LocalBitcoins.com Review

LocalBitcoins is a peer-to-peer cryptocurrency exchange that enables trading of local currency for Bitcoins. You can find nearby people to trade crypto.

screenshot of the Localbitcoins.com interfaceScreenshot of the homepage of LocalBitcoins.com Go to LocalBitcoins.com >>

General Overview

  • Helps you find local people to trade with
  • Available in all countries in the world
  • More than 1 million active users

LocalBitcoins.com detects your location and finds people near your area with which you can directly trade cryptocurrencies. Depending on your location, you can find people accepting various kinds of payment methods, including PayPal, Western Union, cash in-person, and others. You can choose with whom to trade based on reputation.

Cryptocurrency support

Depending on local sellers

Supports virtually all cryptocurrencies depending on the traders in your region. The most traded cryptocurrencies are:

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Monero (XMR)
  • Zcash (ZEC)
  • Cardano (ADA)
  • EOS
  • Tron (TRX)
  • Ripple (XRP)

ID Verification info

Not mandatory
1-5 min

If you plan to sell cryptocurrencies, then it is a good idea to identify yourself so that you have a higher trust rating on the platform. Successful verification of identity enables you to trade with more people.

It takes 1-5 minutes to get verified.

You can verify by uploading a photo of any of the following:
  • Passport
  • Driver’s license
  • Identity card (ID)

Security

High Security
LocalBitcoins.com security options
LocalBitcoins.com security options

When an account is opened, the IP address of the computer is recorded, and in case of changes, a new verification process is undertaken. However, fake LocalBitcoins mobile apps have been launched in the past. Most of the users, therefore, prefer to use the website directly. The exchange does not have an official mobile app.

  • Two-factor authentication (2FA)
  • Escrow service
  • Dispute system
  • Login Guard

Country availability

LocalBitcoins is available in all countries on the planet. According to them, they operate in 248 countries and 16,624 cities.

Trade Volume

Low volume

Data from coin.dance indicate that weekly volumes from LocalBitcoins fluctuate greatly, currently around $50 million. This is low compared with other established exchanges, such as Binance, which records about $5 billion in trade volume weekly.

Payment methods supported

Depending on local sellers

Since it is a peer-to-peer exchange, sellers have the liberty to dictate the payment methods they accept. The most popular ones so far are:

  • Cash
  • Bitcoin and other cryptocurrencies
  • Bank transfers
  • PayPal
  • Western Union
  • Credit/debit cards
  • M-pesa

Fees

Free or low fees
  • Free to register, buy, and sell cryptocurrencies
  • Bitcoin network transaction fee
  • Sponsored listing are charged 1% for every completed trade
Recently, they introduced a merchant invoicing platform with a fee of 0.5% deducted from each paid invoice.

Limits

Low limits
  • No minimum buy amount for buyers
  • Minimum selling order: 0.04 BTC
  • No difference between verified and unverified accounts

Lastly, to become a pro-trader on the site, you have to have an active account that is more than 150 days old, have received at least 100 positive feedbacks, and have traded at least 20 BTC within a given time period.

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