Are you interested in learning how you can finally break into the market but have no idea where to turn? In this review we'll take a strong look at what has been reported as one of the best exchange networks available on the market today.
Does this platform live up to the hype?
Local Bitcoins is a trading platform created in Finland by Founder Jeremiah Kangus in 2012. Their mission is simple and straightforward, provide the general population with the ability to buy and sell bitcoins fast, safely and securely. It was created for the purpose of bringing Bitcoin to every country, person and device on the planet.
What investors like about LocalBitcoins.com is the fact that it is designed for you to meet and connect with fellow traders around the world. Unlike many other platforms, it provides you with the ability to interact directly with your fellow trader.
This site comes with a forum that serves as a social network for traders. A place to hang out if you are looking to create long term relationships with traders that you trust.
The forum comes with reviews and tips covering the best opportunities to trade, who to avoid in reference to fraud and also a general discussion among like minded peers.
The concept of this strategy is to eliminate the negative stigmas associated with the Altcoin market by creating a network of relationships developed for the purpose of mutual prosperity. The site doesn't require extensive verification or account review, and is popular in most countries.
It is a company that is constantly seeking partners that want to see the bitcoin economy grow. Localbitcoins.com doesn't discriminate against size or volume they simply are looking to attract partners, affiliates and investors that are interested in taking bitcoin to a new level.
The founders focused on creating a platform designed for traders to network with one another for the purpose of creating lasting relationships and profitable opportunities that are unique to the marketplace.
Let's take a closer review at what crypto coins you can trade on this platform.
LocalBitcoins is a peer-to-peer crypto currency exchange network that has gained a lot of attention and review from investors. It is a marketplace designed to provide digital currency investors with a simple solution to share with one another in a decentralized fashion.
The primary services that come with the site are the ability to buy and sell bitcoins, while also posting trades to maximize your profits and value. The ability to make these trades are automatically based geographically, but the platform provides a tab for you to trade with partners all over the world.
The site also comes with an easy to use convenient trade advertising platform to ensure that your high value opportunities are reaching the proper eyeballs. Make sure that your account has a minimum of 0.04 BTC in your Local Bitcoins wallet and you?ll be able to launch your campaign.
Each completed trade that is conducted during the campaign costs the advertiser 1% of the total capital exchange in the trade. Payment details must be transparent, they can only be changed if there is a clear misconception on pricing.
The site comes with built in security protocol by enforcing the rule that transactions must be ID verified to prevent the significant risk of fraud. If you?re looking to review the security specifications, the platform also comes with a high risk feature to deter malpractice.
Essentially LocalBitcoins has created the ultimate all in one peer-to peer Bitcoin exchange site that provides buyers and sellers with the peace of mind to decide and agree upon transaction terms with the safety of a third party escrow service to protect the trading partners.
You?ll see in this review that one advantage of this platform is that it was created and designed with the average crypto trader in mind. You will find traders buying and selling Bitcoins online through more than 60 different payment methods.
The primary service made available on the site is the network itself, its forum and interactive community provides tremendous value to any trader looking to create substantial profits in the marketplace.
Registering, buying and selling your coins on the site is 100% free, and this includes transactions to wallets of other users on the site.
The fees that are relevant to the platform are the ones conducted through transactions to other Bitcoin wallets that are subject to a network transaction charge.
This fee is available for transparent viewing on the Exchange Site's wallet page under the words Bitcoin Network Fees. These fees are determined by the current rate of the Bitcoin blockchain which is automatically adjusted based upon network congestion.
The other fees that are seen on the site are the ones enforced by the merchant invoicing service which charges 0.5%.
Making payment with Paypal is simple and easy, but some users have complained about the reversible nature of its service which may prove to be risky if your on the wrong end of such transactions.
Who wants to spend their time searching for the perfect deal only to find out their transaction was canceled?
Luckily LocalBitcoins has put in a variety of measures designed with you in mind to improve your experience and optimize your customer satisfaction.
Throughout its development Local Bitcoin has made changes to its system regarding fees. In the past LocalBitcoins would charge for sending coins out from the site to your individual wallet.The platform realized that this was unfair to customers that made many microtransactions.
The founders of the company decided they could make amends to this burden on their customers by evening out the transaction fees by instead charging customers for depositing. This creates a situation where outgoing transaction fees are smaller and the system is thusly adjusted to how congested the Bitcoin network.
Now let?s review the pros and cons of this platform so you can decide if it's where you want to focus your investment efforts.
Becoming a member of LocalBitcoins is free and easy. All you need is to input your email and submit to a simple verification process before placing a trade.
If you are looking to develop a network of like minded crypto traders then Localbitcoins is definitely the trading platform for you.
In a world that is currently divided on the state of cryptocurrency and the market in general it is great to have a community of people that believe in the same opportunities that you are pursuing for there is much to learn.
There is no faster way to acquire knowledge and information than through the aggregate experience of others.
Let's take a closer look at the advantages and disadvantages of using this platform so you can make an educated decision to see if this exchange is right for you and all of your digital currency investment needs.
Secure and Private:
LocalBitcoin is a secure and private way to purchase and sell bitcoins both off and online. The process of creating your new account to having coins in your wallet is seamless and happens in minutes.The company provides a variety of security measures and payment options that make your transactions flexible and easy.
Minimal Transaction Limitations:
The site also does not impose any buying or selling limits. They charge very low fees and are transparent with the fees that they do charge.
Purchases made through cash deposits also occur swiftly and seamlessly. You will find the coins in your wallet within the hour.
LocalBitcoin provides you with a forum that you can trust to seek out the help from other users. What separates the site from many of its competitors is the human element.
In-person cash trades are fast and easy to organize reinforcing the peer-to-peer advantages of the platform.
Unlike the centralized stock-exchange, LocalBitcoins.com provides you with the ability to work arm in arm with your fellow crypto investment enthusiasts.
Proven Track Record:
LocalBitcoins was one of the first peer to peer Bitcoin trading sites created and by far the largest one today, its longevity and track record should provide you with everything you need when questioning its legitimacy.
Beware of scams:
Although there are several security measures in place, like ID verification on high risk transactions and the ability to be selective on who can view and interact with your trades, exchange sites such as this are a breeding ground for nefarious activity.Fortunately, the platform has a great support staff that helps users stay safe and secure.
Fees are higher With Cash Deposits:
Because LocalBitcoins.com attracts such a high demand in the marketplace through its privacy features they are free to charge a premium on cash transactions.
Inconsistent Delivery Times:
The speed of the transaction delivery times is reliant on the seller confirming payment which in some instances with a peer to peer network can take hours.
It is recommended not to store your hard earned Bitcoins within the website wallet for long periods of time, it should only be used for transactional purposes.
Peer to Peer Credibility:
Due to the human to human decentralized nature of the platform it is up to you the user to verify the credibility of the individuals you decide to trade with, there is a general risk that takes place when conducting Localbitcoins anonymous transactions.
Luckily the vibrant community and on demand support staff more than makes up for this, the more you interact with the platform the more you will learn and understand about the features and benefits that it has to offer.
As previously discussed regarding with PayPal. Reversible transactions can be a headache for serious traders that are looking to profit on market surges.
While also platforms and companies have their disadvantages we are confident that LocalBitcoins has enough value to offer you to more than make up for the minor complications.Once you fully understand the features of the company you will have zero doubts that this is an exchange network that you can trust.
No, LocalBitcoins.com prides itself on being the first peer to peer cryptocurrency trading platform with a mission to deliver digital currencies to every corner of the globe regardless of budget or creed.
The website is available in most countries around the world and is currently the largest peer to peer network in existence today.
Yes. One of the biggest selling points and market advantages Local Bitcoin has over its competition is the fact that it requires very little personal identification verification to conduct trades. Some transactions however do need personal identification.
LocalBitcoin provides flexibility in form of the online Wallets that you can use.
The platform is designed to cater to your needs so that you get to trading and making returns on your money. For a complete list of compatible E-Wallets visit their merchant list here:
LocalBitcoins.com comes with a Two-Factor Authentication system. Every time you login you are given a temporary verification code that is sent to either your mobile application or on a printed paper code in addition to your password.
This process deters more than 99% of the attacks that are seen on crypto trading platforms. The company also has a browser login guard meaning if you normally sign in from Firefox then suddenly decide to opt in through Google Chrome an email verification will be sent to stop an intruder before proceeding.
The company currently employs 10 full time members and has been profitable since 2013 the site is currently accepting 1,000-2,000 new registrations everyday.
Digital currency is much different than the traditional fiat medium of exchange that we are accustomed to using every day. Bitcoin transactions are irreversible while traditional currencies can be charged back.
This creates risk for the person selling the Bitcoin which is why higher fees are charged when using cash or Paypal to protect the traders against this risk.
In order to sell Bitcoins on LocalBitcoins.com you'll first need to send the capital to your website wallet. To do this you need to retrieve your receiving address which can be found when you visit the Wallet page.
This is located on the right side of the page. This address changes after each transaction that you make.
When selling or posting a trade the process is nearly identical. It is important to note however that when selling you should never release Bitcoins before you have received payment.
Remember Bitcoin transactions are irreversible while fiat currencies are not which is why LocalBitcoins was created to serve as a third party escrow account to protect both parties.
Posting a trade is fairly simple:
People will look back on 2017 as the year of the crypto explosion. More and more investors are finding it an absolute no brainer to get involved into one of the fastest growing capital markets in the world today.
This is an industry where people creating massive returns with investment amounts that mirror a trip to the mall with some friends.
If you are truly looking to maximize your profits and learn from a network of traders that have more experience than you then you truly should look no further than LocalBitcoins.com.
The more people you have a deep connection and relationship with in this industry the faster you will see your profits rise exponentially.
LocalBitcoins.com is the oldest and largest peer-to-peer cryptocurrency network on the market today. If you've made it this far we highly recommend you take a look at the site and see what all the 'hype' is about. With 2,000 new registrants everyday; you have nothing to lose.
Simply login and start trading today!