LocalBitcoins Review

Localbitcoins is an exchange and trading platform with a firm reputation it has gained working in this field since 2012. It enables people from different countries willing to invest in Bitcoin to meet each other online and sell or purchase bitcoins. Localbitcoins is different from many other crypto trading platforms, as here you are dealing with other humans. Every user of Localbitcoins can post an ad, stating the exchange rate and the acceptable payment methods for selling or purchasing bitcoins. If you are happy with the terms of the deal, meet the person and finish the deal.

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Introductory Video


Customer Support

You can get in touch with the customer service through the site by submitting a request. You need to choose a problem you have encountered among 14 major topics. This lets specify the issue of your query even before it gets to the customer support for a consideration. Also, you can contact the site’s crew via various social networks. And of course, there is an extensive section of frequently asked questions where you can seek an answer by yourself.

Fees

Registering, buying, and selling Bitcoin is completely free on Localbitcoins. LocalBitcoins users who create advertisements are charged a 1% fee for every completed trade. No fee is also taken for sending digital funds to LocalBitcoins wallets of other LocalBitcoins users.  Sending funds to other wallets is liable to subject to Bitcoin network transaction fee. The current fee is always displayed on the wallet page in your account. The fee amount varies depending on the current usage rate of the Bitcoin blockchain and is taken from your LocalBitcoins wallet when you send a transaction. When you deposit crypto funds to your LocalBitcoins wallet, a bitcoin network fee is deducted from the deposit. The size of the fee in this case also depends on how much the network is busy. Please bear in mind that your deposit will not be processed if the amount you deposit is lower than the fee itself. We also need to mention a fee of 0.5% which is taken when you use the merchant invoice services. 

Payment methods

You will be impressed by a variety of payment options available on Localbitcoins. You can pay in cash, via a local bank transfer, European bank transfer (SEPA), the wire transfer services MoneyGram and Western Union, cash by mail, cash deposit, credit card, MoneyBookers, Neteller, Skrill, Paypal and even Amazon Gift Card. Still, you should keep in mind that some payment methods are more expensive as they require additional commissions, for instance, PayPal. This happens because the traders want to protect themselves from the potential risks in the operations with reversible payment systems. The transactions with Bitcoin is irreversible, so selling Bitcoins using a hard to reverse payment method is less risky. You can always choose the offers with the payment methods that are convenient for you and offer a better price. 

How it works

LocalBitcoins supports two trading options: online trades and local trades. Online trades take place through the platform, while local trades imply meeting face-to-face. On LocalBitcoins you will find lots of guides that will help the beginners to make their way through crypto trading. If you want to try trading Bitcoins, you can check a very detailed and guide on trading here.
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Brand Quality, Member Security & Site Safety

Localbitcoins is one of the first platforms for crypto trading and exchange. With the experience of more than 6 years, it has gained a solid reputation and high ranking, providing its users with a secure and safe environment for crypto trading.
Localbitcoins treats the security with the utmost seriousness. They implemented a row of means that are intended to ensure the safety of its users. All funds are kept in an escrow account until a buyer confirms a successful purchase. Each trader has a reputation ranking that is based on the testimonials from other traders that dealt with them. There is a specialized venue for resolving issues, called Conflict resolution, where Localbitcoins support crew helps traders to solve dispute situations. Also, you can participate in Localbitcoins forum to receive useful information from the fellow traders.
The 2 Factor Authentication is a two-layer security protection against the threat of hacking.
Nonetheless, you should accept the fact that even secure trading platforms may have a number of fraudulent dealers and you’d better always pay attention to the trader you are dealing with.

Bottom Line

Localbitcoins is one of the most easily accessible platforms for trading or exchanging Bitcoin. Here you can buy or sell Bitcoin privately using multiple payment options. Although the fees are higher than generally in the industry, you will be always able to find suitable rates. And of course, the option to trade locally makes Localbitcoins stand out of other trading platforms.