LocalBitcoins Review? Can You Really Make Money?

what is localbitcoins.com for

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


localbitcoins reviewName: LocalBitcoins
Website: Localbitcoin.com
Date Founded: June 2012
Headquarters: Helsinki, Finland
Owners: Jeremiah Kansas
Price: 1% fee charged on all trades
Rating: 65%
Recommended: Yes

 

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:

  1. Buy bitcoins online in your country
  2. Sell bitcoins online in your country
  3. Buy bitcoins with your local currency (cash)
  4. 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.

 

what is localbitcoins.com about

 

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


  • BitCoininity

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.

  • Scam Warning

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.

==>Click to Start Right Now

quit forex and crypto trading

 

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 %.

 

about localbitcoins.com

 

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.

You may have doubts about the bitcoin sites but your money is in safe hands because Localbitcoins is rated as one of the top 3 bitcoin sites and people have had a good experience here.buy bitcoin with cash in US

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26 thoughts on “LocalBitcoins Review? Can You Really Make Money?”

  1. I must admit that I am partial to sites that are clean yet have a good balance or images and other media!
    Your site fits that description perfectly !
    In the process of reading your content I actually learned a few things! I’m ignorant to exactly what Bitcoin and such currency is and now I have a better idea .
    What does the market forecast look like for Bitcoin. I hear differentb things and not sure either way.
    Have a great day !
    Mike

    Reply
    • Bitcoin is now gaining ground in every county, city and countries. People are getting to know what it is all about. But then it still has a long way to go. You must also know that Bitcoin is use as a store of value these days and many are trading with it making some margins daily.

      For me Bitcoin will always fight its battle and win because it involve the whole world and it is not restricted to any country. It is advice that you should only invest ONLY the money you are ready to lose. Bitcoin is so very volatile business.

      thanks for the commendation on my website. Really appreciate. 

      Regards 

      John

  2. I’ve never heard of this but it might be good. I do have a question though.

    Why would anyone those say over Coinbase, which where most people buy and sell bitcoin.

    Are there lower interest rates, is it easier to do, or what?

    Also have you tried this out yourself, and if so what was your experience like?

    Reply
    • Michael, 

      LocalBitcoin is the cheapest and you can buy with your local currency or nearby your county or meet one on one with the person you are buying from. You can also employ most of the common payment system online.  Check the website to see for yourself. 

      Regards 

  3. Thanks for sharing this information. This really looks like a great program. I have looked into several Bitcoin Exchanges and most of them seem to have really high fees when purchasing and selling Bitcoins. This site seems great in the aspect that there fee seems minimal compare to others. This can definitely save people some money!

    What a great websites. My question is. Do you have list of other exchange sites that i can consider?

     Regards 

    Mesissa

    Reply
    • Thanks Melissa for visiting my website. Really appreciate your recommendations. To answer your question, see here list of over 67 Top Exchanges around the world. Kindly check it out. 

      Thanks 

      John

  4. I remember back two years ago when my friend and I were looking for extra ways to make money and bitcoins came up. We were looking into it, but ended up not doing it. Oh how we both regret that now. Thanks for sharing this post about LocalBitCoins. You were very clear and explained everything well. Do you suggest someone still buy bitcoin now even with the value so high?

    Reply
    • Yes, you can still venture into Bitcoin. But be sure that it is a volatile business. Bitcoin will fall and rise and it will survive all challenge that will be thrown at it by the world government.

      Why crptocurrency is difficult to fail is that this is a world currency, it is not limited to China nor USA. Bitcoin is for all nation both white, brown and black color.  

      So be sure that bitcoin may worth over $40,000 in future. But you should know that there is another coin that the world is yet to discover, that is the Cloud coin, the First Cloud Based e-Currency That Could Replace Bitcoin. Do check that out to claim your portion before it is too late. 

      You are welcome to my website. I hope you will be here again?

      Cheeres 

      John

  5. Hello Jofa?

    Great review on Localbitcoin! My friends were thinking about investing in bitcoin, even though it’s been dropping in price.

    One thing I wonder is how safe are transactions for new users? I’ve done trades like this in the past for other virtual goods and the risk of scam is high.

    Thanks,
    Eric

    Reply
  6. Good article about LocalBitcoins. This crossed my path several times before as I also transact in Bitcoins.

    When I saw this one, I followed the link and I was wondering before why it is recommending or should we say endorsing a different wallet that is less known to us here in the Philippines. I currently use the most popular one which is Coins.ph, and I was wondering why it is not the one recommended.

    But thanks to this article and video, I now understand more.

    Reply
  7. Hi – very thorough review! Bitcoins is not something I am dabbling in, but good to know there are folks like you helping out us newbies! One question though as people get started… if the advice is to not do business with new accounts, how in the world do you actually accumulate trades as a legitimate buyer/seller?

    Reply
    • Hi Kristi, 

      I agree with you that  new buyers or sellers will need to start somewhere so as to be trusted. It is just a causon phrase. The objective is just to watch out and be sure the person you are dealing with is legitimate enough. I usually take the following precautions:

      If you are Buying or Selling Bitcoin

      1. Ensure you ask for a valid ID Card of the Buying or Selling before you start trading

      2. Ensure the name the Buyer or Seller is using on the platform is what is stated on the ID Card presented. 

      The precaution been taken is not because you may not get your money or Bitcoin NO, it is to ensure that another Buying or Sellingis not buying or selling using another person bank account number for the trade. 

      The system in Localbitcoins has been design such that you can always get pay or get you Bitcoin. 

      Regards 

      John

  8. This was very interesting to me. I knew very little about bitcoins and even less about trading bitcoins. Am I correct in saying that bitcoin buying could be a good investment? Would it be appropriate for people of retirement age or nearing that age?

    Reply
    • Hi Norman,
      Bitcoin business is a great business, it depends on how much risk you can take as a person. Bitcoin was less than $1 in 2010, it is over $4,500 today. It is indeed a serious business.

      The Bitcoin investment has no age limit, it is for both Old, young and elderly. My principle is that I don’t invest money I cannot avoid loosing in Bitcoin. I am into this in a big time.

      I hope I could help

      Regards

      John

  9. Hi

    I am reading your localbitcoins site with great interest. I like how you explain it in plain English so people like me without any real knowledge about the subject, can understand it. Great work.

    Under Cons you wisely write that it’s not for large buy’s(guess large buyers have their own sites they use)

    Maybe link to the websites you recommend under “LocalBitCoins Tools & Training”

    Your videos are good and short.

    Maybe place some affiliate link/banners at your left sidebar.

    BR
    Michael

    Reply
  10. It is useful info to me! This is my first time to know I can buy less one BitCoin. In this videos, I saw sellers have to escrow in LocalBitCoin. It is a safer design and many websites especially in China also use the method to protect buyers.

    The only problem is if LocalBitCoin is a reliable platform or not? Of course, I have no idea of its background and if they can afford an internet hack. In case sellers’ BitCoin stolen, can they pay for the loss? That will be my concern!

    Reply
    • I have been using LocalBitcoins for more than a year now, they are definitely okay by me. I also knew friends and relatives that have being on this websites for more than three years.

      Regards 

      John

  11. Thank you for this information. I have heard of bitcoins but never have heard of the website localbitcoins.

    Would you say this website is for someone who likes to buy and sell bitcoins frequently? If so how many times a year would you suggest you do this?

    From what I have seen some people do is just buy as much as they can ( sort of like stocks ) and hold on to and let it grown a little each year so they can have a lot as they get older.

    Reply
    • Hi Michael, 

      You are right.  Buying and selling of Bitcoin on any exchange or on Localbitcoins website can be compare to making margin on shares. Doing business on Localbitcoins website has no limited time. You can do as many as you want most especially when you are trusted on the website.

      you will be trusted as long as you have executed enough transactions. 

      Cheers.

      John

  12. I was never too familiar with BitCoin but to me it sounds like a legitimate source for trading online currencies with others.

    I think your youtube video on how to spot scammers will be helpful for if I were to decide to buy BitCoins in the future.

    My question is, what can you use BitCoins for? Is it like Paypal where you can purchase things online in a more secure method?

    Reply
    • Thanks for visiting my webpage. Bitcoin has changed our world. It currently has a capitalization of over $65b, it is currently sold at over $4,000. it was less than $120 in by this time in 2011. 

      You can use bitcoin as an investment to store value. It will definitely increase in value in the future.  The professional is predicting the value of bitcoin to be over $10,000 in the next five years. See how you can make a lot of money with bitcoin.

      I hope you will visit again. 

      Cheers

      John

  13. You know, I have heard the term bitcoins before and I guess I really just don’t know exactly what they are. I see that people trade and sell them? What exactly are they? Are they like stocks or investments of some sort? I am looking into trying to find ways myself to invest and find another avenue for making a money stream. So investing interests me, I just don’t even know where to begin with bitcoins.

    Reply
    • Bitcon are many things to many people, it depends on which angle you are looking at it. You can make a living trading bitcoin at various exchange around the world. 

      You can invest your money in Bitcoin to store value. You can take part in ICO. Learn more here on how to make money with Bitcoin.

       Thanks for visiting. 

      Cheers 

      John

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