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Advantages of Using LocalBitcoins
- It allows a variety of methods to purchase Bitcoins. Most payment methods are acceptable here, ranging from mobile wallets to bank wires.
- In most countries where cryptocurrency trading and other exchanges are banned, it's the only platform to purchase Bitcoins.
- It's fully functional and operational in more than 248 countries and 15,582 cities.
- It's possible to buy Bitcoins using cash. Buyers and sellers can have an in-person trade where they can use cash for the monetary transaction. You'll then receive the agreed quantity of Bitcoins into your LocalBitcoins wallet.
- It operates in a completely decentralized manner focusing mainly on peer to peer trade.
- Quick and instantaneous trade. Once you pay the agreed amount and it's verified by the seller, you'll have the Bitcoins credited to your wallet within a short time.
- They support a variety of fiat currencies. You don't have to worry about trading in USD, GBP, or EUR.
- They have extra security measures. All user accounts have been enabled with two-factor authentication. A login-guard is also available. If a login is made from a different browser you'll be notified immediately.
- Buying and selling of Bitcoins on this platform is free. They only charge a 1% flat fee on each completed trade.
- It's a private way to sell or buy cryptocurrency. As a user, you can complete transactions without having to share your personal information. LocalBitcoins also bears the responsibility to protect any personal information that you've shared with them.
How does LocalBitcoins work?
It is very easy to buy Bitcoins at the marketplace. You will not be able to find a more simple user-interface to buy cryptocurrencies offered on any other platform available on the internet as compared to LocalBitcoins. In a few clicks, you can become the owner of cryptocurrency.
Once you complete the registration and verification process you will be able to buy your cryptocurrency without any hassle. You will be able to search for advertisements posted by different users of the platform about selling Bitcoins online as well as locally. Make sure you stay on the platform to avoid any frauds. The platform saves the money of the buyer in an escrow system and does not release the payment until the seller releases the coins.
The website has put a lot of effort to make the purchasing process of cryptocurrency easy and fast. You will find Quick buy and Quick sell buttons right on the homepage that allows you to buy crypto. By entering basic information like the currency you want to use in the transaction process, the amount of money you want to invest, and the county from where you want to buy the coins you can narrow your search. Most of the time you will find users from your own country selling and buying Bitcoins, however, you can buy from users of other countries as well.
As soon as you enter the required details in the search bar and hit the search button, all the available Bitcoin offers will appear on the screen. You will find a list of traders with their usernames, the payment method they accept and the price for a single Bitcoin and the buying limits imposed by the platform.
In some cases, more information is required by some new users and buyers who would like to comply with the local Know Your Customers (KYC) and Anti-money laundering (AML) procedures.
