What is LocalBitcoins?
LocalBitcoins is a Bitcoin exchange and marketplace where users can either buy or sell Bitcoins with other members of the website.
How does it work?
The premise of the site is extremely easy, especially for beginners. Traders (essentially another term for users) can create advertisements with a price and payment method. Users, whether they are looking to buy or sell Bitcoins, can then browse the marketplace for advertisements that fit their purpose (amount and preferred payment method). With over 60 different payment methods offered, there will be an option suited for everyone.
If you are looking to sell Bitcoins on the marketplace, you will first be required to send some Bitcoins to your LocalBitcoins wallet. There is a minimum amount that you can send to your LocalBitcoins wallet as the minimum amount is the deposit fee. Any lower amounts will result in your receiving nothing as it will fully go towards paying the fee.
When depositing Bitcoins into your LocalBitcoins wallet, it usually takes between 10-60 minutes if all goes well. All marketplace transactions between LocalBitcoins users are usually made instantly.
LocalBitcoins users can also choose between online and local trades. Online trades are ones that are completed entirely through the LocalBitcoins platform. On the other hand, local trades are done face-to-face in a physical location.
Is it worth it?
With any marketplace, you should always be cautious about how you use it. However, with a large number of positive reviews available about LocalBitcoins.com, it will surely ease your mind about using the marketplace to buy or sell any Bitcoins that you have.
Furthermore, with a feedback system implemented on the site, you will know exactly who you are dealing with and how your experience will be when looking through the marketplace. If a particular user has negative feedback, it may be wise to try and find a better user to deal with. However, if they have a large number of positive feedback, you can complete transactions easily without worrying about any issues coming up.
Pros & Cons
- Buyers and sellers protected from being scammed by escrow
- Local trades available to those interested (face to face trades)
- Large number of excellent reviews will ease your mind about using the marketplace.
- Expensive to buy Bitcoin with PayPal and credit cards, although some payment methods are cheaper.
- Mobile phone verification required for you to be able to respond to an increased number of advertisements.