LocalBitcoins is a Finnish stock exchange, which has been registered in 2012. The main office is in the city of Helsinki. The platform specializes only in the purchasing or selling Bitcoin, there are any other altcoins on it.
The main feature of LocalBitcoins is that the seller and the buyer interact with each other directly without intermediaries. Service simply gives an opportunity to make an order for selling or buying. So everyone can choose the most optimal option for themselves. This feature allows you to make transactions much faster and safer.
The official site is localbitcoins.net (and its official mirror localbitcoins.com) is easy to use and understand. The service supports several languages, which makes it available to many countries, including China. You can change the language at the very bottom of the page.
Is LocalBitcoins safe?
Trading on the exchange is carried out using P2P technology, which means that you agree with the other user about the terms of the transaction and you must perform it. So is LocalBitcoin safe?
LocalBitcoins is, first of all, a decentralized service, so in order for a deal to be successful, you’re the one who needs to be careful and attentive. So there isn’t LocalBitcoins fraud on the platform. But the fact that traders can be scammers should not be forgotten.
You can secure your profile with two-factor authentication, but the verification of the identity is not required. However, the identity confirmation can be requested from a person who will make a transaction. Therefore, it is recommended to go through verification by uploading documents to the site.
While trading you should pay attention to the seller’s rating, the number of transactions, and the time on the service. Here is an example of the information that can be displayed in the profile.
How to use LocalBitcoins?
To get started, you need a LoсalBitcoins login. Registration is simple and should not cause any problems.
Now you can start trading. To do this, you need to select a “Quick buy” or “Quick sale” on the main page.
Then select from your list your country, the desired currency and payment method. There is a great variety of them on the site. Click “Search”. If you want maximum anonymity, you can even choose an in-person meeting.
Now you can choose the option that suits the most.
Do not forget, it’s better to choose a seller who has done a lot of deals and has a good percentage of good reviews. So you will secure your deal and won’t let any chance for the LocalBitcoins scam.
Then you just act on the conditions that are prescribed in the application. Once they are completed, the bitcoins will go to the buyer’s account.
The site has a huge number of options, from which the cost of the order will depend. But LocalBitcoins fees are only 1% for the person who placed the order.
Basically, that’s all information about “how to use LocalBitcoins”. The platform is very simple and this is its reliability. This LocalBitcoins review 2018 showed how to get started with the exchange, now we will try to sum up the results.
✔ The reliability of the exchange;
✔ A huge number of payment options;
✔ Large trading volumes;
✔ Support for more than 250 countries;
✔ Low commission of 1% from the person who placed the order;
✔ LocalBitcoins app for smartphones;
✔ The highest anonymity;
✔ There are no trading limits;
✔ Good support and site forums;
✔ An opportunity to choose the seller/buyer.
And now about the disadvantages:
▬ The presence of only one cryptocurrency – Bitcoin;
▬ Possibility of user’s fraud;
▬ Availability of returnable payment methods (for example, LocalBitcoins PayPal);
▬ The speed of the trade depends on the method of payment (however, most transactions on the site are done within 15 minutes);
▬ The cost of Bitcoin depends on the chosen method of payment (not including the commission of the site).
LocalBitcoins is an excellent site to trade Bitcoin. Feel free to use its services, but be attentive to the rating of users with whom you make a deal. There are many cases on the Internet about fraud from the users.
If this LocalBitcoins review doesn’t fit your country, Wall of Coins is LocalBitcoins alternative. Also, the similar site is BitQuick.