LocalBitcoins Exchange Reviews
LocalBitcoins is the most popular peer-2-peer Bitcoin exchange among users throughout the world. They are a USA friendly exchange, which supports over 100 additional countries and currencies beyond the United States and USD. Among all of the most well established Bitcoin trading sites, LocalBitcoins offers the widest range of payment options, including everything from gift cards to PayPal and even cash deposits.
LocalBitcoins Company Overview
LocalBitcoins is owned by a company of its namesake. It was launched in 2012 by the Kangas brothers; Jeremias and Nicholas, who still hold high positions within the company today. Jeremias Kangas founded the company and is in charge of most of the operations today, while Nicholas Kangas is the official CEO.
The company was started in Helsinki, Finland and is still headquartered there today. At first, it was merely a small startup which set out on a mission to prove the concept of a peer 2 peer Bitcoin trading platform. Today it has grown to one of the largest fiat currency to Bitcoin exchanges online.
LocalBitcoins Trading Platform Review
The trading platform used on LocalBitcoins.com relies on a user feedback system, similar in some ways to a website like eBay. Users on the site place advertisements if they want to buy or sell Bitcoin. Other users can view the ad by using a filtered search to see which ads meet their needs – in terms of price, payment method and other important criteria. Once they find an advertisement that matches what they’re looking for, they can initiate the trade.
Filtered Search Functionality
One of the key functionalities at LocalBitcoins is the search feature. This lets users who want to buy Bitcoin easily filter through the thousands of daily ads on the site to find a trade that meets the price, payment method, country and currency they are looking for. You can also select whether or not the seller requires proof of ID or SMS 2-factor authentication. For those looking to sell Bitcoins on the platform, the same search criteria is offered.
As we mentioned earlier, LocalBitcoins lets users post advertisements on the site. If you want to post an advertisement, you first need to make sure that you have an account at LocalBitcoins.com. From here you simply login and fund your account – note that they require your account to have at least 0.100 BTC to post an advertisement.
Once you have completed the steps above, click “Trades” in the main menu then click “Post a trade” from the dropdown menu. Then you will be able to post an advertisement. If it is your first time trading on the site, make sure you carefully read all of the rules and guidelines to ensure a safe Bitcoin trading experience. You can also review their Bitcoin selling guide to familiarize yourself with the process. It can be a good idea to start off only accepting payment methods that are not marked as “high fraud risk”.
Selling Bitcoins Locally
As their domain name and company name suggests, LocalBitcoins was first started as a means of trading Bitcoins locally with other Bitcoiners near you. Though they have added a lot of online selling options since 2012, a large number of trades are still done locally today. Much like other online sale websites, such as CraigsList you should take similar precautions when selling your Bitcoins to someone locally.
The concept of LocalBitcoins has definitely been proven in a big way, and they are now one of the largest Bitcoin exchanges. While other exchanges, like Coinbase still dominate the online Bitcoin to USD exchange market, LocalBitcoins definitely has its place and is likely to remain a staple in the Bitcoin community for years to come.
Submit your review