LocalBitcoin

localbitcoin exchange review

LocalBitcoin Exchange Review

LocalBitcoin is a p2p bitcoin trading marketplace where they act as escrow for traders.

PROS


  • High privacy due to p2p style trading which similar to our website, CCMalaysia
  • Large coverage including Malaysia
  • Multiple methods of transaction

CONS


  • Due to nature of privacy on p2p , traders have to be wary of possible scams
  • Fees will be varies and mostly costly due to pricing of each traders are different

Payment Methods

Transaction method depends on the buyer/seller wish to use. The method could varies from bank transfer , digital payment such as paypal to cryptocurrency exchange. Users who wish to know more could visit their guide on more info regarding the variety of payment methods.

Each method of payments will have possible risk of scam depending on trustworthy of buyer/seller. The decision of whether accepting a transaction should be made with proper precaution such as profile rating review.

Supported Country

Currently LocalBitcoin covers up to 248 countries including Malaysia.

Privacy

LocalBitCoin does not require full detailed information to register as compared with other exchanges , where only email is suffice. However , traders might still request for identification from each other as confirmation whether the trader are legit.

Limit and liquidity

There are no trading limit as all transaction are solely dependant on the traders. Thus prices and trading limits are determined by traders themselves.

Transaction speed

Time required per transaction will solely depends on the payment method used. It varies entirely on traders sending their deposit and confirming payments via methods they used.

Reputation

LocalBitcoin is indeed a legit exchange provider with a large number of successful transactions. However given the fact its a P2P exchange , traders should still hold precautions on each trade they made as each users are highly anonymous.

Other than having precaution towards each trader’s legitimacy , it is also advised to not store any valuable Bitcoin in Localbitcoin’s wallet as online database will always have the possibility of getting hacked.

Fees

LocalBitcoin charges 1% fee for all trading which is quite similar to Binance who had an initial 1% fee for all trading as well. However the prices of Bitcoins solely depends on trader’s offer.

Customer Support

LocalBitcoin has a customer support team that provides support here. They provide a forum for traders as well to share information or helping each other.

Support reply would require up 3 days depending on complexity of issues due to high traffic. It is not advisable to re-issue support tickets as it would only increase waiting time.

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