LocalBitcoins.com Review

localbitcoins.com reviewLocalBitcoins.com differs from your standard bitcoin exchange in that it uses a direct person to person method of transaction. It has an important layer of safety because consumer funds are kept in an escrow account until the buyer and seller in the transaction are happy with the outcome.

Licenced in Finland, LocalBitcoins.com is a popular website in many countries largely because of the ease in which you can buy cryptocurrency. LocalBitcoins.com offer around ten different payment methods including an offline face-to-face option.

The respect it has throughout the world grew significantly with repsected magazines like Forbes and Business Review Weekly giving these guys the thumbs up.

How to use Local Bitcoins

Using LocalBitcoins.com is easy, you simply visit the website and choose a trader to buy your bitcoins off. Every trader will have terms you must meet, they will also have a bank account or details about how you pay them with fiat currency.

Once you have made your trade request you can contact the person selling the bitcoins with the messaging system, which can be found in the dashboard section. If the seller does not have payment details displayed you may have to contact them for the exact information.

If you are selling bitcoins you are not required to provide your real name. If you are buying, unless you find a seller who has turned it off, you will be required to provide your real name. The seller can even request a utility bill or further identification before accepting the payment.

It’s basically as simply as registering with local bitcoins, decide whether you want to meet your seller or buy over the internet. You then go to find offers within your location range, how you want to pay and amount of bitcoins you wish to buy.

You will then be faced with a list of sellers in your region, with the payment methods available to them. Choose one and create a trade request.Localbitcoins.com exchange

Fees & charges at LocalBitcoins

There are generally no fees when you transact in Bitcoin, this means the exact amount you purchase will be the amount that appears in your bitcoin wallet. However there is a small fee for keeping a bitcoin wallet at LocalBitcoins.com.

If you are a seller there is a 1 per cent fee, which is only taken on money which has been cleared from the escrow account.

There is a small fee if you are transferring bitcoins from your wallet, but this amount is negligible, anything from USD 0.03 to 10 cents. Much less considering the fees on fiat currency transfers internationally.

Overall the decentralized way LocalBitcoins.com operates means overheads are kept to a minimum, so fees and charges are as low you would expect.

Payment methods at Local Bitcoins

localbitcoins.comThere are multiple payment methods at LocalBitcoins. You can meet the seller in the flesh and pay cash, you can get their bank details and pay cash a land-based bank or transfer it from your bank account, or a web wallet.

You can make payment with credit and debit cards and other methods which the seller of the bitcoins has. When you have made payment for the bitcoins your money will be held in an escrow account, consider your money in limbo, where it waits for both parties to clear their side of the transaction.

About Local Bitcoins

Local Bitcoins is based in Helsinki Finland and abides by the respected Nordic regulations. Their mission statement reads they want to bring internet currency to the masses and offices to every city in the world.

They also love the fact they have a decentralised trading platform, declaring they have “embraced” the same principals that make this cryptocurrency so special.

Jeremias Kangas founded LocalBitcoins.com in early 2012 with his background in programming hugely beneficial. When the price of bitcoin skyrocketed Kangas found his company as one of the biggest decentralised bitcoin exchanges in the world.

LocalBitcoins.com has pushed the boundaries since arriving on the scene and they are definitely a good option for people around the world wanting to buy or sell bitcoins.

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