Hackers and scammers can hack even the most sophisticated systems. So, it is advised to investigate all buyers and sellers in a transaction to avoid mishaps. The best thing about the customer support team is that they respond very quickly and offer a remarkably high number of social media channels for their traders to request assistance relating to various problems and that makes LocalBitcoins a top cryptocurrency exchange.
Besides, they have an extensive range of FAQs, and they usually respond to customer queries within an hour. The team also provides special forms to report phishing or if users lose two-factor authentication or password. They can only be reached through email since they do not have phone support or live chat support. It has an excellent reputation system, and the LocalBitcoins escrow service works well to protect funds.
However, the platform is developed and designed especially for inexperienced and new buyers and sellers. That being said, by performing due diligence and providing sufficient caution, LocalBitcoins offers a completely safe and secure environment to its traders. However, the platform supports only one cryptocurrency, Bitcoin, and payment methods are mostly region-specific.
Yes, LocalBitcoin is legal in more than countries. Many traders may find the fee structure on LocalBitcoins to be expensive compared to the industry global average. No platform can provide all the features and not charge fees for their service. You can rarely find the best platform bundled with excellent features and low fees.
Is LocalBitcoins Safe? Though the platform witnessed a minor breach of security in , where almost 8 Bitcoins were stolen from traders, LocalBitcoins has managed to reimburse these traders and patch the vulnerability. Nevertheless, the security features have improved by introducing a login guard, 2FA, and the escrow system.
LocalBitcoins scams and hacks are rare. Can You Get Scammed on Localbitcoins? Unfortunately, yes! Even though LocalBitcoins is the most commonly used peer-to-peer network globally, it is still as vulnerable as it was initially. Users can get scammed easily on the exchange, despite the security features.
The platform advises its buyers to cross-check their sellers and confirm only if they are verified. Note: LocalBitcoins Reviews are not to be considered an endorsement or investment advice of any kind. However, sellers are only as safe as they are educated. LocalBitcoins has guides to help sellers protect themselves but there is always some risk.
Am I and My Cryptocurrency Protected? In terms of the security of LocalBitcoins, users are protected fairly well. They were hacked in the past but they were able to identify the bad actors and fix the situation quickly. LocalBitcoins also pushes their users to set up 2FA to help protect their accounts.
There are scammers who have stolen Bitcoin from sellers in the past, and the LocalBitcoins terms are worded so they take no responsibility for payments. Also sellers take risk in that their accounts could be frozen. Previously, users have been busted for laundering money on LocalBitcoins. Is LocalBitcoins Regulated? This is a complicated question. However, it is possible to find advertisers on the platform and buy in person, which is a loophole.
LocalBitcoins asks users who set up accounts to go through a few tiers of verification, depending on how much they transact. It is possible to find Bitcoins to buy in person without an account on their platform. However, LocalBitcoins asks more vetting questions during sign up than any other exchange. Vetting includes both SMS and email verification, entering your address, and answering questions about your occupation and intended trading volume.
Extra Information Educational Resources Because the platform is so different from other exchanges, LocalBitcoins provides a number of guides, FAQs, and other educational materials on their site. These include how to buy, sell, security, account verification, pricing, fees, how to use their wallet, and more.
Tools and Charting There are no technical tools, indices, or charts. Buyers only have filters to browse seller ads, which they can respond to in messages on the platform. Customer Support LocalBitcoins has a good reputation for customer support. When there is conflict between buyers and sellers they can be reliably contacted. The sign up asks for a lot of information including your name, email, phone number, occupation, address, and more.
Step 3 - Browse listings Browse listings by country, payment method, and quantity. Step 4 - Make negotiations Contact a seller and negotiate the payment amount and quantity. Step 5 - Execute payment After the seller puts the Bitcoin in escrow, execute the agreed upon payment in the next 90 minutes. Then, in the contract, mark the payment complete. Simply message the seller and kindly ask them to put the money back in escrow after the payment clears so you can mark payment complete.
Step 6 - Wait for the purchase to arrive to your wallet The seller will release the Bitcoin and in 30 to 60 minutes it will arrive in your LocalBitcoins wallet. Step 7 - Place the listing to your wallet After the seller releases the Bitcoin you can transfer it from your LocalBitcoins wallet to another wallet.
It is best to keep your crypto stored in a wallet where you control the keys such as Math Wallet or Trust Wallet. How to Sell Crypto on LocalBitcoins This process is much more complicated but we will cover the basics here. Step 1 - Make a deposit to your LocalBitcoins wallet After you create and verify your account, make a deposit in your LocalBitcoins wallet of at least 0.
The platform created this extremely large limit years ago when the value of BTC was much lower. Step 2 - Create an advertisement Create an advertisement. Set the filters for buyers. These include how much you will sell, what payment you will take, how experienced buyers have to be, and what hours you will be available to respond to their requests. Step 3 - Stay available during your specified hours Stay available during the hours you specified in the ad.
Make sure you have push notifications enabled so potential buyers can contact you.
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