In this post we take a look at How To Use LocalBitcoins To Buy And Sell Bitcoins 🙂
The steps to register are as follows:
Step 1: Click HERE and open the LocalBitcoins website on your browser.
Step 2: At the top right you will find links to Sign up free and Log in. Click on Sign up free to create a new account.
Step 3: On the registration page you are required to enter your basic credentials like your username, email address, password, mobile number etc. Before you finish, make sure you check mark the little box adhering to the terms and conditions of the website.
Step 4: Post this, you will be get a verification mail to the email id that you have provided. Once you verify your email id, you can access all the features available on the website.
How To Buy Bitcoins On LocalBitcoins
Step 1: To get started, you need to first sign up for an account by registering on the website. On registering, you will get access to a free and secure online bitcoin wallet. If you already have an account, skip to the next step.
Step 2: Go to the main page and in the search box fill in the form with the amount you want to buy in your currency, your location and choose a payment method. If you’re unsure how you want to pay, choose “All online offers” as your payment method. The site will list bitcoin traders available in your region.
Step 3: From the list of advertisements, choose one from a trader with a good reputation score and a high amount of trades. The response time indicator shows if a trader replies within five minutes (green), within 30 minutes (yellow) or slower than 30 minutes (grey). You can click the ‘Buy‘ button to view more information about an advertisement.
Step 4: After you press the ‘Buy‘ button you’ll see more information about the advertisement, including the terms of the trade. Read through them before submitting the trade request, if you don’t agree with them you can go back to the previous page and choose another advertisement.
To start the trade, type in the blue box how much you want to buy, enter a message for the seller and click the Send trade request button to the start the trade. Be sure you’re ready to pay when clicking the button, if you don’t pay before the payment window is over, the trade will be automatically cancelled.
Step 5: Once you have made the payment, click the I have paid button. Once the trader has verified that your payment has been received, your Bitcoin will be released from escrow and they are instantly available in your LocalBitcoins wallet. And that’s all there is to it, congratulations on your first Bitcoin trade!
How To Sell Bitcoins On LocalBitcoins
Step 1: Go to the main page and in the search box select the option QUICK SELL. Fill in the form with the amount you want to sell in your currency and choose a payment method. If you’re unsure how you want to be paid, choose All online offers as your payment method. The site will then list all Bitcoin offers available.
Step 2: From the list of offers, choose one where the trader has a good reputation score and a high amount of completed trades. The response time indicator shows if a trader replies within five minutes (green), within 30 minutes (yellow) or slower than 30 minutes (grey). You can click the sell button to view more information about an offer.
Step 3: After you press the Sell button you’ll see more information about the offer, including the terms of the trade. Read through them before submitting the trade request and if you don’t agree with them you can go back to the previous page and choose another offer.
To start the trade, type in the blue box how much you want to sell, enter a message for the buyer and click the Send trade request button to the start the trade.
Once you start the trade your Bitcoins will be moved from your wallet to the trade escrow.
Step 4: After you’ve sent the trade request the buyer will ask you for your payment details (e.g. if you want to sell for a bank transfer the buyer will ask for your bank account information). After you have given the seller the payment information the buyer will pay for the Bitcoins and confirm it to you.
Please make sure that you have received the money into your account before releasing the bitcoins. NEVER release Bitcoins before you have received payment. Bitcoin transactions are irreversible, once you send the Bitcoins to the buyer there no way to get them back, even if the buyers payment doesn’t show up.
Once you have confirmed that the payment has been made you can scroll down the page and select Release Bitcoins. This will send the Bitcoins from the trade escrow to the buyer and complete the trade.
Understanding The Website
The website has various different options and understanding them right, is the key to you making the right trade and getting max returns.
The left side of the page consists of the following options:
The right side of the page consists of the following options:
LocalBitcoins Exchange Review –
LocalBitcoins is a P2P Bitcoin exchange platform. On here, buyers and sellers agree on trade terms to carry out a transaction wherein the platform itself is used as an escrow. The platform has some quality advantages of which the standout one would to not impose any limits on its users, thereby users are free to decide on their own prices and limits. LocalBitcoins does not require personal information when making good trades. Unlike other exchanges, which require ID verification and personal information, LocalBitcoins allows you to buy bitcoin without connecting your name to the bitcoin you’re buying.
The website has a pretty simple interface and is very user friendly. Transactions need to made in good faith with users who have a high rating, else chances are high that you may be duped.
Hope you have learnt how to use LocalBitcoins to buy and sell bitcoins. Shoot us your queries in comments section below and we’ll get back to you with solutions as soon as possible.
What are the commission rates charged on LocalBitcoins?
- Bitcoin trading – Registering, buying, and selling Bitcoin is completely free. LocalBitcoins users who create advertisements are charged a 1% fee for every completed trade.
- Bitcoin transaction fees – Transactions to wallets of other LocalBitcoins users are free. Transactions to other Bitcoin wallets are subject to Bitcoin network transaction fee. The current fee is visible on the wallet page under the heading Bitcoin Network Fees. The size of the fee changes depending on the current usage rate of the Bitcoin blockchain. The transaction fee is paid from your LocalBitcoins wallet when you send a transaction. When sending to LocalBitcoins wallet, a bitcoin network fee is deducted from the deposit. The fee varies on how congested the Bitcoin Network is. The current sending fee is visible on the wallet page under the heading Incoming transactions and fees.
- Other fees – When using our merchant invoicing services a fee of 0.5% is deducted from the paid invoice amount of each invoice. Also Bitcoin network deposit fee is deducted from the invoice amount, if the invoice is paid with an external transaction. Custom work, e.g. research of possible external problems, is 200 EUR/hour paid in Bitcoin at the current market rate.
How long does it take to send or receive Bitcoins to my LocalBitcoins Wallet?
Transactions take between 10-60 minutes when you are sending Bitcoins to your LocalBitcoins Wallet or when your sending Bitcoins out from your LocalBitcoins Wallet. Transactions between LocalBitcoins Wallets is instantaneous.
How do I enable two-factor authentication for my account?
Two-factor authentication is enabled from the security settings page. LocalBitcoins offer two different types of two-factor authentication, mobile based and paper based.