LocalBitcoins Review 2024
According to our idea, the TU Overall Score indicator should answer the biggest question of all: “Can I trust this broker with my money?”. The scores range within 0.01 – 9.99 (the higher the indicator the more trust the broker has). More details
- $1
- Proprietary platform
- Only Bitcoin, trading with most currencies of the world, free of charge exchange for fiat funds
According to our idea, the TU Overall Score indicator should answer the biggest question of all: “Can I trust this broker with my money?”. The scores range within 0.01 – 9.99 (the higher the indicator the more trust the broker has). More details
- $1
- Proprietary platform
- Only Bitcoin, trading with most currencies of the world, free of charge exchange for fiat funds
Our Evaluation of LocalBitcoins
According to our idea, the TU Overall Score indicator should answer the biggest question of all: “Can I trust this broker with my money?”. The scores range within 0.01 – 9.99 (the higher the indicator the more trust the broker has). More details
LocalBitcoins is a high-risk cryptocurrency exchange with the TU Overall Score of 2.64 out of 10. Having reviewed trading opportunities offered by the company and reviews posted by LocalBitcoins clients on our website, Traders Union expert Anton Kharitonov does not recommend working with this broker, as, according to reviews, most clients are not satisfied with the broker. LocalBitcoins ranks 167 among 172 companies featured in the TU Rating, which is based on the evaluation of 100+ criteria.
LocalBitcoins differs from the vast majority of crypto exchanges in the specialization. You can buy and sell only Bitcoins on the platform. At the same time, there are no problems with exchanging Bitcoins for fiat funds. There are no transfer limits and one-time commissions for all types of transactions.
Brief Look at LocalBitcoins
LocalBitcoins Exchange (also LBE) is an international Bitcoin trading platform. The main office is located in Helsinki, Finland. It is one of the old-fashioned worldwide crypto exchanges, founded back in 2012. You can only trade Bitcoins on the LBE site. The exchange supports most options for depositing and withdrawing funds, including Visa / Mastercard debit cards and e-wallets. There is a cold and hot way of storing Bitcoin with the possibility of exchanging fiat funds. Funds in the account can be stored not only in Bitcoins but also in almost any world currency.
- you can buy Bitcoins for almost any worldwide currency;
- full-fledged localization in seven languages;
- the trading application has a simplistic and convenient interface;
- the platform operates under the AML and KYC laws;
- there are webinars guides for newbies and professionals;
- fixed commission 1% for all types of transactions.
- only Bitcoin can be traded;
- there have been fraud cases on the exchange in the past;
- registration is limited for some regions.
TU Expert Advice
Financial expert and analyst at Traders Union
LocalBitcoins is one of the few cryptocurrency exchanges that specializes in a single cryptocurrency. Since its inception, the platform has made it possible to trade only Bitcoins. Traders Union has been monitoring LocalBitcoins for more than 8 years, during which time the exchange has shown major technical improvements. The security system has been modernized, the transactional part has been optimized, and the interface has been simplified.
Nowadays, the interface and architecture of the LocalBitcoins’ trading terminal fully meet the current security and functionality requirements. Due to the complete transparency of interactions, the exchange organically excludes unreliable elements from the trader's network.
Traders Union experts point out other up-to-scratch features of the exchange. For instance, a flat commission for all types of transactions. LocalBitcoins does not oblige traders to keep money in the platform account; the user can use third-party wallets. There are no commissions for transfers within the site. At the moment, the exchange offers one of the most favorable trading conditions.
LocalBitcoins Summary
Your capital is at risk. Cryptocurrency trading can be extremely risky. Cryptocurrency trading can lead to large and immediate financial losses. The volatility and unpredictability of the price of cryptocurrency relative to fiat currency may result in significant loss over a short period of time. Transactions in cryptocurrency may be irreversible, and, accordingly, losses due to fraudulent or accidental transactions may not be recoverable. The nature of cryptocurrency may lead to an increased risk of fraud or cyber attack.
| 💻 Trading platform: | Proprietary platform |
|---|---|
| 📊 Accounts: | Standard |
| 💰 Account currency: | XBT |
| 💵 Replenishment / Withdrawal: | Bank cards and accounts, electronic and cryptocurrency wallets |
| 🚀 Minimum deposit: | 0,002 XBT |
| ⚖️ Leverage: | 1:1 |
| 💼 PAMM-accounts: | No |
| 📈️ Min Order: | zero-entry |
| 💱 Commission: | Market |
| 🔧 Instruments: | Cryptocurrencies, currencies |
| 💹 Margin Call / Stop Out: | No |
| 🏛 Liquidity provider: | No |
| 📱 Mobile trading: | No |
| ➕ Affiliate program: | No |
| 📋 Orders execution: | Not indicated |
| ⭐ Trading features: | Only Bitcoin, trading with most currencies of the world, free of charge exchange for fiat funds |
| 🎁 Contests and bonuses: | Not indicated |
LocalBitcoins offers a standard minimum deposit like most other crypto exchanges. The wallet must have at least 0.002 BTC to conduct the minimum transaction. Additionally, we suggest that you familiarize yourself with the table on the general trading conditions of LocalBitcoins.
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Commissions and fees
| Account type | Commission (minimum value) | Withdrawal commission |
|---|---|---|
| Standard | From $1 | No |
Traders Union experts have prepared for you a comparative table, which also contains data on the commissions of the closest competitors of LocalBitcoins so that you can visually evaluate the fee conditions of LocalBitcoins.
| Broker | Average commission | Level |
|---|---|---|
|
$1 | |
|
$20 |
Investment Options
The LocalBitcoins crypto exchange allows traders to earn money through direct buying and selling of Bitcoins. The company does not offer investment programs, so the only option for passive earnings is a typical affiliate (referral) program.
If you are a large investor and plan on investments over $10,000, contact us at vip-invest@tradersunion.com or by the feedback form on our website. Our professional team will take you through all the intricacies of the deal and all the steps from signing up to withdrawal of profits.
LocalBitcoins’ affiliate program:
The LocalBitcoins affiliate program is a universal referral system that allows any user registered on the platform to receive a portion of the commission from referral transactions. The affiliate program works like this:
If you are registered on the exchange, you can provide an unregistered user with a referral link to any page of the LocalBitcoins official website.
If the user clicked a link and registered on the platform, he has become your referral. You will receive 20% of the commission (1% of the transaction amount) for each transaction made by your referral. These conditions are valid for three months.
After three months, the user ceases to be your referral and you will no longer receive a percentage of his commissions. Payments for referrals are made every day, and all transactions are indicated in the corresponding section of the your personal account.
User Satisfaction