Localbitcoins Review

Platforms:
Pro: Buying and selling Bitcoin with LocalBitcoins is guaranteed safe and secure.
Con: Less secure wallet
Supported Countries: 249 Countries
Authentication: Not needed
Requirements: Login or register a free account to get started
Bitcoin Trading: Yes
Encryption: 2FA, SSL, Escrow Service
Fees: Low
Supported Payment Methods:
Languages: All
Company Location: Finnish

Company Information 

LocalBitcoins is a Finnish company that allows people to convert local currency into BTC. It was founded in 2012 and its current CEO is Nikolaus Kangas. All users of the service can easily advertise the purchase/sale of Bitcoin and the preferred exchange rate.

Various services are available including online banking or cash. Since the service is fully decentralised, all trades take place with people. A wide variety of payment processing options is supported, and an escrow service safeguards clients while Bitcoin transactions are in progress.

This community oriented BTC service is continually expanding to cover as many cities in the world as possible. The company is licensed in Helsinki, Finland with VAT ID#FI 252-1957.

 

How does LocalBitcoins.com work?

Whether you are looking to buy Bitcoin or sell Bitcoin, this service is easy to use. Users will be required to login or register a free account to get started. Once the amount of Bitcoin has been specified, the preferred payment method can be selected. Clients will then select all online offers to see the list of advertised Bitcoin deals. The user interface specifies all aspects of the trader advertising BTC, the number of successful trades, and feedback. Each seller can specify the payment method to be used for the advertisement, and the price column represents the cost of a BTC in your specific currency.

The reputation of the trader, terms of trade, and the method of payment are all available when you click on the buy button. Once a trade has been initiated, all money will be stored in escrow until the exchange takes place. Full chat functionality is available when buying/selling BTC with the sellers. As soon as the payment has been made, the trader will release the BTC to the buyer. Selling BTC is equally easy and requires the user to simply register, navigate to the link in the menu bar, click on quick sell, complete the form and once a sale is done, it is final.

Who should use LocalBitcoins.com

Anyone wanting to buy or sell BTC for personal or business use. Bitcoin is fully encrypted and offers complete anonymity to traders and clients.

Exchange Rate & Fees

Buying/selling and registering an account on LocalBitcoins is free. Clients who create advertisements will be charged a fee of 1% for all completed trades. All financial transactions to wallets for LocalBitcoins clients are also free. However, there are BTC network transaction fees when transfers to other BTC wallets are conducted. The wallet page lists all applicable fees. There are also other fees of 0.5% for the merchant invoicing services of LocalBitcoins. If any customised work needs to be conducted, the fee is €200 per hour payable in BTC.

Supported Currency and Countries

The first order of business is selecting a location, a currency for the transaction, the payment method, the price and any limits that may be applicable. The location is the country where the client wants the advert to run. The supported currencies depend upon the country that BTC is being sold in. A wide range of supported currencies is available, and active codes will be used according to the ISO 4217 standard. Many countries are supported with this service, and as at August 2016 some 249 countries were logged in the registry.

How easy is it to use LocalBitcoins.com?

Provided you follow the LocalBitcoins guide, it is really easy to buy or sell BTC. A series of tutorials is available on buying or selling at LocalBitcoins. These short videos offer comprehensive data on using the services of this Bitcoin platform.

Is LocalBitcoins.com safe and reliable?

All trades conducted at this Bitcoin exchange site are held in escrow until the trade is completed. Once a transaction has been initiated, the cash and BTC will be held in escrow until the deal goes through. This guarantees that all transactions are final, regardless of whether the seller absconds. It should be noted that there is no escrow on local trades. Security can be enhanced by utilising 2-factor authentication, login guards and strong passwords. LocalBitcoins is highly regarded in the industry and is ranked in the top 10 Bitcoin trading platforms.

How Much Does It Cost to Use LocalBitcoins.com?

There is no cost to use the services of LocalBitcoins, however there may be fees associated with placing advertisements (1% of the value of the completed trade). All BTC transactions to virtual wallets and/or other uses at LocalBitcoins are also free. However, there are fees tacked on to transferring BTC with Bitcoin Networks Fees. A 0.5% fee on merchant invoicing services is levied on the total payment amount of the invoice, and any custom work that needs to be undertaken will cost €200 per hour.

How long does it take to purchase a Bitcoin with LocalBitcoins.com?

It takes between 10 minutes and 60 minutes to transfer BTC to your online wallet at LocalBitcoins. Once these transactions have been approved, Bitcoin miners will get to work on the transaction. If you’re buying BTC, the seller will release them as soon as payment is verified. It typically takes between 1 hour and 2 hours. Online trades are all guaranteed secure with escrow, and sellers cannot back out of a trade that has been concluded.

LocalBitcoins.com Customer Support

Various customer support options are available, including a detailed FAQ section. For all queries that are not easily answered, an online contact form is available. Clients can attach files, screenshots and/or images to further clarify the nature of their request.

Supported Platforms

Mobile (iOS and Android), PC and tablet.

Special Features

Bitcoin Ads, Bitcoin ATM, coupons etc.

Clients Feedback

TrustPilot reviewers have given this website a rating of 7.5/10 with 6 reviews. 83.3% of reviewers have given it 5 stars, and 16.7% 1 star.

Bottom Line 

Buying and selling Bitcoin with LocalBitcoins is guaranteed safe and secure. The user interface is easy to use and the process is secure throughout. The escrow feature guarantees the safety of all transactions at all times.

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Final Thoughts
Pros
  • Registering, buying, and selling Bitcoin is completely free
  • Transactions to wallets of other LocalBitcoins users are free.
  • Escrow service for all transaction
  • Add your verification method
Cons
  • Less secure wallet