LocalBitcoins Cryptocurrency Exchange Review

Exchanges
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LocalBitcoins History

LocalBitcoins is a popular exchange for peer-to-peer (p2p-) Bitcoin trading. Let’s take a look at the features this exchange offers to see if it’s right for you.

The LocalBitcoins exchange was founded in 2012 by Jeremiah Kangas in Finland, although the exchange is now headed by Nicholas Kangas.

The platform quickly gained popularity, and its services are now available in more than 240 countries. Relatively recently, the company also launched a subsidiary platform called LocalEthereum, which supports p2p transactions to sell ether.

Supported currencies and countries

As the name implies, the LocalBitcoins platform supports Bitcoin trading only, allowing traders to use a variety of fiat currencies, including U.S. dollars, euros, pounds, Australian dollars (AUD), Canadian dollars (CAD), Chinese yuan (CNY) and 120 other currencies.

The platform is available to residents of 248 countries and 7,789 cities worldwide. Countries that cannot access LocalBitcoins due to regulatory issues and international financial restrictions are the United States, China, Indonesia, Syria, Iran, and North Korea.

Compatibility

The LocalBitcoins interface works in all major web browsers as well as computer and tablet operating systems (Windows, Mac), while the mobile app is only available for Android devices.

Interface

The interface of LocalBitcoins exchange features a simple and clear design that allows every user to find what they need without having to navigate around the site unnecessarily.

The Local Trader mobile app for the LocalBitcoins exchange is an opsorced software for Android devices. However, there are reports that the app has many bugs and login issues.

LocalBitcoins commissions

LocalBitcoins charges a flat fee of 1% from sellers and no fee from buyers. A trading commission of 0.5% is also charged on each invoice issued.

Security on LocalBitcoins

The LocalBitcoins platform includes security features such as two-factor authentication, HTTPS encryption, SMS and email alerts, PGP encryption for email and escrow service.

The escrow service serves to retain funds sent by the buyer. Funds are released only after the seller confirms that the transaction was successful.

Pros
  • wide range of payment options
  • wide geography
  • unlimited buying/selling volumes (with proper verification)
  • simple commission structure
  • no commission for buyers
Cons
  • lack of complete anonymity
  • commissions are higher than the market average
  • the probability of encountering fraudsters
  • dependence on the seller, who must confirm the payment
  • LocalBitcoins prices may be higher than the market value of bitcoin
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