- Good for peer-to-peer Bitcoin trading with escrow and ID
- Bad for cash payments, no-ID trading, risk of scams
Check out our full list of pros and cons or read on.
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LocalBitcoin review 2023
By Andrew Munro
- Fiat currencies
- 134
- Supported assets
- 1
This is not financial advice or an endorsement of digital assets, providers or services. Digital assets are volatile and risky, and past performance is no guarantee of future results. Potential regulations or policies can affect their availability and services provided. Talk with a financial professional before making a decision. Finder or the author may own cryptocurrency discussed on this page.
Our verdict
Find Bitcoin buyers and sellers near you on LocalBitcoins.
Pros
- Trade with multiple fiat currencies. LocalBitcoins allows you to trade with 6 currencies including USD, AUD, EUR, GBP, CAD, CNY & 120+ more.
- Deposit and withdraw USD directly to your bank account in the US. With LocalBitcoins you can deposit cash from your American bank account and cash out back into the same account.
- Supports a range of payment methods. LocalBitcoins supports several popular payment methods including USD deposits via Bank transfer (ACH), Cash and Credit card.
Cons
- Only 1 cryptocurrencies supported. LocalBitcoins supports a smaller variety of assets than some of its competitors. This isn't necessarily a bad thing, but if you're looking for a large range of altcoins you may want to compare other platforms.
- No live chat or phone-based customer support. LocalBitcoins does not have a live customer support service. Instead you will need to consult the FAQ or contact LocalBitcoins via email, which may take several days to receive a reply.
- No mobile app available. LocalBitcoins does not have a dedicated mobile app. You can still use the platform on your phone, but the experience may not be as smooth as other platforms that have smartphone apps.
Details
Product details
| Product Name | LocalBitcoins P2P Exchange |
| Fiat Currencies | AUD, USD, EUR, GBP, CAD, CNY & 120+ more |
| Cryptocurrencies | BTC |
| Deposit Methods |
Bank transfer (ACH) Cash Credit card Cryptocurrency PayPal |
| Trading Fee | None |
| Deposit Fees | Fees vary |
| Withdrawal Fees | - |
LocalBitcoins announcement
On 9 February 2023, LocalBitcoins announced that it will be closing down its peer-to-peer (P2P) trading service.
LocalBitcoins announced via Twitter that it would no longer provide its Bitcoin trading service. The platform encouraged users to withdraw their funds from their LocalBitcoins wallets within the next 12 months, and let users know that its Customer Support team is still available to field questions and/or provide any assistance users might need.
Finder Score
★★★★★Listed LocalBitcoins crypto exchange assets
LocalBitcoins supports 1 cryptocurrency, but some notable assets are missing. Namely, Ethereum, Tether and BNB, which are in the top 20 cryptos by market cap. In total, 1 of the top 20 cryptos are available on LocalBitcoins.
Popular assets on LocalBitcoins supports
Bitcoin (BTC) does not support
Ethereum (ETH) does not support
Tether (USDT) does not support
BNB (BNB) does not support
Solana (SOL) does not support
USDC (USDC) does not support
Lido Staked Ether (STETH) does not support
XRP (XRP) does not support
Dogecoin (DOGE) does not support
Toncoin (TON) does not support
Cardano (ADA) does not support
Shiba Inu (SHIB) does not support
Avalanche (AVAX) does not support
Wrapped Bitcoin (WBTC) does not support
Polkadot (DOT) does not support
Bitcoin Cash (BCH) does not support
TRON (TRX) does not support
Chainlink (LINK) does not support
NEAR Protocol (NEAR) does not support
Polygon (MATIC)LocalBitcoins fees
LocalBitcoins deposit methods
- Bank transfer (ACH)
- Cash
- Credit card
- Cryptocurrency
- PayPal
How to sign up on LocalBitcoins exchange
Before you can even get started trading on LocalBitcoins, you have to go through the rigorous verification process (which usually involves providing proof of identification). This can take time. The reason for this is LocalBitcoins's commitment to certifications and compliance with regulations and insurers.
- Get started
After selecting the Get Started button, fill in the create account form. - Set up payment
Before you can start trading, you have to add your bank account to your LocalBitcoins account. There are several options to choose from, so choose the option most compatible. - Provide identification
Before you can make withdrawals and increase your transaction limits, you must submit proof of address and some additional identification. Use either a passport or a driver's license for this. - Start trading
After all that is processed, you're ready to trade on LocalBitcoins.
Keeping your crypto secure
All centralised exchanges, including LocalBitcoins, are vulnerable to counterparty risks like hacking, theft and insolvency. Using a self-custodial or hardware wallet is widely accepted as the best way to improve the security of your funds. We've shared some of our top picks below.
Ledger Nano X Wallet |
Trezor Model T Wallet |
SafePal S1 Wallet |
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Supported assets 5,500+ |
Supported assets 9,000+ |
Supported assets 30,000+ |
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Price (USD) $149 |
Price (USD) $179 |
Price (USD) $49.99 |
See more of the best crypto wallets
Whether products shown are available to you is subject to individual provider sole approval and discretion in accordance with the eligibility criteria and T&Cs on the provider website.
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Alternatives to LocalBitcoins
1 - 3 of 14
LocalBitcoins P2P Exchange is not currently available on Finder
Have you considered eToro USA LLC Cryptocurrency Trading?
Get $15 when you sign up and buy $100 of crypto. T&Cs apply.
Copy the trades of leading cryptocurrency investors on this unique social investment platform. Non-US residents can read our review of eToro's global site here.
Your reviews
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Andrew Finder
Editor
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fayemanuel Finder
July 30, 2019
Hi Faith,
Thanks for contacting Finder.
If someone gains access to your account and uses your wallet, LocalBitcoins will have no way to recover your funds. Please review their Service Terms found on their website.
Kind Regards,
Faye
J
December 12, 2017
I want to buy bitcoins from an account in Portugal. Can you help me? Can they be stored on this platform or what do I do with them once bought?
Harold Finder
December 13, 2017
Hi J,
Thank you for your inquiry.
Bitcoins cannot be held on LocalBitcoins exchange platform. It can only be used for buying and selling Bitcoins and other supported cryptocurrencies.
If you want to know how you can buy Bitcoin through LocalBitcoins exchange, a video tutorial and step-by-step instructions can be found on LocalBitcoins guide page.
Before you buy Bitcoin, you first need to get yourself a cryptocurrency wallet to be able to receive and store it.
As a reminder, cryptocurrencies are speculative, complex, and involve significant risks so please verify the nature of any product or service and consider your own circumstances before investing in cryptocurrencies.
I hope this information has helped.
Cheers,
Harold
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Shahriar
August 21, 2017
Hello. I want to sell some coins in localbitcoins.com.
What are the safest options to receive money. If a buyer pays me through wire transfer, money gram, WU or cash deposit, and upon receiving bitcoin if he/she cancel the transfer, will localbitcoin will able to protect me from that?
Regards
Show more Show less
Harold Finder
August 21, 2017
Hi Shahriar,
Thank you for your inquiry.
sending money over the platform is safe as long as you use the escrow service — LocalBitcoins will hold currency from both the buyer and seller before the funds are released.
Keep in mind that local trades don’t have escrow by default, and you should only complete in-person trades in well-populated areas. Finally, check the feedback for a buyer or seller before initiating any transaction.
I hope this information has helped.
Cheers,
Harold
Show more Show less
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Faith
July 29, 2019
Hi
What happens to my localbitcoin account if someone gains access to it.
Thank you