Founded in 2012, LocalBitcoins is an online peer to peer Bitcoins market place where you get to directly trade Bitcoins with other Bitcoins traders. On this website, a user posts notice like adverts when they have Bitcoins available for sale and states there price and payment methods, other users get to see these adverts and may decide to purchase.
To begin, you will need to create a LocalBitcoins account;
Localbitcoins registration procedure is simple,
- Visit localbitcoins.com/register
- Fill in all the required details (Username, Email address, Password)
- Complete the CAPTCHA to verify that you are human
- Click on Register.
Localbitcoins uses an escrow service system for payments, when a payment is made; the money is held by the Localbitcoins administrators and is released once the user in the receiving end confirms that he or she has received the Bitcoins. Also, Localbitcoins allows different payment methods, a user that wants to sell bitcoins will have to choose the method most suitable for him or her. LocalBitcoins payment methods include:
- Cash Payment (Most preferred if the buyer and seller lives close to each other)
- Western Union
- Wire Transfer
- Bank Transfer
Localbitcoins features a strong security system that ensures secure protection of all your information. In addition to this, you can setup a 2 Factor Authentication process for your account, with this you will have to confirm every log in attempt with a pin code that will be sent to your registered phone number. Your Localbitcoins account can hardly be breached.
CUSTOMER SERVICE SUPPORT:
Localbitcoins offers a commendable customer support system. You can contact the support team via email and expect a reply within a few hours. A conflict resolution service is also implemented, once any issue of disagreement between a buyer and a seller is reported, the LocalBitcoins customer support team quickly looks into it and have it resolved in an amiable way. You can also create a support ticket on the contact support page and expect a reply within 72 hours.
TRANSACTION FEES ON LOCAL BITCOINS:
LocalBitcoins has a very fair transaction charge. For Bitcoins sellers, LocalBitcoins charges only 1% on the purchasing amount. The Bitcoins buyers are not charged any amount at all.
LocalBitcoins has an online forum where you can interact, discuss and share views with other users. You can visit the forum here www.localbitcoins.com/forums.
LocalBitcoins has an online blog where articles relating to their platform are being posted, you are sure to get firsthand information on any new development. You can visit the blog here www.localbitcoins.com/blog
To conclude, LocalBitcoins is a very authentic platform and I can recommend LocalBitcoins for anyone looking for where to buy or sell Bitcoins. Yet, it is a website that is used by Bitcoins traders from all parts of the world and you are sure to come across different kinds of people from all over the world, there is a very high rate of you meeting scammers. To avoid this, always make sure you check all necessary information about a user before buying or selling Bitcoins to him or her. Preferably only trade with verified users with a good track of trading history!