Local Bitcoins has been around for a very long time and this shows in how popular it is, averaging just under 6 million views per month Local Bitcoins is still one of the most popular ways to buy and sell Bitcoins. Unlike most other market places you don’t pay any fees for buying Bitcoins. Local Bitcoins Is simply a market places which connects buyers with Bitcoin traders, users can also sell Bitcoins back to Bitcoin traders. It is straightforward to use, once you have made an account you simply click on buy or sell and a list of Bitcoin traders will appear showing their buy/sell prices.
To buy from Local Bitcoins the prices are generally slightly higher than the market price but this is due to the fact that there are no fees added on, you can generally sell at around market price however. Every trader has feedback based on previous trades you will be able to view how many trades they have done, if any have not been completed, and the percentage of their positive feedback.
To buy Bitcoins:
Click on buy Bitcoins and a list of traders will appear, the prices will all vary and for someone who has lots of previous trades is more likely to have a slightly higher price. Each trader will specify there trade limits and their method of payment, this could either be a bank transfer, a cash deposit into a specific account or you can meet up face to face and pay with cash.
No matter the method of payment you put in a trade request with a specific Bitcoin trader and wait for them to accept, once this has been accepted the traders bitcoins will be locked in escrow.
You will then be required to send a bank transfer to the Bitcoin trader and once they confirm they have received the funds the Bitcoins which were locked in escrow will be released into your bitcoin wallet immediately.
note. If you are buying from a trader for a first time sometimes they will request to see identification from you however a lot of the traders are linked so once your a trusted by one other may not ask for I.D. If anyone does however they usually just require an email with a picture of your driving licence or passport.
To sell Bitcoins:
Similar to buying Bitcoins you initially click on sell Bitcoins and a list traders will appears with varying prices that you can sell Bitcoins to them for, once again you click on a specific trader and put a trade request in, once the trade has been accepted the Bitcoins you are looking to sell will be locked in escrow meaning that you can’t just take them away, you then need to wait until you have received the funds (if you have decided to accept a bank transfer or a cash deposit into your account). Once you have received the funds you simply confirm that you have received the funds and the Bitcoins will be released and the trade is over.
After buying and selling coins both you and the Bitcoin trader has the option to leave feedback this is completely up to yourself but as it takes a few seconds it is worthwhile doing as most traders will also leave you feedback which in turn helps the whole system work more efficiently.
- Easy to use
- Lots of choice
- No fees
- Can make larger trades
- Can buy and sell directly into your account
- various payment methods (bank transfer, cash deposit or face to face cash payment)
- Secure escrow payments
- Been around a long time so is a reputable marketplace
- Generally higher prices due no fees
- Buying from third parties so element of trust (although their is security & an escrow)
- First time trades can take slightly longer if they require ID, but this is just another security procedure
Overall Local Bitcoins is a great place to buy and sell Bitcoins it is unlike most other exchanges as you can sell them quickly and have the money deposited straight back into your account. Most investors use Local Bitcoins to sell their coins as this is one of the only places you can do it for any amount with such ease, the buying prices are still fairly competitive and you must remember that their are traders on there who have thousands of confirmed trades so they are trusted Bitcoin traders. If/when you do buy Bitcoins is its recommended that you transfer them to a more secure wallet as Local Bitcoins is solely online and therefore is the least secure place to store you Bitcoins, This could either be somewhere like Coinbase, CoinCorner where they store them securely or to be even more secure in a desktop wallet or in cold/hard storage.
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