Last updated: 1 year, 8 months ago
TIME: Instantly when buying in person
LIMITS: Varies by seller
RATES: Varies by seller (person to person) with Wallet Transfer Fees (0.0005 BTC per outbound transaction) and Bitcoin Network Fees (0.003 BTC)
How does it work?
LocalBitcoins.com has escrow service protecting the online buyer of the bitcoins and transaction service protecting the cash buyer of the bitcoins.
If you are buying bitcoins for the first time you do it on LocalBitcons.com like this:
- You decide whether you want to buy bitcoins with cash, as meeting a local seller face to face, or buy bitcoins online with your online banking account.
- Go to LocalBitcoins.com front page
- Type in your location to Change location field if the site did not determine your location correctly.
- The site will list bitcoin traders available in your region, cash and online traders separately.
- From the trader list, choose a trader with good reputation; the reputation score % is shown next to the trader username. If buying bitcoins online you also need to pick a trader with a compatible online payment method. Example payments include bank wire transfer, SEPA (EU) transfer, cash deposit, etc.
- After choosing the bitcoin trader, you send in a trade request with the sum of bitcoins you wish to trade and optional contact message.
- For cash trade agree the meeting time and place with the seller.
- For online trade you get details how to pay for the bitcoins with the chosen payment method (reference numbers, bank account details). Make the payment using the provided details.
- Opening a trade request enables you to keep in touch with the bitcoin seller using the messaging functionality of LocalBitcoins.com. The seller can guide you forward with the process, don't be afraid to ask any questions.
- You finalize the trade with the seller.
- For online payments, the seller releases the bitcoins from the escrow protection when the seller sees your payment on the the seller's account.
- In local cash trade, you use LocalBitcoins.com transaction service. You know the seller has transferred bitcoins into your wallet when the seller can tell your secret transaction code. Then it is safe to give the cash to the seller.
- Bitcoins become available in your LocalBitcoins.com online wallet. In the online wallet, you can send bitcoins or pay bitcoin purchases.
Selling: For detailed instructions, please see their "How to sell bitcoins online" guide.
How long does it take?
Instantly as long as the purchase is completed within the sale window.
How much does it cost?
Prices for bitcoins varies between sellers, but there are some standard fees that applies to everyone: Wallet Transfer Fees (0.0005 BTC per outbound transaction) and Bitcoin Network Fees (0.003 BTC). There are also fees associated with selling as an advertised seller. Advertised sellers pay 1% of the sale amount from released escrows.
Where does it work?
The vendors all list their locations and you must find a vendor that is within your local viscinity. The locations are worldwide, so keep a look out for a local seller near you!
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