After the payment is made, they claim a chargeback through the payment service. Now the scammer has the Bitcoin and the money, while the seller has no Bitcoin and no money. How to avoid chargeback fraud Deal only with well-known buyers with a high reputation score on the platform. These could mean the scammer purchased or otherwise acquired a high-reputation account to perpetrate the scam.
Only deal with verified, identified buyers. Only make small transactions to reduce the amount lost if you become a scam victim. Be wary of offers that are too good to be true or even slightly too good. Man in the middle scams This scam targets Bitcoin sellers. How to avoid man in the middle scams All the same rules as avoiding chargeback fraud apply — only deal in small amounts and only with reputable and identifiable buyers.
Ask for photographic confirmation of the payment, such as requiring the buyer to take a photo of themselves physically making the payment. Have smaller payment windows e. In a nutshell Pros Low fees. The platform trading fees are low or even non-existent in some cases.. Many traders. Cons Risk of scams. Scams are a constant risk, and users need to be vigilant. Prices vary. Buy and sell major cryptocurrencies on one of the world's most renowned cryptocurrency exchanges.
Go to site View details. Wire transfer, Online banking. Disclaimer: eToro USA LLC does not offer CFDs and makes no representation and assumes no liability as to the accuracy or completeness of the content of this publication, which has been prepared by our partner utilizing publicly available non-entity specific information about eToro. Your capital is at risk. Copy the trades of leading cryptocurrency investors on this unique social investment platform.
Non-US residents can read our review of eToro's global site here. KuCoin Cryptocurrency Exchange. Browse a variety of coin offerings in one of the largest multi-cryptocurrency exchanges and pay in cryptocurrency. Coinmama Cryptocurrency Marketplace. Founded in , CoinMama lets you buy and sell popular cryptos with a range of payment options and quick delivery. Kraken Cryptocurrency Exchange.
Buy, sell and trade a range of digital currencies on this high-liquidity exchange — suitable for beginners right through to advanced traders. IO Cryptocurrency Exchange. Disclaimer: Highly volatile investment product. Paxful P2P Cryptocurrency Marketplace.
Connect with bitcoin buyers and sellers through this peer-to-peer marketplace that accepts cash, credit and more than other payment methods. CoinSwitch Cryptocurrency Exchange. Credit card. CoinSwitch allows you to compare and convert over cryptocurrencies across all exchanges. Revolut Cryptocurrency App. Buy and sell several popular cryptocurrencies through your Revolut account, set up recurring purchases and transfer it to other US users.
Service not available in Tennessee. US Cryptocurrency Exchange. Trade with USD on Binance. Non-US residents can read our review of Binance's main exchange here. View details. ZenGo Cryptocurrency App. Bank transfer ACH. Take advantage of ZenGo's unique self-custody system to buy, sell and spend and earn cryptocurrency in your own wallet. Changelly Crypto-to-Crypto Exchange. Credit card, Debit card. YoBit Cryptocurrency Exchange. SatoshiTango Cryptocurrency Exchange.
SatoshiTango is an Argentina-based marketplace that allows you to easily buy, sell or trade Bitcoins. Huobi Cryptocurrency Exchange. Huobi is a digital currency exchange that allows its users to trade more than cryptocurrency pairs. Coinbase Pro. Bitstamp Cryptocurrency Exchange.
A global cryptocurrency exchange that facilitates crypto to fiat transactions, where you can use EUR or USD to buy bitcoin and popular altcoins. Gemini Cryptocurrency Exchange. ShapeShift Cryptocurrency Exchange. Credit card, Cryptocurrency, Debit card, Banxa. Quickly swap between more than 40 cryptocurrency assets or use your credit card to instantly buy bitcoin.
Bitit Cryptocurrency Marketplace. Buy cryptocurrency with cash or credit card and get express delivery in as little as 10 minutes. CoinBene Cryptocurrency Exchange. Load More. Compare up to 4 providers Clear selection.
What countries are supported by LocalBitcoins? LocalBitcoins is available worldwide. Is there a LocalBitcoins app? LocalBitcoins has an unofficial, open source app called Local Trader, available for Android. What's the verification process for LocalBitcoins? To get verified, go to your account settings and provide the information required to get to the desired verification tier.
What customer support does LocalBitcoins offer? LocalBitcoins offers a FAQ section, which also includes a way of submitting customer service tickets. Disclaimer: Cryptocurrencies are speculative, complex and involve significant risks — they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information.
You should also verify the nature of any product or service including its legal status and relevant regulatory requirements and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the cryptocurrencies discussed. Ask an expert Click here to cancel reply. Display Name. Your Email will not be published. You are about to post a question on finder.
Your Question. Submit question. Ask a question Finder only provides general advice and factual information, so consider your own circumstances, or seek advice before you decide to act on our content. By submitting a question, you're accepting our finder. Faith July 30, Hi What happens to my localbitcoin account if someone gains access to it. Thank you Reply. The widest selection of payment options. LocalBitcoins offer all of the local payment options, regardless of your country of residence.
Truly global platform. LocalBitcoins facilitate peer-to-peer trades in more than countries worldwide, thus making it easy to find local bitcoin traders in your area. The exchange used to be a go-to place for buying and selling Bitcoin anonymously and was especially popular in countries with oppressive regimes and cryptocurrency bans. This has caused a wave of discontent in the Bitcoin community, and the LocalBitcoins trading volume and popularity has been gradually declining ever since.
Unlike its indirect competitor Coinbase , which was founded in the same year, LocalBitcoins have managed to grow to this size without any external investment. As of , LocalBitcoins employ over 60 staff members. As a result, today LocalBitcoins platform is paving the way for a more viable, safer, and widespread use of bitcoins while simultaneously fighting the use of Bitcoin network in criminal activities and frauds.
LocalBitcoins is a truly international platform even though it geared towards facilitating bitcoin traders locally. Besides, the platform is great for finding peer-to-peer buyers and sellers in highly populated cities like Tokyo, London, New York, San Francisco, San Diego, Toronto, Montreal, and many others. As of February , LocalBitcoins facilitates Bitcoin traders in countries and cities. The complete list of all supported countries and cities can be found here.
The platform charges only the users who create advertisements. Other than that, you might be charged Bitcoin network transaction fees, but they depend on the congestion of the network. Transactions between LocalBitcoins wallet users are free , too.
However, mind that even though LocalBitcoins fees are average, they can be inflated based on your preferred payment method. Essentially, LocalBitcoins is a marketplace for people to post their offers of buying or selling bitcoin. As a user, you create a post where you specify the exchange rate, location, and preferred payment method for an exchange. If someone becomes interested in your post, they will reply to you and you can both agree to make a trade using a bank transaction, payment service, or any other available method.
Unlike centralized exchanges like Coinbase, LocalBitcoins let you trade directly with other people. Nevertheless, the platform is not entirely decentralized either, as it registers and oversees all of your transactions made via LocalBitcoins. When you initiate a trade, the exchanged bitcoins are held on LocalBitcoins escrow service.
The swap is completed only when the seller confirms that the trade has been made. Another crucial aspect of the LocalBitcoins platform is its native reputation system. Chargeback fraud is a common thing in ecommerce, and even though bitcoin transactions are irreversible, traditional payment vendors still allow it.
As a result, some people may be tricked into selling their bitcoins and then lose their justly earned money. LocalBitcoins reputation management system allows users to leave feedback for buyers and sellers, which may help you to determine whether the buyer or seller is legit. Do not choose offers based solely on price - any offer with unnaturally low price should be deemed with suspicion unless the trader fully verified and has received lots of positive feedback.
In case of a conflict between the users, LocalBitcoins has a dedicated support team that helps with conflict resolution. LocalBitcoins website is not a design masterpiece but it does its job - enables you to discover and post local bitcoin advertisements easily. If you want to buy bitcoins, all you have to do is enter relevant search criteria like location, sum, and payment method into the search.
Alternatively, you can post an ad with your own terms and conditions. However, mind that you must be a verified user in order to be able to post. Also, you have to fund your LocalBitcoins wallet with at least 0. Posting an advertisement on LocalBitcoins comes with a lot of different options, including the trade type, liquidity, and security preferences.
Once you meet all the requirements, you are able to make a post and boost its visibility. All in all, using LocalBitcoins is not difficult. Yet, it might take you a few trades to get used to it. Keep in mind that some exchange options are riskier than others. For example, PayPal allows relatively easy chargebacks on the sale of digital goods, which also include Bitcoin purchases.
Also, different money transfer methods also affect your exchange rate. As of June 1, , LocalBitcoins no longer serves people who want to trade in cash due to changing regulatory requirements. Nevertheless, there are numerous LocalBitcoins alternatives that do not force their users to submit their identity documents, as well as allow crypto-to-cash exchanges. The usability of the LocalBitcoins platform also depends on your verification level.
It has four different verification options:. LocalBitcoins platform uses its built-in wallet. You send and receive bitcoins between the platform members. Besides, it is used to lock BTC in escrow service during the trades. Prior to depositing your coins into the LocalBitcoins web wallet, be aware that you will be putting them into LocalBitcoins custody. That includes:. LocalBitcoins does not have its native mobile app.
Their escrow feature is quite remarkable and adds to the security of exchange. Only after the seller confirms the deposit from the buyer, the trade is completed and Bitcoins are released. To help the buyers choose the trusted sellers, and vice-versa, Localbitcoins uses reputation system.
Every trader has a reputation with their public history records showing their past activities. If anything goes wrong, their support and conflict resolution team is always ready to answer your questions and resolve any disputes between buyers and sellers. Many users have been scammed on Localbitcoins in the past, primarily due to peer-to-peer interaction. Although, the exchange itself has never been hacked. Online forums like Reddit and Bitcointalk.
LocalBitcoins offers support via email. They are usually quick to respond to all issues. Exchange also offers forums where you can request help from other users of the platform. The exchange is a great place to buy Bitcoin.
Personally, I have bought Bitcoin from it several times and never had any issue with it. All Localbitcoins does is provide you a robust platform to make the trades. Skip to content Localbitcoins is the largest P2P Bitcoin exchange which helps to match Bitcoin buyers and sellers who live close to each other, enabling face-to-face and online transactions. Countries Supported Currently Localbitcoins operates in countries and cities, with a base in Helsinki, Finland. The P2P nature of the exchange helps them from not getting hacked.
Controversy Many users have been scammed on Localbitcoins in the past, primarily due to peer-to-peer interaction. There are no official fiat currencies that the exchange supports, since it does not hold fiat deposits. There is no mobile application provided yet by the LocalBitcoins Exchange either on Google play or the apple store. Step 1: Navigate to the official website. Step 2: Then fill out the necessary details such as username, email ID, and choose a strong password.
Now check in your mailbox for the email verification code received. Then click on the link after which you can set a new login password. Step 3: Here you can add the bitcoin address of your personal wallets to transfer your purchased BTC holdings to your wallet. Step 3: Here you can add the bitcoin address of the recipient to receive the the BTC to your wallet. Step 1: Login to your account. Step 2: Now in the search box fill in the form with the amount you want to buy in your currency, your location and choose a payment method.
Step 3: From the list of advertisements, choose one from a trader with a good reputation score and a high amount of trades. Step 6: Once the trader has verified that your payment has been received your Bitcoin will be released from escrow and they are instantly available in your LocalBitcoins wallet. Step 2: Now in the search box fill in the form with the amount you want to sell in your currency, your location and choose a payment method.
Step 5: Once you have confirmed that the payment has been made you can scroll down the page and select Release Bitcoins. Step 6: This will send the Bitcoins from the trade escrow to the buyer and complete the trade. Unlike other exchanges that manually pair buyers and sellers, LocalBitcoins allows users to connect directly. LocalBitcoins is a decent platform to go to purchase bitcoins when you cannot locate the payment methods you demanded somewhere else.
However, rates are typically higher on this website, and you need to do your due diligence to stop being scammed. Your email address will not be published. Save my name, email, and website in this browser for the next time I comment. What is LocalBitcoins? No personal identity authentication is required and transactions can be carried out directly with another user and not by a third party. Payment Methods: LocalBitcoins users are free to buy and sell using a range of payment methods.
The payment methods available to buyers will depend on the location of the users.
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All the same rules as avoiding chargeback fraud apply - wallet, LocalBitcoins will have no on the platform. Buy and sell major cryptocurrencies reduce the amount lost if buy localbitcoins fee rank up drops csgo betting cryptocurrency exchanges. It was founded in and Deal only with well-known buyers true or even slightly too wallet transactions. Ask for photographic confirmation of the order, position or placement seller chooses to confirm the. Chargeback fraud This scam targets. Many customers have reported to that describe how users got of cryptocurrency or any specific. These could mean the scammer by the platform incur a. Is LocalBitcoins safe to use. Consequently, this scam can lead of being scammed by being and international financial restrictions include the US, China, Indonesia, Syria. Please don't interpret the order in which products appear on the seller has no Bitcoin.LocalBitcoins fees Registering, buying, and selling Bitcoin is completely free. LocalBitcoins users who create advertisements are charged a 1% fee for every completed trade. If all goes well Bitcoin transactions sent with the correct fee take between minutes when you are sending Bitcoins to your LocalBitcoins Wallet. If your. If comparing % to normal trading fees, it is very high. %, however (as it is for the person responding to the advertisement by buying/selling as advertised).