If you are interested in trading Bitcoins then LocalBitcoins.com is the operator in the cryptocurrency exchange list that you need to visit for sure. This is P2P marketplace that was founded in the Finland, Helsinki, in 2012. The highlight of the broker is that here you can buy/sell BTC directly from/to other users (or so-called traders) from 249 countries. It’s one of the biggest and fastest platforms on the net that offers you to trade both locally or online. Let’s overview it in detail to reveal all pros and cons.
Registration on LocalBitcoins
Registration is a really easy thing to do. You just need to visit the exchange, click on ‘Sign Up’ and fill in the form appeared. It takes about 1 minute only. Anyway, we recommend you spend more time to read the agreement attentively to be aware of the rules and requirements of the site.
After you’ve confirmed your account creation you need to pass the verification. You can’t come it by because the further trading will be impossible. It’s due to security measures of the site to eliminate risks of frauds.
Security Measures
In fact, there are 2 main measures are used to protect your wallet and info from cheaters. So, the high security log in can be sured by:
- Two-Factor Authentication that prevent 99% of the attacks. It’s a one-time code sent to you to confirm the log in. It works with mobile apps for iOS, Android and Windows Mobile; printed paper codes.
- Login Guard of LocalBitcoins. The exchange site remembers the browser you use for trading, in case unknown web browser was detected, then an email confirmation is needed before the login is possible.
Besides that, the site and our experts as well recommend you not to use the same passwords for different services, use only trusted and verified browsers (Tor is out of the list!), avoid logging in via shared PC or other devices. Always check if you’re logged out before leaving and фе the end of work with your LocalBitcoins account.
Verification
As it was mentioned before, to buy or sell any crypto, you’re to verify:
- Your Real Name
- Valid Phone Number
- Identity. You’re to provide the ID photos to pass the step.
Visit your profile and finish filling in the form providing some basic information about your personality and turn on some additional options (SMS approval, 2-factor authentication, SMS notifying, API, etc.). It’s easy due simple and user-friendly guide offered by the exchange site.
Bitcoins Receiving
If you have some BTC in another wallet, you need to transfer them first. Go to your LocalBitcoins Wallet and choose ‘Receive Bitcoins’, where you’ll get your btc address or QR-code with that for mobile. Note that an address will be new each time. Use it for sending crypto between the wallets.
The process can take from 30 minutes (as usual) up to 14+ days. Before you see the altcoins in your wallet, each operation is to get 3 Bitcoin network confirmations. Currently, you’re to pay 0.00015 BTC deposit fee for incoming transactions.
Trading Features on LocalBitcoins Exchange
Start trading on the exchange as fast as click on ‘Buy/Sell Bitcoins’. There you will see the tabs with current advertisements, prices, location, banking methods, limits and users information. Here you can track your progress and check up all deals thanks to the order history.
Note that you can create your own ads. You’ll be able to publish only 5 advertisements within the first 30 days after registration. Also, you’d be ready to meet the commission of 1% out of the sum for each completed trade. Choose the type and fill in all further lines of the form setting the security level, currency, bank method and price for buying/selling crypto. Be attentive, because you can’t change the price after publishing the ad.
We’ve said that you can trade as online, so locally. The second variant allows you to get some coins for cash directly when meeting with the user personally. The communication between users are held on LocalBitcoins.com only.
Buying BTC
You just need to select the best offer for you among the advertisements. There are a several parameters to check before accepting the order: the amount of successful trades made by the user; his/her reputation level; the price offered and the min/max limits applied. Then just click ‘Buy’ button.
You will get the terms. Read them and if it’s okay for you, then message the seller pointing out how much you want and are ready to buy in the blue box. Click ‘Send trade request’ button. Pay your invoice and mark it to let the seller know that it’s your transaction. Wait when the transaction will be proceed.
Selling Cryptocoin
When it comes to selling BTC on the exchange, it can works like the buying process. Thus, you can choose the ad you like and wait the buyer pay the bill. The fee for outgoing transaction is 0.00005 BTC. Also, you can create your own advertisement with some scheduled added and wait for another user offer.
Currencies and Payment Methods
The exchange is one of the biggest platform that supports over than 60 different and world-wide payment options. Feel free to choose e-wallets (PayPal, Skrill, Neteller, etc.), online banking, credit cards or other altcoins (Ethereum, Litecoin, Ripple, Dash, Monero).
The full list along with most popular methods will be shown in your dashboard. For local trading, only cash can be used. Transactions can be made in USD, CAD, AUD, GBP, and lots of other world-wide currencies including crypto.
Benefits of Peer-to-Peer Trading
LocalBitcoins.com is a global marketplace with doubled trading volume for the last 12 months. Here you can trade BTC directly with other users that ensures fast and lean operations. Each customer can leave the feedback on the person dealt with.
Thus, making a choice you can check the amount of operations and reputation of the user before transacting any money/crypto. It’s bound to ease your search for trustworthy trades. The exchange has a geo-location filter to show you the nearest traders thus you’re free to buy/sell bitcoins locally for cash.
Our generation is officially experiencing the new and interesting world of crypto through LocalBitcoins exchange, which serves people from over than 248 countries Americans included. Officially, they are available in 16,341 cities. Here you may exchange the crypto coins with other users of the platform. It appeared in 2012, and it sounds as the company should be experienced and a head above the rest. However, I have discovered a couple of unapologetic faults with it. LocalBitcoins cons:
About their pros, you will find out on their site anyway.
Self-service. That is all I can say about Localbitcoins exchange house. In some regions the number of sellers is really poor, that is not mentioning that people themselves set the limits, and sometimes they are just unbearable. Besides that, the transfer details also depend on you, and you are the one to check out what and how happens here. Too complicated without any point.
It saddens me to hear anything what is negative because I’m a fan of localbitcoin app. I would like to be friends with someone who uses it. Many consider this platform to be incredibly useful and I’ve always been a fan of direct btc trading too. So I am now on my way to LocalBitcoins searching for sellers in my area as the price now is good looking.