Localbitcoins (P2P Exchange) Support Number=+1(855) 266-9652
LocalBitcoins doesn’t adhere to KYC protocols. That understandable since you’re not buying or selling bitcoins from the service. It’s just the middleman who matches you with trading partners, and provides an escrow account for transactions.
So, do you need a government-issued ID to trade on LocalBitcoins? It depends. A lot of sellers will require real-name verification before they’ll agree to sell to you online. The most common method of verification is a government-issued ID. Some sellers will accept a utility bill that has your name on it.
Why do sellers require this? To protect themselves from fraudulent payments. To be clear, you can refuse to verify your name. But you’ll severely limit the number of people who’ll be willing to sell to you online through LocalBitcoins.
Once you’ve created an account, look for advertisements posted by BTC sellers. There are thousands to choose from. You can filter ads according to which sellers accept U.S. dollars and which are located in the U.S. You can also filter ads by the type of payment accepted (cash by mail, Paypal, Moneygram, etc.).
When you find a promising seller, click the “Buy” button to the right of the ad’s Price/BTC. You’ll be taken to the seller’s ad, where you can view the details. You’ll see the seller’s location, feedback score, and the minimum and maximum trading limits. You’ll also see the terms of the trade.
Here’s an example of a current ad posted by a bitcoin seller:
Meeting preferences: McDonalds, Starbucks, or Panera
This advertisement is for a cash trade for bitcoin. We will meet at a McDonalds, Starbucks, or Panera (or another public area that we agree upon) to do the deal. Can meet most days, simply text me and we can set up a meeting.
LocalBitcoins uses a number of features to keep your money and your data safe. First up, it’s reputation feature. Every buyer and seller has a reputation score. This score results from the feedback left by others after each completed transaction. Use this feature to find traders who have a stellar track record. They’re unlikely to abscond with your money.
You can also enable two-factor authentication for your account. This is a system whereby you’re required to provide two things to prove your identity before you’re allowed to access your account. An example is an alphanumeric code that must be typed in using your phone. Two-factor authentication is a useful security measure.
When you buy and sell on LocalBitcoins, the bitcoins are placed into an escrow account. This is another layer of protection against scams and charlatans. As noted earlier, the bitcoins are locked down until the seller verifies that he or she has received payment from the buyer.
In the event you experience a problem with a trade, LocalBitcoins will help you to resolve it (see Customer Support Options below). Also, many questions can be answered by posing them to other customers on the LocalBitcoins forums.
Other forms of payment besides cash will not be accepted. Bitcoins will be transmitted instantly.”
If the terms are to your liking, type in the amount you’d like to purchase, and click the “Send Trade Request” button.
LocalBitcoins will transfer bitcoins from the seller’s wallet to an escrow account when a trade occurs. After you’ve paid for the bitcoins, click the “I have paid” button. As soon as the seller verifies receipt of your payment, LocalBitcoins will release your bitcoins from the escrow account and place them into your wallet.
Buying and selling BTC is free. However, users who place advertisements on LocalBitcoins are required to pay a 1% fee on each trade. So if you’re buying, you can avoid this fee by responding to sellers’ ads.
Transactions are instant, though it can take up to an hour to get everything squared away. That’s a conservative estimate. Transactions are often completed in minutes.
If you’re moving bitcoins between your LocalBitcoins wallet and another wallet, you’ll be charged a small transaction fee. The amount of the fee is continually adjusted to reflect network congestion.
If you want to buy bitcoins, all you have to do is look through sellers’ ads and find those that cater to your preferences. Want to meet the seller at your local McDonalds? No problem. Want to buy online using your Paypal account? Again, no problem.
If you want to sell bitcoins, all you have to do is create an ad with your terms. Buyers will find you. Just remember that, as the advertiser, you’ll be on the hook for the 1% trading fee. Alternatively, you can look through buyers’ ads to find someone to sell to.
Everything about the service is intuitive, and nothing is left to chance. LocalBitcoins also provides a helpful FAQ section that contains simple instructions, links to easy-to-follow guides, and even video tutorials. Things are laid out so well that you probably won’t need to use these resources. But they’re there if you need them.
No comments:
Post a Comment