You are welcome to my LocalBitcoin.com Review.
I am sure you are here because you want to make money with LocalBitcoin, but can you really make money?
But, Is LocalBitcoins a Scam?
Is LocalBitcoins good for buying and selling bitcoin?
Do you want to buy and sell Bitcoin very quickly and at the speed of light from any region or country?
It is great you are doing this finding. This is how I discovered how to transform my skills, passion, and hobbies into a full-time income online.
Localbitcoins will help you conclude your Bitcoin transaction in no time. The good news is that they accept all payment methods.
The challenge is this, will you make money from your margin? What is LocalBitcoins?
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LocalBitcoins at a Glance
Date Founded: June 2012
Headquarters: Helsinki, Finland
Owners: Jeremiah Kansas
Price: 1% fee charged on all trades
What is LocalBitcoins?
Localbitcoins.com was established by Jeremiah Kangas in the year 2012, and currently managed by Nicholas Kangas – CEO.
The website started making money (income-wise) by the end of the year 2013.
It has been around for many years and there are people, who trust the facilities provided by the site. It allows traders to sell or buy bitcoins with any payment method as accepted in your country.
There are various payment methods available on the site. You also have the option to meet the trader in person and buy the bitcoins.
Different payment methods include International Wire Transfer (SWIFT), Moneybookers/Skrill, Moneygram, Perfect Money, PayPal, Online Bank Transfer, Western Union, Other Online Payments Methods and Cash for one on one buy and selling of bitcoin.
The site helps the buyers to meet sellers, who live close to each other. Online transactions take place face-to-face which reduces your stress. It also offers an escrow service which makes the transaction a fair process.
The service operates in more than 248 countries, I am yet to see a country where it can not be used.
LocalBitcoins.com allows the exchange of funds with the same currency with the Bitcoins. This is a great start for traders, who are beginners.
This LocalBitcoins.com review will help you to understand the way it works and the pros and cons of the website.
I also have three YouTube video towards the end of this article to demonstrate how to use LocalBitcoins.com and how to identify scammer's profile on LocalBitcoins.com
Learn more about LocalBitcoins on Wikipedia.
How LocalBitcoins Work?
Are you new to LocalBitcoins? Here is a way to understand how this works!
There are people from different parts of the world, who need to exchange their local currency into bitcoins.
LocalBitcoins bring a lot of people from a different corner of the world together for one purpose, that is to either buy or sell bitcoins.
Bitcoins are now a multi-million dollar business around the world.
If you are by now not keeping some of your assets in Bitcoins you are making a big mistake. You may regret it in the nearer future.
Buyers and sellers of bitcoins are expected to register at Localbitcoins, every member also has access to the advert medium to adjust and select the rate they want to sell or buy bitcoins.
You adjust your rate as a buyer as frequently as possible because bitcoins business in exchange is volatile in nature. This implies that prices change very often and fast.
You have four major ways of transacting business in LocalBitcoins:
- Buy bitcoins online in your country
- Sell bitcoins online in your country
- Buy bitcoins with your local currency (cash)
- Sell bitcoins with your local currency (cash)
How to Buy or Sell Bitcoin From LocalBitcoins
Every seller or buyer has to set up his or her profile and this exchange is done online in real-time.
If you want to buy bitcoins on Localbitcoins, you click on buy bitcoins after the selection of your country. This is important you select the country you are based on and the currency you are carrying.
As a buyer, you initiate the transaction buy chosen the price of bitcoins that you are okay with.
You will message the buyer using the instant messaging saying: ” I am buying $15,000 worth of bitcoins, kindly send your account details ”
The seller will expect you to have gone through his or her payment requirements, sometime they may require you to have your scan ID card ready to be sent either before or after the payment.
Some will state what should be in the transfer narration or the bank they want you to use for the transfer.
If you are okay with the seller ‘s condition of payment, and the seller forwards the account detail through instant messaging.
You will make the payment from your account to the seller. As soon as you pay, you will click a button that payment made. And the seller will release the bitcoins.
How to Sell or Buy Bitcoins On LocalBitcoins (Offline)
At LocalBitcoins it is not a must that the buyer or the seller exchange bitcoins through money transfers via accounts.
Funds can be transferred via every means of fund transfer as long as both the seller and the buyer agree on the mode of payment and each avail such details.
Funds can also be transferred via physical cash handling all depend on the agreement between the buyer and the seller of the bitcoins.
The Localbitcoins is the middleman, in this case, all provision is made available and it depends on what is available in each country under considerations.
How to Make Money with LocalBitcoins?
You make money with LocalBitcoins via buying and selling bitcoin on the LocalBitcoins platform.
Make sure you only trade with verified sellers or buyers with a good feedback score.
The account should be old and you will also get to see the number of trades he/she has done.
If you follow these simple rules and avoid scams, you will be able to trade successfully. I hope my LocalBitCoins.com review helped you to make a wise decision.
Are you currently transacting bitcoin on Localbitcoins? Are you a bitcoin trader?
Feel free to drop your comment for me about this LocalBitcoin (Localbitcoins.com) Review down below and let me know what you think about making money with bitcoins.
How You Are Protected By LocalBitcoins
While buying or selling bitcoins on LocalBitcoins.com you are protected such that the bitcoins are held locked in escrow protection.
Both the seller and buyer have 90 minutes to conclude the transaction.
As soon as you pay or transfer funds to the seller account, you are expected to mark or click the invoice as paid.
You will also message the seller that you have concluded payment if you have evidence of payment you can attach to the messaging platform.
The seller will then release the bitcoins and the transaction concluded.
If you have made payment and by any means and you forgot to click the invoice as paid and the seller refuses to release the bitcoins.
You are safe because the bitcoins are still held in an escrow account and will not be released to the seller; you will be required to forward your evidence of payment and appropriate investigation will be done.
Note that making a trade with a person is confidential and LocalBitCoins.com gives you the opportunity to make transactions with ease.
It does not matter whether you live in a remote area because an online translation is smooth with LocalBitCoins.com.
What I Like In LocalBitcoins
- Human-to-human direct transaction. No third party is involved.
- Connects the whole world to the internet economy.
- Online transaction is possible at the remotest location which is out of reach.
- LocalBitcoins.com is a great and secure way of buying bitcoins
- Fast and Private
- No political intervention
- Easy to use
- No identity proof is needed.
- There is no selling or buying limit here.
- Supports various payment methods.
My Issue with LocalBitcoins
- LocalBitcoins is not favorable for large buyers.
- Seller is mostly charged higher exchange fees when transacting via cash since many wants privacy
- You need to check for scammers. Be WISE and alert!
LocalBitcoins Tools & Training
The design is simple and it helps you to see how the price has moved.
The tool displays the constant updates of the price. This is a usual ritual of traders which is to check the price.
Look out for scam warning to avoid any fraud. The site gives these warnings from time to time.
You have to be watchful! There are two-factor authentications as well which promotes the security of your money.
Support and Customer Service on LocalBitcoins
How is customer support? This is a very important question that needs a prompt answer. LocalBitPoints.com review is incomplete without this aspect.
The support team is very competent in this site.
You can reach out to them via your email but it is prompt and so, you would not need to worry about your money.
The support team usually gets back to the traders in 1 hour. Yes, customer support is excellent.
Additionally, there is a forum section where you can post your query or answer queries. The support is really good!
LocalBitcoins Price and Fees
There is a 1% fee on all the trades which are done at Localbitcoins.
The seller pays this 1% fee. Buying, selling or registering on the site is free of cost.
Those who create the advertisements are charged a 1% fee.
This fee is deducted from the completed trade. It will be paid from your LocalBitcoins wallet.
If you use the merchant invoice service then you will have to pay fees of 0.5 %.
How Does LocalBitcoins Make Money
LocalBitcoins makes money via fees charged on every bitcoin exchanged on the platform. It is vital to know that there are no charges on registrations, buying, and selling of bitcoin.
All users of LocalBitcoins who create ads to trade will be charged a 1% fee for every completed business. If you use the invoicing services, you will be charged a fee of 0.5%, and it will be deducted from the paid invoice amount.
You will also be charge a bitcoin network fee is when transferring or receiving bitcoin to and away from your LocalBitcoins wallet.
The charges are determined by the current usage rate of the blockchain. The fees charged will vary according to how congested the Bitcoin Network is.
The transaction fee will be paid via your LocalBitcoins wallet.
How does LocalBitcoins Escrow Work?
What is an escrow?
An escrow is a financial procedure that is put in place that allows a third party to hold a payment that involved two parties in a given transaction.
The transaction is carried out while the amount is suspended in the escrow account.
The funds are only released from the escrow account as soon as the two parties agree the transaction is successfully concluded according to the agreed term and conditions of that transactions.
Escrow help to avoid any of the parties from scamming each other’s as the transaction is in progress. There is usually an escrow fee involved in the usage of escrow services.
So, how does escrow work on LocalBitcoins? The use of escrow on the LocalBitcoins website involves two users that want to buy or sell their bitcoin.
As soon as a bitcoin buyer opens up a trade transaction with you, the bitcoin of the full amount will be taken away from your LocalBitcoins bitcoin wallet and lodged into the escrow account.
As soon as you confirm that you have received the payment into your account, the bitcoin is lifted from your escrow account into the buyer’s LocalBitcoins bitcoin wallet.
Is LocalBitcoins a Wallet
No. LocalBitcoins is a bitcoin exchange and not a wallet.
LocalBitcoins has a web wallet that every one of its users is using to store their Bitcoins.
How to Buy Bitcoins with Credit Card on Localbitcoins
Below are steps to buying Bitcoin on LocalBitcoins:
Go to LocalBitcoins (your country will be auto select); then enter the amount you are ready to purchase via your credit card.
Note that you are not to open trade except your country supports the use of credit cards.
You will see a list of the seller that is within the ranges of the quantity of Bitcoin you are ready to buy, and also prepare to accept your payment method “ Credit card.”
The seller of the bitcoin will acknowledge your message. You would have seen the local bank detail that the seller is using for the transaction.
Copy and paste the bank detail presented by the seller for the step by step procedure to follow through the transaction.
Once the customer receives the money via email or SMS alert, the LocalBitcoins escrow rule will kick in.
As soon as he acknowledged receiving your transfer, the bitcoin will be released from escrow to your LocalBitcoins web wallet address.
Is LocalBitcoins Wallet Safe?
In my personal opinion, the LocalBitcoins bitcoin Wallet is safe to receive your exchanged bitcoin.
I often use the LocalBitcoins bitcoin Wallet to temporarily receive or hold my coin, such that after every one of my transactions on the site.
I immediately move my medal to my Hardware wallet (That is the best crypto wallet ever); you can check out my top three crypto hardware wallets,
It is essential to know that the LocalBitcoins bitcoin wallet is a web wallet ( bitcoin wallet hosted on LocalBitcoins website); it is not a great thing to have your coin hosted on any website.
Is LocalBitcoins Good
LocalBitcoins website is an excellent website to buy and sell your bitcoin. I have been using the sites for over four years now with no significant issue.
One significant advantage of using the website is that there are so many payment options to choose from to the point that you can exchange bitcoin with and by the physical exchange of money with your buyer.
Most people prefer using the website because of the various payment options that are available on the site.
The site also has a diverse variety of buyers and sellers. I can confirm to you that the LocalBitcoins is legitimate and safe to use.
The current KYC policy has also improved the situation on the site. The dispute resolution is fantastic.
Some challenges I observed while using the websites are the prices of the bitcoin is always higher than most other exchanges. Also, you have to check the historical transaction of your buyers or sellers.
Sometimes you can go extreme to ask for the documentary evidence like scan copy of the ID and phone number as a condition to sell or buy on the website.
You can use the document to verify the authenticity of the seller or buyer such that names on the ID card must be the same as the name of the seller or buyer.
Always ensure that you check the trust ratings of any seller or buyer on LocalBitcoins before transacting with anyone. Make sure that the trader you are dealing with has been around on the site for a long time.
Therefore, LocalBitcoins is an excellent and legit website to use for your bitcoin transactions.
Is LocalBitcoins a Scam?
No, LocalBitcoins is not a scam.
The site is one of the topmost bitcoin sites and many people have had a positive experience here.
Scam level is low on this site as they warn you against scammers.
You have to be wise before you make the trade because scammers are everywhere. The site does not ask you for your personal details or identity.
However, if you are buying bitcoins and the amount is a large one, you should check the identity of the seller. The buyers are sellers who can meet and exchange the bitcoins online or in person.
The escrow system helps in building trust between the buyers and sellers.
LocalBitcoins indeed a trusted site and many traders use it. The majority of the feedback has been positive.
Is LocalBitcoins Worth It?
What do you think of my LocalBitcoin.com Review? What do you think, Is LocalBitcoin a scam?
Is LocalBitcoins good for you with what you have read in this article?
To me, it is the fastest and quickest website to buy or sell your bitcoin?
You now know what LocalBitcoins is.
Yes, Localbitcoins are legit and they admit members from every country and region around the world and you can use any payment method as permitted in your country.
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