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The larger exchanges are able to generate revenue by charging commissions across all the trades on their platform. However, as Localbitcoins runs as a peer-to-peer marketplace, vendors often choose to generate revenue by slightly increasing their selling prices. Vendors also run the risk of selling Bitcoin to individuals that may try to initiate a chargeback via PayPal , and as a result prices are higher across the platform in order to mitigate this risk.
Whilst the site has developed a good reputation as being a safe, and trustworthy place to buy and sell Bitcoin, there is always the possibility of more unscrupulous vendors also choosing to use the site. Localbitcoins is one of the most easily accessible platforms for acquiring Bitcoin. However, visitors to the site should keep in mind that, there may be untrustworthy sellers on the site, and reputable sellers may have certain stipulations when conducting trades.
Sellers make ask for ID verification for larger amounts and refuse reversible payment methods such as PayPal. Prices may also be slightly higher, as vendors choose to charge more for Bitcoin than the mainstream exchanges. We believe Bitcoin to be a black swan event, something that fundamentally changes how the financial world works. Localbitcoins is a tried and trusted method of trading Bitcoin that has been embraced by the Bitcoin community. The site is a good choice for those new to buying Bitcoin as well as more experienced traders.
Important Note: There have been reports of scammers approaching companies via Telegram, LinkedIn and Other Social platforms purporting to represent Blockonomi and offer advertising offers. We will never approach anyone directly. Please always make contact with us via our contact page here. Contact Oliver blockonomi. Ease of Use 9.
Reputation Fees 9. Customer Support 9. LocalBitcoin is a peer-to-peer Bitcoin exchange that keeps bitcoins in its escrow. It has been operating from Finland since Moreover, using this service one can trade in bitcoins in more than cities and countries around the world, which is huge. Once you engage in a trade you can receive your fiat money in the agreed way through a bank deposit, PayPal , Payoneer, or in cash. Well, there are plenty of reasons to use this service. We will talk about those in this review, but two most important ones are — one, it is peer to peer, and second, it has more than 35 payment options.
Getting started on LocalBitcoin is pretty straightforward. For now, you need to register yourself using your e-mail ID and get your KYC done by uploading your identity verification documents like passport, driving license or national ID proofs, failing which you have to give up trading on LocalBitcoins.
However, it is a good thing because this means you will never face liquidity problems which was common earlier. You just need to register yourself using your e-mail ID and get started. After you register and log in to LocalBitcoins, it is always a good practice to complete your profile except if you wish to be anonymous.
But recently in April , LocalBitcoins have started urging customers who have had a significant volume of trading in last few months to get themselves verified and this is to stop illegal laundering of money and in some countries like the US, this is mandatory. You can also put one more criterion while filtering out traders on LocalBitcoins, that of payment method i. Here, I have filtered out this trader based on two criteria i. Similarly, you can filter traders if you want to sell Bitcoin.
The fee structure is quite nominal on LBC. Registering, buying, and selling Bitcoins is completely free. Note: Transactions to wallets of other LocalBitcoins users are free. You can also think of it as an eBay for bitcoins but stick around to see it for yourself why I am saying so. And later on, I am going to share our experience of using it, and what more we are looking for in LBC.
Once you have seen the buyers and sellers list, filter out reliable buyers and sellers according to their reputation. Another excellent feature of LBC is you can use their variety of payment options. This means that if the seller runs away with your money and does not release your Bitcoins, LocalBitcoins.
Also, note that local trades do not have escrow enabled by default, but when you request and get in the trade, it gets activated. Source: LocalBitcoins. When you indulge in a trade, the option to give feedback about the seller and buyer gets activated. You can use these feedback scores to rate your trade experience with a particular trader and help LocalBitcoins preserve that rating for future. In this way, with each trade, you are making LBC a better and more secure platform.
And for this, there are four types of ratings or feedback one can give on LocalBitcoins based on their experience of trade. I was quite impressed with their fee model as registering, buying, and selling is entirely free. And another cool thing is that while transferring BTC to wallets of other LocalBitcoin users the transaction fee charged is zero. Their support team is reachable on emails and replies within three days. But in events when Bitcoin trend is surging, their support comes under tremendous pressure due to which the response gets slightly delayed.
But in that case too, their support is useful, and their frequent issues section is also very helpful in raising tickets. We have used it, and we rate it highly as a go-to service for people who want to buy Bitcoin in cash in any other third world countries where the banking infrastructure is not as supportive.