LocalBitcoins is a p2p bitcoin exchange. You can make transactions on the Local Bitcoin platform both for cash and with the help of electronic money. Unlike simple exchangers, the site allows you to set the transaction rate yourself. You will learn how to register on the official website of Localbitcoins in your country, how to buy or sell bitcoin directly from another person without excessive commission.
- What is LocalBitcoins
- Entrance to account loсalbitcoins com
- Pros and cons of the exchange
- Official site of Local Bitcoin
- Mirror LocalBitcoins
- Registration and login to Localbitcoins
- How to work with LocalBitcoins
- Buying Bitcoins
- Selling Bitcoin
- How to withdraw bitcoin from Localbitcoins?
- Recommendations for working with the exchange
- Account security and protection
What is LocalBitcoins
Localbitcoins.net – this is a currency exchange service built on the peer-to-peer principle. Users of the site conclude transactions with each other directly, and the localbitcoins site acts as a guarantor. For services, the site charges a 1% commission on each transaction.
Localbitcoins customers interact with electronic money, bank cards and cash. The latter method is relevant for countries where bitcoin does not have a clear legal status. The exchange for cash allows you to work with a large amount of cryptocurrency without fear of problems with banks and regulatory authorities.
LocalBitcoins occupies an intermediate position between the exchange and the exchanger. The service borrowed a p2p model of work from exchanges, but at the same time performs the same function as exchange offices – fast conversion of fiat money to BTC and back.
It is important that the purchase limits are less stringent, there is an opportunity to buy both a couple of thousand Satoshi and 1 bitcoin on Localbitcoins. When making a transaction, the coins are transferred to a separate escrow wallet of the service. They remain there until both partners confirm the fulfillment of all the terms of the transaction. This condition protects against fraud within a decentralized exchange. If something goes wrong, the funds can be returned through arbitration.
It is better to store BTC and other currencies in hardware wallets. Read our review about the Ledger crypto wallet.
Entrance to account loсalbitcoins com
Use a .com domain to log in to your personal account on the exchanger’s website. In case the site does not open, go to the official mirror loсalbitcoins net.
Pros and cons of the exchange
The main advantages of Localbitcoins:
- decentralized platform;
- buying BTC for cash;
- supports bank cards and almost all payment systems;
- favorable bitcoin exchange rate;
- there is no mandatory verification;
- commission: 1% per transaction, plus a small withdrawal fee;
- rapid resolution of disputes through exchange arbitration: the maximum standby time is 6 hours;
- an opportunity to make money on deals;
- transfers between domestic wallets on LocalBitcoins are free of charge.
The latter feature is beneficial when Bitcoin network congestion is high. If both parties to a transaction have a Localbitcoins account, they can transfer money directly between domestic wallets – fast and free.
- The site only operates with bitcoin, other cryptocurrencies are not supported;
- non-cash payment methods are not sorted into categories;
- real BTC selling rate is higher because of the commission, which the site charges for the deposit;
- Only users with high rating get the best deal, for the rest there is a limit on the volume of the deal.
Official site of Local Bitcoin
The creator of LocalBitcoins is believed to be Finnish crypto-enthusiast Nikolaus Kangas. The first version of the official website, introduced in 2012, operated on .com. If the site doesn’t work from your computer and you can’t access localbitcoins.com, go to the address of the official mirror.
The exchange’s website located in the zone.net, is no different from the original and is the same official site. Mirror localbitcoins.net it contains all the functions for working with a wallet, a personal account and currency exchange.
Registration and login to Localbitcoins
Click on the button below to start free registration in LocalBitcoints. Get ready to record the entered data for further use.
Also, use the “Sign up free” button on the main page. Next, you need to fill in all the fields of the form: username, e-mail, password twice, pass the reCAPTCHA check and click the “Register” button.
Important: your login will be visible to all members of the service.
Then the user agreement will open. Even if you don’t want to read it, you will have to scroll through the text to the end: only after that the “Agree” button will become active. After registration, you will immediately get into the LocalBitcoins personal account.
A link to confirm registration will be sent to the e-mail. It is not necessary to follow it, but in practice it is impossible to work with an unconfirmed address: when exchanging bitcoins online, sellers avoid such people.
How to work with LocalBitcoins
To start using LocalBitcoins, let’s understand the features of your personal account. All actions on the exchange are made through the “Quick Buy & Sell” form at the top of the site.
You can use filters to search for sellers and buyers by the following parameters:
- transaction amount;
- method of payment.
It’s convenient to buy bitcoin from bank cards at the Localbitcoins exchange: you will have to select the general section “Transfers via a specific bank”. You can find out which bank the trader works with in the summary of the ad.
The type of card does not matter. In “National bank transfer: United States” you can transfer money using Visa, MasterCard.
Next, let’s break down buying, selling and withdrawing BTC in Localbitcoins. By the way, you can read a review of similar p2p exchanges for buying-selling altcoins.
To buy bitcoins on LocalBitcoins use the “Quick Buy” form. Don’t forget to enter the limits you want in the “Amount” field. This figure can have a serious impact on the rate. Select the currency RUB, the country Russian Federation and the appropriate payment method. Press Search.
If you choose to pay by cash, you should specify the specific city, not the country.
The table with search results consists of several columns:
- Seller’s nickname – the number and percentage of successful transactions are shown in brackets.
- Payment method – this is where the names of the specific banks available to the seller are specified.
- The price of 1 bitcoin in rubles is the lowest bitcoin value usually offered for large transfers.
- Minimum and maximum amount with which the counterparty works.
Clicking the “Buy” button, the user will go straight to the form for creating an order at a specified price. However, it is wise to check reviews and other information about the seller first. To do this, click on his name in the “Trader” column.
A merchant’s profile also allows you to view information about the exchange methods they work with. It is possible that the trader offers a more favorable rate in another payment system, to which you also have access.
- After clicking the “Buy” button, the user gets to the application creation page. Before starting the exchange, carefully read the text in the right column. It often contains important information about the payment method and other parameters.
- Next, enter the amount in rubles for which you want to buy Satoshi or the number of BTC coins.
- In the information field, write a clarification, for example, that you have chosen the same payment method for the transaction. If the fiat transfer methods match, you can not write anything and click the “Send a transaction request” button.
- After receiving your purchase signal, the seller will transfer the coins to the Local Bitcoin escrow wallet and send you his details for making a money transfer.
- After sending the specified amount, click “I paid”.
- The partner will make sure that your transfer was successful, release bitcoins from your escrow wallet and they will be available for withdrawal.
After buying bitcoins, be sure to leave feedback about the interaction with the seller.
To sell bitcoins, you must first send them to your internal LocalBitcoins account wallet. To find out the address to send the transfer, select the “Wallet” section on the top menu and click on the “Get Bitcoins” tab.
As with purchase, specify the amount, preferred currency, country and method of exchange. The columns in the search results will also remain unchanged.
When creating your order you must specify the amount of sale and your requisites for receiving fiat money. To initiate a transaction, click “Submit transaction request”.
The field for specifying details appears only when using digital payment systems. In order to get money to your bank card you should send its number and other information via chat. If you’re not sure what details are needed, don’t hesitate to ask your partner about it. The main thing is not to send the PIN code and the 3-digit CSV code on the back of the card to anyone.
Bitcoin cryptocurrency sales are happening in real time, so you have to stay connected until the transaction is completed. After receiving the money, confirm the transfer of BTC to your partner’s account by clicking “Send Bitcoins”. If you forget to do this, the buyer will have the right to go to exchange arbitrage and leave negative feedback.
How to withdraw bitcoin from Localbitcoins?
The resulting bitcoins (Satoshi) are stored in your wallet on the site. To withdraw coins from LocalBitcoins to another wallet or exchange, you need to do the following:
- Go to the “Wallet” section, the link to which is located in the upper left corner of the page. To withdraw BTC, use the “Send Bitcoins” tab.
- Specify the wallet address and the amount. The transfer fee is usually 0.00005 BTC, but this figure may vary depending on the network load of transactions. You can also add a comment that will be displayed in the list of completed transactions.
- Carefully check the address for sending funds. If everything is correct, click “Continue” and confirm the transfer using an e-mail or 2FA code.
By the way, there are analogues of localbitcoins for other cryptocurrencies.
Recommendations for working with the exchange
A short list of rules that will help you use the official LocalBitcoins website without unnecessary risk:
- Do not neglect security. Set a complex password and be sure to set up 2FA (this rule applies to any service where you store your money).
- Look not only at the number of successful exchanges, but also at the content of reviews. It happens that a positive assessment is accompanied by an ambiguous comment.
- Try to choose sellers who have confirmed their identity. This is especially important when paying in cash or by transfer to a bank card.
- Never (!) confirm a transaction before receiving the amount you are entitled to in bitcoins or fiat money.
- Reject offers of direct exchange without using LocalBitcoins. Experienced traders do not work without a guarantor for the sake of dubious savings.
Do not forget about the rules of good form. Before creating an application, prepare all the data in advance. You will need: bank card, account number, password for online banking. Do not delay sending funds and leave feedback about the partner, even if you changed a small amount. Keep in mind that the seller also has the right to leave a review.
Account security and protection
We will consider the issue of security from two points of view:
- protecting your own account from hacking and theft of bitcoins;
- protection against fraud when buying and selling.
To secure your Local Bitcoin account, it is mandatory to use two-factor authentication (2FA) via Google Authenticator. This Android and iOS app generates 6-digit time-limited security codes that are used in addition to your main password.
It is not difficult to protect yourself from fraud on the Localbitcoin exchange, since the site was created precisely to protect users when interacting with each other. The main rule is to confirm the transaction only after receiving the funds. If you do not violate this principle, no fraudster will steal your bitcoins thanks to the escrow system.
Localbitcoins – is a secure way to buy and sell bitcoins for electronic or cash. He has a reliable escrow service, low commissions and a good reputation to his credit. If you follow the rules of working with the localbitcoins website, you will remain completely safe, getting into your hands a convenient tool for cryptocurrency transactions.