25/09/2021

LocalBitcoins Exchange Review: Is it Beginner friendly?

What is LocalBitcoins?

LocalBitcoins was established in the year 2012 in Finland. It was created by Nikolaus Kangas and has developed to become one of the world’s leading markets for Bitcoin without any outside funding.

LocalBitcoins provides a forum for sellers and buyers from all over the world to meet and exchange Bitcoins. Having consumers all around the world, Localbitcoins is distributed around 280 countries with active users purchasing and selling bitcoins.

LocalBitcoins Features

  1.  Privacy: The only information needed is an e-mail address to register for an account. No personal identity authentication is required and transactions can be carried out directly with another user and not by a third party.
  2. Payment Methods: LocalBitcoins users are free to buy and sell using a range of payment methods. The payment methods available to buyers will depend on the location of the users.
  3. Transactions: Transactions are performed through a number of procedures, including off-exchange payment and communication between users.
  4.  Supported Countries: LocalBitcoins is available worldwide with vendor listings from over 248 countries. However, users in New York, Iran and Germany cannot make use of local bitcoin services.
  5. Security: LocalBitcoins allows for secure trading through the use of several effective security measures such as Escrow service, Login Guard, 2FA etc.
  6. Customer Support: LocalBitcoins has responsive customer support available 24/7. It also has an extensive FAQ page where answers to most questions can be found.

LocalBitcoins Fees and Limits

There are no fees for signing, purchasing, and selling bitcoin on the exchange, and they charge a 1% fee for people who advertise on the exchange looking to find a trading partner. No trading costs are charged to the individual responding to the advertising.

Withdrawals to wallets outside the LocalBitcoins network would cost 0.00005 BTC. Users would also have to pay a blockchain processing fee that comes with a bitcoin transaction.

LocalBitcoins Mobile App

There is no mobile application provided yet by the LocalBitcoins Exchange either on Google play or the apple store.

How to register on LocalBitcoins?

Step 1: Navigate to the official website. Then click on the tab “sign up free”

Step 2: Then fill out the necessary details such as username, email ID, and choose a strong password.

Step 3: Now click on “register”.

Step 4: Then Go to the Verification tab of your account’s settings to complete the verification.



How to recover the LocalBitcoins password?

Click the “Forgot password?” Option on the login page. Then input your registered Email address and click the “Send Code” button. Now check in your mailbox for the email verification code received. Then click on the link after which you can set a new login password.

How to send cryptos on LocalBitcoins?

Step 1: Login to your account, then click “Wallet” on the dashboard

Step 2: Then click “Send bitcoins.”

Step 3: Here you can add the bitcoin address of your personal wallets to transfer your purchased BTC holdings to your wallet.

How to receive cryptos on LocalBitcoins? 

Step 1: Login to your account, then click “Wallet” on the dashboard

Step 2: Then click “Receive bitcoins.”

Step 3: Here you can add the bitcoin address of the recipient to receive the the BTC to your wallet

How to buy cryptocurrencies on LocalBitcoins?

Step 1: Login to your account. Go to the main page and click “Quick Buy”.

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Step 2: Now in the search box fill in the form with the amount you want to buy in your currency, your location and choose a payment method.

Step 3: From the list of advertisements, choose one from a trader with a good reputation score and a high amount of trades. You can click the ‘Buy’ button to view more information about an advertisement.

Step 4: To start the trade, type in the blue box how much you want to buy, enter a message for the seller and click the “Send trade request” button to start the trade.

Step 5: Once you have made the payment, click the “I have paid button”.

Step 6: Once the trader has verified that your payment has been received your Bitcoin will be released from escrow and they are instantly available in your LocalBitcoins wallet.

LocalBitcoins Pros and Cons

 Pros

  • There are a wide variety of payment options
  • It is available worldwide
  • It has reasonable platform fees
  • High Liquidity
  • Quick transactions

 Cons

  • Dealing with strangers opens the option for scam
  • Not Effective for large buyers
  • Usually higher exchange rates

Conclusion

Unlike other exchanges that manually pair buyers and sellers, LocalBitcoins allows users to connect directly. LocalBitcoins is a decent platform to go to purchase bitcoins when you cannot locate the payment methods you demanded somewhere else.

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