If someone is looking to buy some bitcoins at ease, then using a bitcoin online exchange service is a pretty safe place to start. There are several online exchange services available over the internet for clients to use. LocalBitcoins is the most popular ones and probably the biggest peer-to-peer service for Bitcoin lovers.
It’s a popular meeting place for people who are looking for trading bitcoins and making transactions. It provides an escrow service for the users to ensure transaction guarantee.
LocalBitcoins was one of the first companies to start exchange business. Programmer and entrepreneur Jeremiah Kangas founded the company back in 2012. The Finland based company provides service to 13,774 cities in 248 countries.
One of the key features of LocalBitcoins is their love for anonymity. They do not hold their clients for any mandatory personal info verification or details. Only an email ID is required to sign up for a new account. There may be situations when specific buyer or seller requests for information before proceeding with a trade.
Cryptocurrencies & Fees
LocalBitcoins support any types of fiat currency for trading but it only accepts bitcoin and no other cryptocurrency. Users can trade any fiat currency for bitcoin if they can find a trade partner. It has a simple charge system of 1% fee, applicable to all trades.
LocalBitcoins doesn’t count as a typical trading platform, instead, it acts as a p2p social network where local buyers and sellers meet.
The process is simple: the seller or buyer posts an ad, with all the requirements and conditions. Opposite parties respond to ads that meet their criteria and decide to trade online or face-to-face.
LocalBitcoins has a feedback system to build up a reputation of the clients which allows users to recognize legitimate members form frauds. It has an escrow service to help trading parties with their transaction. There’s also a conflict-resolution service to manage misunderstandings.
It is always recommended that users must stay cautious about who they are trading with. New users should try to make some minor trade deals in order to build up a good reputation in the beginning.
Unlike other exchange services, it doesn’t have margin trading or futures trading. But the overall structure of the website is very easy to get accustomed to. New users can find the necessary information instantly without any navigation help. All the usual procedures are very swift and simple.
LocalBitcoins holds an excellent customer service for the clients. It has a well-organized support team that operates through email service. The FAQ section is very thorough and contains all the required information.
LocalBitcoins has the usual two-factor authentication, Login Guard and HTTPS encryption system to provide a strong security for the clients. They have a standout white hat program for the programmers which puts them as a frontrunner in this business.
There are plenty of reports of users getting scammed on LocalBitcoins which is not a big surprise for a peer to peer platform. Most of the incidents occur mainly for the ignorance or lack of caution form the users.
In short, LocalBitcoins is fast, anonymous and easy to use.
So if you are a local buyer and seller and looking to do some small time business, then this is a suitable service for you.