Very recently, Bitcoin has begun to operate in the stock market. The popularity of this digital currency is increasing every day, and many people now want to take the opportunity to invest in it by buying and selling. If you are one of those people, and you have done a quick search on Google, you may have noticed that one of the most mentioned platforms on the Internet is Localbitcoins.
Is it really a secure page? Or can you lose your money on it? Read our Localbitcoins review!
If you want to know if the opinions on Internet forums and blogs about Localbitcoins are true or not, read on …
What is Localbitcoins?
Localbitcoins is a website dedicated to the purchase and sale of Bitcoin digital currency.
This platform does not sell or buy cryptocurrencies: it is only an intermediary, a site that connects users who wish to buy and sell their currencies there.
It’s like Ebay or Mercadolibre, where anyone can register and put a product on sale, or look for an item that wants to buy, only that in Localbitcoins the only thing that is sold and bought are Bitcoins.
How to register at Localbitcoins
To be able to buy and sell Bitcoins in Localbitcoins, the first thing you should do is register on their page.
Registration is free, and it will not take you more than 1 minute to create your account. Click on the blue button to register.
Once you are on the Localbitcoins page, click on the green “Register” button, enter your email address and password, and then click on “Register”.
Go to your email, click on the confirmation link, and go! You have already created your account in Localbitcoins.
How can I withdraw my money from Localbitcoins?
This is the first thing that caught our attention at Localbitcoins: the amount of payment and withdrawal methods they have.
Unlike other pages to buy and sell Bitcoins, such as Coinmama where you can only use your card or Western Union, in Localbitcoins have all these means to pay and withdraw your money:
- National and international bank transfer
- Direct deposit of money
- Payment in cash (in person)
- Credit card
- Moneybookers and Skrill
- Western Union
- Payment through postal mail
It does not matter if you do not have a credit card, or if in your country you can not use PayPal: with Localbitcoins you have many other alternative ways with which you can buy Bitcoins, and withdraw your money when you have sold them.
Not all methods are available in all countries; For example, in Peru there is no option to pay or receive money with PayPal, and in Mexico you can not use Payoneer.
To find out what forms of payment exist in your country, just go to the Localbitcoins page, in any of the “Buy” or “Quick Sale” tabs, select your country, and click on the drop-down menu on the right to see what methods there are as seen in the image below.
Localbitcoins: is it legit?
Localbitcoins is a serious platform, and offers protection against scams to both buyers and sellers who make transactions there.
People done hundreds of purchases and sales on this page, and they never had any problems.
And in a market like this where bad guys can appear at any time, this is a sure way to make your experience good, and you can buy and sell Bitcoins reliably.
If you are as concerned as us about whether your money will be safe on this page, these are the security measures that we have verified that Localbitcoins has when using its platform:
In Localbitcoins, each user can rate the people they sell or buy, and leave a comment to let others know if their experience has been positive or negative. In addition, all the activities they have done in the past are publicly shown.
- Verification of operations
When you buy in Localbitcoins, the money you send is retained by the system until you confirm that you have received your Bitcoins correctly to avoid fraud.
Every time you want to enter your account, in addition to entering your password, Localbitcoins will send a free message to your phone with a code that you must enter to ensure that it is you. So nobody can steal your account or make transactions with it.
Localbitcoins has a system that lets you know if you have entered your account from your computer or your phone, or if you have done so from another device. If someone tries to enter your account from another site, they will notify you with an email to verify that it is you, and avoid being robbed.
Our experience using Localbitcoins
We’ve been registered on Localbitcoins since February 2015, and Localbitcoins is the site we still use time by time to earn money with Bitcoins.
In these years we have tried other platforms to buy and sell digital coins, but although the other pages are fine, none is as good as this one.
Localbitcoins has great security measures to prevent fraud and not steal your account.
Although as we said in the previous section, you must follow a few rules to avoid falling into a hoax, since at the end of the day this page is only an intermediary, and you must be careful with the users who are registered in it.
We have never been scammed here because I always look well at the reputation of the buyers or sellers with whom we do our transactions.
But one of our students did not follow my advice: he sold a quantity of his Bitcoins through PayPal (we told him not to do it), and in the end he was scamed.
However, all the other people we have recommended Localbitcoins to, and they have listened to the advice we have given them, have never had any problems with the page.
For us, Localbitcoins is the best site if you want to negotiate with cryptocurrencies, and its advantages are much greater than its drawbacks.
- Available in ALL countries of the world
- It has many methods of payment and withdrawal of money for each country
- It has strong security measures to prevent fraud
- Buyers do not have to pay commissions
- For sellers, they charge the lowest commission of the entire market (only 1%)
- There are no limits to buy or sell
- You can pay and withdraw your money in cash (in person)
- You must be careful because some users are not reliable
Have you already used Localbitcoins? What is your opinion? Leave us a comment below and tell us what you think about it!