Localbitcoins is a p2p exchange for buying or selling bitcoins between site users. It is a popular international trading platform for performing secure cryptocurrency transactions. Transactions on Localbitcoins are carried out between people, the exchange only controls the fulfillment of the conditions. You can select your country in the search form and specify a convenient payment method: Visa / Mastercard, payment systems, banks. After registration, the platform provides a wallet for storing bitcoins, from which they can be withdrawn at any time with a low commission. Localbitcoins is one of the most liquid p2p bitcoin exchange platforms. Registration does not require payment, but verification is required to purchase Bitcoin.
Official sites and mirrors of the LocalBitcoins exchange – localbitcoins.fi, localbitcoins.net, localbitcoins.com. They are Russian-speaking, the first two are mirrors. Russian interface language can be selected at the bottom of the page. If the site does not open, then use VPN, TOR and other methods. You can also use other p2p exchangers.
To buy Bitcoin, you just need to find another person’s ad, which indicates the course, payment method, and send him a request to purchase the required amount of cryptocurrency. You can buy any amount of cryptocurrency, each ad contains limits. The LocalBitcoins website has a “Help” or “Faq” section with answers to any questions. For example, step-by-step instructions “How to buy Bitcoin on Localbitcoins“.
|Site||Localbitcoins.net; Localbitcoins.com; Localbitcoins.fi|
|Services||p2p platform for buying and selling Bitcoin; online wallet|
|Year of foundation||2012|
|Country||Helsinki, Finland, Porkkalankatu 24|
|CEO||Nicholas Kangas; с 02.09.2019 Sebastian Sonntag|
|Buyer’s commission||0 %|
|Trader’s commission||1 %|
|Regulator||Financial Supervisory Authority of Finland|
|Legal name||LocalBitcoins Oy|
|An identification number||FI28554152|
|Replenishment methods||bank transfers, cards, electronic payment systems|
|Commission for replenishment of the wallet||0 %|
|Commission for withdrawal from the wallet||network commission|
|Social networks||https://vk.com/localbitcoins; |
|General assessment of the Profinvestment.com editors||6 out of 10|
|Alternative to LocalBitcoins||Cryptolocator, Paxful, Bitpapa, Binance-p2p, Hodl Hodl, LocalCryptos, Bitzlato|
It is safe to buy Bitcoins on Localbitcoins, as the deposit system operates. As soon as the user pays the invoice, he will receive bitcoins to his wallet and can transfer them to another location. Localbitcoins acts as a guarantor of this transaction and protects buyers and sellers from fraud.
The company is registered in Finland, its office is also located there. The service has been operating since 2012. Chief Executive Officer – Nikolaus Cangas (since 2019 – Sebastian Sonntag). In the world ranking of cryptocurrency exchanges in terms of trading volume, it is included in the top 50.
There is no registration fee on the Localbitcoins website, there is no commission for buying or selling bitcoins. Only the user who created the ad pays the commission. Its size is equal to 1% of the transaction amount.
Transfers between bitcoin wallets of Localbitcoins website users are free. If you transfer bitcoins to another service or a local wallet, then the commission of the “Bitcoin” network is charged.
For security purposes on the Bitcoin exchange, it is recommended to increase account protection by installing two-factor identification. You also need to use other ways to ensure the protection of your account and money. For example, it is important to be careful not to end up on phishing sites with similar names.
You need to pay attention to the spelling of the name of the official site Localbitcoins: localbitcoins.net; localbitcoins.com or localbitcoins.fi.
- 1 Registration on the Localbitcoins website
- 2 Verification on LocalBitcoins
- 3 Commissions
- 4 How to buy bitcoins on Localbitcoins
- 5 How to transfer bitcoins from LocalBitcoins
- 6 How to sell bitcoins on Localbitcoins
- 7 Security measures when making transactions
- 8 Questions and answers
- 9 Review of Localbitcoins
Registration on the Localbitcoins website
To register on the localbitcoins.net site, you need to specify the following information: “Username” (you cannot change it later), “Email”, “Password” and click “Register”.
Thus, a new account will be created, and the user will receive a free wallet for operations with Bitcoin cryptocurrency. It is better to use complex passwords and strong mailboxes when registering. After entering the official site of Local Bitcoin, you need to enable two-factor authentication to protect against hacking.
To enter the Localbitcoins exchange, you need to enter your username (or email address) and password.
To switch the Localbitcoins website into Russian, you need to go down to the bottom of the page and select “Russian”:
The information panel, where all transactions are displayed: open, closed, completed, canceled, is located next to the account management icon at the top of the site page.
It’s important to remember to improve your account security by enabling two-factor authentication. It is recommended to complete identity verification by uploading documents. After that, the announcements of those traders who require this condition for the transaction will be shown. This can be done in the “Edit profile” section, where you can change other information: confirm the phone number, specify the real account name, change the password and email, edit the security settings.
In continuation: Bitcoin exchanger (BTC).
Verification on LocalBitcoins
In mid-2019, a new verification system was introduced on LocalBitcoins, which implies four different account levels, which differ in the allowable transaction volumes. With the help of a progressive verification system, the user can gradually increase his level.
The table describes the new structure of account levels:
✅ At the T0 level, you must indicate your first name, last name, host country and telephone number. Such users cannot get a wallet on LocalBitcoins or post ads, but they can make buy and sell deals.
✅ To obtain the T1 level, you need to provide the physical address of residence and confirm identity documents (passport or ID).
✅ To obtain the T2 level, you must confirm the address of residence using, for example, housing and communal services receipts.
✅ T3 level is assigned to users who have passed extended verification.
Each of the levels expands the limits on transactions – from 1000 euros per year and up to unlimited volume at the T3 level.
Verification is available in the account settings on the corresponding tab, in the same place where the current volume of trade and transactions is displayed. If you have reached your current limit, then there is a requirement to obtain the next level.
LocalBitcoins does not charge commissions for buying and selling Bitcoin if you respond to someone else’s ad. For posting your ad, a commission is charged for each completed transaction in the amount of 1%.
There are no fees for transfers between accounts (addresses) within LocalBitcoins. Withdrawals to external wallets are subject to a network commission – at the time of the transfer, a specific amount will be displayed on the page. It is selected based on the current network load so that transactions are confirmed as quickly as possible. The same happens when replenishing the account – the network commission is deducted from the wallet.
How to buy bitcoins on Localbitcoins
All transactions on the localbitcoin.net website are of two types: online and local. Most transactions take place online using payment systems and escrow protection; a local deal is a face-to-face meeting with the seller without depositing the deal.
Instructions on how to buy bitcoins on Localbitcoins:
- After registration, go to the official website using your data.
- Fill in the seller (trader) search form: select the country, currency, amount and method of payment. You can select “All offers online”, thereby displaying all relevant ads for this region.
- From the list, select the seller with the best reputation, reviews and the number of transactions. For example, in the screenshot: the first number in brackets is the number of transactions (more than 3000+), reputation 100% (number of positive reviews), payment method – Sberbank, the limit for one operation is 50–505,083 thousand rubles; rate 1 BTC = 3,609,413.00 Russian rubles.
A green circle opposite the trader means that the average response time is 5 minutes; yellow – 30 minutes; gray – you need to wait more than 30 minutes.
- Click on the seller’s name, so you can find out more information:
- To buy bitcoins, click “Buy”, carefully read the detailed terms of the transaction. It is important to pay attention to the limits and the payment window and pay the invoice during this time. If you do not agree with the terms, you need to choose another seller. If everything suits you, it is possible to fulfill the conditions, you need to enter the amount in the blue box and click the “Send a request for a deal” button. The user will receive the details of the invoice to be paid within the specified time. If this is not done, it will be canceled automatically. You can cancel a deal before payment from the information panel.
- After completing the payment, click “I paid”, the seller will check the payment and transfer the bitcoins from the escrow account. If he does not confirm the payment, you need to contact the LocalBitcoins support service, which will deal with the problem. In any case, the transaction is protected by escrow, so the seller will not disappear with the money without a trace. You can dispute the deal 1 hour after it was confirmed.
How to transfer bitcoins from LocalBitcoins
After receiving bitcoins, they can be stored on the Localbitcoins website or transferred to another bitcoin wallet. This can be done by clicking on the balance at the top of the page or by selecting the “Wallet” section. A small commission (0.00005 BTC) will be charged for confirming a transaction on the Bitcoin network. Then you need to specify the address for receipt, quantity and click “Continue”.
Confirm the transfer of cryptocurrency by entering the two-factor authentication code and click “Send from wallet”:
If everything is correct, a notification will appear on the screen that the bitcoins are withdrawn from LocalBitcoins to the specified wallet address:
In the “Transactions” section, you can easily find the description of the transfer (sent), the txit identifier and the amount of the paid commission. With the help of block browsers by txit or address, you can track whether the operation is confirmed or not. On average, within an hour, you can receive sent bitcoins from the Localbitcoins exchange. It is better to use localbitcoinschain.com or blockchain.com as browsers.
How to sell bitcoins on Localbitcoins
The process of selling bitcoins on LocalBitcoins looks like this:
✅ You create an advertisement for the sale of BTC, indicate in it the desired payment method, limits, cost, and also add a message for the counterparty in free form.
✅ Replenish the Localbitcoins wallet with the required amount of BTC for the ad to start functioning. For the counterparty, it looks like this:
✅ When a buyer responds to an offer, Bitcoin is taken from your wallet and transferred to an escrow account (escrow account). You must instruct the buyer, give him the details of where to transfer the payment.
✅ When the counterparty has made a payment and confirmed it by clicking the “I paid” button, then you need to confirm receipt of the payment.
✅ Once confirmed, bitcoins are transferred from the escrow account to the buyer’s balance.
After the end of the transaction, it is recommended to leave feedback to each other, this will help other people draw conclusions about the honesty of the participants in the system.
Security measures when making transactions
For its part, LocalBitcoins maximizes the security of transactions using the escrow system of accounts, into which a certain amount of BTC is automatically deposited from the seller’s wallet. That is, if the seller receives your payment and disappears, then the site administration will be able to unblock them and transfer them to you.
It is important to be careful as a seller – never send bitcoins from an escrow account if you have not already received payment from the buyer.
Other problems and tips:
- Does the trader need to provide ID if he asks? The fact is that the legislation of some states requires sellers to know everything about buyers. If you want to cooperate with this particular trader, then you will have to provide documents. If you do not want to do this, then you just have to find another participant.
- Identity must always be sent via the transaction chat. Files are deleted from LocalBitcoins servers after 6 months.
- Be careful when sending bitcoins, make sure the entered address is correct. Online transactions are irreversible.
- Activate two-factor authentication and Login Guard to log into your account. Then the probability that an attacker will enter the account is reduced to zero.
- Use a password of 10 characters or more.
- If you receive a notification that someone else has logged into your account, then immediately write to the support service and indicate your account details (phone number, IP-address, nickname), as well as information about the latest actions taken on the site.
Remember that the users themselves are primarily responsible for the security of the account and transactions, since LocalBitcoins belongs to p2p platforms and minimally interferes with operations, ensuring only their legitimacy.
Questions and answers
What are LocalBitcoins?
It is an international p2p bitcoin exchange platform.
How to go to the official site of Localbitcoins?
Go to localbitcoins.com or localbitcoins.net (mirror for Russia).
Is the site available in Russian?
Is registration available for all countries?
Yes, there are no restrictions. Access denied to customers in New York State or Washington State.
Why is localbitcoins.net sometimes unavailable?
Technical work may be in progress or the platform is subject to a DDoS attack.
How old is registration allowed?
From 18 years old.
Do you need verification or verification of identity on LocalBitcoins?
Yes, from 2019 you need to provide personal data. Only 4 levels of verification.
What’s the alternative to LocalBitcoins?
The list of popular p2p exchangers is in the article.
Does LocalBitcoin have a wallet function?
Yes, the deposit, storage and withdrawal of Bitcoin cryptocurrency is available.
What are the rules for withdrawing funds?
A wallet transaction is sent within minutes.
What is the commission for deposit and withdrawal?
When replenishing a wallet, the platform does not take a commission. When withdrawing, the optimal commission is set for transferring to the blockchain network.
Why does the Invalid bitcoin address notification appear when withdrawing?
Nativ segwit addresses are not supported (they start with bc). Use segwit addresses (starting with “3”) or P2SH addresses (starting with “1”)
Why is the notification “Error! Sending to address XXX is blocked. Can’t you send bitcoins to it? “
The address is blacklisted, it will not work to send bitcoins to it. Please use a different address.
How can I check the transfer with LocalBitcoins?
Use blockchain browsers to track transactions.
How to write to support?
You need to send a request using the form on the site.
Should you sell your LocalBitcoin account?
No, there could be problems if it is used for fraud.
Why can an account be blocked?
For fraud and non-compliance with the terms of service.
Is the exchange for Local Bitcoins safe?
Security is guaranteed by the deposit system, but you must always be careful when making a transaction. Be sure to install 2FA in the settings.
Review of Localbitcoins
Localbitcoins is an international, reliable p2p platform for exchanging Bitcoin cryptocurrency. Feedback on the service is positive. The marketplace is recommended for work. Of the advantages, it can be noted:
⭐ The LocalBitcoins exchange is very popular among sellers and buyers, high liquidity.
⭐ Multilingualism. Localbitcoins website has been translated into Russian.
⭐ Large selection of payment systems for settlements.
⭐ Low withdrawal fees compared to other exchanges.
⭐ Availability of detailed instructions and guides for making transactions.
⭐ Public information about the leadership.
⭐ The ability to buy or sell bitcoin profitably.
On the LocalBitcoins website, you can not only buy, but also sell Bitcoins quickly. Leave your feedback on Localbitcoins in the comments.