Is LocalBitcoins, Beginner Friendly?

[Jenny02]

Is your most used Bitcoin trading exchange down?So what do you do then?You think of buying bitcoins peer-to-peer with an alternative service.Now, there is always a doubt in peer-to-peer networking.


I suggest you one such service –LocalBitcoins.


What is localbitcoins?
Localbitcoins is a platform for buying and selling Bitcoins. LocalBitcoins crypto exchange service allows users to interact directly to the local traders and buy/sell Bitcoins. Users can buy and sell Bitcoin by communicating with each other while the bitcoins are held in LocalBitcoins escrow wallet and can be issued to the buyer only after the seller confirms the payment from the buyer.


The company was started in 2012 by Jeremias Kangas along with his brother Nikolaus Kangas. Its headquarters are in Helsinki Finland. The service allows you to trade bitcoin regardless of your place of residence, regulations of your region, etc.With Global reputation, The company also has media coverage on big platforms such as Forbes, Business Week, and others.


Latest Updates:
18 March 2020
LocalBitcoins did not deliver in german on the account of the BitLicense issue. But on the update of terms, Germany users can also Buy/Sell bitcoins over Localbitcoins.

2 June 2020
Russia happens to be the leader in Global BTC trading volume on LocalBitcoins for April and May 2020 months.

9 June 2020
Egypt has recorded an all-time bitcoin trading volume, a high of 2.2m EGP has been traded on Localbitcoins.com.


Still, thinking why to use LocalBitcoins?

• The exchange service enables traders to find local buyers. Advertisements can be posted by people on this site. Also they can mention the rate of exchange and mode of payment they would prefer.
• LocalBitcoins is available worldwide with seller listings from 248 countries. However, New York, Iran and Germany traders cannot avail of LocalBitcoins services.
• The exchange has more than 35 payment options including Paypal, Wire transfer, Cash deposits, etc.

Pros and Cons
Pros

• Good user experience
• High liquidity
• Buy/Sell bitcoin in less time
• Supports transaction conflicts and decisions

Cons

• Easy to scam
• Not Suitable for Large Buyers
• The support system falls a little slow.

LocalBitcoins Fees
LocalBitcoins does not charge for buying and selling, instead 1% is charged for completing orders(advertisements).


Bitcoins transactions from the LocalBitcoin wallet to another platform or wallet will be subjected to the standard Bitcoin Network fee. However, the fee depends on how busy the network is.


Payment option
The exchange has more than 35 payment options including Paypal, Wire transfer, SEPA, NetTeller, MoneyGram, Skrill, Payoneer, Payza, WeChat, etc.

Supported Countries
LocalBitcoins is available worldwide with seller listings from 248 countries. However, New York, Iran and Germany traders cannot avail of LocalBitcoin services.



Overall Reviews:
LocalBitcoins is an alternative guaranteed service for Bitcoin trading. The service can be used when your crypto trading exchange is delayed or you do not find a regulated exchange in your region. But make sure not to keep bitcoins in the exchange wallet. The exchange also has a history of scams, so it is always better to do extra background verifications before getting into a trade.

Source: COINPEDIA

[Azamakix]

Hello, tell me, which platforms do you consider reliable and convenient to work with and what functions and features are important for successful trading in your opinion?

[Boluker]

Hello! I can share my experience using MetaTrader 5 on the FBS platform. I believe that it is a reliable and convenient platform for trading read this. There is a wide range of features and tools that are important for successful trading. One of the important features for me is the access to various financial markets including , stocks, futures and cryptocurrencies. This allows you to diversify your portfolio and find new opportunities for profitable trading.

[samgood]

LocalBitcoins can be a great platform for beginners interested in trading cryptocurrencies, thanks to its user-friendly interface. It’s important to start with small transactions to gain familiarity with the process. Make sure you use platforms that have solid security measures and reliable customer support like meta payment systems customer support . This will help ensure that any potential issues can be swiftly addressed. Always read up on best practices for trading on peer-to-peer platforms to improve your trading experience.