Localbitcoins review (How to trade safely)

Localbitcoins review (How to trade safely)

Localbitcoins review (How to trade safely)

Localbitcoins is a cryptocurrency trading platform that has been around since 2010.

Localbitcoins is headquartered in Helsinki Finland.

If you found this post, you probably searched for “localbitcoins Nigeria” and you want to Know about the platform called localbitcoins.

In this localbitcoins review, am going to be writing about everything you will need to know about the platform called localbitcoins.

Let’s get into it then…

Read my post on the best sites to redeem gift cards in Nigeria

Table of contents

1. Localbitcoins

2. Localbitcoins cryptocurrencies

3. Localbitcoins payment methods

4. Localbitcoins fees and charges

5. Localbitcoins customer support

6. How to trade safely on localbitcoins

7. Is localbitcoins safe?

8. Alternatives to localbitcoins

9. Conclusion

Localbitcoins

Localbitcoins is a cryptocurrency trading platform that has been around since 2010.

Localbitcoins is headquartered in Helsinki Finland.

Localbitcoins connects Bitcoin buyers and sellers that are in close proximity.

Localbitcoins supports users from over 200 countries. The countries not supported by localbitcoins are china, Indonesia, North Korea, Syria and United States of America.

Localbitcoins cryptocurrencies

On localbitcoins, Bitcoin is paired with various Fiat currencies such as the US dollar, Euro, British pound e.t.c.

Localbitcoins payment methods

The payment methods on localbitcoins are:

1. PayPal

2. Wire transfer

3. Mobile Money

4. Western Union

5. Web money

6. Cash by mail

7. Cash (face to face transaction)

Read my post on how to sell on amazon as a Nigerian

Localbitcoins fees and charges

The fees structure of localbitcoins is very small:

1. Buying and selling of Bitcoin is totally free

2. There’s is a 1% fee charged placed on sell advertisements. This is only after the transaction is complete.

3. Transferring Bitcoin to the wallets of other localbitcoins users is also free. Although the Bitcoin network itself will charge a fee for the transaction.

4. Merchant invoicing carries a 0.5% service fee.

Localbitcoins customer support

You can reach localbitcoins customer support on:

Twitter: twitter.com/localbitcoins

Instagram: instagram.com/localbitcoins

Email: (via online contact form)

Learn how to trade bitcoin in Nigeria

How to trade safely on localbitcoins

Some people are afraid to trade on localbitcoins because they are afraid of being scammed.

There are lots of scam sellers on localbitcoins, there are people whose sole aim is to rip you off your money or cryptocurrency.

Localbitcoins has taken the necessary steps to ensure that the probability of you getting scammed is low.

Localbitcoins acts as an escrow in between so that you don’t get ripped off.

Am going to show you how to safely trade on localbitcoins. If you follow the below steps, then you will be safe.

1. Select a seller

You should select a seller based on the following criteria:

a. The user has traded over 10btc in total on localbitcoins.

b. The user has at least 100 confirmed trades

c. His feedback score is at least 98%

d. The user account has been active for at least six months.

2. Communicate with the seller

Message the seller on the localbitcoins platform, some sellers do reply faster than others.

3. Make payment:

You should make payment using any of the above accepted payment methods.

After making payment, mark payment as MADE.

You should then wait patiently for localbitcoins to release the Bitcoin to you.

You should always use the localbitcoins escrow, so after making payment you easily receive what you paid for.

Is localbitcoins safe?

Localbitcoins is a legit platform to trade Bitcoin, it has been around since 2010.

This does not mean that you can’t be scammed on localbitcoins. Since localbitcoins is peer to peer trading platform, they can’t really stop scammers from using their platform.

The only thing they can really do is take the necessary steps to ensure that you don’t get ripped off.

If you follow the above steps, you can trade safely on localbitcoins without being scammed.

Localbitcoins also have a very good customer support service should you require assistance with anything.

Alternatives to localbitcoins

If you decide against using localbitcoins, there are other good exchanges to buy cryptocurrency in Nigeria.

If you want to get involved in buying and selling cryptocurrency, you could try these trusted Nigerian exchanges.

Naira2usd:

Naira2usd is an e-currency exchange in Nigeria, owned by simac c & s services and funds ( buy,sell and exchange).

You can buy perfect money, bitcoin, webmoney, ethereum, litecoin, dash, bitcoin cash e.t.c.

One advantage of the Naira2usd platform is that you can buy or sell e-currency without going through the usual rigorous verification process that other platforms put you through.

Naira4dollar:

Naira4dollar is a company of sunej global ventures limited, it is an e-currency exchange company that has been in operation since as far back as 2006.

Naira4dollar is registered with the CAC with registration code RC-1069456.

Instantgold Nigeria:

Instantgold Nigeria is a Nigerian e-currency exchange that was established in the year 2007, they specialize in the provision of fast and efficient e-currency exchange to their clients.

Nairaex:

Nairaex is a Bitcoin exchange platform that is based in abeokuta, ogun state, Nigeria.

Nairaex is into buying and selling of different types of e-currencies, unlike peer to peer exchange, that already have in stock whatever e-currency that you want to buy.

Remitano

Remitano is owned by Babylon solutions limited, a Seychelles based company, it is a cryptocurrency exchange that was founded in 2014.

Remitano just like coincola is not a direct exchange, but a peer to peer exchange.

Remitano allows sellers to list their crypto assets for sale. When a buyer requests to buy a crypto asset, the seller transfers the crypto asset to remitano’s wallet.

When the buyer has paid the agreed amount to the seller. Remitano remits the locked coin to the buyer

Coincola

Coincola is an over the counter marketplace based in Hong Kong where you can buy and sell cryptocurrencies like Bitcoin, Bitcoin cash, ethereum, tether, litecoin, ripple and dash from people near where you live with your local currency or other payment methods including PayPal, Amazon gift card, iTunes gift card, steam gift cards, Google play gift card e.t.c.

Coincola is just like localbitcoins, since it is also peer to peer.

Read my full coincola review

Conclusion

I hope that with this localbitcoins review, you now know all that you will need to about the platform called platform called localbitcoins.

If you found this post helpful, please share with your friends and others who might need it. Thank you for reading.

Have you used localbitcoins before? What was your experience like? Leave your personal reviews below..

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