LocalBitcoins Review

 

LOCALBITCOINS REVIEW AT A GLANCE

■ TYPE: P2P BITCOIN EXCHANGE

■ WALLET: YES

■ HEADQUARTERS: FINLAND

■ ONLINE SINCE: 2012 (LocalBitcoins Oy)

■ CUSTOMER SERVICE: EMAIL | FORUM

■ LANGUAGES: ENGLISH | SPANISH | FRENCH | PORTUGUESE | RUSSIAN | ITALIAN

 

INTRODUCTION TO THE LOCALBITCOINS EXCHANGE

LocalBitcoins is the largest Peer-2-Peer decentralized marketplace. The LocalBitcoins platform allows users to exchange FIAT currency for Bitcoins. The marketplace consists (i) Traders, and (ii) Users. The 'Traders' create advertisements with the price and the payment method they want to offer. The 'Users' respond to these advertisements, and if they both agree, a transaction completes. There are more than 60 different payment methods available and that makes LocalBitcoins an easy solution for everyone wishing to buy Bitcoins. You can store your Bitcoins at LocalBitcoins or use an external wallet. The LocalBitcoins team recommends the Electrum Wallet which is free.

-Buy/Sell Bitcoin for fiat currency

-LocalBitcoins requires no verification

-An alternative P2P marketplace is PaxFul

■ SUPPORTED COUNTRIES: 248 COUNTRIES

■ FIAT CURRENCIES: NO RESTRICTIONS (ALL CURRENCIES)

► Visit the LocalBitcoins Exchange

 

 LOCALBITCOINS FUND METHODS AND FEES

LocalBitcoins Support:

□ BITCOIN (Depositing is Free → Withdrawing costs $10-$20)

□ BANK WIRE

□ CREDIT/DEBIT CARDS

□ PAYPAL

□ SKRILL

□ WESTERN UNION

□ MORE METHODS (IF A 'TRADER' SUPPORTS THEM)

 

 LOCALBITCOINS TRADING FEES

□ 1.0% on the Selling Side

□ 0.0% on the Buying Side

□ Free for inside-the-market transactions

□ Network Bitcoin fees apply to all transactions

□ For Merchants, when using the LocalBitcoins merchant invoicing service, there is a fee of 0.5% is deducted from the paid invoice amount of each invoice

 

 LOCALBITCOINS CRYPTO ASSET INDEX

Only Bitcoin is available:

□ BITCOIN (BTC)

 

 LOCALBITCOINS PLATFORM AND TECHNOLOGY

The platform is a classic decentralized Peer-2-Peer platform. The traders (buyers/sellers) can post advertisements on the LocalBitcoins platform, by stating a payment method and an exchange rate. Other users respond to these advertisements and agree to make a transaction, or not.

-All LocalBitcoins transactions are protected by an escrow service

-Conflict Resolution Center (in the case of an inconvenient issue, there is a conflict resolution service)

-Registration is far too easy

-Trade completion needs only a couple of minutes

-There is a LocalBitcoins Wallet but, they suggest using Electrum

-LocalBitcoins require no identification from users

-Security includes 2-factor authentication (2FA), Login Guard, and HTTPS encryption

-SMS and email alerts

No Verification Required

-LocalBitcoins doesn’t require any ID verification, not even the submission of any personal details

-The only thing required is to verify an Email address

-Note, that some Traders (sellers/buyers) may need identification in order to complete a Bitcoin trade

► Visit LocalBitcoins Exchange

 

 POSITIVES OF LOCALBITCOINS REVIEW

(√) 0.0% fees on the Buying Side

(√) LocalBitcoins require no identification

(√) 60 different payment methods

(√) All online trades are protected by an escrow service

(√) Trade duration is a few minutes

(√) Evaluation (rating) system for all traders

(√) Conflict Resolution Service

(√) Forum-inside

 

 NEGATIVES OF LOCALBITCOINS REVIEW

(x) Only Bitcoin is offered

(x) Crypto traders must be very careful when trading in P2P platforms in order to avoid scams (check below our recommendations for safe-trading with LocalBitcoins)

 

 

 RECOMMENDATIONS FOR NEW USERS

(1) Avoid to post advertisements as a 'Trader' unless you understand 100% how each payment method really works (it is very easy to get scammed)

(2) When selecting Traders, focus on these key requirements:

• A verified 'Trader' account, olden that 12 months
• 97-98% minimum feedback score
• Trusted by 15 or more people
• At least 50 trades completion
• At least 50 BTC trading volumes, so far

(3) Start by making very small trades with medium-reputable sellers in order to achieve a positive feedback and then use it with major sellers who require feedback from new sellers

(4) Avoid trading outside the escrow service, and prefer to communicate with vendors directly and exclusively via the LocalBitcoin interface

(5) If you are experiencing any inconvenient issues, use the forum or contact customer support

 

LOCALBITCOINS REVIEW CONCLUSIONS

LocalBitcoins is the largest peer-to-peer Bitcoin exchange offering a very simple and nice interface for exchanging FIAT currency for Bitcoins, and vice versa. The whole sign-up process takes a few minutes and there is no need for any verification, except email of course. You can use any payment method and any fiat currency, as long as a 'Trader' supports it. The trading fees are 1.0% only on the selling side.

In overall, LocalBitcoins is an excellent choice for purchasing Bitcoins using fiat money, absolutely recommended.

 

 

■ LocalBitcoins Review

ExpertSignal.com