LocalBitcoins: registration, trading, reviews, review 2022

LocalBitcoins
LocalBitcoins

is a good place to buy and sell Bitcoins and is a peer-to-peer platform i.e. one where users interact with each other without intermediaries. The platform is perfect for experienced traders and beginners.

Real sellers post their advertisements for the sale of bitcoins on Localbitcoins, set their rate, payment method and other terms of the transaction. To buy bitcoins, you just need to choose a seller with the most suitable conditions. However, it is worth considering that prices on this platform are usually higher. Additionally, you must do your due diligence to avoid being scammed.

Also a very important step is registration for Local Bitcoin. At the moment it is mandatory. In addition, it is worth considering that even after registering and verifying on LocalBitcoins, you will not be able to sell or buy Bitcoin for cash - this option is no longer available.

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Localbitcoins official website

More detailed information about the Local Bitcoin website and how to work with it is further in the article.

• Registration for Local Bitcoin
• Mirror Localbitcoins
• Security setup and verification
• Depositing and withdrawing funds to Local Bitcoin
• Buying and selling bitcoins on Local Bitcoin How to buy bitcoin
• How to sell bitcoin

LocalBitcoins

Advantages and reviews of the LocalBitcoins crypto exchange:

• Cash trading
• Supports multiple payment methods.
• Trading volume
• Referral program
• Availability of a mirror

Disadvantages and reviews of the LocalBitcoins crypto exchange:

• Payment with other cryptocurrencies
• Lack of official support for mobile devices

Cryptocurrencies appeared relatively recently and it is still impossible to name a method for purchasing or selling them that is suitable for all users. The most common is the use of exchanges or automated exchangers. The exchange rate for the latter, by the way, is often too high.

Today we will look at probably the most unusual trading platform, called LocalBitcoins. It is impossible to even say whether the project has any alternative. This review will describe the process of buying and selling bitcoins, what kind of service it is, the pros and cons of using it.

LocalBitcoins Review

Local Bitcoins was founded in Finland in 2012. The project aims to unite people and economies in places where the traditional banking system cannot be used to purchase cryptocurrency. Thus, users receive at least some guarantee that their cryptocurrency assets are outside the control of the state. For example, the tax office will not know if you sell your bitcoins for cash. This approach allows you to maintain anonymity and minimize the risk of capital loss.

The domain of the Local Bitcoins website was registered in June 2012. The CEO of the company is Nikolaus Kangas. Due to its uniqueness, the site has been featured in the media more than once.

The project is focused on worldwide distribution and trading can take place in different fiat currencies in hundreds of countries around the world, Ukraine is also supported. The official website has been translated and is available in Russian, English, Spanish, Italian, Portuguese and Chinese. Convenient APIs are available for developers, which were written in the Python programming language.

Mirror Localbitcoins

Localbitcoins Mirror
In September 2016, the Localbitcoins website was blocked by Roskomnadzor in Russia. The team immediately responded to this and issued official instructions on how to bypass blocking in Russia. This mirror worked well for several years.

However, at the end of September 2022, many users began to complain that they could not access the site through the localbitcoins.net mirror. As it turned out, this link was blocked in the Russian Federation based on the decision of the Onega City Court of the Arkhangelsk Region dated July 21, 2022.

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At the time of writing (March 2022), you can access the Localbitcoins website from the Russian Federation through the localbitcoins.fi mirror.

safe options are currently available:

ways to bypass Local Bitcoin blocking in the Russian Federation:

• Mirror Localbitcoins;
• VPN (VPN) - a list of reliable VPN providers for bypassing Localbitcoins blocking is in the above instructions on the Local Bitcoins website;
• Via Opera VPN browser;
• Through the anonymous Tor browser.

How does LocalBitcoins work?

The operating principle of local Bitcoin is that users place orders for the purchase and sale of Bitcoin, indicating the exchange rate, the method of payment and the minimum/maximum transaction amounts. Other users select orders that suit them and confirm the transaction.

The security of transactions is ensured by a rating system, the ability to add reviews about participants and the implementation of the Escrow mechanism. You can also refer the dispute to arbitration to resolve the conflict situation. Beginners, by the way, cannot carry out transactions for large amounts of money and the maximum amount is limited. Several successful payments will help increase the limit on the transaction.

It should be remembered that the transfer of cryptocurrency to the buyer’s wallet address should be made only after payment is completed, because the user may suddenly abandon the transaction and appropriate the coins. Cryptocurrency does not have the ability to cancel payments and you can transfer bitcoins only after receiving fiat money, be it cash or bank transfer.

Why P2P exchange?

A P2P exchange is a transaction between two people without intermediaries. For individuals, this is one of the most attractive exchange methods for the following reasons:

1. Partial or complete absence of commissions. Exchanges and standard exchangers require payment of commissions, which is burdensome for frequent transactions. P2P platforms may charge minimum amounts for intermediation and guarantees.
2. Possibility of choice. Some exchanges and exchangers offer quite a lot of currencies and trading pairs, but in the case of P2P, the choice is practically unlimited.
3. Absolute anonymity. Privacy is the gold standard of cryptocurrency, which began to waver with the advent of numerous identification procedures with the provision of passport data. Exchange without intermediaries allows you to adhere to the principles of anonymity; identification is either absent altogether or not required.

The only potential drawback to this method of buying and selling is the risk of fraud. However, good sites guarantee users safe transactions and eliminate the slightest opportunity for speculation. Localbitcoins.net is a reliable exchange service.

Registration and verification

The registration process is simple and no different from creating an account on any other simple site. You only need to specify your login for subsequent login to the site, email address and password. The mailbox will need to be confirmed. Immediately after registration, you will receive your own Bitcoin Wallet, but you will not be provided with a private key for it. Some transactions will require proof of identity.

Buying Bitcoin

Buying Bitcoin cryptocurrency using LocalBitcoin consists of four stages. This manual describes this process in detail.

First stage

Log in to your account and go to the home page. In the search bar, enter the desired number of coins to purchase, your country, currency and means of payment. Perform a search and the system will display a list of all traders who match the selected selection options.

Second phase

From the list that appears, you need to select the offer that suits you best. You should choose not only based on cost. You should also take into account the reputation of the trader and the number of transactions he has carried out. Moreover, the site even displays an indicator of how quickly the seller responded. The fastest ones, which respond in 5 minutes or less, have a green indicator. If the average response time takes up to half an hour, then the indicator is yellow. If it’s even longer, it’s red. After selecting a suitable deal, click on “Buy”.

Third stage

If you open the page of some offer on the market, you will see all the detailed information there. Please read it before requesting a deal and look for another offer if you are not happy with it. If everything suits you, then enter the desired purchase amount and request a transaction. Now you can discuss all the conditions with the seller. The service will freeze the amount in his account and give you time to pay it.

Fourth stage

After sending the user the required amount, you need to click the “I paid” button. Your payment will be verified, and then the trader will send bitcoins to your account and they will appear in your wallet on the site. After this, the transaction will be considered completed.

Registration for Local Bitcoin

How to register on Localbitcoins
How to register on Local Bitcoin:

1. Go to localbitcoins.com or localbitcoins.fi mirror.
2. Click on the "Register" button.
3. Fill out the registration form.
4. Confirm your registration by clicking on the link in the letter that you will receive by email.
5. Enter your personal information, phone number and country of residence.
6. Enter the code received via SMS into the form.
7. Start trading!

If you want to know the details of each step, please read below for the details of this instruction.

To enter the official website, use the address localbitcoins.com or the mirror localbitcoins.fi. For Russian citizens, access to the main link is blocked by order of Roskomnadzor, so use a mirror to enter.

The start page of the exchange looks quite simple. The developers decided not to bother with the design; everything on the site is strict and to the point.

Localbitcoins home page
// Source: localbitcoins.com
The system automatically detects your location and sets the language. If you need to change the interface language, you can do this at the bottom of the main page of the site in the “Platform” section. By the way, Localbitcoins took care of the comfort of its users and, taking into account its orientation towards the global market, offers 7 languages, including Russian, Chinese and Portuguese.

Language settings
// Source: localbitcoins.com
To register, you need to click the “Register” button in the upper right corner. Next, you need to fill out the registration form and mark your agreement with the privacy policy.

Registration on Localbitcoins
// Source: localbitcoins.com
After this, the standard procedure for confirming registration by email occurs. Follow the link provided in the email from Localbitcoins to proceed to the next step.

The next step is filling out your profile information. Enter your personal information, phone number and country of residence. After this, the system will send you an SMS code that you must enter to complete the registration process.

Registration on Localbitcoins
// Source: localbitcoins.com
After registration, Localbitcoins automatically creates a new account for you and a free Bitcoin wallet to store your coins.

You can configure your account settings, view your profile data, and also get quick access to the main sections of the exchange through your personal account.

User's personal account
// Source: localbitcoins.com

How to sell bitcoins

The process of selling bitcoins is similar to the process of buying. All stages of the sale are similar.

First stage

Open the main page and click on the “quick sale” tab. Fill out the search form to find suitable buyers.

Second phase

Find an offer that suits you and click on “Sell”. Don't forget to pay attention to the seller's rating and response speed on the site.

Third stage

Read all terms and conditions of the offer. If something doesn’t suit you, then it’s better to look for something else. Well, if you agree with everything, then enter the amount of cryptocurrency you want to sell and send a request for a transaction.

Fourth stage

During the discussion of the transaction, the trader will ask you to send him payment details. It should be said that after creating a transaction request, when funds are expected to be sent, your coins will go into escrow, that is, they will be frozen. After receiving money from the buyer, you must confirm this fact and transfer bitcoins to his wallet. Now the deal will be considered completed.

How to post an ad on Local Bitcoin

Trading on Local Bitcoins
Since 2022, the option of posting advertisements on the exchange is available only to verified users. The introduction of an additional level of protection was associated with an increase in lawsuits against Localbitcoins traders for fraudulent transactions.

In addition to passing verification, another important condition of the Localbitcoins management is that the user must have at least 0.04 BTC in his account before starting to place an ad.

For every successful transaction, Localbitcoins charges a 1% commission.

To submit an ad, go to the “Post an ad” menu and fill out a short application form. It is necessary to indicate all the basic information about your ad: the type of ad (purchase or sale), currency, transaction limits and other terms of the transaction.

I would like to draw your attention to a very useful option on Localbitcoins, the transaction price equation. This option allows you to set a formula by which the Bitcoin buy/sell price in your ad will be automatically updated depending on changes in the Bitcoin rate on the exchange of your choice. Given the volatility of Bitcoin, this option greatly helps traders save time on editing their ads.

The transaction price equation is set when filling out the parameters of your ad.

Setting up ad parameters
// Source: localbitcoins.com
The exchange also cares about the safety of its users and invites you to set the target audience for your ads and eliminate possible contact with potential scammers. This can be done in the “Security Settings” block.

Setting up ad parameters
// Source: localbitcoins.com

How to withdraw money from LocalBitcoins

Bitcoin withdrawal occurs in the “wallet” tab. The corresponding button is always at the top of the page. This displays the amount in your account and the withdrawal fee. At the time of writing this review, it is 0.00005 BTC. The minimum withdrawal is 0.0001 BTC.

Enter the address of the wallet where the funds will be received and the amount. It is also possible to specify additional information that will be displayed in the list of transactions. Next, click the “Continue” button to make a withdrawal.

Localbitcoins: review in Russian and reviews of the exchange

The need to purchase cryptocurrency in our time is far from new, because Bitcoin is actively entering our lives. However, it is not always possible to carry out a transaction as safely as possible and within the required time frame. Many will be surprised, but quite a large number of people buy cryptocurrency with cash. Finding a seller in such cases is extremely difficult, because there is a possibility of being deceived. For such purposes, there is the Localbitcoins exchange and a review in Russian will be useful to a certain circle of people. Also, throughout the article, the mood and reviews of the site will be traced.

Registration on the exchange

Localbitcoins reviews

At the moment, Localbitcoins is considered one of the most reliable exchanges in the world. The platform conducts transactions in cryptocurrency, taking care of clients. Over a considerable period of time, the resource has acquired a large number of fans and a regular audience that trades bitcoins. Recently there was even a rumor that the exchange was hacked, but this did not shake the confidence of users. To this day, the project is actively developing and gaining popularity. This testifies to the clear and streamlined work of the creators, who regularly develop a unique system.

In terms of uniqueness, it’s really impossible to compare this resource with any other. Only this project provides the opportunity to purchase Bitcoin for cash in your city. Transactions are carried out through a guarantor, which in 99% of cases will guarantee the security of the transaction. However, it is necessary to follow certain steps and have the necessary information. Reviews about Localbitcoins, as well as reviews in Russian on the Internet, are positive, which indicates the reliability and uniqueness of the platform.

Localbitcoins Review

The resource has roots in Finland, where the company's official office is located. The organization was founded in 2012 and has been active since then. The world of cryptocurrencies is constantly expanding, but the most desired currency is Bitcoin. The creators focused on it, and users will always be able to find a deal that suits them. Here you can both buy and sell Bitcoin. It is necessary to carry out only a few simple manipulations for this. People from all over the world trade on the stock exchange on their own terms.

By the way, the Localbitcoins exchange is only an intermediary between participants. You can compare the site with the well-known Aliexpress store. The administration does not directly conclude transactions, but only regulates them. The company acts as a guarantor between the seller and the buyer. If problems arise, support promptly resolves problems. There is one difference - money comes to the company’s account not from the buyer, but from the seller. That is, the deposit account is frozen until the buyer confirms the order. The seller will then confirm receipt of funds and release the money from the company's escrow account. In general, there is nothing difficult in understanding the work process.

Advantages of the site

Anonymity

When performing transactions, you can remain completely anonymous. No one will be able to know your identity or location. People need this, and not necessarily for dark things. Everyone wants to save their money and increase it without prying eyes.

Reliability

Reviews of Localbitcoins prove the reliability of the exchange. The administration chose a similar approach to the popular Aliexpress store, which is trusted by millions of people. Due to the safety of transactions, the resource is considered one of the most reliable, because other financial processes are not controlled by the creators.

Support

If you have any problems or questions, you can always contact project support. Usually issues are resolved promptly. If problems arise with a counterparty, you can report a violation within an hour after clicking the “I paid” .

Commission

The site provides the opportunity to store bitcoins in your own wallet. Depositing funds does not require any commissions, but Localbitcoins commission for withdrawal will be 0.00005 BTC.

Rating

And let's return to Aliexpress again. The developers adopted the experience of the store and implemented a system of ratings and reviews of sellers on Localbitcoins, which are reviewed by the platform itself.

When choosing a seller, two numbers will be indicated in brackets: the first shows the number of successfully completed transactions, and the second the number of positive reviews. By clicking on a trader, a full list of trading conditions with him will appear. Convenient, informative, you have the right to choose.

Cash

The main feature is the ability to place a purchase order for cash in a certain area, up to the city. There is no such opportunity anywhere, so this is a completely unique thing for those who are used to storing money in the form of pieces of paper.

Working with Localbitcoins

First, you need to go to the official website localbitcoins net and register an account.

Next, on the main page, click “Register for free” . A new window will then open where you will be asked to enter some personal information.

We confirm registration, after which we gain access to your personal account. You can now buy or sell Bitcoin online or for cash on the Localbitcoins exchange. There will be several corresponding tabs at the top.

On the “Buy Bitcoins” , you need to specify the desired amount, currency, region, city and payment method. Next, the system will offer all existing options upon request. After reviewing the trader’s terms and conditions, click “Buy” .

Detailed operating conditions will appear below. Once confirmed, the system will notify the seller of the request. Next, you need to pay the invoice for the specified period of time. If the conditions are not suitable, you can choose another trader. After payment, you need to click “I paid” . The seller will verify the receipt of funds and send the bitcoins to your Localbitcoins wallet.

To sell on Localbitcoins you need to essentially go through all the same steps, only on the “Sell Bitcoins” . The procedure is absolutely identical to purchasing. You can withdraw money from the exchange in the “Wallet” by specifying the address of another wallet. The site charges only a minimum fixed commission. I hope this review of Localbitcoins in Russian was informative and will help you understand the details. The main thing is, just like when purchasing in a store, follow the seller’s ratings and reviews and contact support in a timely manner. If you adhere to this strategy, problems should not arise.

Security and support

The service developers have provided different rating systems to prevent fraudulent activities during the trading process. Various indicators indicate how much personal data the user has disclosed about himself, how many transactions he has made, how many of them have been successful, and how many positive and negative reviews he has received.

When buying or selling bitcoins, it is better to choose traders who are marked with green indicators. They indicate the following:

• A sufficient number of purchases and/or sales have been made
• Received a lot of good reviews
• Prefer common means of payment
• Have been using the service for a long time
• Have considerable trading volumes and earnings

In addition, to enhance user security, two-factor authentication and captchas are used to confirm that you are not a robot. Each deposit during the transaction is blocked. Storing cryptocurrency on the site has also never caused serious difficulties for users, and the fake news about a hack two years ago did not undermine users’ faith in the reliability of LocalBitcoins.

It is important to note that Russia is experiencing problems with localbitcoin, as it was blocked by Roskomnadzor. The service provided users with a mirror, LocalBitcoins.net, so that they would not have questions about how to access a site banned in their country.

The technical support service works well, although the response time in some cases reaches three days. There is also a forum that is available to all users.

How to make money on Localbitcoins

In addition to using the site as a one-time need to buy/sell bitcoins, Localbitcoins for many users has become a stable source of additional, and in some cases, main income.

There are three ways to make money on Localbitcoins:

1. Buy or sell bitcoins.
2. Attract referrals.
3. Find “holes” in the site’s security system and notify the site about it.

Read below about each method in more detail.

Trading on Localbitcoins

Trading on Localbitcoins
Some user profiles have grown into large online exchangers with an established army of loyal customers. The exchange does not limit the activities of users in this regard, but, on the contrary, creates favorable conditions for the development of their business. Localbitcoins has taken care of creating a competitive environment between traders and encourages them to trade on the exchange by introducing the following concepts:

• TOP ads – the top list of ads in the search. Naturally, every seller wants to get to the TOP, but for this it is important to have a pumped-up profile with good reviews and a large number of completed transactions, or simply offer the best price for the transaction;
• Seller rating - any buyer is always looking for a seller who is not making the first transaction in his life, but already has experience in this matter. The rating is affected by the age of your profile, the number and amount of transactions made, as well as the presence of a “Green Thumb”, which indicates the reliability of the trader. The exchange assigns the “finger” automatically, but some experienced traders have noticed that this icon appears on a profile after the total amount of its completed transactions exceeds 5 BTC. The most cunning ones have built a business on this and sell pumped-up accounts, earning from 60,000 rubles.

Rated trader in the general list of offers // Source: localbitcoins.com
You can also simultaneously trade Bitcoin on other exchanges.

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We recommend reading: Bitcoin exchanges: TOP 10 best platforms for trading

affiliate program

The exchange operates a standard referral program. The bonus is paid for attracting new users who not only register, but also make transactions on the exchange. You'll get 20%

from the Localbitcoins commission from each completed transaction of a new user. The more newcomers with good turnover, the higher your income.

Security Research Rewards

Localbitcoins management pays special attention to the security of its users, so it is ready to reward those who will help improve the service. The company is ready to pay a reward to anyone who discovers a system error or vulnerability. In addition, the site publishes the names of users who have made a significant contribution to improving the security of the exchange.

Advantages and disadvantages

LocalBitcoins is a completely unique way to trade cryptocurrency. Some are unable to use the banking system to buy bitcoins for various reasons, not necessarily criminal ones. Such users prefer this service and create a good trading volume there. Despite the lack of support for many cryptocurrencies and some nuances of the trading process, Localbitcoins can be recommended to both experienced traders and beginners who do not yet know how to make money. Have you tried to sell or buy cryptocurrency for cash on this site? Have you had any experience of trading there using bank cards? We invite you to share your feedback about the trading platform in the comments.

Official website of the company

Information updated 12/01/2021

How to delete an account

If for some reason you need to delete your account, this can be done by contacting support: go to the “Contacts” section and write a message requesting deletion. The manager will send a special link that will help you complete the procedure. For everything to work, you should not have open transactions, open disputes or bitcoins in your wallet before clicking on the link. If you do everything correctly, a notification will be sent to the specified email with a request to delete your account - from now on you have 14 days to change your mind (to do this, just log into your account). If you do nothing, your account will be automatically deleted.