LocalBitcoins Review

Overview

LocalBitcoins is a popular crypto exchange, providing an opportunity to quickly withdraw money and profitably exchange crypto assets for fiat currencies.

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Details

BrokerLocalBitcoins
Website URLlocalbitcoins.net
Founded2012
HeadquartersLocalBitcoins Oy Porkkalankatu 20 00180, Helsinki, Finland
LanguagesRussian, English, French, Spanish, Italian, Portuguese, Chinese
Free Demo Account No
Account TypesStandard
Deposit MethodsCredit and debit cards (Visa, MasterCard), Sberbank, VTB24, Raiffeisen, Opening, Vanguard, Tinkoff, Alfa Bank, AdvCash, QIWI, OKPay, Yandex Money, PayPal, WesternUnion, Payeer, WebMoney, Perfect Money, cash depositing to the account , making cash through ATMs, etc.
Withdrawal MethodsCredit and debit cards (Visa, MasterCard), Sberbank, VTB24, Raiffeisen, Opening, Vanguard, Tinkoff, Alfa Bank, AdvCash, QIWI, OKPay, Yandex Money, PayPal, WesternUnion, Payeer, WebMoney, Perfect Money, cash depositing to the account , making cash through ATMs, etc.
Number of Assets1
Types of AssetsBitcoin
Account CurrencyRUB, USD, EUR, etc.
US Traders Allowed No
Overall Score9.7/10

Additional Information

  • Number of users: more than 1 400 000 people
  • Exchange Commission: yes
  • Trading volume: more than 500 BTC/day
  • Channels of communication: Facebook, Twitter, Instagram, Reddit, IRC, blog, Chinese blog, forums
  • The possibility of exchanging for fiat currencies: yes
  • Types of crypto currency: Bitcoin
  • Training: no
  • Analytics: no
  • Affiliate Programs: yes
  • Localbitcoins API: yes

Full Review


LocalBitcoins is a popular Finnish crypto exchange, which has been operating steadily on the market since 2012. It provides a wide range of services for crypto trading. The company comes up with a possibility of secure storage of digital coins in crypto wallets. It ensures the trouble-free exchange of digital coins for fiat money and rapid withdrawal of capital. Due to the fact that all transactions occur between market participants without any intervention of the site, it’s a very transparent platform for crypto trading.

Of course, as a potential client of this service, you’re eager to know whether this site is a scam or it’s a reliable crypto exchange, which offers high quality services, fulfills all obligations to its users, ensures safe trading as well as rapid withdrawal of earnings. Let’s answer this question here below.

LocalBitcoins review

Founded by the programmer and entrepreneur Jeremias Kangas, LocalBitcoins is currently considered to be one of the largest decentralized cryptocurrency exchange services (here you can learn the whole truth about digital coins) and the number of its users is constantly growing. The distinctive feature of LocalBitcoins is that it’s a p2p-bitcoin exchange, which gives an opportunity to conduct crypto trading directly with each other (the site itself has nothing to do with transactions). This helps traders from all over the world to quickly and profitably exchange local money for bitcoins (make money on Bitcoin’s) . The website of the crypto exchange, localbitcoins.net offers a large number of convenient ways of making payments. All this causes great trust in the resource. Transparently, reliably and profitably – that’s how an average trader describes trading on the site.

Users only need to place an ad, indicating the exchange rate and convenient methods of payment for the purchase or sale of bitcoins. Responding to such private requests, traders quickly negotiate a personal meeting to buy currency in cash or online, using a convenient way of payment through the system. By the way, it’s easy to sell bitcoins «offline» (from hand to hand). Despite it makes it difficult to track transactions, this possibility is in great demand. To do this, traders should find the most favorable offer on the site among the proposed by users. The search system will enable you to quickly spot exactly the one, which is most suitable for you. At the same time, the site rolls out information on the distance to the seller (buyer), his or her reputation, the number of transactions and the price.

Having sent an application, you need to start an online chat with the seller (the buyer), where you can discuss the conditions for the transaction. If the trader doesn’t accept any of the suggestions of the users listed on the official website of the crypto exchange, then the trader can quickly create his or her order, specifying the desired conditions there. Bitcoin is safely stored in the Internet wallet LocalBitcoins, you can use the digital currency (learn here how to earn on crypto assets) to pay for your purchases. It’s quite possible to work on the site localbitcoins.net without verification, but in this case only a limited choice of users is available to the trader, and all the profitable market offers are not visible. It is also worth remembering that sellers (buyers) can demand documents from you to confirm your identity as well as security of transactions.

It’s crucial for the LocalBitcoins exchange to provide the most convenient platform to its users. So, the site supports several languages and a large selection of transaction methods is implemented. Moreover, it’s possible to conditionally deposit payments to protect the buyer of bitcoins. As a commission, the site takes only 1% from traders selling digital coins. It’s also interesting that LocalBitcoins openly gives its users actual information about itself: the address of the headquarters (Finland, Helsinki), the registration number of the organization (TIN: FI25251957). Undoubtedly, it increases the level of customer confidence.

 

Replenishment and withdrawal of funds

LocalBitcoins offers its clients a wide range of transaction options:

  • Credit and debit cards (Visa, MasterCard),
  • Bank transfers (Sberbank, VTB24, Raiffeisen, Opening, Vanguard, Tinkoff, Alfa Bank, etc.),
  • International transfers (SWIFT),
  • Electronic payment systems (AdvCash, QIWI, OKPay, Yandex money, PayPal, WesternUnion, Payeer, WebMoney, Perfect Money, etc.),
  • Depositing cash into the account, depositing cash through ATMs; with the gift card code.

 

Complaints about LocalBitcoins

The LocalBitcoins crypto exchange is quite popular among users due to its simple operation principle, enhanced functionality, advantageous trading in crypto assets (2018 cryptocurrency forecast). The Internet offers a variety of reviews about the project. Traders point to useful and convenient functionality of the site localbitcoins, its reliability, an ability to get verified for full-fledged operations in the system, support for fiat currencies, an option of depositing funds as additional protection against fraud, a profitable exchange rate to sell bitcoin, a high level security on the site, a convenient user interface, a large number of ways to carry out transactions and fast transfers within the system.

As for the negative aspects, traders often point to the lack of transaction control, a limited set of digital coins (only bitcoin is available), a high risk to become a victim of frauds, blocking of the official site of the exchange. However, it should be noted that when the site is blocked, many of its users simply go to any of the available mirrors.

If we find complaints about LocalBitcoins, we will post it on social media. Follow us to be well informed:

 

Regulation of LocalBitcoins

LocalBitcoins has a legal registration in Finland, Helsinki (TIN: FI25251957), it operates on the crypto market in accordance with the current legislation of this country. At the moment, the organization doesn’t have a license to carry out operations with cryptocurrencies, but it does its best to guarantee the maximum security of trading on the platform. Providing its clients with a unique platform for crypto trading, the company adheres to AML (Anti-Money Laundering) standards and guarantees the security of the trading process as well as the absolute confidentiality of information. By the way, money laundering can be regarded as an intentional concealment of the source of income received as a result of illegal activities (terrorism, robbery, bribery, etc.).

The crypto exchange monitors the users’ transactions, carefully examines the personality and behavior of its clients, their documents (the KYC principle), keeps records of all transactions of its users. The users can take advantage of a two-factor authentication, cold wallets, the conventional deposition of bitcoin (for secure storage of this crypto asset). Additionally, the Login Guard option enables the company to remember the clients’ web browsers and check which browser is logged on.

Read the Security Guide on the LocalBitcoins website
Read the Terms and Conditions on the LocalBitcoins website

 

Is LocalBitcoins a scam?

The LocalBitcoins crypto exchange is considered to be one of the most unusual services for crypto trading. It’s not a standard crypto exchange. That’s a convenient platform (a p2p-service) for interacting directly with the interested client. It has already gained the trust of it users who positively note the company’s rich experience, reliability, a wide coverage of traders around the world, the number of which keeps steadily growing now. The crypto exchange supports the principle of full decentralization and it doesn’t intend to control the activities of its users. Working on the site localbitcoins.net, the trader chooses the most profitable and most suitable offers; he or she personally negotiates with the required buyer or seller. In this case, the resource doesn’t interfere with this process, it only provides the trader with its suitable platform unique options. Low commissions attract many traders to the site.

Due to the convenient search for suitable offers, the participants quickly find a profitable deal, easily create orders with their terms of transactions. The clients make use of the option a quick withdrawal of money. They’re capable of carrying out both online and offline transactions. It’s worth noting that to work on the site localbitcoins those who don’t speak English don’t need to pass mandatory verification, but if they pass it, they will get more opportunities to choose profitable offers.

On the Internet you can find both positive and negative reviews about the service. Among the advantages, one should point to the high security of the site, the striking convenience of its unique functionality, which enables you to profitably trade in crypto assets, the comfortable selling rate of bitcoin, the full freedom of the user, fast transfers within the system, etc. However, it’s necessary to take into account the negative aspects of the system. So, you need to carefully select users for transactions. The issue of the participants’ conscientiousness is of supreme importance on the site, as there’s high probability of becoming a victim of frauds and losing your money.

Other downsides include bitcoin as the only supported digital currency, the lack of control of transaction security, frequent blockings of the official site of the exchange. However, when the site is blocked, the users simply rush to its official mirror – localbitcoins.net. By the way, blockings greatly contribute to the overall popularity of the resource. As a result, the volume of crypto transactions has leapt.

The given crypto exchange can hardly be a scam. It’s because today the site steadily works (the same is true for its mirror). It fulfills all the obligations to its users: provides excellent functionality, fast withdrawal of money, security and reliability of the site. The biggest problem of the resource is that even such an organized, convenient and profitable crypto trading system isn’t immune to scammers. The exchange can’t absolutely exclude such dangerous moments, so the trader has to work at his own risk. The trader needs to take special care when it comes to choosing partners for his crypto transactions. Do we have grounds to label the exchange a fraudster? Certainly, we won’t say yes in this case. It’s because the site works steadily on the market. It provides a slew of useful options and boasts awesome and profitable functionality, and the clients stress this fact in their reviews. A large number of users around the world is that fact, which definitely proves the company’s success.

 

Conclusion

Today the LocalBitcoins crypto exchange is one of the most popular and most successful services for profitable trading in digital coins. The principle of p2p-service is used on the site, which allows the company’s clients to work comfortably here, communicating directly with the interested buyers or sellers, without the exchange’s direct interference. Since its opening, the resource has been functioning steadily. By the way, except the official localbitcoins.com exchange website, there is its official mirror – localbitcoins.net.

Convenient crypto trading, low fees, great reliability, security, support of fiat money, fast withdrawal of money within the system – all of this distinguishes the resource among other leading crypto exchanges. Concluding the review of the platform, we won’t call it a scam. We guess that real feedback from traders about the exchange will help other people to work with it more efficiently and change its rating on our website.

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