” tabs to see the offers;
  2. To buy/sell BTC, go to “Quick Buy”/”Quick Sell” option and choose your country from the dropdown menu;
  3. Select the preferred payment method under “All Online Offers” dropdown (payment methods will be discussed later in our LocalBitcoins review);
  4. You will be shown a list of traders that match your filter selection;
  5. Select an offer from the list;
  6. Next to each offer, there is a “Buy” or “Sell” button. Click on the button to get to the user information page. Here you can look at the reputation of the seller/buyer of the individual, and see how many trades he has closed and honored, his overall feedback score, and status of profile verification;
  7. Proceed with the transaction once, you and the seller/buyer has agreed with all the terms of the transaction. You are able to directly talk to the trader to negotiate terms, such as the exchange rate, time, and place of meeting (if in person), etc;
  8. Leave a feedback when you have ended your transaction.

If you want to make your own trading offer, go to the “Post a trade” section.

LocalBitcoins Exchange Fees

LocalBitcoins charges a flat fee of 1% for sellers, with no fees for buyers. The merchant invoicing services offered by the platform incur a fee of 0.5% that will be taken from each invoice made.

If an external transaction is used to pay the invoice, then you will have to pay the Bitcoin network deposit fee which will be subtracted from the invoice amount.

There are no fees for account signup, the buying and selling of Bitcoins, and LocalBitcoins wallet transactions.

You will have to pay whatever transaction fee is applied by the Bitcoin network at the time.

Payment Methods

Users have access to the widest payment method list ever offered by an exchange. Some of the included methods are:

  • Bank transfer (ACH/ SEPA);
  • Cash;
  • Credit card;
  • Cryptocurrency;
  • Amazon gift card;
  • Google Wallet;
  • PayPal;
  • Square Cash;
  • Venmo;
  • Western Union;
  • Xoom.

Transaction Times

Deposit processing times for fiat payments depend on the selected payment method. Bitcoin is released from escrow when the seller confirms that he has received the payment. This can be problematic, as you rely on when the seller chooses to confirm the payment.

Transfer limits

LocalBitcoins users have no limits on their accounts. Members can set their own selling or buying limits and prices.

Security Features

The exchange platform includes security features, such as two-factor authentication, HTTPS web encryption, SMS and email alerts, Login Guard, PGP encryption for email communication, and escrow service.

The escrow holds the money sent by the buyer, and the funds are released when the seller confirms the trade was successful.

The trading platform was hacked in 2020 through its LiveChat account, losing approximately 17 BTC from customer wallets. A year prior, a hacker broke into its servers, but LocalBitcoins alleged that no customer data was stolen. In January this year, the exchange suffered a security breach that lasted around 5 hours, with the hackers breaking into six user accounts and stealing more than BTC 7.9.

Although, unlike other exchanges, LocalBitcoins does not have to keep cryptocurrency on the platform for buyers, sellers have to use their internal wallet system for the platform’s escrow services.

Customer Support

LocalBitcoins’ support team can be reached on a 24/7 basis via an email ticketing system, but it has been rated to not be responsive, with users complaining that they received no reply to their emails.

In an exchange review, support is a very important aspect, as many platforms have trouble in this area.

LocalBitcoins Exchange Reputation

Many customers have reported to come into contact with fraudulent users or getting scammed on the platform.

There are many online reviews that describe how users got scammed, which has affected in time the reputation of the exchange. It is not actually LocalBitcoins’ fault if fraudsters are using the platform to rip off people. The problem is that peer-to-peer trading comes with a lot of risks, and traders should take all security precautions.

The platform also has a section where users can post fraud and scam warnings, to alert other traders of their experience and to avoid trading with those users.

LocalBitcoins.com faced a huge backlash from the community when it started enforcing stricter Know-Your-Customer (KYC) protocols in early 2020. As one of its selling points was user-anonymity, as you would only need an email to register, many users were upset that the P2P platform was imposing these rules.

Section 2.4 states that “verifying account with an ID is currently mandatory to all advertisers and users whose trading volume exceeds [a] certain limit.” The company reasons that the move was made to protect users from fraud, money laundering, criminal activities, and other illicit activities.

LocalBitcoins Review: Verdict

LocalBitcoins is an exchange platform that facilitates peer-to-peer Bitcoin trading. The fee structure is advantageous for buyers, but the downside is that there are many fraudulent traders abusing the platform and looking to scam people of their money.

Features image: wethecryptos.net

The Review

LocalBitcoins Exchange Review

LocalBitcoins is a good method to exchange Bitcoins, and it has many advantages for traders. If you are looking for speed of transactions and availability in a long list of countries, then this platform would be a good choice. However, the downside is that you will have to depend on the seller to confirm the payment.

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