LocalBitcoins

LocalBitcoins

LocalBitcoins
In Social Media:
Intuitive Ease of use,  Enough secure,  Anonymously trading

LocalBitcoins is a peer-to-peer exchange that allows Bitcoin trading in several countries using an escrow service for safer, faster transactions. Based on one's location, users can access all the nearest available P2P Bitcoin transactions in order to exchange their own local currency to Bitcoin.

The platform is suited to all types of consumers who are aware of the risks of a peer-to-peer transaction. LocalBitcoins charges a fee of 200EUR/hour paid in Bitcoin for custom work like researching possible external problems. They offer a quick and easy way to trade Bitcoins.

Crypto Currencies Support

Traditional Currency Support

  • Australian Dollar (AUD)
  • Canadian Dollar (CAD)
  • Euros (EUR)
  • Japanese Yen (JPY)
  • Russian Ruble (RUB)
  • South African Rand (ZAR)
  • Swiss Franc (CHF)
  • US Dollar (USD)

Language Support

  • Chinese
  • English
  • French
  • Italian
  • Russian
  • Spanish

Country Support

  • Australia
  • Canada
  • China
  • European Union
  • Hong Kong
  • Japan
  • Most Africa
  • Most of Asia
  • Most of Eastern European Union
  • Most of Latin America
  • Most of the Middle East
  • New Zealand
  • Norway
  • Russian Federation
  • Singapore
  • Switzerland
  • Turkey
  • United Kingdom of Great Britain and Northern Ireland
  • United States of America

Platforms Systems

  • Web Interface
  • API

LocalBitcoins security levels are exceptionally high. They offer 2FA and a withdrawal white list option. They use an elastic multi-stage wallet strategy ensuring that 80-90% of funds are kept offline and secure. Also, for withdrawals, users are required to pass an enhanced verification process providing proof of the validity of their identification documents.

Summary:

2 Factor Authentication
Yes
Funds Insured
Funds are not insured
Private Keys Stored On
Exchange platform
Storage Type
Hot storage

Advanced Security Features:

  • Email reports of logins
  • Monitor bahavior patterns for suspicious activity
  • Email Notification of withdrawal

Security Features:

  • Protection from DDoS attackes
  • PGP/GPG email encryption

LocalBitcoins is a peer-to-peer exchange platform based in Finland and founded by Jeremias Kangas. The company was initially based in Germany, but in 2014 the Federal Financial Supervisory Authority of Germany notified the company about licensing issues forcing them to relocate.

Summary:

Overall, LocalBitcoins is very easy to use but requires special caution when making transactions. Users can post their own adverts or simply consider and respond to the available transactions. We don't recommend users keep their funds in the platform's wallet as there are far more secure options.

Ease of use
Intuitive
Transaction Fees
It's free (fees may be hidden)
Deposit/Withdrawal Fee
N/A
Deposit/Withdrawal Fee c For Bank Transfer
0.5-0.79%
Deposit/Withdrawal Fee For Credit Card
0.5-0.79%
Deposit/Withdrawal Fee Charged For 3rd party Payments
0.5-0.79%
Anonymous Trading
Yes

Deposit/Withdrawal Options:

Deposit from bank account, Deposit using credit card, Deposit using 3rd party, Withdrawl funds to bank account, Withdrawal funds to credit card, Withdrawal funds through a third party

Functionality:

LocalBitcoins allows users to list their own buy/sell advertisements, with a with a 1% commission fee for each finalized transaction. The platform doesn't act by default as an escrow, so users need to verify the feedback for each buyer or seller. The user can choose between online trades and local trades, which can be carried out face-to-face.

Most common
customer complaint:

the platform blocks the accounts and users are loosing their funds, rude customer service