Top Cryptos

LocalBitcoins Review

  • 11 Oct 2023
  • 4 min. read

LocalBitcoins is a well-known peer-to-peer (P2P) cryptocurrency exchange platform. It provides a marketplace where individuals can buy and sell cryptocurrencies, primarily focusing on Bitcoin, directly with one another.

Unlike traditional cryptocurrency exchanges, LocalBitcoins acts as an intermediary, allowing users to create and browse listings to find buyers or sellers who match their preferences for payment methods and exchange rates.

In this article, we will dive deeper and discuss LocalBitcoins accessibility, explain how it works, and why you should be cautious.

LocalBitcoins key points:

✔️ Global reach: 190+ countries

✔️ Wide range of payment methods: bank transfer, cash deposit, PayPal, etc

✔️ High liquidity

✔️ Good reputation: well-established and trusted marketplace

Drawbacks:

❌ High fees

❌ Risk of fraud

❌ Slow transaction times

Tips for using LocalBitcoins safely:

👍 Do your research

👍 Use a trusted payment method

👍 Be careful of scams

👍 Use a secure internet connection

Table of content

Accessibility

LocalBitcoins is accessible from almost every country globally. It has seller listings from 248 nations. However, it doesn’t offer services in the USA.

localbitcoins-wallet-review-accessibility

The trading platform is accessible on a wide range of devices, from smartphones and tablets to laptops. Its usability on these devices is smooth.

Everything on the platform focuses on the practicality of its offering. The site is responsive and offers fast load times, whether accessing it on a mobile or desktop device.

A great search feature is available when you’re trying to find what you need when selling and buying Bitcoin. You’ll have the best user experience whether you’re accessing the platform using an Android, Windows or iOS device. 

And after purchasing cryptocurrency, you can choose the sports betting site you like best.

Escrow Service

On LocalBitcoins decentralised exchange platform, traders can convert their fiat currencies into Bitcoins.

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The platform allows users to create advertisements where they can pick their favourite payment option and exchange rates for selling and purchasing Bitcoins to and from other LocalBTC users. 

When users reply to these advertisements, they trigger a trade chat, and the escrow protection feature activates automatically. Escrow protects the seller and buyer by keeping the Bitcoins safe until the payment is completed. 

Once the payment is done, the seller discharges the Bitcoins to the purchaser, and also the exchange platform offers a web LocalBitcoins wallet from where users can send and receive Bitcoin transactions.

FAQ
⭐ Is LocalBitcoins legit?

✅ Yes, LocalBitcoins is a legitimate platform for buying and selling Bitcoin.

⭐ Is LocalBitcoins safe?

LocalBitcoins has security measures, but users should exercise caution and follow best practices to enhance safety.

⭐ How do I withdraw funds on LocalBitcoins?

To do LocalBitcoins withdrawal, go to your wallet, choose the cryptocurrency you want to withdraw, enter the recipient's address, and confirm the transaction.

⭐ What are LocalBitcoins payment methods?

LocalBitcoins accepts a wide range of payment methods, including bank transfers, cash deposits, online wallets, and various digital payment options, depending on the preferences of individual traders.

⭐ What is LocalBitcoins pricing?

LocalBitcoins pricing varies depending on individual sellers, and it can include a combination of exchange rates, fees, and premiums.

Be Careful of Scams and Fraud on the Platform

LocalBitcoins decentralised trading platform features a tremendous amount of security to enable its customers to trade Bitcoins confidently.

The platform has multiple levels that help monitor information and safeguard the transaction.

In this LocalBitcoin review, we provide information about its features to ensure it offers a safe and secure trading platform:

localbtc-safety-features
  • Escrow services: The platform holds Bitcoins in an escrow account anytime a user asks for a trade. These Bitcoins are only released when the seller confirms the trade is done.
  • Login protection: Bitcoins Local confirms that a user is logging in from the same browser and device. When you use a different web browser and device, the platform requires email verification to complete the login process.
  • Reputation ranking: LocalBitcoin has a reputation ranking for all of its members. It indicates each member’s trading activities with other parties in the transactions.
  • PIN verification: When you’re logging into your Local Bitcoins account, you need to enter a unique PIN that’s sent to your registered cell phone.
  • Privacy: The platform doesn’t share user information. All users purchase and sell Bitcoins while maintaining their privacy.
  • Dispute resolution: Local Bit Coins is committed to solving all disputes between the sellers and buyers on transactions.

While LocalBitcoins has all these security measures in place, always be cautious when trading on the platform. Even the most sophisticated trading systems and platforms can’t manage to root out all scammers, and LocalBitcoins is no different.

It’s advisable to investigate all parties involved in the transactions.

You can reduce your risk on the LocalBitcoins platform by thoroughly checking each user’s feedback before you can trade with them.

Never accept any request to trade outside the exchange platform. This provides additional protection levels to what the platform offers.

Let's look at some common types of LocalBitcoins scam that occur on the platform:

  • Payment methods: Purchasers will pay for Bitcoins using a method of payment that accepts reversals, like PayPal. Once they receive the Bitcoin, they dispute their transactions as Fraud.
  • Trading outside: Some sellers offer discounts if the purchaser accepts a request to trade outside the LocalBitcoins system. Then, these sellers will not send the Bitcoins, and the purchasers will have no recourse since transactions occurred without LocalBitcoins’ escrow services.

Cryptocurrency Options and Fees

LocalBitcoins supports the purchasing and selling of Bitcoins only. Users on the platform accept a massive array of payment methods.

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When it comes to fees, opening an account purchasing and selling Bitcoins on the exchange platform is free of charge.

The platform charges users who create advertisements a 1% fee for each trade completed. Basically, traders who are actively promoting their services are being charged.

Transactions to crypto wallets of other LocalBitcoins members are completely free.

You'll only be charged the Bitcoin Network standard fee whenever you send Bitcoins outside the platform. This fee varies based on how crowded the network is.

Dependence on Third Parties

LocalBitcoins is a Peer-to-peer decentralised exchange platform, meaning it doesn’t depend on third parties to complete the trade.

As a customer, you can sell and buy Local Bitcoins in different countries using different fiat currencies. The only part where third parties are involved is when customers are sending funds in fiat currencies. 

They’ll need to use payment methods that support their fiat currencies, especially when making payments for Bitcoin purchases.

With the platform’s escrow service, traders can ensure their funds are safe. The person who’s purchasing the Bitcoins will be protected. After reading our LocalBitcoins review, you can try out this platform if you are after a peer-to-peer exchange.