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Austin Jacob • June 2nd, 2020

LocalBitcoins Review

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Buy Cryptocurrency with LocalBitcoins

LocalBitcoins is a Peer-to-Peer (P2P) Bitcoin exchange platform providing services to buyers and sellers of cryptocurrencies like Bitcoin, Ethereum, other Altcoins.

The sellers and buyers decide and agree on the transaction terms, and LocalBitcoins facilitates the transaction along with the escrow service for the protection of the trading parties.

Supported Countries

Due to the nature of LocalBitcoins, it’s available in any country that doesn’t ban Bitcoin or the exchange itself. We’d recommend checking to see if there’s offers in your country. If so, you’re good to go!

Supported Currencies

LocalBitcoins supports a wide array of fiat and cryptocurrencies. While the site is called LocalBitcoins, they offer altcoins like Ethereum, Monero and more. There are competing sites specializing in altcoins but they haven’t gotten anywhere near as much traction.

Payment Methods

The site includes plenty of payment methods giving an option for everyone. These include but are not limited to:

Exchange Fees

So what you have to understand about LocalBitcoins is that it’s an escrow service. People are free to set whatever price on their offers. That being said, in addition to premiums exchange users place on price, their escrow service incurs a 1% fee.  This fee is absorbed by the maker.

Exchange Limits

LocalBitcoins has somewhat lower limits due to the privacy nature of the exchange. Here’s an official LocalBitcoins chart displaying how limits and verification tiers scale.

LocalBitcoins Team

LocalBitcoins was founded by Jeremiah Kangas in 2012. It is one of the oldest Bitcoin exchanges. LocalBitcoins was one of the first Peer-to-Peer (P2P) Bitcoin exchanges. It is now the largest one.

It is currently headed by Nikolaus Kangas, who is the CEO. LocalBitcoins has its headquarters in Helsinki, Finland. It has its operations in about 248 countries and about 14000 cities.

Conclusion

LocalBitcoins is one of the best Peer-to-Peer (P2P) cryptocurrency exchanges with many advantages over its peers. It is good for users on the basis of various criteria like speed of transactions, availability in almost all countries of the world, payment options, Altcoins options, etc.

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