Can I trust LocalBitcoins?

Can I trust LocalBitcoins?
Unlike other exchanges, LocalBitcoins lets users connect directly with one another. LocalBitcoins is similar to Craigslist in terms of buying and selling Bitcoin. Its sellers provide a choice of payment methods, and the built-in escrow ensures enhanced buyer protection. Having said that, because anybody may become a vendor on this platform, there is a lot more potential for fraudsters. 

Bottom line, LocalBitcoins is an excellent location to go to acquire Bitcoins if you can't locate your preferred payment option elsewhere. However, pricing on this site is typically higher, and you must exercise caution to prevent being scammed. If you would like to know more about LocalBitcoin then keep on reading.

Overview of LocalBitcoins 
LocalBitcoins was started in 2012 in Finland by Nikolaus Kangas and has since evolved to become one of the world's biggest Bitcoin markets with no outside funding. LocalBitcoins provides a platform for Bitcoin vendors and buyers from all around the world to meet and exchange. It functions similarly to Craigslist in terms of buying and selling Bitcoin. 

Trade with confidence
LocalBitcoins enables safe trade by utilizing multiple measures: 
1. System of reputation - Each trader has a reputation rating as well as public history records displaying their previous activity.
2. Escrow — When you request a transaction, the exchanged Bitcoins are kept in escrow by LocalBitcoins. Only once the seller verifies the deal is complete are the Bitcoins issued. 
3. 2FA (optional) - When you log into your account, you will be asked to input an extra PIN that will be delivered to your mobile phone. 
4. Login guard - LocalBitcoins can also confirm that you are constantly logging in via the same browser. An email verification will be requested if a login from a different browser happens.
5. Support and conflict resolution -LocalBitcoins offers a support team available to answer customer queries and, if necessary, settle disputes between buyers and sellers. 
6. Purchasing Bitcoins Anonymously 

Until recently, LocalBitcoins was one of the most popular locations to acquire Bitcoins anonymously. 
LocalBitcoins rel="nofollow" target=" blank">now checks client IDs using standard KYC (Know Your Customer) methods when a new law comes into action. Furthermore, the ability to purchase Bitcoins with Cash has been removed from the website.

Payment Methods and Currencies 
LocalBitcoins simply allows you to purchase and sell Bitcoins. However, several clones, such as LocalEthereum and LocalMonero, have emerged. 
Because the site does not accept currency deposits, it does not support any official fiat currencies. 
Users on the site accept a variety of payment methods, including but not limited to: 
1. Paypal 
2. Transfer of funds through wire 
3. SEPA 
4. Neteller\sMoneyGram 
5. Skrill
6. Deposits in cash 
7. Payoneer
8. Payza
9. WeChat 

The particular payment options that are accessible are chosen by the individual you will be purchasing from or selling to. You will not be able to use a credit card because you are buying and selling to individuals.

However, if you do not have a Paypal account, you can pay with your credit card using the Paypal option. 
Remember that different payment methods will result in different exchange rates since certain methods are riskier than others and the buyer/seller will want "insurance" against probable fraud. 

As a result, buying Bitcoins via an irreversible payment mechanism, such as cash deposits or wire transfers, generally yields the greatest price. On the other hand, these are also the most dangerous from your perspective.

Fees for LocalBitcoins 
It is free to register, buy, and trade Bitcoins on LocalBitcoins. Users that create advertising on LocalBitcoins are charged a 1% fee for each completed deal. So, in essence, only those who actively promote their services (i.e. manufacturers) are charged. 

Transactions to other LocalBitcoins users' wallets are also free. You will only be charged the standard Bitcoin Network fee when sending Bitcoins outside of LocalBitcoins, which varies depending on how crowded the network is. 

It is strongly advised that you do not leave your Bitcoins in LocalBitcoins' wallets and instead transfer them to your own safe Bitcoin wallet.

Customer Service and Feedback 
LocalBitcoins has had its fair share of bad reviews in the past relating to individuals being defrauded by vendors. The firm appears to be working hard to filter out these unscrupulous actors, as seen by its 4.8 ratings on Trustpilot. 

LocalBitcoins is only a platform; it does not pre-screen buyers and dealers. This is something that you should accomplish on your own Reviews of the platform itself say that the site is quite buggy, with assistance taking a long time to react. Additional internet evaluations on Reddit gave a general impression that the site is OK, but it is the individuals who should be avoided. So yes you can trust LocalBitcoins but however, you need to be careful and beware of scammers.

  • Share:

Comments (0)

Write a Comment