LocalBitcoins

Overview of LocalBitcoins

LocalBitcoins, headquartered in Finland, has been a prominent player in the cryptocurrency market for over a decade. As a regulated entity under the oversight of the Finnish Financial Supervisory Authority (FIN-FSA), LocalBitcoins ensures compliance with regulatory standards, providing users with a secure trading environment.

With a selection of over 200 cryptocurrencies available for trading, LocalBitcoins meets the needs of a wide range of investors. The platform charges a modest fee of 1% for transactions, offering competitive pricing compared to other exchanges.

Regarding payment methods, LocalBitcoins supports various options including cash, bank transfers, credit/debit cards, gift cards, wire transfers, PayPal, Western Union, and MoneyGram, providing users with flexibility and convenience.

Furthermore, LocalBitcoins prioritizes customer support, offering assistance around the clock through 24/7 live chat, email support, and Twitter channels, ensuring users receive timely and responsive help whenever needed.

Pros and cons

Regulatory Authority

LocalBitcoins holds an exclusive digital currency license issued by the Finnish Financial Supervisory Authority. This regulatory status indicates that LocalBitcoins is regulated by the authorities in Finland. The license, with license number 2855415-2, became effective on October 14, 2019.

LocalBitcoins APP

LocalBitcoins offers a convenient mobile app available for download on Google Play, allowing users to access their accounts and trade cryptocurrencies on the go. To download the app, simply follow these steps:

1. Open the Google Play Store on your Android device.

2. In the search bar, type “LocalBitcoins” and press enter.

3. Look for the official LocalBitcoins app in the search results and click on it.

4. Tap the “Install” button to download and install the app on your device.

5. Once the installation is complete, you can open the app and log in to your LocalBitcoins account or create a new one if you're a new user.

The LocalBitcoins app offers several advantages over the website:

Convenience: With the mobile app, users can trade cryptocurrencies anytime, anywhere, directly from their smartphones or tablets, providing greater flexibility and convenience compared to accessing the website from a desktop or laptop.

Accessibility: The app provides a user-friendly interface optimized for mobile devices, making it easier to navigate and perform various functions such as buying, selling, and exchanging cryptocurrencies with just a few taps on the screen.

Push Notifications: The app allows users to receive push notifications for important account updates, transaction confirmations, and messages from other traders, ensuring that users stay informed and up-to-date on their trading activities even when they're not actively using the app.

Cryptocurrencies available

LocalBitcoins supported over 200 cryptocurrencies, which was a wider selection compared to most centralized exchanges. This variety meets the needs of traders with different strategies and risk appetites to a certain extent. Some of the popular cryptocurrencies on LocalBitcoins included Bitcoin (BTC), Ether (ETH), and Litecoin (LTC), while some of the lesser-known ones included Monero (XMR), Dash (DASH), and Zcash (ZEC).

Fees

LocalBitcoins applied a uniform 1% fee to all trading transactions, impacting both buyers and sellers. Sellers, however, could impose additional charges based on the chosen payment method. Notably, those who accepted cash payments could introduce a convenience fee, while sellers opting for wire transfers could apply an additional charge for this mode of payment.

Payment Methods

LocalBitcoins provides users with a range of payment methods to facilitate their transactions, encompassing options such as cash, bank transfer, credit card, debit card, gift card, wire transfer, PayPal, Western Union, and MoneyGram.

Withdrawal fees associated with LocalBitcoins are subject to variation depending on the chosen payment method. Notably, cash withdrawals generally do not incur any fees, whereas wire transfers might be associated with fees that can reach up to $20. Similarly, the deposit fees applied by the platform differ based on the selected payment method. For instance, credit card deposits typically entail a fee of 3%, while bank transfers may be exempt from fees.

For a comprehensive overview of the information associated with different payment methods, the following table presents a detailed breakdown:

How to open an account？

1. To register on LocalBitcoins, visit the website and click on the “Sign up free” button.

2. Fill in the required information, including a valid email address and a secure password for your account.

3. Verify your email address by clicking on the verification link sent to your registered email.

4. Provide additional personal details, such as your name and phone number, to complete the registration process.

5. Set up two-factor authentication for added security by following the prompts and selecting your preferred 2FA method.

6. Once your account is fully registered, you can start exploring the platform and engaging in Bitcoin transactions with other users.