Today we take a look at Localbitcoins.com for you. In this Local Bitcoins review, we will be focusing on answer some main questions for you. What is it? A safe place to buy and sell? Will it be for you? Ok, with that being said, let´s look at “the Craigslist” of Bitcoin!
Product: Local Bitcoins
Owner: Nikolaus Kangas and Jeremias Kangas (Founders)
Price: Free to join
Who is it for: Bitcoin buyers and sellers (who want to be extra anonymous)
Overall rating: (4.5 / 5)
Local Bitcoins Review – Intro
Local Bitcoins is a place where you can either buy or sell bitcoins, it is one of the few (trusted) places where you can actually buy your coins with cash. It was founded in 2012 by Jeremias and Nikolaus Kangas, the physical company is based in Helsinki, Finland. It is unique in the way that it helps you to locate both buyers and/or sellers that are close to you geographically, therefore the name, Local Bitcoins. A metaphor I like to use to describe Local Bitcoins is “the craigslist” of Bitcoin.
It is absolutely free to sign up and start browsing around on the site for sellers or buyers that are near to you, above is an example when I sign in, as I live in Sweden the site gives me examples of persons who are closest to me (obviously mostly Swedish residents).
The service is allowed worldwide, so no matter (almost) where you live you can still use the website.
What makes them unique?
First of all, it is decentralized. But the main thing that makes the localbitcoins.com website unique is that you will actually be dealing with real humans here, instead of a centralized platform, like most cryptocurrency exchanges work.
On Local Bitcoins, you can instead make a trade directly with another (just like you) real human, that allows for “cash buys” for example, or whatever method of payment you and the other person agrees on.
It also allows you to get your bitcoins very fast, instead of waiting for a pending transaction (sometimes for ages) on other exchange platforms.
Every transaction offers the escrow transaction service to protect the buyer (you) and I would highly recommend you to use it.
How does the process work?
People in (almost) any country can use the website to exchange their local cash for bitcoins. As a user, you can also post advertisement where you state your exchange rate and preferred payment methods for either buying on selling.
Then other users (or you) can reply to the ads and either agree or discuss it and maybe you find an agreement that both parts are satisfied with.
P.S. Many times users of Local Bitcoins agree to meet in person and pay cash in hand, or trade directly with online banking. The first option allows for a pretty much completely 100% anonymously transaction and is one of the reasons why the localbitcoins.com website has reached such a popularity among “Bitcoiners”.
There are 2 services being offered on their website:
As mentioned above, the platform makes it possible for you to find people locally so you can easily contact them, in whatever form you agree on, whether it is through a phone call, video call or maybe even meet up in person. However, the 2 main services of the website are that you can either buy or sell Bitcoins. No other cryptocurrency is traded here, only the “granddaddy” of them all.
How is the support?
The site is pretty self-explanatory and is almost “runned by itself” and it is pretty easy to understand and use. If you would have some question any way you can submit a support ticket and you will get replied to by e-mail.
There is also a forum available where you can interact with other users and get the help that way also by the more experienced user of the service. You find it located at the top menu on the website.
Is localbitcoins.com safe to use?
So, is Localbitcoins.com safe to use? Yes, it is safe to use, it is a 100% legit and also a very good alternative that is very popular among bitcoin traders. It also got real verified owners and a real physical company address. It is a well-known and trusted platform that has been around since 2012.
Important to mention: Don´t leave your brain at home if you, for example, going to meet someone in person to make a deal, in other words, make sure to meet in a public place so you won´t get a gun stuck up your face and robbed… Also, only do deals online with users that have a good rating on the platform (yes you can see their previous history).
Is this for you?
First of all, the platform only deals with Bitcoins, so if you are in search of buying and selling other coins then you have to find another option.
If you are in search of buying (or selling) Bitcoins, on the other hand, this might be something for you, especially if you are in search of making a pure cash purchase and being extra anonymous. There is (most likely) no better option for such a deal than Local Bitcoins.
However, if you don´t mind buying with a credit card and also want to have the option to buy more coins then you should look at other alternatives, like Kraken or Coinmama for example.
Important to mention here: No matter what cryptocurrency exchange you use, do NOT store your coins on the exchange if the amount would be painful to lose, instead you store them in a cold storage (offline) that YOU control and that cannot be hacked.
The pros and cons of Local Bitcoins
One thing that is always a good idea to do before you go with an exchange (or any other service) to get a better overview is to compare its good sides against its negative sides. Below I have pointed out some obvious ones for you to make that task easier for you.
- Fast transactions
- You can buy with cash (or whatever method you agree on)
- The service is unique as it finds real people locally for you who want to buy or sell
- Only deals with Bitcoin
Conclusion and verdict on Local Bitcoins
Overall rating: (4.5 / 5)
Ok, I think that sums up this review pretty good, this is a great website that is very popular among bitcoin buyers and sellers, especially the ones who want to do fast transactions and/or want to buy with cash and be extra anonymous in the process.
The rating 4,5 is a very good one, it is (of course) based on the platform as a Bitcoin exchange alternative, as it doesn´t deal with other cryptos than that.
The platform is unique and the absolute most well-known and trusted alternative for you to make a cash purchase so if that is you, then you might want to check it out.
Hope you found this short review on Local Bitcoins to be helpful, you hopefully have a better understanding on what it is for and if it is something for you or not. If you have used any of their services please share your experience in the comment section below as it can help others. Also, if you got any other questions about this review I will be more than happy to answer them below!
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To your success!
Founder of: King Cryptos