LocalBitcoins Marketplace, the Easiest way to Buy or Sell Bitcoins
What is LocalBitcoins?
Localbitcoins or LBC is an online marketplace for Buying or Selling Bitcoins. It works on a peer to peer network where trade takes place between a seller and a buyer on the Localbitcoins platform. It is one of the biggest networks to buy and sell bitcoins. Currently, the local bitcoins marketplace is available in 7810 cities and 248 countries. This number is subject to change as per the regulatory changes in the crypto sphere.
Buy or Sell Bitcoins with multiple payment options
Local Bitcoin is one of the most popular crypto trading platforms because it offers multiple payment methods to its customers. Customers can transact through Cash, Bank Transfer, gift cards, Online wallets, Money Transfer Services, IMPS, advcash, CashU, International Wire (SWIFT), Moneybookers / Skrill, Moneygram, Neteller, OkPay, Paxum, Payeer, Payoneer, Paypal, Paytm, Payza, Perfect Money, RIA Money transfer, SolidTrustPay, Transferwise, Webmoney, Wechat, Worldremit, WesternUnion and other Altcoins. Payment methods on LBC change from country to country. As LBC transfers are peer to peer services local payment methods of the country are also accepted.
Easiest way to Buy Bitcoins on Localbitcoin Marketplace
Buying bitcoins on the Localbitcoin marketplace is quite simple. Go to the Localbitcoins website and Register for a free account. You just need to fill some of your basic information along with your email address and phone number.
Activate your account, by verifying the email and phone number associated with your account. Verifying these details will authenticate your account for Tier 0 and you can transact up to 1000 Euros in a year.
Localbitcoins has set a transaction limit according to the identification verification levels you have passed. There are four levels of verification starting from Level 0 to Level 3. As you start verifying your other information like Address, Identity proof, etc, you can unlock the limit to even unlimited.
Once you have set up your account on the Localbitcoins marketplace, buying bitcoins is just a matter of few more minutes. Select the mode of payment you will like to transact and search for offers. You will find several sellers available with a certain sell price. Check the profile of the seller and look for important metrics such as Confirmed trades, Feedback score, Seller terms and conditions and Escrow time. These metrics will help you to find a trusted seller.
Understanding Escrow on Localbitcoins
Escrow on Localbitcoins is a security feature that protects buyers from getting into a scam. Whenever a trade is started on Localbitcoins it stores the number of bitcoins in their escrow. These bitcoins are only released by the seller once the payment is received. If you are a seller do not release the Escrow till you receive the amount.
For Buyers, In case if the seller takes your money and does not release the bitcoins, the buyer should submit the payment evidence to Localbitcoins support. The LBC team will release Bitcoins after the successful validation of the transaction.
Buying bitcoins is pretty simple on Localbitcoins. With its availability in more than 248 countries, it is one of the most convenient platforms to buy Bitcoins. In many countries some of the bigger platforms like Binance and Coinbase are not available to buy bitcoins and buying bitcoins could be challenging. Localbitcoins is a great choice for people residing in countries where it is difficult to buy bitcoins.
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