4.4 out of 5 based on 7 reviews.Overall rating:
|Features||Anonymous activity is possible|
|Tradeable Coins||Bitcoin (BTC)|
- A very simple website with intuitive interface
- The service is private and works really fast
- To register, you only need to provide your email address. No ID or other documents are necessary
- Not very convenient for those who are willing to buy big amounts of currency
- No altcoins except BTC available
- You need to be very careful when making a deal, because there is a great risk that you might run on to a cheater
LocalBitcoins is a unique service that has been on the market for a long time. It is special because it allows users from all over the globe to cooperate face to face and exchange bitcoins to cash. However, is it safe to do so? And what are the chances that you will meet a cheater? Let’s examine all the important aspects of the service and find out.
How it works?
There are a lot of payment methods available at LocalBitcoins, including PayPal, Western Union, Webmoney, wire transfer, cash in person or by mail. Since individuals are meant to make personal deals, there is no opportunity to use a credit card. Also, the fees will depend on the method you choose. Keep in mind that various methods of payment have different risks for both sellers and buyers.
As for the fees, buyers don’t have to pay any of them. Thus, the company has a commission for those who offer their coins for sale (1%). Despite the fact that you will need to pay an internal Bitcoin network fee to transfer money into your individual wallet from the resource, we don’t recommend you to store coins in a LocalBitcoins’ wallet for a long period of time. It is much safer to have your money in your own secure wallet, though.
There are several ways for LocalBitcoins to ensure safe trading:
- Escrow service
The money are stored by the system until a seller confirms that a deal is done
Every seller has a rating and a public history of deals
- Two factor authentication
User’s identity is verified by an advanced method that prevents hacking
- Real-time support
Customer support pays great attention to a conflict resolution
- Login guard
The platform requires a verification if you are using different browsers
Pros and cons
Strong sides of LocalBitcoins are:
- An international service available all over the globe
- A great number of payment methods
- Low fees
Weak sides of LocalBitcoin:
- Cooperating with other users might be risky, since the chances to get cheated grow significantly
We believe that buying and selling coins in person might be an interesting experience, but be attentive and pay attention to some important aspects. First, never pass any information to a seller before getting a response. Also, make sure to use website’s interface for communication. Forget about phone calls, emails, and Skype. Don’t agree to cooperate with sellers outside LocalBitcoins because you won’t be protected by the website that way. Remember that if you are new to this service, some top sellers may deny from dealing with you because you don’t have enough rating yet.
In a word, make sure that you use LocalBitcoins wisely and safely. Follow the recommendations listed above and your trading will be much safer. Good luck.