LocalBitcoins Ratings Summary
| Category | Details |
|---|---|
| Services | Peer-to-peer Bitcoin trading platform with escrow support |
| Pricing | Free transfers between members; 1% fee for advertisements |
| Customer Service | Email support and FAQ-based resolution |
| User Experience | Global access with multiple payment options |
| Security | Escrow, reputation rankings, PIN verification, dispute resolution |
👉 Discover how LocalBitcoins compares to other platforms
Key Features of LocalBitcoins
- Peer-to-Peer Marketplace: Trade Bitcoin directly with other members.
- Global Reach: Over 8 million users across 190+ countries.
- Escrow Services: Funds held securely until both parties confirm transactions.
- Low Fees: No trading fees; minimal transfer costs (varies by blockchain congestion).
Pricing Breakdown
- Free for member-to-member transfers.
- 1% fee for creating advertisements.
- Variable fees for external wallet transfers.
Security Measures
- Escrow Protection: Bitcoins held in escrow until trade completion.
- Reputation System: Sellers/buyers rated based on transaction history.
- Two-Factor Authentication (2FA): PIN sent via SMS for login verification.
- Dispute Resolution: Mediation for unresolved trades.
Pro Tip: Vet sellers by checking:
- 98%+ reputation rating.
- 100+ completed trades.
- 1+ year account history.
👉 Learn more about secure Bitcoin trading
Mobile App Update
LocalBitcoins plans to launch official iOS/Android apps in Q2 2021. Avoid third-party apps for security reasons.
LocalBitcoins vs Competitors
| Advantage | Details |
|---|---|
| Liquidity | High-volume trading with no limits. |
| Global Network | Access to 4,000+ new daily users. |
| Flexibility | Multiple payment methods (PayPal, bank transfers, etc.). |
How to Use LocalBitcoins
- Sign Up: Free registration includes a Bitcoin wallet.
- Browse Ads: Filter by location, payment method, and amount.
- Select a Seller: Prioritize high-reputation traders.
- Initiate Trade: Confirm terms, submit payment, and await escrow release.
FAQs
Is LocalBitcoins safe?
Yes, with escrow and dispute resolution. Always vet trading partners.
Where is LocalBitcoins legal?
Operates in 111 countries, including select U.S. states (e.g., Pennsylvania, New Jersey).
What are the fees?
- Free internal transfers.
- 1% ad creation fee.
- Variable external wallet costs.
LocalBitcoins simplifies Bitcoin trading with robust security and global reach. Stay cautious, leverage escrow, and trade confidently!