Here if we talk about LocalBitcoins, it is also available as a cryptocurrency exchange with a difference. Based in Finland, Helsinki the start-up confers a platform to conduct P2P bitcoin trading. LocalBitcoins can be used to advertise, buy or sell bitcoins by registered users without any traditional CEX exchange access. With LocalBitcoins, it is the individual seller who sets the terms. For this and many other causes, the platform is usually juxtaposition to eBay or Amazon. Usually, when the sellers are required to comply with the relevant exchange rates and payment methods accepted by the buyers, they give full information to the buyers. Platforms where a successful transaction is charged up to around 1%. If you are interested in Bitcoin trading, here are the Five Truths About Bitcoin
When a deal is agreed upon by both the seller and buyer, they can also choose to meet in person to trade bitcoins. Once the deal is done on both sides, they are also allowed to review the other side, thereby always maintaining credibility among the users. In addition, LocalBitcoins also provides an escrow service in conjunction with the conflict resolution team. The exchange counts more than 110,500 active users worldwide and has 2,500 BTC that are traded daily.
How is LocalBitcoins able to work?
Although if seen in the past, the platform could have been accessed without any user identity, given the steady increase in users and trading volume, it is important to have better security. As a result, in today’s time, almost all the active users are duly registered and also each has gone through KYC in some form.
To register
If you are also considering opening your account with LocalBitcoins, you will need to have an identity document, such as a national ID card or passport. You will first need to register your email and then follow the instructions given to you to upload the document in full. Once your account is created you will need to complete your profile, because due to money laundering and security reasons, no user will talk to you if your profile is not completed.
Find business
If you are also one of those looking to trade then you should use the “Quick Buy” or “Quick Sell” tab where you can start searching as soon as possible to know how to buy or sell bitcoins. Huh.
If you also want to narrow down the results more quickly, several filters can be used, such as fiat currency or location. Also, another important filter is the payment method available, because depending on the seller, you can use LocalBitcoins to trade bitcoins, along with many other methods like cash, and PayPal.
Knowing the seller/buyer
Whenever you see an offer, you will also see a button “Buy” or “Sell” which if you click on it will open a user information page in front of you. On this page, you get to know about statistics like a number of individuals, profile verification status and overall feedback score.
Proceed with the start of the transaction
If you are completely satisfied with the seller, buyer and terms, then you need to proceed with initiating the transaction. To be safe from attacks or risks of any kind, use the platform’s escrow service, which stores bitcoin until the seller receives the money. Also, if the seller is not there, don’t worry, the coins will be returned to you with the help of the LocalBitcoins solution center team.
Give feedback
Just as you respond when you buy an item from eBay or Amazon, you should respond here when you trade on LocalBitcoins. This helps to keep the platform secure as well as alert other users to malicious activity or other potential scams in advance.
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