One of the most famous exchanges for crypto currency is Localbitcoins. Many newcomers in the mining world are interested in how to register with Localbitcoins, exchange or bargain in currency, replenish the purse, withdraw funds, etc. In this article we will discuss all these issues in detail.
Localbitcoins: Pros and Cons
Localbitcoins’ currency exchange exists on the market since 2012. This is a Finnish marketplace, the headquarters of which is located in Finland in the city of Helsinki. The official site of the exchange – localbitcoins.net, is available in 7 languages, among which there is a Russian. This is a completely decentralized platform for performing safe operations with crypto currency. The main difference between Localbitcoins is that sales transactions are made between people, without the intervention of the exchange itself.
Lokalbitcoins is able to work with more than 80 pairs for the exchange of both bitcoins and other types of currencies. Using the site, users can create and post advertisements, communicate with potential buyers and sellers and confirm all details of the transaction before the completion of any transaction. The Exchange supports the purchase and sale of Bitcoin for various fiat currencies in more than 200 countries.
Localbitcoins has proven itself in many countries around the world. Their site, at present, accrues exchangers in 15582 cities in 248 countries.
Among the most prominent advantages of Localbitcoins: a large number of options for payment, extensive experience in the market, many functions designed to protect trade, large trading volumes.
The drawback of the exchange is the exposure of users to the risk – due to the fact that Localbitcoins implies the exchange of crypto currency between the participants, in this model of work fraud is possible.
Registration and verification at Localbitcoins
To register at the localbitcoins exchange, you need to go to the official website and click on the “register for free” button located in the very center of the page. Next you will go to the registration page. There you will need to specify “User name”, “E-mail” and “Password”. Thus, you will create a new account and receive a free purse for operations with crypto currency.
After logging on to the site, it is recommended to enable two-factor authentication for protection against hacking. To conclude some transactions you need to confirm the phone number and identify the person. You can verify this by uploading documents. After that, you will be shown the ads of traders who require this condition for the transaction.
How to buy / sell bitcoins on Localbitcoins?
Transactions on the Localbitcoins.net exchange are of two types: online and local. Most transactions are online using payment systems. A local transaction is a personal meeting with the seller without depositing the transaction.
To purchase bitcoins, you need to fill out the search form for the seller (trader) first: select the country, currency, amount and method of payment. Also, you can choose “All offers online” where all relevant announcements for this region will be displayed.
The Localbitcoins exchange provides a wide range of payment system options for the purchase of bitcoins. Among the proposed options: Web Money, AdvCash, SWIFT, Perfect Money, Payeer and others. When choosing a seller, you need to pay attention to the reliability of the seller. This is reported to us by a tag, near the seller’s name. These labels come in 3 colors, and they denote the seller’s response speed:
- green – answer within 5 minutes;
- yellow – answer within 30 minutes;
- red – answer longer than 30 minutes.
Having chosen a suitable offer, click on the “Buy” button, and you will be taken to the window of buying bitcoins. Carefully read the terms of the transaction, pay attention to the limits and the payment window – during this time you need to pay the invoice. Each seller has restrictions on the transfer of funds to his card, so you can buy bitcoins only for the amount that is indicated as much as possible.
Select the number of bitcoins that you want to buy and click “Send a request for a deal.” You need to start a chat with the seller. Follow the seller’s instructions to make a deal. His bitcoins will remain on escrow until the transaction is completed, and then you can withdraw them to your purse. After payment, click “I paid”, the seller will check the fact of payment and transfer the bitcoins from the deposit account. After receiving the receipt of the crypto currency, it can be stored on the Localbitcoins website or transferred to another bitcoin purse.
In the “Sell Bitcoins” section, you can find a buyer who wants to buy your bitcoins, but in order for you to sell them, you need to verify your phone number. To go through this procedure, you can, through the settings tab or in the sale window, by selecting the offer that suits you.
If you are not satisfied with any of the available offers, you can create your own order. If he is interested in someone, then the person will accept it and follow your conditions. Remember that it may take a very long time to execute an order depending on the price, your location and the number of required bitcoins. Instruction:
- Step 1: Click “Place a deal.”
- Step 2: fill in the fields and click “Publish Ad” at the bottom of the page.
- Step 3: wait for someone to be interested in your order, and chat with this person in the chat to agree on all the details.
Trade Protection at Localbitcoins
The site has a number of functions designed to protect trade:
Escrow service – when making transactions, any money sent is held by the Localbitcoins deposit management. The funds are written off only after the vendor confirms the successful exchange.
Reputation ratings. Traders are given a rating based on their activity, in addition, their trading history and rating reviews are open to all.
Customer Support – Localbitcoins offers e-mail support, and the support team usually responds quickly. The site also hosts a forum where users can discuss questions and give advice.
Conflict resolution. In case the customer faces any problems, Localbitcoins provides a conflict resolution service through its customer support service. The team investigates cases and seeks solutions to any disagreements between buyers and sellers.
Two-factor identification. The presence of additional PIN-code provides an additional level of protection against hackers. 2FA allows users to confirm their registration data by specifying a PIN sent directly to their mobile phone.
The commissions on the Localbitcoins exchange are very loyal to their users. You can sell your currency with a commission of only 1%. No more contributions from your account will be charged. For the convenience of customers, a mirror site localbitcoins.com was created. In case the main service is unavailable for some reason.