Localbitcoins.com

Written By
Deniz Saat
Reviewed By

Read our review on LocalBitcoins. LocalBitcoins is a peer-to-peer marketplace for buying and selling Bitcoin. Find its fees and other important details before signing up.

Overview

Peer to peer bitcoin trading site

Wide selection of payment options

Global trading platform

Overall Rating
  • Features
  • Ease of Use
  • Payment Options
  • Fees
  • Security

Jump to Section

Who Are They?FeaturesCurrencies SupportedPayment MethodsSupported CountriesFees and Buying LimitsCustomer Reviews
Is 
Localbitcoins.com
 Safe? 
ProsConsFAQ

Who are they?

LocalBitcoins is a peer-to-peer bitcoin trading site that allows people from different countries to exchange their local currency for bitcoin. While most exchanges match buyers and sellers manually, LocalBitcoins takes a more direct and personal approach, allowing users to communicate and trade bitcoin with one another. Founded in 2012 by Jeremias and Nicholas Kangas, LocalBitcoins is one of the pioneering and most trusted companies in the crypto world. Similar to Craigslist or Kijiji, users can post advertisements stating the exchange rate and payment methods for buying or selling bitcoin. And you can open a trade by replying to these advertisements.

Features

Built-in Escrow service for greater buyer security: When you have chosen the best offer, the Escrow protection makes sure that the exchange is smooth and safe.


A wide selection of payment options: Being a peer-to-peer trading platform, LocalBitcoins offers a wide variety of payment options, regardless of your country of residence.


Global Platform: A Global platform that is available worldwide with seller listings from 248 countries, making it easy for you to find local bitcoin traders.


Secure Platform: Despite the presence of scammers, LocalBitcoins is one of the safest platforms for trading bitcoin.

Cryptocurrencies

  • Bitcoin (BTC)

Fiat Currencies

LocalBitcoins accept the following currencies:

  • United States dollar
  • Canadian dollar
  • Euro
  • Japanese yen
  • Indian rupee
  • Renminbi
  • Australian dollar
  • United Arab Emirates dirham
  • And many more

Payment Methods

The upside of trading directly is that the seller offers a wide variety of payment options, and you get to choose your most convenient payment method. LocalBitcoins accept the following payment options:

  • Paypal
  • Wire transfer
  • SEPA
  • Neteller
  • MoneyGram
  • Skrill
  • Payoneer
  • Payza
  • WeChat
  • Vanilla
  • Ether
  • XRP
  • Litecoin
  • And many more

Supported Countries

LocalBitcoins is an international bitcoin trading platform available worldwide with sellers from 248 countries. LocalBitcoins is supported in the following countries:

  • United States
  • Canada
  • Austria
  • Australia
  • China
  • Switzerland
  • India
  • United Arab Emirates
  • Uruguay
  • Germany
  • Denmark
  • Spain
  • And many more

Fees and Buying Limits

Registering, buying, and selling bitcoin is completely free on LocalBitcoins.

The platform charges the users who create advertisements a fee of 1% for every completed trade. The charge is high compared to other centralized exchanges but not high as the 3% to 10% fee charged by direct crypto purchases.

While transactions to LocalBitcoins wallets are free, transactions to other Bitcoin wallets are subject to a sending fee. You will be charged with a standard Bitcoin Network fee depending on the volume being transacted.

You will have different buying limits depending on your verification:

T0 – To be T0 verified, users must complete onboarding checks by verifying name, country, email address, and phone number. The limit for trade is €1,000/year.

T1 – To verify for T1, users should possess T0 verification and further verify their physical address, ID verification, and KYC info. The limit for trade will be €20,000/year.

T2 – For T2 verification, users need to complete T1 verification and submit proof of residence for further verification. The limit for trade is €200,000/year.

T3 – The T2 verified users could verify T3 once they reach 100000 € volume and add extra ID verification. There is no limit to trade.



Customer Reviews

Speedy delivery and easy to use system! Recommended!” Reference

Sent some bitcoin to my brother in the USA and he used LocalBitcoins to send it to the bank. Guess what? He was scammed by a guy with a huge amount of positive feedback. The guy sent him the money to his AMEX, then my brother released bitcoins to him, and then he claimed back the money right in 10 minutes. I understand that LocalBitcoins cannot be responsible for other people but they do not seem to do anything to educate or warn new users. That guy has 99% of positive feedback but LocalBitcoins hide feedback from newcomers. My brother left that guy a bad review but it's not displayed and people can still be scammed.” Reference

Very fast, reliable to buy and sell bitcoins. using it for years.” Reference

Prices are too high for transactions.Reference

No platform is perfect; every platform has its fair share of negative reviews. This includes LocalBitcoins too. But in the case of LocalBitcoins, most negative reviews are about people getting scammed by sellers and not about the platform itself.

Some state that the site is reasonably buggy, with support taking a long time to respond.



Is 

Localbitcoins.com

 safe? 

Yes, LocalBitcoins is a completely safe trading platform if you stay clear of the risky sellers. Trading directly with another person has its pros and cons. Although trading peer-to-peer makes the process faster and more convenient, it also increases the chances of you falling victim to scams. Since LocalBitcoins does not screen buyers or sellers, anyone can become a seller, creating more room for scammers on the platform. The bottom line is when it comes to LocalBitcoins, buyer beware. You have to acknowledge that scams exist and should verify the buyer’s or seller’s authenticity before entering into a transaction.

Pros of 

Localbitcoins.com

  • One of the oldest Bitcoin exchanges
  • A review system that ranks each trader
  • Lots of payment options
  • Works in 248 countries
  • Reasonable platform fees
  • Quick transactions

Cons of 

Localbitcoins.com

  • High exchange rates
  • Vulnerable to scams
  • Users complain about frozen accounts.

FAQ

1. How does LocalBitcoins work?

LocalBitcoins is similar to Craigslist or Kijiji, where users post advertisements stating the exchange rates and payment methods for buying or selling bitcoin. And you can open a trade by replying to that advertisement.

2. How to buy Bitcoins from LocalBitcoins?

You can trade on LocalBitcoins by opening an account, completing the verification process, and choosing a bitcoin trader in your area.

3. Can you get scammed on LocalBitcoins?

Yes, there are cases of people getting scammed by sellers on the platform. After all, you are trading with strangers, so it is better to exercise caution.

4. Why is LocalBitcoins so expensive?

Prices are usually higher on this platform since the seller sets the pricing for the bitcoin.

5. Why do people use LocalBitcoins?

LocalBitcoins is convenient and flexible since it connects buyers and sellers locally. The platform also offers a variety of payment options that can’t always be found on traditional exchanges.

6. Does LocalBitcoins support cash transactions?

Until recently, LocalBitcoins was the go-to place for users to trade Bitcoin anonymously, mainly via cash trades. However, due to the European 5th Anti-Money Laundering Directive (also known as 5AMLD), the platform has chosen to remove the option to buy Bitcoin with cash.

WRITTEN BY
Deniz Saat
Deniz Saat is an IT services specialist and technical writer.
REVIEWED BY

More questions? Book a 1:1 video call with a Bitcoin Pro!

Don't waste your time with DMs, emails and large group chats to get your questions answered. Consult with one of our thought leaders and learn about mining, security, Lightning network, DeFi, taxes and many other topics. Be prepared for the financial revolution and get the knowledge you need.

Connect with a Pro

Sign up for more

Stay curious. Bitcoin education featuring blogs, learning tools and reviews to help you navigate through the financial revolution.

Thank you! Your submission has been received!
Oops! Something went wrong while submitting the form.

Other Exchange Reviews

If you’re interested in buying bitcoin, these exchanges are a good place to start.

Read more reviews

Subscribe to Our Newsletter

Stay curious. Bitcoin education featuring blogs, learning tools and reviews to help you navigate through the financial revolution.

Thank you! Your submission has been received!
Oops! Something went wrong while submitting the form.