Read our review on LocalBitcoins. LocalBitcoins is a peer-to-peer marketplace for buying and selling Bitcoin. Find its fees and other important details before signing up.
Peer to peer bitcoin trading site
Wide selection of payment options
Global trading platform
LocalBitcoins is a peer-to-peer bitcoin trading site that allows people from different countries to exchange their local currency for bitcoin. While most exchanges match buyers and sellers manually, LocalBitcoins takes a more direct and personal approach, allowing users to communicate and trade bitcoin with one another. Founded in 2012 by Jeremias and Nicholas Kangas, LocalBitcoins is one of the pioneering and most trusted companies in the crypto world. Similar to Craigslist or Kijiji, users can post advertisements stating the exchange rate and payment methods for buying or selling bitcoin. And you can open a trade by replying to these advertisements.
Built-in Escrow service for greater buyer security: When you have chosen the best offer, the Escrow protection makes sure that the exchange is smooth and safe.
A wide selection of payment options: Being a peer-to-peer trading platform, LocalBitcoins offers a wide variety of payment options, regardless of your country of residence.
Global Platform: A Global platform that is available worldwide with seller listings from 248 countries, making it easy for you to find local bitcoin traders.
Secure Platform: Despite the presence of scammers, LocalBitcoins is one of the safest platforms for trading bitcoin.
LocalBitcoins accept the following currencies:
The upside of trading directly is that the seller offers a wide variety of payment options, and you get to choose your most convenient payment method. LocalBitcoins accept the following payment options:
LocalBitcoins is an international bitcoin trading platform available worldwide with sellers from 248 countries. LocalBitcoins is supported in the following countries:
Registering, buying, and selling bitcoin is completely free on LocalBitcoins.
The platform charges the users who create advertisements a fee of 1% for every completed trade. The charge is high compared to other centralized exchanges but not high as the 3% to 10% fee charged by direct crypto purchases.
While transactions to LocalBitcoins wallets are free, transactions to other Bitcoin wallets are subject to a sending fee. You will be charged with a standard Bitcoin Network fee depending on the volume being transacted.
You will have different buying limits depending on your verification:
T0 – To be T0 verified, users must complete onboarding checks by verifying name, country, email address, and phone number. The limit for trade is €1,000/year.
T1 – To verify for T1, users should possess T0 verification and further verify their physical address, ID verification, and KYC info. The limit for trade will be €20,000/year.
T2 – For T2 verification, users need to complete T1 verification and submit proof of residence for further verification. The limit for trade is €200,000/year.
T3 – The T2 verified users could verify T3 once they reach 100000 € volume and add extra ID verification. There is no limit to trade.
“Speedy delivery and easy to use system! Recommended!” Reference
“Sent some bitcoin to my brother in the USA and he used LocalBitcoins to send it to the bank. Guess what? He was scammed by a guy with a huge amount of positive feedback. The guy sent him the money to his AMEX, then my brother released bitcoins to him, and then he claimed back the money right in 10 minutes. I understand that LocalBitcoins cannot be responsible for other people but they do not seem to do anything to educate or warn new users. That guy has 99% of positive feedback but LocalBitcoins hide feedback from newcomers. My brother left that guy a bad review but it's not displayed and people can still be scammed.” Reference
“Very fast, reliable to buy and sell bitcoins. using it for years.” Reference
“Prices are too high for transactions.” Reference
No platform is perfect; every platform has its fair share of negative reviews. This includes LocalBitcoins too. But in the case of LocalBitcoins, most negative reviews are about people getting scammed by sellers and not about the platform itself.
Some state that the site is reasonably buggy, with support taking a long time to respond.
Yes, LocalBitcoins is a completely safe trading platform if you stay clear of the risky sellers. Trading directly with another person has its pros and cons. Although trading peer-to-peer makes the process faster and more convenient, it also increases the chances of you falling victim to scams. Since LocalBitcoins does not screen buyers or sellers, anyone can become a seller, creating more room for scammers on the platform. The bottom line is when it comes to LocalBitcoins, buyer beware. You have to acknowledge that scams exist and should verify the buyer’s or seller’s authenticity before entering into a transaction.
LocalBitcoins is similar to Craigslist or Kijiji, where users post advertisements stating the exchange rates and payment methods for buying or selling bitcoin. And you can open a trade by replying to that advertisement.
You can trade on LocalBitcoins by opening an account, completing the verification process, and choosing a bitcoin trader in your area.
Yes, there are cases of people getting scammed by sellers on the platform. After all, you are trading with strangers, so it is better to exercise caution.
Prices are usually higher on this platform since the seller sets the pricing for the bitcoin.
LocalBitcoins is convenient and flexible since it connects buyers and sellers locally. The platform also offers a variety of payment options that can’t always be found on traditional exchanges.
Until recently, LocalBitcoins was the go-to place for users to trade Bitcoin anonymously, mainly via cash trades. However, due to the European 5th Anti-Money Laundering Directive (also known as 5AMLD), the platform has chosen to remove the option to buy Bitcoin with cash.
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Stay curious. Bitcoin education featuring blogs, learning tools and reviews to help you navigate through the financial revolution.
