LocalBitcoins
Reviews 24
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2.9
LocalBitcoins is a popular cryptocurrency exchange that provides fast withdrawals and profitable exchange of coins into fiat currencies.
Cryptocurrency exchange
Website
Social media
Date of foundation
2012
Head Office
LocalBitcoins Oy Porkkalankatu 20 00180, Helsinki, Finland
Types of support
Feedback form on the site
Help Center
Instagram
Facebook
Languages
Russian, English, French, Spanish, Italian, Portuguese, Chinese
Manager
Sebastian Sonntag
Exchange Commission
Transaction fee: 1 %
Age restrictions
From 18 years
Number of cryptocurrencies
1Bitcoin only
Margin Trading
No
Tokenized assets
No
Free Demo Account
No
Types of accounts
Execution of orders
Instant Execution (exact execution), Market Execution (at market price), Stop Orders
Methods of replenishment
Advcash, OKPAY, Payeer, PayPal, Perfect Money, Qiwi, Webmoney, WesternUnion, Avangard, Alfabank, VTB 24, Debit cards, Credit cards, Cash to exchange account, Cash via ATMs, Otkritie, Raiffeisenbank, Sberbank, Tinkoff, YMopeu
Withdrawal methods
Advcash, OKPAY, Payeer, PayPal, Perfect Money, Qiwi, Webmoney, WesternUnion, Avangard, Alfabank, VTB 24, Debit cards, Credit cards, Cash to exchange account, Cash via ATMs, Otkritie, Raiffeisenbank, Sberbank, Tinkoff, YMopeu
Account currencies
RUB, EUR, USD, Cryptocurrency, CZK, GBP, AUD, etc.
Types of cryptocurrencies
Bitcoin
Mobile applications
No mobile apps
Trader training
Trading Guide, blog, reference materials on the site
A way to store cryptocurrencies
Cold: yesThe safest way to store bitcoins is offline
Hot: yesA small amount of bitcoins for transactions of exchange users
Fiat accounts
In various international currencies, e.g., RUB, EUR, USD
Scalping
No
Stop Loss and Take Profit Function
Including author's order settings for more profitable buying/selling cryptocurrencies
Exchangeability for fiat currencies
Yes
Basic verification
May be required to provide more security on the platform
Extended AML verification
API
Read moreTo create your own applications and automate commerce
Affiliate Program
RegistrationUp to 20% from commission
Benefits
The ability to buy bitcoin for the national currency of over 248 countries
Availability of several interface languages
Ability to buy bitcoins both online and offline in a meeting for cash
Availability of a mobile app
User-friendly interface
Availability of public information about the trader's account
Disadvantages
Cases of fraud on the stock exchange
Bitcoin is the only cryptocurrency that can be bought on the exchange
Company requisites
Overall assessment
9.6/10
Date of update
13.07.2022
    Address
    LocalBitcoins Oy Porkkalankatu 20 00180, Helsinki, Finland

    LocalBitcoins is it a scam? Reviews and description

    Published: 16 January 2018 Updated: 13 July 2022

    LocalBitcoins is a popular Finnish crypto exchange, which has been operating steadily on the market since 2012. It provides a wide range of services for crypto trading. The company comes up with a possibility of secure storage of digital coins in crypto wallets. It ensures the trouble-free exchange of digital coins for fiat money and rapid withdrawal of capital. Due to the fact that all transactions occur between market participants without any intervention of the site, it’s a very transparent platform for crypto trading.

     

    Of course, as a potential client of this service, you’re eager to know whether this site is a scam or it’s a reliable crypto exchange, which offers high quality services, fulfills all obligations to its users, ensures safe trading as well as rapid withdrawal of earnings. Let’s answer this question here below.

    LocalBitcoins review

    Founded by the programmer and entrepreneur Jeremias Kangas, LocalBitcoins is currently considered to be one of the largest decentralized cryptocurrency exchange services (here you can learn the whole truth about digital coins) and the number of its users is constantly growing. The distinctive feature of LocalBitcoins is that it’s a p2p-bitcoin exchange, which gives an opportunity to conduct crypto trading directly with each other (the site itself has nothing to do with transactions). This helps traders from all over the world to quickly and profitably exchange local money for bitcoins (make money on Bitcoin’s) . The website of the crypto exchange, localbitcoins.net offers a large number of convenient ways of making payments. All this causes great trust in the resource. Transparently, reliably and profitably – that’s how an average trader describes trading on the site.

    Users only need to place an ad, indicating the exchange rate and convenient methods of payment for the purchase or sale of bitcoins. Responding to such private requests, traders quickly negotiate a personal meeting to buy currency in cash or online, using a convenient way of payment through the system. By the way, it’s easy to sell bitcoins «offline» (from hand to hand). Despite it makes it difficult to track transactions, this possibility is in great demand. To do this, traders should find the most favorable offer on the site among the proposed by users. The search system will enable you to quickly spot exactly the one, which is most suitable for you. At the same time, the site rolls out information on the distance to the seller (buyer), his or her reputation, the number of transactions and the price.

    Having sent an application, you need to start an online chat with the seller (the buyer), where you can discuss the conditions for the transaction. If the trader doesn’t accept any of the suggestions of the users listed on the official website of the crypto exchange, then the trader can quickly create his or her order, specifying the desired conditions there. Bitcoin is safely stored in the Internet wallet LocalBitcoins, you can use the digital currency (learn here how to earn on crypto assets) to pay for your purchases. It’s quite possible to work on the site localbitcoins.net without verification, but in this case only a limited choice of users is available to the trader, and all the profitable market offers are not visible. It is also worth remembering that sellers (buyers) can demand documents from you to confirm your identity as well as security of transactions.

    It’s crucial for the LocalBitcoins exchange to provide the most convenient platform to its users. So, the site supports several languages and a large selection of transaction methods is implemented. Moreover, it’s possible to conditionally deposit payments to protect the buyer of bitcoins. As a commission, the site takes only 1% from traders selling digital coins. It’s also interesting that LocalBitcoins openly gives its users actual information about itself: the address of the headquarters (Finland, Helsinki), the registration number of the organization (TIN: FI25251957). Undoubtedly, it increases the level of customer confidence.

     

    Replenishment and withdrawal of funds

    LocalBitcoins offers its clients a wide range of transaction options:

    • Credit and debit cards (Visa, MasterCard),
    • Bank transfers (Sberbank, VTB24, Raiffeisen, Opening, Vanguard, Tinkoff, Alfa Bank, etc.),
    • International transfers (SWIFT),
    • Electronic payment systems (AdvCash, QIWI, OKPay, Yandex money, PayPal, WesternUnion, Payeer, WebMoney, Perfect Money, etc.),
    • Depositing cash into the account, depositing cash through ATMs; with the gift card code.

     

    Complaints about LocalBitcoins

    The LocalBitcoins crypto exchange is quite popular among users due to its simple operation principle, enhanced functionality, advantageous trading in crypto assets (2018 cryptocurrency forecast). The Internet offers a variety of reviews about the project. Traders point to useful and convenient functionality of the site localbitcoins, its reliability, an ability to get verified for full-fledged operations in the system, support for fiat currencies, an option of depositing funds as additional protection against fraud, a profitable exchange rate to sell bitcoin, a high level security on the site, a convenient user interface, a large number of ways to carry out transactions and fast transfers within the system.

    As for the negative aspects, traders often point to the lack of transaction control, a limited set of digital coins (only bitcoin is available), a high risk to become a victim of frauds, blocking of the official site of the exchange. However, it should be noted that when the site is blocked, many of its users simply go to any of the available mirrors.

    Regulation of LocalBitcoins

    LocalBitcoins has a legal registration in Finland, Helsinki (TIN: FI25251957), it operates on the crypto market in accordance with the current legislation of this country. At the moment, the organization doesn’t have a license to carry out operations with cryptocurrencies, but it does its best to guarantee the maximum security of trading on the platform. Providing its clients with a unique platform for crypto trading, the company adheres to AML (Anti-Money Laundering) standards and guarantees the security of the trading process as well as the absolute confidentiality of information. By the way, money laundering can be regarded as an intentional concealment of the source of income received as a result of illegal activities (terrorism, robbery, bribery, etc.).

    The crypto exchange monitors the users’ transactions, carefully examines the personality and behavior of its clients, their documents (the KYC principle), keeps records of all transactions of its users. The users can take advantage of a two-factor authentication, cold wallets, the conventional deposition of bitcoin (for secure storage of this crypto asset). Additionally, the Login Guard option enables the company to remember the clients’ web browsers and check which browser is logged on.

    Read the Security Guide on the LocalBitcoins website
    Read the Terms and Conditions on the LocalBitcoins website

     

    Is LocalBitcoins a scam?

    The LocalBitcoins crypto exchange is considered to be one of the most unusual services for crypto trading. It’s not a standard crypto exchange. That’s a convenient platform (a p2p-service) for interacting directly with the interested client. It has already gained the trust of it users who positively note the company’s rich experience, reliability, a wide coverage of traders around the world, the number of which keeps steadily growing now. The crypto exchange supports the principle of full decentralization and it doesn’t intend to control the activities of its users. Working on the site localbitcoins.net, the trader chooses the most profitable and most suitable offers; he or she personally negotiates with the required buyer or seller. In this case, the resource doesn’t interfere with this process, it only provides the trader with its suitable platform unique options. Low commissions attract many traders to the site.

    Due to the convenient search for suitable offers, the participants quickly find a profitable deal, easily create orders with their terms of transactions. The clients make use of the option a quick withdrawal of money. They’re capable of carrying out both online and offline transactions. It’s worth noting that to work on the site localbitcoins those who don’t speak English don’t need to pass mandatory verification, but if they pass it, they will get more opportunities to choose profitable offers.

    On the Internet you can find both positive and negative reviews about the service. Among the advantages, one should point to the high security of the site, the striking convenience of its unique functionality, which enables you to profitably trade in crypto assets, the comfortable selling rate of bitcoin, the full freedom of the user, fast transfers within the system, etc. However, it’s necessary to take into account the negative aspects of the system. So, you need to carefully select users for transactions. The issue of the participants’ conscientiousness is of supreme importance on the site, as there’s high probability of becoming a victim of frauds and losing your money.

    Other downsides include bitcoin as the only supported digital currency, the lack of control of transaction security, frequent blockings of the official site of the exchange. However, when the site is blocked, the users simply rush to its official mirror – localbitcoins.net. By the way, blockings greatly contribute to the overall popularity of the resource. As a result, the volume of crypto transactions has leapt.

    The given crypto exchange can hardly be a scam. It’s because today the site steadily works (the same is true for its mirror). It fulfills all the obligations to its users: provides excellent functionality, fast withdrawal of money, security and reliability of the site. The biggest problem of the resource is that even such an organized, convenient and profitable crypto trading system isn’t immune to scammers. The exchange can’t absolutely exclude such dangerous moments, so the trader has to work at his own risk. The trader needs to take special care when it comes to choosing partners for his crypto transactions. Do we have grounds to label the exchange a fraudster? Certainly, we won’t say yes in this case. It’s because the site works steadily on the market. It provides a slew of useful options and boasts awesome and profitable functionality, and the clients stress this fact in their reviews. A large number of users around the world is that fact, which definitely proves the company’s success.

     

    Conclusion

    Today the LocalBitcoins crypto exchange is one of the most popular and most successful services for profitable trading in digital coins. The principle of p2p-service is used on the site, which allows the company’s clients to work comfortably here, communicating directly with the interested buyers or sellers, without the exchange’s direct interference. Since its opening, the resource has been functioning steadily. By the way, except the official localbitcoins.com exchange website, there is its official mirror – localbitcoins.net.

    Convenient crypto trading, low fees, great reliability, security, support of fiat money, fast withdrawal of money within the system – all of this distinguishes the resource among other leading crypto exchanges. Concluding the review of the platform, we won’t call it a scam. We guess that real feedback from traders about the exchange will help other people to work with it more efficiently and change its rating on our website.

    Exchange Commission
    56%
    Transaction speed
    60%
    Reliability
    54%
    Technical support
    59%
    2.9

    Отзывы

    • don't even have to

      It is possible of course to register, walk around the pages, but do not trade. Some kind of disproportionate appetite for document requests. The Russian Federation should not trade there at all, there are the same bitzlato, Gar, Binans, Beribit, and in the last resort, change at Best. When I started trading P2P, I thought there would be a lot of transactions, but when the interrogations and requests for documents began, it was not worth it.

      Reply to this review
      1.3
    • I don't recommend watching movies at all and

      I wanted to withdraw my BTC, but in the end they wrote that my account was frozen. I was communicating with them for 2 months, almost every day I sent them passport photos and selfies with today’s dates. There’s a whole album of photos. In the end, what will happen to my BTC? They will take it and it will be ok. In the end I lost 0.69 BTC. Tech support said if you want to call the police. I think that’s how they solved it!

      Reply to this review
      1
    • Not a bad platform for trading crypto

      Not a bad platform for trading crypto, but I had to wait a long time for the transaction, so I lower my score.

      Reply to this review
      4
    • The service shoves its lefty offers forward

      The service shoves its lefty offers forward.
      After the transaction you do not receive crypto, after the service wipes the history of transactions with fraudulent accounts and your money is successfully stolen. Even an open dispute on the deal disappears into oblivion!
      stay out of it! On binans, with great commissions, everything is clear and smooth! The chuchi "s stealing our dough!

      Reply to this review
      1
    • I bought the bits on this site...

      I bought the bits on this site on the long term. It has been 3 years I wanted to withdraw and they write to me that my account is frozen. I threw them support and pictures of all they asked for 3 months of negotiations in vain. I was asked to provide screenshots of the transaction of these bits, I told them 3 years had passed since the transaction that my address is cleared once a year and my mobile number I changed 2 years ago because I moved to another country. And the site did not go all this time. As a result, no solution(

      Reply to this review
      1
    • My account was hacked, despite the fact...

      My account was hacked, despite the fact that there was a two-factor protection. The scammer withdrew 660000 rubles. There are big commissions here, I don’t recommend this service to anyone!

      Reply to this review
      1
    • This shitty site does not accept my...

      This shitty site does not accept my documents for verification. There are morons sitting there.

      Reply to this review
      4.5
      • Ramis Mindiyarov 20 October 2020 at 19:31

        You're the moron, you adjust the documents as you need them, not as you want them to be. Read the instructions.

    • I was cheated out of money. They...

      I was cheated out of money. They ask for a photo with my passport after sending the money. I’m going to write a statement to the police.

      Reply to this review
      4.5
      • Ramis Mindiyarov 20 October 2020 at 19:32

        What kind of nonsense is this, who cheated? The scammer or the local? How could a local cheat you out of money? Where do you build financial relationships with them?

      • Miša 27 November 2020 at 05:27

        Just someone does not know how to study the trader from statistics to reviews.) Recently, the first time I tried the exchange, I bought a btk, I have transferred the money to the card of the seller, in 15 seconds I got the credit, even exchanged trust. Norm exchanger! And easy.))).

    • The administration of localbitcoins.net forces the transfer...

      The administration of localbitcoins.net forces the transfer of personal data (passport scan, passport photo and other). Even if you have a T0 level (transaction limit of 1000 euros per year) it is still useless. That is, a minimum account T0 formality, with him you can neither get nor sell, although under the Terms of Service can. Support confirms that it is not in the rules and conditions of service, it’s just their internal order. I.e., we see a complete lack of lawfulness and coercion to hand over personal data under threat of losing money (who has the rest) — that’s two criminal offenses at once. But they don’t care where they are based in Finland? Go ahead and sue.) Apparently I lost my three kopecks that are there on the balance)

      Reply to this review
      3.8
    • Several times I bought bitcoin on local

      Several times I bought bitcoin on local, there was no cheating. Now I use different exchangers, I choose on https://revieweek.com/exchangers/, compare the rate, rating and reviews.

      Reply to this review
      2
    • Just a little something to think about:.

      Just a little something to think about:

      The localbitcoins website says it is owned by a company in Helsinki. Check it out:
      Registrant Contact Information:
      Name
      WhoisGuard Protected
      Organization
      WhoisGuard, Inc.
      Address
      P.O. Box 0823-03411
      City
      Panama

      look at the address the site writes about itself in the title: localbitcoins.com
      looking at the actual address: localbitcoins.net

      Looking at the company that issued the certificate for localbitcoins.net: Let’s Encrypt Authority X3.)

      Reply to this review
      4.8
      • Goblin Darkside 18 April 2020 at 11:06

        I left my comment - how they take money from users)

    • This service is a scam. The trader...

      This service is a scam.
      The trader does not release bitcoins and the administration assists him. It’s a hell of an office.

      Reply to this review
      3.8
      • Olyga 25 March 2020 at 18:32

        I lost my access to the ac.Not only have I not heard an answer to my appeal to help.So they even my receipts which came the other day withdrew from the kosh. Shameless

      • Goblin Darkside 18 April 2020 at 10:30

        Exactly the same situation

        Guys this is a shitty scam, do not use this service!
        Did the deal, helped a colleague to do the deal, to buy bitcoins, sent 1300 UAH from the bank card to the seller https://localbitcoins.net/accounts/profile/Ozzyk/
        As a result, this comrade requested almost The keys to the house! For you will not see your money!

        Requested, photo, scan of passport, photo of the outside and back of the card, selfies with passport)))) Of course I told him to go fuck himself! In the end, the Administration sided with the sellers))))) apparently work together!

        I wrote, if something is not ok, make a refund to where the money came from! to which the seller said he would not refund anything! and the money stays with him))))

        Details fraudster
        5169 3600 0840 9744
        5169 3600 0840 9900

        Cool rule they came up with) «prove you’re not a fraud» or else we won’t return the money))))) a nice excuse Let the seller leave his phone number — if he does not want to solve the problem through the police!

        The receipts are all there if I’ll attach it!
        Here’s the story of how I said goodbye to 1300 hryvnias!
        Do not think about using this shit!

      • Mokriy Asfalyt 28 November 2020 at 20:57

        Well, if you're a triangle...then of course you haven't verified that it's your money.

    • The company blocked 1.39 bitcoin and absolutely...

      The company blocked 1.39 bitcoin and absolutely does not respond to tickets for 15 days. When they publish information about this on reddit forum, they delete the post and ban the user on their thread.

      Reply to this review
      3.5
    • 1032148 Ticket has been processed for a...

      1032148 Ticket has been processed for a month, the problem was with the buyer who did not know how to use Localbitcoin correctly, as a result the account is blocked, support responds for weeks, they ask for documents in turn, intentionally driving the user into difficulties! Stretch the terms of consideration, there is no respect for the service. I will post screenshots now.

      Reply to this review
      3.8
    • For active trading it is always necessary...

      For active trading it is always necessary to be in a favorable position in the market.

      I represent a team of programmers and we have created a bot that helps traders to be in a selected position on the list of ads.

      We are also ready to create almost any product on your terms. The price is negotiable

      If you have any questions please go here: @ci_sf_it_team

      Reply to this review
      3.8
    • What makes you think it's the largest...

      What makes you think it’s the largest platform

      Reply to this review
      3.8
    • What's a scam? it's the international largest...

      What’s a scam? it’s the international largest platform!!!!

      Reply to this review
      1.5
    • I used it for a few months

      I used it for a few months, earned a little bit sometimes.
      At some point my account was hacked, I quickly wrote to tech support about it.
      Although I wrote in a special section «My account was hacked» where they are supposed to respond promptly, the answer came only after 24 hours. And do you know what the answer was? «The specified account, unfortunately, can no longer be used, because it was involved in fraudulent activities.»

      That is, the account was completely blocked.

      Even after the scammer got access, he easily changed the account email and then the password and there was no way I could regain access myself. Now that’s super…

      Reply to this review
      4.3
    • Got caught in the trap of scammers

      Got caught in the trap of scammers. Registered on this site. Just had time to make some bits. As they were immediately withdrawn. Screenshots attached. Technical support is silent. Lost 12000. Entered from another ipishnik screenshot. I attach. Be vigilant.

      Reply to this review
      3.8
      • Andy 6 December 2019 at 16:54

        Buddy, you logged into a phishing site...
        You should have signed up through a VPN at Localbitcoin.com instead of net!
        A lot of people got phished here, you're not the only one who got caught...

      • Danil 7 December 2019 at 09:27

        No, it's not... both domains belong to the exchange, they are mirrors!

    • I personally had my bitcoins stolen to...

      I personally had my bitcoins stolen to the amount of 400,000 rubles

      Reply to this review
      3.5
    • This is the most popular site, not...

      This is the most popular site, not a scam. If someone writes that it is a scam, they are just eliminating a competitor. I have used it many times and there were no problems.

      Reply to this review
      1.8
    • I think it's a divorce

      I think it’s a divorce.

      Reply to this review
      2.8
    • Not everything is as smooth as it...

      Not everything is as smooth as it may seem at first glance. After a month of work I realized that there are a lot of scammers who do not give normal work on this exchange.
      Scammers create a lot of fake accounts, with which they deposit your bitcoins in the wallet and drop you from the ad for an hour. As soon as the transaction is closed, everything repeats all over again.
      In the end, some freak (I have no other words) apparently complained about the alleged fraudulent actions on my part to support kiwi, and my kiwi wallet was blocked without explanation, along with the balance of funds. Probably SB of the kiwi system on its own initiative did it. In short, there are no ends to be found.
      Support for kiwi demanded first a photo of passport and photo of the contract with the service provider. And this is after the identification procedure in the salon of Euroset with a passport. (A couple of days ago), then after I sent them — kiwi support requested documents certified by a notary with a written report of where the money came from and where it was sent to. Otherwise, the refusal to refund the money means. That’s fucked up.

      In short, be careful with Kiwi, it is a legalized scam, until I encountered it really — I did not believe that this can be.

      The main disadvantage of this exchanger is the lack of a second wallet (dollar or ruble), so there was no hassle as I have with Kiwi, and not only me.
      Thank you for your attention, perhaps my article will help someone.

      Reply to this review
      2.3
      • zdohnikivi 27 May 2019 at 12:00

        Kiwi is a piece of shit, everyone who does business with them will suck their dick

    • Have used this site many times, good...

      Have used this site many times, good site, it’s not a scam.

      Reply to this review
      1.8
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