This is a global P2P exchange that brings buyers and sellers together on trade terms. What makes LocalBitcoins different from other exchanges is that it does not ask for the personal information of the traders. You can make purchases on the platform without disclosing your identity. However, some users may request for your personal information before transacting with you.
How It Works
LocalBitcoin’s operation is similar to a decentralized marketplace. Buyers and sellers trade directly. To get started, users register for an account and search for sellers within their locality. The buyer is often given an opportunity to check the reputation and trading history before engaging the seller. If the buyer is satisfied with this information, they can launch the trade by clicking on the Buy button.
Flexibility in Delivery Time
The speed at which you receive your orders depends on the method of payment used. Purchases made in the form of cash are delivered within an hour. Other purchase transactions are only completed once the seller confirms receipt of payment.
Buyers and sellers are not restricted to the amount of gold to transact. The minimum quantity of gold that can be sold is 0.001 grams. Currently, payment is through Bitcoin only. Fees charged on the platform is three-pronged – there is the trading fee, as well as storage and insurance fees. No transfer fee is charged when depositing bitcoins.
LocalBitcoins is one of the oldest P2P exchange platforms. It was started in Finland in 2012 as an open online marketplace. The platform is configured in a way that allows buyers and sellers to confirm payment details before finalizing any transaction. It operates in most countries around the world.