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In this episode, she covers cultural differences in crypto trading between East and West, plus gives us the latest on the diverse regulatory landscape within this large region.
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Transaction Fees LocalBitcoins tends to keep things simple and leaves everything to the users. Keep in mind that standard Bitcoin network fees apply for all transactions. Instead, they charge higher exchange rates, so when making a trade, take that into account. Read our updated guide on the best crypto trading bots. The traders post ads on the platform, stating accepted payment methods and exchange rates for purchasing or selling Bitcoins.
Other users reply to these ads. They arrange to meet the trader in order to make a quick transaction, online or in person. LocalBitcoins also has a feedback mechanism and reputation system to help the users distinguish the legit traders from the scammers. The trading platform also offers a conflict-resolution service that helps users overcome any misunderstandings, and an escrow service in order to help establish trust between the parties.
These are some of the things that you should keep your eye on when it comes to trading. The KYC process is just like on any other exchange — you need to upload a government-issued document along with another written document like an electricity bill or similar public service bill that confirms your address. You also need to take a selfie with your document. On average, it takes less than 2 days for Localbitcoin support to process and verify your information.
When it comes to fiat currencies, users are free to trade in any currency. However, no altcoins are supported and the exchange allows only trading with fiat currency for Bitcoin. Transaction Fees LocalBitcoins tends to keep things simple and leaves everything to the users. Keep in mind that standard Bitcoin network fees apply for all transactions. Instead, they charge higher exchange rates, so when making a trade, take that into account. Read our updated guide on the best crypto trading bots.
The traders post ads on the platform, stating accepted payment methods and exchange rates for purchasing or selling Bitcoins.
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