LocalBitcoins Exchange Review 2021: Fees, Updates, Services and More. Evolving Crypto space is leading to the creation of diverse crypto exchange platforms, LocalBitcoins exchange is one among them. If you are looking for a stable and reliable exchange, then the LocalBitcoins exchange is going to be the best option for you. This review will help you understand everything about LocalBitcoins exchange to begin with. Read about LocalBitcoin fees, trading, deposit, withdrawal, guides and more.
- On 25th May 2021, LocalBitcoin added new payment methods Bitcoin Cash, Cardano, Chainlink, DOGE Coin, Polkadot, Tether and USD coin.
- LocalBitcoins trading volume in Brazil has grown over 90% compared to this time last year 2020.
- LocalBitcoins expands partnership with Onfido, powering security-first cryptocurrency trading with trusted identity verification.
Table of Contents.
- What is LocalBitcoins?
- How to set up an LocalBitcoins account?
- How to recover the LocalBitcoins password?
- How to buy LocalBitcoins token?
- How to sell LocalBitcoins token?
- How to deposit and withdraw on LocalBitcoins?
- LocalBitcoins Fees and supported payment types.
- LocalBitcoins Mobile application.
- Referral commissions and other services.
- Is LocalBitcoins safe and secure?
- Rating for LocalBitcoins Exchange.
- LocalBitcoins Pros and Cons.
|Legal Name||LocalBitcoins Exchange.|
|Trading fees.||Maker: 1.00%/ Taker: 0.00%.|
|Deposit methods.||Wire Transfer and Cryptocurrency.|
|Supported Cryptocurrencies.||Bitcoin (BTC).|
|Trading Options.||Spot Trading.|
What is LocalBitcoin?LocalBitcoins is a cryptocurrency exchange founded in the year 2012 in Finland. It was created by Nikolaus Kangas and has developed to become one of the world’s leading markets for Bitcoin without any outside funding. LocalBitcoins provides a forum for sellers and buyers from all over the world to meet and exchange Bitcoins. Having consumers all around the world, Localbitcoins is distributed over 180+ countries with active users purchasing and selling bitcoins.
LocalBitcoins Features:Privacy: The only information needed is an e-mail address to register for an account. No personal identity authentication is required and transactions can be carried out directly with another user and not by a third party. Payment Methods: LocalBitcoins users are free to buy and sell using a range of payment methods. The payment methods available to buyers will depend on the location of the users. Transactions: Transactions are performed through a number of procedures, including off-exchange payment and communication between users. Supported Countries: LocalBitcoins is available worldwide with vendor listings from over 180+ countries. However, users in New York, Iran and Germany cannot make use of local bitcoin services. Security: LocalBitcoins allows for secure trading through the use of several effective security measures such as Login Guard, 2FA etc. Customer Support: LocalBitcoins has responsive customer support available 24/7. It also has an extensive FAQ page where answers to most questions can be found.
How to register on LocalBitcoins?Step 1: Navigate to the official website. Then click on the tab “sign up free” Step 2: Then fill out the necessary details such as username, email ID, and choose a strong password. Step 3: Now click on “register”. Step 4: Then Go to the Verification tab of your account’s settings to complete the verification.
How to recover the LocalBitcoins password?Click the “Forgot password?” Option on the login page. Then input your registered Email address and click the “Send Code” button. Now check in your mailbox for the email verification code received. Then click on the link after which you can set a new login password. How to send cryptos on LocalBitcoins? Step 1: Login to your account, then click “Wallet” on the dashboard Step 2: Then click “Send bitcoins.” Step 3: Here you can add the bitcoin address of your personal wallets to transfer your purchased BTC holdings to your wallet.
How to receive cryptos on LocalBitcoins?Step 1: Login to your account, then click “Wallet” on the dashboard Step 2: Then click “Receive bitcoins.” Step 3: Here you can add the bitcoin address of the recipient to receive the the BTC to your wallet
How to buy cryptocurrencies on LocalBitcoins?Step 1: Login to your account. Go to the main page and click “Quick Buy”. Step 2: Now in the search box fill in the form with the amount you want to buy in your currency, your location and choose a payment method. Step 3: From the list of advertisements, choose one from a trader with a good reputation score and a high amount of trades. You can click the ‘Buy’ button to view more information about an advertisement. Step 4: To start the trade, type in the blue box how much you want to buy, enter a message for the seller and click the “Send trade request” button to start the trade. Step 5: Once you have made the payment, click the “I have paid button”. Step 6: Once the trader has verified that your payment has been received your Bitcoin will be released from escrow and they are instantly available in your LocalBitcoins wallet.
How to sell cryptocurrencies on LocalBitcoins?Step 1: Login to your account. Go to the main page and click “Quick Sell”. Step 2: Now in the search box fill in the form with the amount you want to sell in your currency, your location and choose a payment method. Step 3: From the list of advertisements, choose one from a trader with a good reputation score and a high amount of trades. You can click the ‘Sell’ button to view more information about an advertisement. Step 4: To start the trade, type in the blue box how much you want to sell, enter a message for the buyer and click the “Send trade request” button to start the trade. Step 5: Once you have confirmed that the payment has been made you can scroll down the page and select Release Bitcoins. Step 6: This will send the Bitcoins from the trade escrow to the buyer and complete the trade.
LocalBitcoins Fees and Limits:
Bitcoin trading Fees:
- Registering, buying, and selling Bitcoin is completely free in LocalBitcoins.
- Users who create advertisements are charged a 1% fee for every completed trade.
Bitcoin transaction fees:Transactions to wallets of other LocalBitcoins users are free. Transactions to other Bitcoin wallets are subject to a sending fee. The size of the fee vary depending on the current usage rate of the Bitcoin blockchain, LocalBitcoin automatically adjust this fee based on the current network congestion to ensure users transactions are confirmed instantly. The sending fee is paid from your LocalBitcoins wallet when you send a transaction. When receiving bitcoins to a LocalBitcoins wallet, a deposit fee is deducted from the deposit. The fee differs on how congested the Bitcoin blockchain is. If your deposit amount is smaller than the deposit fee, the deposit will not be processed. The current deposit fee is visible on the wallet receive page.
Other fees.Custom work, e.g. research of possible external problems, is 200 EUR/hour paid in Bitcoin at the current market rate. Minimum billable amount is 200 EUR.
Supported Currencies & Payment Methods:LocalBitcoins supports the buying and selling of Bitcoins (BTC) only. There are no official fiat currencies that the exchange supports, since it does not hold fiat deposits. The various payment methods supported by the LocalBitcoins exchange include:
- Wire transfer.
- Cash deposits.
LocalBitcoins Mobile App:There is no mobile application provided yet by the LocalBitcoins Exchange either on Google play or the apple store.
LocalBitcoin Referral Program and Other Services:This exchange offers its users an affiliate program, where users can earn commissions when referrals register to the site through your affiliate link and start trading. A referral will be considered as your affiliate for 3 months. Rewards will be paid for one year from the user’s registration. Reward is based on the income the new user brings for LocalBitcoins. For instance, if you invite two users, buyer and seller of the bitcoins registered on LocalBitcoins, and they do one trade valued 100 BTC. You will earn 20% commission on the LocalBitcoins trading fees from both participants, in total 40% of the LocalBitcoins.com fee. Your earned sum is 0.4 BTC.
Is LocalBitcoins Safe and Secure?Yes, LocalBitcoin exchange is safe since there have been no hack events since its inception. Also this exchange possesses strong security features to avoid frauds and security breaches.
- 2-Factor Authentication fecilitates for users to make use of an additional login PIN after entering the primary login details in the account.Which helps to prevent account from possible hacks.
- This exchange monitors and records IP addresses of every login in order to secure users’ accounts.
- Escrow Payments: All transactions are protected by escrow protection.
Conclusion:It is evident from our LocalBitcoin review that this exchange is a decent platform to buy bitcoins, where it supports several payment methods. This exchange offers its services to over 180+ countries with decent fee module. Overall, in my opinion this is one of the secure exchange available, and is best suited for beginners as well as advanced traders.
LocalBitcoin FAQ:Q1. Is Localbitcoin a regulated exchange? Yes, LocalBitcoin is regulated by the Financial Supervisory Authority. Q2. What is the average withdrawal time for LocalBitcoins? LocalBitcoins specify a maximum withdrawal time of 12 hours. However, the typical withdrawal time is very much less, being one or two hours. Q3. How am I protected from being scammed in LocalBitcoin? All online trades are protected by escrow. When a trade is started the amount of Bitcoins for the trade is automatically reserved from the seller’s LocalBitcoins Wallet. Q4. Can I use LocalBitcoins in the USA? LocalBitcoins is the best place to buy Bitcoin in the United States with Cash deposit. It is easy, fast and secure. Q5. Does LocalBitcoins require KYC verification? In order to access the full fledged functionality of LocalBitcoins, KYC verification is mandatory.
LocalBitcoins Ratings:Currency Support: 3/5. Online Reputation: 3.8/5. Trading and transaction fees: 3.5/5. Customer Support: 3.5/5. Security: 4/5. Overall Rating: 3.56/5.
LocalBitcoins Pros and Cons:
- There are a wide variety of payment options.
- It is available worldwide.
- It has reasonable platform fees.
- High LiquidityQuick transactions.
- Quick transactions.
- Not Effective for large buyers.
- Usually higher exchange rates.
- Only Bitcoin is supported to trade.