LocalBitcoins is a cryptocurrency exchange that connects Bitcoin buyers and sellers within a particular geographical location. The website basically uses the user’s location and that of other users of the site to match buyers and sellers who are close to each other in a geographical sense. Therefore, those who want to buy or sell Bitcoin do not have to look far or to deal with people who are located very far away from the buyer/seller. LocalBitcoins searches and matches you to Bitcoins located “locally”, hence the name LocalBitcoins.
LocalBitcoins serves more than 200 countries and territories on its platforms. The countries which are not served are locked out as a result of either international financial restrictions, or regulatory prohibitions. Countries not served include US, China, Indonesia, Syria and North Korea.
What are cryptocurrency pairs traded on the LocalBitcoins platform? All trading and exchange business features Bitcoin, paired with several fiat currencies such as the USD, Euro, British Pound, etc.
Transactions on LocalBitcoins are done from one individual entity to another. Therefore, only payment methods that allow for P2P (i.e. person-to-person) transactions are permitted on the LocalBitcoins platform.
For those who want to understand what charges they may possibly incur by using the LocalBitcoins exchange site to do business, the following is a guide on the fees schedule for LocalBitcoins usage.
Bitcoin trading (i.e. buying and selling of Bitcoin) is totally free.
Those who advertise their Bitcoins for sale to other LocalBitcoins users that want to buy are usually charged a 1% fee on all completed trades.
Sending of Bitcoin to the wallets of other LocalBitcoins users is also free. However, the Bitcoin network itself will charge a fee for the transaction. In other words, LocalBitcoins will not charge for sending of Bitcoin, but the network will charge a fee (which is used to compensate those who confirm the transactions on the blockchain network). This network fee is not static; it varies with the amount.
Merchant invoicing carries a 0.5% service fee, which is taken from the invoice amount.
Payments of invoices using external transactions also attract some cost.
If custom projects are performed, (e.g. research) a fee of 200 euros/hour is charged. This amount is payable in Bitcoin using the most current BTC/Euros exchange rate.
There are no limits on the amounts of cryptocurrencies that can be traded on LocalBitcoins.
Protecting Your Cryptocurrency And Staying Safe on LocalBitcoins
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