Localbitcoins Review 2020 | Things to Know Before Getting Started

Today, we are going to review LocalBitcoins crypto exchange. LocalBitcoins is an instant, secure, and private exchange platform for bitcoin trading that allows buyers and sellers to communicate and trade bitcoin directly through peer-to-peer interaction.

If you are a beginner to this trading platform and do not know anything about it, then you can get everything here that you want to know about this trading site. our review will cover the following topics:

  • LocalBitcoins exchange overview
  • How it is different
  • Secure bitcoin trading
  • How to buy bitcoin on LocalBitcoins
  • Supported countries
  • Supported currencies
  • Payment methods
  • LocalBitcoins fees
  • Pros and cons
  • Customer support and reviews
  • Is it safe to use or not?
  • Conclusion

LocalBitcoins Exchange overview

LocalBitcoins exchange is a peer to peer (P2P) exchange platform that allows users to buy and sell bitcoins. It is a Finland-based crypto exchange and was founded in 2012 by Nikolaus Kangas.

It has become one of the leading crypto exchanges in the market for bitcoin trading. It allows users from around the world to buy and sell bitcoins.

This trading site allows users to post advertisements where they explain the exchange rates and payment methods for buying and selling bitcoins. Also at Localbitcoins exchange, bitcoins are placed in the web wallet where users can pay their bitcoin purchases directly.

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How Localbitcoins.com is different

LocalBitcoins trading site is different from other sites. As it is a peer-to-peer trading site, so you can directly trade with another person. The process of trading becomes fast and lean and you get your bitcoins immediately. Following are the features that make it different from other bitcoin trading sites:

  • LocalBitcoins supports a wide range of payment methods.
  • On this trading platform, the trading process takes only a few minutes from making your account to having bitcoins in your wallet.
  • In Localbitcoins exchange, the focus is merely on the users and the community.
  • Users from Pakistan are allowed to buy and sell bitcoins online in Pakistan.


Secure Bitcoin trading

LocalBitcoins exchange is a secure platform for bitcoin trading. It recognizes the importance of security researchers in order to keep its community safe and secure.

This trading site uses specific security measures that enable secure and safe bitcoin trading on this platform. Followings are these security measures:

Escrow Service: It provides an Escrow service. The traded bitcoins are placed in escrow service when users request a trade and these bitcoins can only be withdrawn from escrow when the seller confirms that the trade is completed.

2FA:  It uses the 2FA verification system. When you log into your account you enter an additional PIN code. This keeps your account safe from hacking.

Reputation System: This trading platform also has a reputation system where every trader has a reputational rank and also public record that show their past trading activities.

Support team: The support team of LocalBitcoins is always there to provide any kind of help and during trading also resolves the conflicts between buyers and sellers.

Anonymity: This is another interesting feature of this trading site. Users can buy bitcoin anonymously on this exchange.

Login Verification: This exchange also verifies the users’ login. It is checked here that whether users are login from the same browser or not. If users are not logging from same browser then users receive email verification.

Traditional KYC: Apart from this, LocalBitcoin exchange also verifies its customers’ identities with the help of the traditional Know-Your-Customer (KYC) system.

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How to buy bitcoin on LocalBitcoins?

To buy bitcoin on LocalBitcoin exchange is easy and involves some steps. Following are the steps that you have to take in order to buy bitcoin:

Step-1: Register an account with LocalBitcoins.

Step-2: Search for buying or selling offers

Step-3: Select an offer

Step-4: Pay the Seller

Step-5: Mark the payment complete.

here we have a complete guide of how to buy bitcoin with paypal on localbitcoins and 6 other ways

You can also this YouTube video tutorial for how to buy bitcoin on LocalBitcoins.


Supported countries

LocalBitcoins trading site accepts users from across the whole world. This exchange platform supports almost 7834 cities and 248 countries including Pakistan for Bitcoin trading.


Supported Currencies

There are no official fiat currencies that are supported here on this trading platform. However, it allows users from different countries to exchange their local currencies with bitcoin.

LocalBitcoin supports only a single cryptocurrency that is Bitcoin. Users can only trade with bitcoin.


Payment methods:

This bitcoin trading site allows several payment methods. Following is the list of payment methods that are supported on this exchange platform:

  • Wire Transfer
  • PayPal
  • MoneyGram
  • Payoneer
  • SEPA
  • WeChat
  • Cash Deposits
  • Skrill
  • Neteller
  • Payza

These are the payment options available for the users on this platform. However, users are not limited to these payment options.

As you are buying and selling peer-to-peer, so you are not allowed to use your credit card for payment. You can use a credit card through PayPal but only then if you do not have a PayPal balance.


LocalBitcoin Fees

Following is the fee structure of LocalBitcoins exchange:

Bitcoin Trading fees: Bitcoin trading including registering, buying, and selling is completely free without any fee. But users who create advertisements are charged with a 1% fee on every completed trade.

Bitcoin Transaction fees: Transactions to wallets of other LocalBitcoins users are free without any fee charge. However, users are charged the standard bitcoin Network fees whenever you send bitcoin outside of LocalBitcoins depending on the Bitcoin blockchain network.


Pros and Cons

Following are the pros and cons of this trading platform:

Pros

  • LocalBitcoins provides a wide range of payment methods on its platform.
  • The Bitcoin buying and selling process takes only a few minutes.
  • The trading process is fast and lean and users get their bitcoin immediately.
  • Bitcoin trading and transaction fees are free of charge
  • It provides safe and secure bitcoin trading with the use of specific security measures.

Cons

  • Some sellers require ID verification for larger amounts.
  • Customer support is usually slow.
  • The speed of delivery is totally dependent on the seller confirming payment, so it can take time.
  • Users’ should not store bitcoin in the LocalBitcoins Wallet.

Customer Support and Reviews

The customer support team is available for users and customers. The support team responds to the conflicts that occur between buyers and sellers during the trading. However, their response time is very slow. Apart from this, the exchange also has a FAQs page where users can find answers.

The trading site also does not usually involve positive reviews and this is because of their response time. Users also face some scam issues here.


Is LocalBitcoins safe to use?

LocalBitcoin provides several facilities related to bitcoin trading and also the trading process is fast. But there are certain scam issues related to buying and selling that should be kept in view. So users should be careful while using this platform.

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Conclusion

LocalBitcoin exchange has various features that distinguish it from other trading sites. It provides a wide range of payment methods. And also it has an extensive security system that allows safe and secure bitcoin trading. But despite this security system, there are some scam issues. So users should view the exchange completely before choosing this platform for trading.

Leah Hutton

Leah Hutton has recently joined Tokenhell team as a freelance writer. She has comprehensive knowledge of blockchain and various cryptocurrencies.
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