LocalBitcoins

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LocalBitcoins Fees

Registering, buying, and selling Bitcoin is completely free. Users who create advertisements are charged a 1% fee for every completed trade. Transactions to wallets of Local Bitcoins are free, transactions to external Bitcoin wallets are subject to additional Bitcoin network fees.

Services available

in almost every country, except for Germany and the State of New York.

3 Total Score

Finland based LocalBitcoins was founded in 2012 and facilitates private peer-to-peer trading of local currencies to Bitcoin. Thereby, the company is used as an escrow, meanwhile Users advertise their conditions and agree upon trade terms.

Security
2
Beginner Friendliness
3
Customer Support
2
Fees
6
Available Cryptocurrencies
1
PROS
  • one of the most private ways to purchase Bitcoin (no ID verification)
  • Buyers and sellers agree on trade terms, LocalBitcoins is used as an escrow
  • individual exchange rates and payment methods possible
  • facilitates Users to advertise their individual sell and buy conditions
CONS
  • only for buying Bitcoin, no other cryptocurrency available
  • LocalBitcoins is in critique for its role in privacy and the potential of money laundering
  • attention for potential scam or fraud is needed
  • weak customer support
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