LocalBitcoins Exchange: Sign-up and Trade How-To
A peer-to-peer Bitcoin exchange, LocalBitcoins is a “marketplace where users can buy and sell bitcoin to and from each other.” While it may sound simplistic, it’s a sophisticated and detailed platform. Nonetheless, it remains straightforward to register and employ the tools the platform offers.
Traders or platform users, in this case sellers, can create notices that contain both the price and the preferred payment method that they desire to effect the sale of their bitcoin. Other traders or buyers browse the company website to look for an offer that matches their preferences. Over 60 different payment methodologies are accepted from various sellers at any one time on the exchange.
How To Buy Bitcoin on LocalBitcoins Exchange
An important component of the platform is the differentiation between local and online trading. The platform’s USP is that it allows people who share a locality to effect a real-time exchange once they have agreed upon the details.
The bulk of the platform’s trades are online trades, however, which mean that the buyer and seller never meet but the sale is protected by the LocalBitcoins escrow. This makes online trades far more secure and traders are advised to be exceptionally cautious about mixing traditional payment methods with real-time transactions.
Additionally, there is no automatic kick-in of escrow in local trades and, beyond enabling the meeting of and agreement between parties, local trades are often beyond the exchange’s jurisprudence.
Register On LocalBitcoins
To begin, you’ll need to register on https://localbitcoins.com/. On the home page, click the “Sign up free” button and click through:
This will take you to a registration page that looks like this:
Once you’ve entered all necessary details, you’re free to trade. Prior to registering, new traders are advised to peruse the Fees page, found in the drop down menu under “Help”:
The platform is detailed in information, offering buy and sell guides and a host of explanatory intel that enables anyone to get on board and start buying or selling bitcoin. The platform’s security entails a dual-authentication protocol, recognizing if ever you login from any other device other than your habitual device, Login Guard will send an email for you to verify that it’s you before proceeding.
Before transacting on the site, users are also advised to look at the “how to” guides and detailed FAQ under the “Help” tab as well. The offer is simple, but the platform has twists and nuances to address everyone’s preferences. Itt’s worthwhile ascertaining what will apply to your trade prior to commencing.
Trading anything is a risk, and digital coins are extremely volatile assets. Always triple check any submitted information and exercise extreme caution in a transaction if even just a small detail seems out of place.
One of the prime benefits of joining an exchange like LocalBitcoins is that the platform’s security protocols are super-tight and there is a measure of protection provided by an exchange of this nature, in addition to the escrow facility. Opportunistic cybercriminals are deterred by watertight protocols. Nevertheless and by the same token, exchanges are targets for more sophisticated phishing and theft attacks, so caution Is advised. Traders are urged to do their own homework and to exit a trade immediately if ever suspicious activity is noted.