LocalBitcoins, One Of The Most Simply Accessible Platforms For Buying Bitcoin
Localbitcoins.com is a platform for buying and selling Bitcoins. It offers a facility where users can interact with each other on a personal level and can easily trade Bitcoins. It can also be called as a peer-to-peer trading site. Nikolaus Kangas started this company in 2012. It has media coverage over large platforms like Forbes and Business Week. This platform has also developed its global presence where people can exchange their local currency into Bitcoin.
The countries, which support LocalBitcoins, include UK, US, China and over 250 countries around the world. It has no limitations in place on the transaction conducted on its site. When you find a suitable seller or buyer, you are at freedom to trade as much as you are able to. However, the price will have a specific range, the seller will be free to set his own price.
Secure Trading at LocalBitcoins
LocalBitcoins allow its users to trade safely by using following measures.
- Status system – Every trader has a status rank and public history records that show their past activities.
- Escrow – When you request a trade the cash you send is held on LocalBitcoins’ escrow service. Only after the seller authorizes the trade is finished are they released.
- 2FA – Two-factor authentication means that when you log into your account you will need to enter an extra PIN code sent to your mobile phone. This averts people from hacking into your account. Though this option is not allowed by default – you need to enable it.
- Login guard – LocalBitcoins is also able to authenticate you are always logging in from the similar browser. If a login from a changed browser occurs, an email confirmation will be required.
- Support and resolving conflict – LocalBitcoins has a backup team ready to answer user queries and resolve conflicts among buyers and sellers in case that occurs.
Localbitcoins has been in use for over 5 years and is one of the first exchange sites to launch. Over the years, the site has made its reputation and now ranks well among the top sites. Having said that, it is worth mentioning that the cryptocurrency world is widespread with scammers and Localbitcoins is no exception.
LocalBitcoins Transaction Fees
As Localbitcoins does not function like other exchanges, it favors to let the buyer and seller handle their trade without a load of huge transaction fees. It is competitive enough and the fees certainly are not so high that would affect the market share of this cryptocurrency exchange platform. Localbitcoins charges a commission of just 1% usually taken from the sellers (or individual who posted an ad). However, buyers on the website must be aware that Bitcoin prices will be slightly higher than found on mainstream centralized exchanges like Binance, Changelly, Coinbase eToro, etc.
Localbitcoins is one of the most simply accessible platforms for buying Bitcoin. Their website allows for remote purchases and it also used internationally; it also allows users to make purchases through a number of different payment systems and does not impose buying or selling restrictions. Overall, Local Bitcoins is a recognized platform. And it’s safe and offers very low fees for trading bitcoins.