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Buy Bitcoin at LocalBitcoinsLocalBitcoins is a global Bitcoin exchange that gives a lot of options to its users.
Before getting into the details, here are some good and bad things to know about LocalBitcoins:
- LocalBitcoins is one of the most private ways to purchase bitcoins
- In some countries it is the only way to buy bitcoins
- It allows you to buy bitcoins with many payment methods
- There are many scams and you need to use caution
LocalBitcoins itself does not impose any limits on its users. Users are free to decide on their own prices and limits.
- No buying or selling limits imposed by LocalBitcoins
- Some sellers will require ID verification for larger amounts
Supported Countries
LocalBitcoins is available in nearly every country. Liquidity will depend on the amount of buyers and sellers in your area. LocalBitcoins is not available in Germany or the state of New York. LocalBitcoins left New York due to the BitLicense.
What Makes LocalBitcoins Different than Other Exchanges?
The difference between Local Bitcoins and most exchanges is that with Local Bitcoins, you must physically meet up with or connect digitally to the person you are buying from or selling to.
Local Bitcoins also used to be a great way to buy and sell Bitcoins anonymously, however Local Bitcoins did roll out KYC in March of 2019 on all customers who buy and sell a certain amount of coins a year.
LocalBitcoins vs Other Exchanges
Here is LocalBitcoins compared to some other top exchanges:
- Popular Exchanges
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eToro- Supports Bitcoin, Ethereum & 15 other coins
- Start trading fast; high limits
- Your capital is at risk.
This ad promotes virtual cryptocurrency investing within the EU (by eToro Europe Ltd. and eToro UK Ltd.) & USA (by eToro USA LLC); which is highly volatile, unregulated in most EU countries, no EU protections & not supervised by the EU regulatory framework. Investments are subject to market risk, including the loss of principal.
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LocalBitcoins- Support for nearly every country
- Wide range of payment methods accepted
- Trusted exchange around since 2012
Payment Methods Accepted
LocalBitcoins users are free to buy and sell using any payment method. The payment methods available to buyers will depend on what’s available in your location.
- Wide range of payment methods available
- Many payment methods should not be used; like PayPal or any reversible payment methods
LocalBitcoins requires email and phone verification for all users. It requires ID verification for users trading over 1000 euro.
The speed at which your bitcoins are available will depend on payment method.
- Buys made with cash deposit generally deliver bitcoins within 1 hour
- Speed of delivery is entirely dependent on seller confirming payment, so at times it can take a while (although it is generally within 15 minutes)
LocalBitcoins was one of the first peer-to-peer Bitcoin exchanges, and the largest one today.
- One of the oldest Bitcoin exchanges
- Not a scam
- Even though it's trustworthy, users should not store bitcoins in the "LocalBitcoins wallet"
- Reputation of exchange is good, but need to check reputation of each user on the exchange
Most problems with LocalBitcoins are a result of trading with a new user or one with multiple bad feedbacks.
Be sure to only trade with users who have a history of making trades.
You can view any user’s feedback history by looking at their profile:
In this case, the user has made 11 trades with three different trading partners. The user has a 100% success rate, meaning there were little or no issues with scams during his trades.
The user above would be a good user to trade with!
LocalBitcoins charges a flat 1% fee on all trades.
- LocalBitcoins only takes 1%
- Even though fees are low, prices may be inflated depending on payment method
Customer Support
LocalBitcoins offers support via a support ticket system.
- Support is usually quick to respond to all issues
- LocalBitcoins offers forums where you can request help from other users of the platform
Review By: Jordan Tuwiner
Rating: 4.8
Buy Bitcoin at LocalBitcoins
