LocalBitcoins.com is an ideal place to buy and sell bitcoins if our main requirement is privacy. It is a peer-to-peer market (P2P) that allows you to buy and sell BTC online or in person (Face 2 Face). Transactions can be made by credit card, wire transfer, Paypal, BLIK and cash. It all depends on what you and the person you are trading with. LocalBitcoins.com has more than 1,000,000 registered users, so it is easy to find people who want to trade according to terms and conditions that you consider acceptable.
Buying and selling locally allows you to trade bitcoins without hindrance due to the cumbersome requirements of the stock exchanges for KYC/AML or other procedures.
The advantage of LocalBitcoin is that you can find buyers and sellers who live in your area and meet them at a local café or other public place and make a safe transaction there. You can also buy or sell Bitcoins using Paypal, BLIK or traditional bank transfers (such transactions are secured by LocalBitcoins using Escrow).
Is LocalBitcoins a reliable website for exchanging Bitcoins?
Yes, LocalBitcoins is a known, reliable and valued website. It has a lot of positive feedback. It is the largest of its kind in the market and has gained a very good reputation among people who value privacy.
Of course, this does not mean that every seller or buyer on this site is 100% fair. LocalBitcoins is only an intermediary service, so you should only trade with people who have a good reputation and use any options that can secure the transaction. In addition, it is worth taking advantage of offers that offer an Escrow service.
It is worth noting that LocalBitcoins.com is a P2P market and not a stock exchange, so it is not subject to any regulatory authorities, so the proper care for safety is largely up to you, but one of the services that very much helps in securing transactions is Escrow. This means that when buying Bitcoins by bank transfer, for example, the seller must first transfer them to Localbitcoins deposit, and after a successful and confirmed transaction by both parties, the funds are transferred to the relevant accounts. This is a very safe option and is highly valued by many users.
How to create an account on LocalBitcoins.com
You need three things to register an account:
That’s it. That’s it. Just visit the LocalBitcoins website and create a new account in 1 minute.
It is also a good idea to verify your account using SMS code and identity verification. SMS verification will allow you to see more offers. Identity verification will make you more reliable and fair to buyers and sellers.
How do I buy Bitcoins with LocalBitcoins?
Once you have created your account, browse through the list of offers published by BTC resellers. There are plenty of them to choose from. You can filter offers according to specific specifications, e.g. currency or payment method (e.g. Paypal and BLIK!).
Once you have found a promising reseller, click on the “Buy” button on the right side of the offer. You will be taken to the full seller offer, where you will see all the details. You will be able to check the seller’s location, ratings, reviews and minimum and maximum transaction limits. You will also check your trading terms, preferred payment options or preferred meeting points for Face 2 Face transactions.
Once you have made a transaction or sent a transfer, you should report it by clicking on the “I paid at LocalBitcoins, and the funds will be unlocked and transferred to the appropriate locations.
What are the fees for using LocalBitcoins.com?
Buying and selling BTC on LocalBitcoins is free of charge. Only users posting offers on the portal are required to pay a fee of 1% per transaction. So if you buy cryptocurrenciess, you are free of charge.
How long does it take to buy Local Bitcoins?
Transactions are instantaneous, although the whole process can take up to an hour. Usually transactions are executed within a few minutes.
Is it difficult to buy Bitcoins on LocalBitcoins?
Buying Bitcoins on LocalBitcoins is easy. If you want to buy bitcoins, all you need to do is browse through the sellers’ offers and find the ones that meet your expectations and have good reviews.
If, for example, you want to meet a salesman at a local coffee shop or a local McDonald’s, you won’t have a problem with that. However, if you want to use PayPal or BLIK and carry out the entire online transaction – it will not be a problem either.
Everything on the site is intuitive and nothing is left to chance. LocalBitcoins also provides a helpful FAQ (Frequently Asked Questions and Answers) section that includes simple instructions, links to easy-to-use guides and even video tutorials. The whole interface is so simple that you probably won’t have to use these resources.
Local Bitcoins use a number of features to protect your money and data. First of all, it is a function of reputation and opinion. Every buyer and seller has a reputation factor. This result is the result of feedback left by others after each completed transaction. Use this feature to find traders who, in the opinion of their counterparties, are reliable, honest and professional.
You can also enable two-component authentication for your account. This is a system where you need to provide two things to prove your identity before you can access your account. An example is an alphanumeric code that you need to enter using your phone. Two-component authentication is a useful security measure.
When you buy and sell on LocalBitcoins, bitcoins are placed on your escrow account. This is another layer of protection against fraud. As mentioned earlier, bitcoins are blocked until the seller verifies that he has received payment from the buyer and vice versa.
In case of a transaction problem, LocalBitcoins will help you solve it after contacting the seller. The portal has a very extensive support system and every report is treated with the utmost seriousness. If you have any concerns about the transaction, someone has not fulfilled the contract or you have any other problem – send the report and LocalBitcoins will respond quickly.