LocalBitcoins: registration, trading, reviews, review 2022

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

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

Personal messages and practical advice on transactions

On the LocalBitcoins website, initially there are no DMs in the classic implementation, only messages in the chat field in the deal window, and you will be able to communicate with one of the users only after you open the first deal with him.

In order to open transactions, you need to have a certain minimum amount of funds on your balance (10 USD will be enough to successfully find at least a couple of counterparties willing to exchange such a small amount).

You can switch to the QUICK SELL tab, click on SEARCH and get the corresponding. results. Notice how the same sellers have different commissions for buying and selling coins.

or

If you want to create your own ad about buying or selling, you will need 0.1 BTC on your balance, and 0.2 BTC must be stored on the site if you want your ad to appear in the TOP on the main page (less than 0.2 BTC - and not lit, but active and has a link to itself that can be posted on the same forums... ).

This money is not debited from your account, it belongs to you and simply must be there permanently (if you want to promote your outlet on Local, you are unlikely to succeed without an advertisement on the main page).

By choosing a currency, you can set the percentage for transactions. You can set it either as a plus or as a minus (you pay extra to your clients), the percentage will only apply to transactions on this ad.

In the “ Terms of trade ” field, indicate the terms of the transaction; for communication, also write down your Telegram there if you have a reputation sufficient for “direct exchanges”. Direct exchange is not insured by Local's escrow system. It is better to conduct your first transactions exclusively within the framework of LB.

It’s worth familiarizing yourself with the security options: you can make sure that your ads are seen only by people with verified documents, a phone number, and only those who are in “TRUSTED”.

Click “ Publish advertisement ” if everything is ready.

By clicking on the “forums” button you are taken to the internal board of the site, where people create tickets with comments and freely communicate on various topics. For example, a person complains that he sent money to Blockchain.info and did not receive it.

At the same time, the “support” froze, blaming the lack of an incoming transaction (visible in other block explorers) on the sender (that is, on LB). It’s clear that the problem lies more in the Bitcoin wallet blockchain.info itself than on the Localbitcoins website, but for some reason people are not inclined to learn from the mistakes of others and continue to pour their money into blockchain.info.

We hope that you have already figured out where to withdraw bitcoins from this service if you use it to store fixed assets in cryptocurrency? For example, to an Electrum or Jaxx wallet.

If you want to change your profile or view your current security settings, feel free to use the menu at the top right.

By clicking on the Dashboard, you can quickly be taken to the screen of your current listings (permanent online trades), as well as view the history of previous trades and establish written contact with any of your past trading colleagues, if necessary.

You don’t always have the opportunity to conduct an exchange directly on the site, so it makes sense to take a contact from one of the traders you have trusted for a long time and exchange directly in Telegram, bypassing the 1% LB commission (this is a small price to pay for supporting the original ideology of Bitcoin).

As a rule, transactions are made in a window with a mini chat and a “Release bitcoins” or “Mark payment complete” button. Accordingly, if you sell bitcoin, you do not send it immediately to the trader, but first to a cold deposit.

When money was transferred to your bank card (or when you met a person in real life and he gave you banknotes), you click “Release bitcoins” and the bitcoins are then finally sent to your counterparty. If you bought bitcoins from someone, then after you make a fiat payment, click “Mark payment complete” and wait until the transaction is completed.

In your profile settings you have the following options:

We recommend that you set the following parameters:

And also, immediately set up security, for example, enable two-factor authentication using a mobile application or passwords pre-generated on the website.

• The first option is very convenient and will be enough for most users.
• The second option is more interesting - you are given a whole bunch of passwords in advance, you will have to enter a new one each time you enter the site, and you have no right to lose the piece of paper with these passwords (or a file with them).

The first option is your option. Use the second one only if you do not trust the “two-factor” because of your operator.

If you choose the second option, you must first click on “ Click here to reveal ”, and your browser will open a secret list of authentication codes in a new small window. You need to print it out on a printer or copy it manually onto paper, make sure you don’t make a mistake!

Then, when all the codes are saved, click on “ Proceed to activation ”.

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.

Questions and answers

• What is LocalBitcoins?
• This is an international p2p platform for bitcoin exchange.

• How to access the official website of Localbitcoins?
• Go to localbitcoins.com or localbitcoins.net (mirror for Russia).

• Is the site available in Russian?
• Yes.

• Is registration available for all countries?
• Yes, there are no restrictions. Access denied to customers from New York State or Washington State.

• Why is localbitcoins.net sometimes unavailable?
• Maintenance work may be ongoing or the platform may be subject to a DDoS attack.

• At what age is registration allowed?
• From the age of 18.

• Is verification or identity verification needed on LocalBitcoins?
• Yes, from 2022 you will need to provide personal data. There are 4 verification levels in total.

• What is the alternative to LocalBitcoins?
• The list of popular p2p exchangers is in the article.

• Does LocalBitcoin have a wallet function?
• Yes, depositing, storing and withdrawing Bitcoin cryptocurrency is available.

• What are the rules for withdrawing funds?
• The transaction from the wallet is sent within a few minutes.

• What is the commission for deposits and withdrawals?
• When replenishing your wallet, the platform does not charge a commission. When withdrawing, the optimal commission for transfer to the blockchain network is established.

• Why does the Invalid bitcoin address notification appear during withdrawal?
• Nativ segwit addresses are not supported (they start with bc). Use segwit addresses (starting with "3") or P2SH addresses (starting with "1")

• Why does the notification “Error! Sending to address XXX is blocked. Can't you send bitcoins to it?
• The address is blacklisted; you won’t be able to send bitcoins to it. Please use a different address.

• How can I check my transfer from LocalBitcoins?
• Use blockchain browsers to track transactions.

• How to write to support?
• You need to send a request using the form on the website.

• Is it worth selling your LocalBitcoin account?
• No, problems may arise if it is used for fraud.

• Why can an account be blocked?
• For fraud and non-compliance with the terms of service.

• Is exchanging to Local Bitcoins safe?
• Security is guaranteed by the escrow system, but you must always be careful when making a transaction. Be sure to set 2FA in settings.

Security setup and verification

Security on Local Bitcoins
Like any other platform that works with client assets, Localbitcoins strongly recommends that users pay due attention to profile security.

In your personal account, you immediately notice the red-lit notification indicating a weak security level. Of course, we, as those who care about the future of our assets, will follow the call of the exchange and go to the “Account Security” section.

Security settings
// Source: localbitcoins.com
The exchange offers you 2 main ways to protect your account:

Set up two-factor authentication

. This method of protecting your account is very common on exchanges and involves using a one-time code in addition to your current password each time you log in. Localbitcoins offers the user a choice of:

• Two-factor authentication with a mobile application - use one-time codes generated by Google Authenticator;
• Two-factor authentication with printed codes is not the most convenient option, but still. The exchange will generate a list of 90 codes that you need to print and use one by one for each system request. After the proposed 90 codes have been used, you will need to repeat the 2FA connection procedure.

To enable two-factor authentication (2FA) on Localbitcoins, go to the “Two Factor Authentication” section, select the required 2FA option and follow the system prompts.

Setting up 2FA
// Source: localbitcoins.com
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Read the full article: Online Security: Two-Factor Authentication Methods

The Login Guard add-on is an addition to 2FA for even more reliable account protection. This smart add-on records all browsers used to log in and prevents logins from unknown devices. The system sends you an email notification as soon as it detects a danger and requests permission to log into the system.

In addition, on Localbitcoins it is possible to view the login history in the section of the same name, which, in case of any suspicion, allows you to track the IP addresses from which authorization on the site was carried out.

Also in the security settings window, recommendations are very prudently given to users on how else they can secure their account from the actions of intruders. Localbitcoins recommendations include checking your browser's address bar, using different passwords for different accounts, etc.

Security settings window
// Source: localbitcoins.com
In order for you to have access to the full functionality of the site, the system asks you to go through a quick data verification procedure.

Localbitcoins has 4 different account levels, which differ in the allowed trading volume for 12 months:

• Tier 0 – up to €1000;
• Tier 1 – up to €20,000;
• Tier 2 – up to €200,000;
• Tier 3 – has no limits.

You can undergo verification on the Localbitcoins exchange in your personal account, the “Account Security” menu, the “Verification” submenu.

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Attention! Since September 2022, verification on Localbitcoins is mandatory, although previously users could trade anonymously.

Verification
// Source: localbitcoins.com
Each level implies its own set of data for verification. The account will be sent to the next level review when the trade volume reaches the current level limit.

Verification on Localbitcoins

Accounts at levels T1-T3 can send and receive transactions, create advertisements, and make sales transactions. T0 level accounts, that is, users who only have initial verification, can only make buy transactions.

Setting up security on Local Bitcoin

Payment methods and fees

LocalBitcoins service supports many payment methods. These include:

• Cash
• Postal transfer
• PayPal
• Webmoney
• Western Union
• Bank transfer

The site also has several ways to ensure transaction security:

1. Trust storage service. When making trades, all money first goes to the LocalBitcoins account. The seller only receives confirmation of a successful transfer.
2. Reputation. The reputation of sellers depends on the transactions completed; trading history and reviews are open to everyone.
3. User support. LocalBitcoins provides user support via email, and responses to requests are usually received fairly quickly. The site has a forum where you can discuss problems and give advice.
4. Conflict resolution. If customers have problems, LocalBitcoins has a conflict resolution service. The support team will investigate the issue and try to resolve any disagreements between the parties.
5. Two-factor authentication. Having another PIN provides an additional layer of protection against hackers. 2FA allows users to confirm login using a PIN code sent to their mobile phone.

Commission amount:

A 1% commission is typically charged to sellers (or the person posting the ad). Buyers should be aware that prices on the site are slightly higher than on large centralized cryptocurrency exchanges.

This is due to the fact that exchanges charge commissions on a large number of transactions. Since there are fewer transactions on LocalBitcoins, the transaction fees are slightly higher and are included in the selling price. In addition, when dealing with buyers, suppliers have to take into account the risk of chargebacks (for example, through PayPal), as a result of which prices rise.

Depositing and withdrawing funds to Local Bitcoin

Replenishing your wallet on Localbitcoins
The mechanism for depositing and withdrawing funds on Localbitcoins is very simple and straightforward. To deposit or withdraw funds, go to the “Wallet” section.

Working with an online wallet on Localbitcoins
// Source: localbitcoins.com
Here we see 3 tabs:

• Send Bitcoins
  – intended for withdrawing funds. Enter the recipient wallet address in the appropriate field and indicate the amount. To confirm the transaction, the system will ask you to enter a two-factor authentication code (if installed).

The commission for transferring funds to a third-party wallet is 0.00005 BTC, sending funds between Localbitcoins wallets is no commission. The average withdrawal transaction time is 30-60 minutes.

• Receive Bitcoins
  – intended for depositing funds. Copy your Bitcoin wallet address and use it to transfer funds to Localbitcoins in a way that suits you.

Commission for replenishing the balance is 0.00015 BTC.

The average input transaction time is 30 minutes.

For example, a convenient way to enter cryptocurrency on Local Bitcoins is to use cryptocurrency exchangers.

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Read the full article: Bitcoin exchangers: which one to choose and where is the best place to exchange Bitcoin (BTC)

• Wallet Transactions
  – This section will display the history of all your transactions.

Security measures when making transactions

For its part, LocalBitcoins ensures maximum security of transactions using the escrow account system, 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, 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 unless you have already received payment from the buyer.

Other problems and tips:

• Do I need to provide the trader with identification 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 don’t want to do this, then all you have to do is find another participant.
• ID must always be submitted via transaction chat. Files are deleted from LocalBitcoins servers after 6 months.
• Be careful when sending bitcoins, make sure the address entered is correct. Transactions on the network are irreversible.
• Activate two-factor authentication and Login Guard to log into your account. Then the likelihood that an attacker will enter the account is reduced to zero.
• Use a password of at least 10 characters in length.
• If you receive a notification that someone else has logged into your account, immediately write to the support service and indicate your account information (phone number, IP address, nickname), as well as information about the latest actions performed on the site.

Remember that users themselves are primarily responsible for the security of their accounts and transactions, since LocalBitcoins is a p2p platform and minimally interferes with transactions, ensuring only their legality.

Buying and selling bitcoins on Local Bitcoin

How to buy bitcoin

To buy Bitcoin on Localbitcoins, go to the “Buy Bitcoin” menu or switch to the “Quick Buy” tab in the buy/sell window on the main page.

Buying bitcoins
// Source: localbitcoins.com
In the search window, you must enter the number of bitcoins you want to buy, your local currency, country, and select a payment method from the drop-down list.

Localbitcoins offers many options for paying with Bitcoin. These include popular payment systems, bank transfers, credit card payments, etc. If you are not exactly sure which payment method is right for you, select “All online offers” and click “Search”.

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Attention! There is no cash payment option on Localbitcoins.

The system will give you all offers for the sale of bitcoins, in accordance with the specified parameters. All offers are sorted in the table depending on the course in descending order. Thus, the advertisement with the most favorable rate is placed at the top of the table.

In addition to the rate, you need to pay attention to the performance of the trader who posted the ad. Choose a seller with a lot of transactions and a good reputation. Also, a response time indicator is attached to each trader. The green color of the indicator means that the trader responds within 5 minutes, the yellow indicator means that the trader responds within 30 minutes, the gray indicator means that the trader has delays in responding to customers, the response time exceeds 30 minutes.

Trader rating
// Source: localbitcoins.com
To study information about the seller in more detail, click on his nickname. The system will open his profile for you, where you can see from what date the trader was registered on the exchange, the volume of his transactions, etc.

To view the detailed terms of a specific ad, click the “Buy” button. Pay attention to the “Payment Window” indicator, which determines the time that you have to pay the invoice for the transaction.

Buying Bitcoin
// Source: localbitcoins.com
If the conditions of the selected trader suit you, then enter the amount for which you want to buy bitcoins in the window as shown in the figure and click the “Send transaction request” button.

Localbitcoins uses an escrow system, which means that once you submit a trade request, the amount of Bitcoin you need is locked until the payment is credited to the seller's account. Your task at this stage is to invest in the indicated payment window, pay the required amount and note the fact of payment in the system. As soon as the seller sees your payment in the account, he will immediately send you bitcoins and they will appear in your wallet.

How to sell bitcoin

To sell bitcoins, it is important for you to have them in your wallet balance. We have already discussed how to top up your balance on Localbitcoins above, so let’s move on.

Selling Bitcoin on an exchange is similar to buying it. Go to the “Sell Bitcoins” menu or switch to the “Quick Sell” tab in the buy/sell window on the main page.

Selling Bitcoins
// Source: localbitcoins.com
Just like when buying, in the search box, enter the number of Bitcoins to sell, your local currency, country and payment method.

Some of the proposed payment methods are quite risky, so Localbitcoins recommends that users choose low-risk payment methods, including bank transfers, QIWI, Tele2 and others. More details about this at the link.

From the list of offers for purchasing Bitcoin issued by the system, we again focus on the ratings and other indicators of traders.

After choosing the seller that suits you best, go to the transaction details by clicking the “Buy” button.

Selling Bitcoin
// Source: localbitcoins.com
In the transaction details window, pay attention again to the terms of sale. If you are satisfied with everything, enter the amount in the blue field and indicate your payment details for payment. Next, click the “Submit Deal Request” button.

Please note that you only need to send bitcoins to the buyer after the payment has been received in your account. To complete the transaction, select the “Send Bitcoins” option.

Also watch step-by-step instructions in the video below:

Instructions for buying and selling Bitcoin on Localbitcoins

Features of the service

This service is very easy to use. All you need to do is register and confirm your phone number. Additionally, security is ensured by two-factor authentication for input, output and internal operations. To activate such protection, you will need to install a special Google Authenticator application on your phone. After installing and activating the application for LocalBitcoins, one-time six-digit codes will periodically appear in it, requested by the service when working in it.

The LocalBitcoins interface is well-Russified and intuitive. Two main bookmarks - QUICK BUY and QUICK SALE - will not let you get lost on the site. The main currency of the service is Bitcoin. It can be exchanged for other currencies, of which there are as many as 75 to choose from.

You also have the opportunity to select the country of the counterparty and the payment system convenient for you from 30 possible ones. For the convenience of users, the service offers two ways to conduct an exchange transaction ONLINE and OFFLINE.

If you don’t really trust the Internet, the service will provide you with geodata of counterparties in your location and you will see on the map the locations of potential sellers or buyers to conduct a transaction live with physical contact. If there are no problems with the Internet, any transaction is available to you online.

Purchases

Purchases can be made immediately after registration; you just need to select a suitable sales offer and send a text to the seller requesting your needs. The purchased Bitcoin coins will be credited to your internal account in the service.

When choosing a counterparty for exchange, you will be offered an advanced filter by country, currency, and payment system, but if necessary, you can view all offers at once.

Sales

Sales become available after placing a small deposit on the service in the amount of 0.002 BTC and simple verification of your identity. This is required to ensure the security of transactions and increase the level of trust between counterparties.

Also, when conducting a transaction, the LocalBitcoins system blocks the seller’s funds until completion, which, in turn, guarantees the buyer a comfortable exchange.

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

Recommendations for working with the service

When starting your operations in the LocalBitcoins service, do not neglect the following simple tips:

• After registration, follow the system recommendations for setting up security
• Filter purchase and sale offers by region
• Carefully study the seller's reputation and reviews
• Look at the number of transactions completed by the seller
• See if he revealed information about his identity
• Choose a payment system convenient for you

Take your time with your choice and you will definitely find the best offers on the exchange rate and terms of the transaction. And the high performance of your counterparty will ensure you a successful and comfortable transaction on the Bitcoin network.

When buying or selling Bitcoin on the LocalBitcoins platform, it is better to give preference to traders who o. This means that they:

• made a large number of transactions;
• have a large number of positive reviews;
• use popular payment methods;
• have been working on the LocalBitcoins website for a long time;
• have large trading volumes.

Trust and Security in LocalBitcoins

To increase the level of trust in service users and protect respectable citizens from scammers, the LocalBitcoins system provides various ratings of counterparties. These security indicators display, for example, the extent to which the exchanger has disclosed his identity, the number of transactions he has completed, and how many positive and negative reviews he has.

Along with user ratings, a system of extended two-factor authorization modes and blocking of deposits during transactions allows the LocalBitcoins service to conduct many years of conflict-free work in the foreign exchange market. And the presence of Bitcoin as the base cryptocurrency makes the service truly unique and extremely convenient.

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.

History of Localbitcoins

History of Local Bitcoins
Localbitcoins was founded in 2012 in Finland. The project was founded by brothers Nikolaus and Jeremis Kangas. They wanted to create something unique that was not yet on the market. The emergence of a new startup was facilitated by the fact that their local market did not have an acceptable online exchange option for purchasing Bitcoin for fiat. All available platforms were either inconvenient or difficult to use, and Bitcoin transactions were carried out only through a personal meeting with the merchant.

Localbitcoins was created without attracting capital from outside investors; the brothers covered all expenses. Creating the startup cost them only a few thousand dollars, but the value of this investment increases considering that it was all their savings at that time. The brothers believed so much in the success of their project that they did not even think that the project could fail. And they were right.

Today, Localbitcoins is one of the most popular Bitcoin exchange platforms and has more than a million users from different parts of the world.

Localbitcoins supports more than 60 payment methods, including the most popular payment systems such as WebMoney, Western Union Cash, PayPal, bank transfers, credit cards, and more recently even provided the opportunity to personally meet with a merchant to exchange bitcoins for local fiat, which made it unique in your sector.

Unfortunately, in June 2022, the company's management was forced to remove this option from the list of possible payment methods. Such measures were taken as a step to combat money laundering, in accordance with Finnish law. Now the purchase and sale of bitcoins on the service is carried out only through electronic means of communication.

However, the lack of the ability to exchange Bitcoin for fiat in person does not make the exchange less in demand on the market. The variety of other payment methods is very attractive to users, and the fact that traders interact with each other without intermediaries significantly speeds up the exchange process and makes it more transparent.

Buying cryptocurrency: tips

• Make sure you have sufficient funds on your card or crypto wallet.
• Don't put off until tomorrow what you can do today. You can think and postpone the purchase until tomorrow, but then discover a significant change in the exchange rate in an unfavorable direction.
• Be prepared for exchange rate fluctuations. If the rate goes up or down, that's normal. Exchange rate stability is not about cryptocurrency!
• Localbitcoins is a profitable and adequate solution in terms of security and savings on commissions.
• There are differences between ruble and ruble. 25,000 Yumani rubles, 25,000 WebMoney rubles and the same amount that you will pay from your Payoneer card by conversion are different numbers. Consider the fees your payment system charges.
• If you constantly use this service, your rating will increase and you will be able to cooperate with more partners.
• Don't forget about safety. Choose reliable services, double-check wallet addresses, and don’t forget passwords. Try to use two-factor authentication everywhere.
• If you are considering cryptocurrency as an investment asset, remain calm. Earning 10% in a few hours and losing 15% in 5 minutes is normal in this market.

We looked at what the Local Bitcoin exchange is. You now know how to use the site, which means you can easily carry out transactions with bitcoins on this site.

Advantages and disadvantages of Local Bitcoin

Pros and cons of LocalBitcoins
During its existence, LocalBitcoins has established itself as a stable platform with numerous clients around the world. The exchange provides a unique service for exchanging cryptocurrency for fiat, which has very few analogues.

Among the advantages of the site are:

Exchange cryptocurrency for fiat. This is the main advantage of the site and why people register here. Trades can be made with traders from over 240 countries, and Bitcoin can be purchased with over 50 different fiat currencies.

A large number of payment methods. A very important advantage and perhaps decisive for some traders when choosing a trading platform. The platform supports more than 60 payment methods, taking into account the most rated payment systems and payment cards. Any trader will find a suitable payment method on Localbitcoins.

Quick deals. Due to the absence of intermediaries, all transactions are closed quite quickly, since the seller and buyer communicate directly.

Russian language support. For the Russian-speaking population this is a definite plus.

But like any other platform, LocalBitcoins has its drawbacks:

Only supports Bitcoin. Many users note that it is time for the service to expand and add other cryptocurrencies to its support. This move will definitely attract many new traders to the site.

Mandatory verification. On the one hand, this was done in order to protect exchange users from fraudulent activities, and on the other hand, verification may scare off some users, since not everyone is ready to spend their time on it.

Lack of anonymity. Taking into account the fact that on the exchange, buyers and sellers interact directly with each other and are themselves responsible for the risks associated with processing transactions, before completing a transaction, both parties can additionally request a photo with a passport in hand or can set other conditions that involve disclosure of your identity.

Cancellation of the possibility of buying/selling bitcoins for cash in person. Still, this was the main feature of the exchange and many users came here precisely for it. The shutdown of the service caused a storm of indignation among users from different countries and many are already starting to look for an alternative to LocalBitcoins. Let us remember that the cancellation of this option was associated with the introduction of new legislation in Finland aimed at combating money laundering.

There is no mobile application. Over the 7 years of its existence, the LocalBitcoins team has never launched a mobile application for its exchange. Although there are applications from third-party developers that can be found on the App Store or Play Market.

Reviews of the cryptocurrency exchange service LocalBitcoins

The Russian interface, as well as work with all current forms of payment, have made the LocalBitcoins exchange quite popular in Russia and the CIS countries. Reviews often say that this is the exchange with the most user-friendly interface.

Also, sometimes there are requests for help with advice on how to return money lost as a result of fraudulent transactions. This is the negative side of decentralization of the exchange.

Have you already traded cryptocurrency on the LocalBitcoins exchange? Leave your review, it will help other readers when choosing a platform for trading Bitcoin.