What is Localbitcoins.com About?
Localbitcoins.com is one major website where you can quickly buy and sell bitcoin today, they are based in Helsinki, Finland. The company was started 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. The 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 allow 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
How to Exchange Bitcoins at LocalBitCoins
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 is 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 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 frequent 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/Sell Bitcoins Online in Your Country
Every seller or buyers have to set up his or profile and this exchange is done the online real time. If you want to buy bitcoins in Localbitcoins, you click on buy bitcoins after the selection of your country. This is important you select the country you are based 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 the instant messaging. You will make 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 Buy/Sell Bitcoins With Your Local currency (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 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.
You are safe because the bitcoins is 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.
You must know 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.
- Human-to-human direct transaction. No third party is involved.
- Connects the whole world to internet economy.
- Online transaction is possible at the remotest location which is out of reach.
- LocalBitcoins.com is a great and secure ways to 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.
- 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.
YouTube Video of How to Buy Bitcoins in LocalBitcoins.com
How is the customer support? This is a very important question which needs a prompt answer. LocalBitPoints.com review is incomplete without this aspect.
The support team is very competent of 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, the customer support is excellent.
Additionally, there is a forum section where you can post your query or answer queries. The support is really good!
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 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 %.
My Opinion on LocalBitcoins.com
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 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. Majority of the feedback has been positive.
LocalBitcoins.com: Buying Bitcoins With Credit Card YouTube
What do you think about the fastest and quickest website to buy or sell your bitcoin? Yes, Localbitcoins.com is legit. You may have doubts about the bitcoin sites but your money is in safe hands because LocalBitCoins.com is rated as one of the top 3 bitcoin sites and people have had a good experience here. 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.
What is your thought about my review? Are you a trader in LocalBitCoins? Feel free to drop a comment for me down below and let me know what you think about making money with bitcoins.
YouTube of How To Identify Scammer on LocalBitcoins.com
LocalBitCoins.com at a Glance
Name – LocalBitCoins
Website – https://localbitcoins.com
Price – 1% fee charged on all trades
Owners – Jeremiah Kangas
Company Location – Finland
Overall Rank – 94%