LocalBitcoins is one of the earliest Bitcoin exchanges, launched in 2012. It allows users to trade Bitcoin for any local currency worldwide. Known for its peer-to-peer (P2P) model, LocalBitcoins acts as a trusted intermediary between buyers and sellers, facilitating transactions without directly selling or buying Bitcoin itself.
👉 Discover how LocalBitcoins works
Key Features of LocalBitcoins
- P2P Trading: Users trade directly with each other, with the platform serving as an escrow.
- Diverse Payment Methods: Supports over 100 local currencies, including bank transfers, PayPal, Zelle, and more.
- User-Friendly Interface: Simple and intuitive for beginners and experienced traders alike.
How LocalBitcoins Works
- Registration: Sign up with an email, username, and password.
- Verification (KYC): Complete identity verification to increase trading limits.
- Trading: Browse listings or create your own buy/sell ads.
- Transaction Completion: Funds are held in escrow until both parties confirm the trade.
Pros and Cons of LocalBitcoins
Pros
- Easy-to-use interface.
- Wide range of payment methods.
- High liquidity in many markets.
- Available in over 200 countries.
Cons
- Mandatory KYC verification.
- Low trading limits for unverified users.
- Minimum 0.04 BTC required to post ads.
- Not available in Cuba.
FAQs About LocalBitcoins
Is LocalBitcoins safe?
Yes, LocalBitcoins uses escrow services and two-factor authentication (2FA) to secure transactions. However, users should always verify payment receipts before releasing Bitcoin.
What fees does LocalBitcoins charge?
- Buying/Selling: No fees (except for external wallet withdrawals).
- Ad Creation: 1% fee per completed transaction.
Can I trade altcoins on LocalBitcoins?
Primarily Bitcoin, but some users offer Tether (USDT) and other altcoins.
👉 Explore more about P2P trading
Conclusion
LocalBitcoins remains a reliable choice for P2P Bitcoin trading, especially for users seeking localized payment options. While it lacks advanced trading features, its simplicity and security make it a standout in the P2P exchange space.
Note: This review reflects LocalBitcoins' services as of its last major update. Always verify current policies before trading.