LocalBitcoins is a person-to-person bitcoin trading site which was launched in Finland but is now available in the various parts of the world, in fact the company offers its services in about 200 countries. LocalBitcoins is a platform where people from different countries can exchange their local currency into bitcoins. What makes LocalBitcoins different from other exchanges is the fact that it gives traders an opportunity to communicate directly with each other unlike other exchanges whereby buyers are matched with sellers manually.
What happens is that within the platform, you can place a purchase or sale announcement indicating the exact amount and the means of payment you accept, or you can find an advertisement that fits your needs, so you will always have options to exchange. The question that you may be asking is how secure is the buying and selling process, well, it is very secure because when a trader replies to an advertisement, a trade chat is opened and escrow protection is automatically activated. Escrow protects both buyer and seller by keeping the bitcoins safe until the payment is done and the seller releases bitcoins to the buyer.
The name ‘LocalBitcoins’ is self explanatory in the sense that the company only offers Bitcoin trading, according to the company, they only offer Bitcoin because it is borderless and independent of local political risks and it also enables financial inclusion in regions underserved by the traditional banking industry.
LocalBitcoins has an affiliate program whereby users can earn Bitcoin by simply referring other users to trade with the company. You can earn Bitcoins in three ways, that is, from users who;
arrive to the site through your affiliate link
It is important to note that a visitor will be considered as your affiliate for three months and payouts will be paid daily to your LocalBitcoins wallet as bitcoins. See our Localbitcoins login guide.
How to register with LocalBitcoin?
In order for you to use the services of LocalBitcoin, you must sign up for an account on their website and this is a simple exercise. To Sign Up, you must:
Visit their official website at https://localbitcoins.com/
Click on the blue ‘Sign Up Free’ button on the main menu.
Fill in the provided registration form with your
Check the available box to verify your humanity.
Click on the ‘Register’ button to complete the registration process.
LocalBitcoin Payment Methods
It is important to note that LocalBitcoins does not support any official fiat currency, the reason being that the site itself doesn’t hold fiat deposits. Since LocalBitcoins are done from one individual entity to another, the echange only supports payment methods that allow for P2P (person-to-person) transactions. The good thing however is that LocalBitcoins accepts a wide range of payment options such as:
Mobile money (selected countries)
Cash by mail
Cash (done in person)
You need to choose your payment methods carefully because different payment methods results in different exchange rates. When you are buying or selling on the platform, you are encouraged to have insurance which will protect you from fraud because some methods are riskier than others.
You will be excited to know that registering, buying, and selling Bitcoin is completely free, after registration, you will obviously be charged with trading and transaction fees.
It is important to note that LocalBitcoins users who create advertisements are charged a 1% fee for every completed trade, however, transactions to wallets of other LocalBitcoins users are free.
Incoming transactions to LocalBitcoins wallets are free, but a minimum deposit limit is applicable. Transactions below the minimum deposit limit will not be processed. You can find the current minimum deposit limit on your wallet page.
Transactions to other Bitcoin wallets are subject to a sending fee, which is paid from your wallet when you send a transaction. The current fee is visible on the wallet page. The fee varies based on how congested the Bitcoin blockchain is, LocalBitcoins automatically adjusts this fee to make sure your transactions are confirmed as quickly as possible.
LocalBitcoin Customer Support
LocalBitcoins have a descent Customer Support which is available 24/7 basis. You can get in touch with LocalBitcoins via:
Email (via online contact form)