LocalBitcoins is a unique P2P cryptocurrency platform where sellers can interact with traders to make deals. It acts like an escrow account, which ensures secure transactions between traders.
It’s one of the oldest P2P exchanges based in Finland, founded in 2012 by Jeremiah Kangas. One of the distinguished features of this platform is that it keeps the privacy of users. The second most striking feature is the freedom that it offers; there is no restriction to the number of cryptocurrencies for the traders, no geographical restrictions or no limit of fiat currency support.
This platform offers all the payment processes to facilitate its traders. This article serves as a comprehensive LocalBitcoins Review to guide the traders to execute a profitable trade.
Here are the 13 best payment options to go through bank.
LocalBitcoins Trading Information
This platform is open to all types of cryptocurrencies since it all depends on the users what they want to sell. As a result, there is a number of digital currencies present at the platform for the users.
All countries Supported
Traders from all the countries can participate except Germany, US and New York City. It also allows the traders from the countries where crypto trading is banned.
Low Fees
Transaction fees are as low as 1% on all trades. Buyers are exempted from the transaction fees; it only applies to the sellers.
Buyers should know that the price on this platform is slightly higher than the price offered on other platforms like Coinmama and Binance.
No Limits
LocalBitcoins imposes no restrictions whatsoever on its traders, however, if you are trading large transactions, you will be asked to verify your identity.
How fast are your funds available?
As soon as the payment against the purchase of your cryptocurrency is made, you receive your coins. Once you buy any cryptocurrency here, it goes to escrow account; the platform releases these coins upon receiving the payment.
Comparison with other exchanges
The comparison is difficult since the nature of other platforms is different from LocalBitcoins because it is a P2P forum. The only other similar exchange is Paxful.
The traditional platforms have a lot more restrictions and limitations and charge higher transaction fees as compared to LocalBitcoins, but they are a bit more secure. It is recommended to check the reviews about sellers before coming to any agreement.
LocalBitcoins Compared
Let us have a look at some of the prominent features offered by LocalBitcoins and other alternative exchanges.
| Exchange | Review | Fees | Security | Support | Purchase |
|---|---|---|---|---|---|
| Coinbase Review | 3.75% | Great | Email+ Coinbase “Community” | Buy | |
| Binance Review | 0.1% | Great | Buy | ||
| LocalBitcoins Review | 1.0% | Good | Quick responses to online support tickets | Buy | |
| Paxful Review | 0% from buyer, 1% from seller | Good | Forum,live chat and email. | Buy | |
| BitPanda Review | 1.0% to 4.0% | Good | Buy | ||
| CEX.IO Review | 0.5% to 2.0% | Great | Buy | ||
| Coinmama Review | 6.0% | Good | Buy | ||
| Bitbond Review | 1.0% to 2.5% | Good | Buy |
How to create an account on LocalBitcoins?
- You can easily open an account by visiting their website
- Click on “Sign Up Free”
- Enter your email and password
- Click on the verification email in your inbox
Your account is created and you can straightaway start interacting with sellers in your area. The search results could be filtered by location, payment processors, ratings and other things.
A list of traders will be provided to you so that you could trade with them after verifying their profiles. Its customer support is very competitive; their FAQ section is also very thorough and useful. The section even guides you about recovering your password or to enable 2-factor authentication.
Conclusion: Who should use LocalBitcoins?
There are so many platforms available with different features and set of restrictions and limitations. Each platform suits a certain group of traders. LocalBitcoins is best for the traders whose country does not allow crypto trading.
However, for a normal trader, there are other exchanges as well.
You can see a detailed comparison between two other options here