LocalBitcoins Review – Is LocalBitcoins Scam?

LocalBitcoins REVIEW

Summary

Created for global Bitcoin trading

LocalBitcoins is a new breakthrough digital platform for worldwide Bitcoin trading

Read 100% Free LocalBitcoins Review by Scamorno Team

Details

System LocalBitcoins
Website URL www.LocalBitcoins.com
Trial Start Trial
Overall Score 9.4/10

FULL REVIEW OF LocalBitcoins

LocalBitcoins platform has been around for a very very long time. The site provides seller and buyers from around the world the ability to meet and trade Bitcoins.

This services works like a Craigslist for buying and selling Bitcoin. In today’s article we’ll review the different aspects of Bitcoin and guide you on how to choose a safe trade on the site. Payment method accepted on LocalBitcoins: LocalBitcoins sellers/buyers accept a wide variety of payment methods, some of which are:

Here’s a list of the main ones:
Paypal
Wire transfer
Webmoney
Western Union
Cash by mail
Cash (in person)

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What About Using Credit Cards On LocalBitcoins?

Since you’re buying and selling to individuals you will not be able to use a credit card. However, the Paypal option allows you to pay using your credit card if you don’t have a Paypal balance. Depending on the payment method you choose, you will need to pay different fees. For example if you buy using Paypal on LocalBitcoins, this poses much more risk for the seller.

Why is that so? Because Bitcoin isn’t like just any other physical or digital goods you buy online. It’s a form of money, specifically, a form of somewhat untraceable money. That’s why many credit card companies (i.e. Paypal) do not insure Bitcoin exchanges that sell Bitcoins via credit card purchases.

You will usually get the best price for buying Bitcoins using a hard to reverse payment method like cash deposits or wire transfers. Transaction fees:
If you’re only looking to purchase Bitcoins then LocalBitcoins will be free to use. The site only earns a commission of 1% from the sellers.

Where To Store Your Bitcoin After Buying From LocalBitcoins?

It’s highly recommended not to leave your Bitcoins lying around in your LocalBitcoins’ wallet and to move it to your own secure Bitcoin wallet.  This is because leaving your Bitcoin in an exchange is the most dangerous way of owning Bitcoin as exchanges themselves are hot targets for crypto hackers.

The sellers themselves don’t have a transaction fee, instead they charge higher exchange rates, so take that into account when making a trade.

If you go to the main Bitcoin community boards (i.e. Reddit and Bitcointalk) you will find many opinions about LocalBitcoins. However after going over 15 different reviews we can say that most people say the same thing – The platform is good, it’s the people you need to be suspicious of. Or like one Redditor says: “Trades are as trustful as the people you’re making the transaction with”.  That’s why you need to be more careful about the people on the platform that the platform itself.

LocalBitcoins is a great platform in our opinion, as our purchase and subsequent sales of Bitcoin went through without any problems . However, some of the traders on it are not so great. At the end of the day you’re trading with individuals so you have to make sure you’re using, and be sure not to trade with any anonymous or poorly rated trader.

Review Verdict: LocalBitcoins is a legitimate platform that works

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Consumer Fraud Alert Regarding LocalBitcoins

The success of LocalBitcoins has given rise to many frauds who try to sell their own fake services in its name. This is a big issue as many customers have lost their money in trading from such fake sites. It is advised that customers should be really careful when they are trading and should do some research before they trade from any website. To spot these, watch out and avoid sites that claim to write about LocalBitcoins, yet the write-up is completely garbage and unreadable as they are created by software and spammed all over the internet. It is always better to avoid trading from any other site other than the official one. Therefore, it is highly advised that consumers do careful research, or only trade from the site from the official website here – http://LocalBitcoinsOfficial.com/ (link opens in a new window). The official website that they have includes the legitimate platform.

Conclusion about LocalBitcoins

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Keep in mind that if you’re totally new to LocalBitcoins “power sellers” may not want to buy or sell with you because you do not have enough feedback yet. This means you may have to make a few small trades with less trustworthy seller in order to boost your feedback so you can deal with the more respected sellers. So there you have – now you know how to trade on LocalBitcoins safely. Follow these steps and you should be 99% covered from fraud.

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