LocalBitcoins Review: Is it legit, safe and trustworthy for UAE citizens and residents?
LocalBitcoins is a peer-to-peer cryptocurrency trading business that is
situated in Finland. It is one of the largest and safest of its kind. It assists
in matching Bitcoin buyers with acceptable sellers who reside in the same
location, which enables both in-person and online transactions to take place.
Advertisements for buying and selling Bitcoins, including the payment methods
accepted and exchange rates offered, can be posted by buyers and sellers
respectively. Others can react to the adverts depending on the criteria that
they have, thereby beginning the process of trade. The transactions that take
place on LocalBitcoins are guaranteed to be honest and safe because to the
escrow service that it provides. In this review of LocalBitcoins, we will cover
the question "how does LocalBitcoin work?" as well as its features, advantages
and disadvantages, products and services supplied, trading perspective, fees,
pricing, and restrictions, and many other topics.
Visit LocalBitcoins Website.
LocalBitcoins is a peer-to-peer trade network that was launched in 2012 and is officially registered. Because it offers its buyers and sellers a high level of adaptability and accessibility, it has grown to become a top peer-to-peer marketplace for Bitcoin transactions. Jeremias Kangas is the man responsible for the creation of the platform, which has its headquarters in Helsinki, Finland. This fantastic exchange is free to use and very simple to use. It provides a Bitcoin marketplace that is unadulterated by any additional features and is tailored to meet the requirements of complete newcomers to the cryptocurrency ecosystem.
LocalBitcoins is a typical trading platform that is not only easy to use but also very user-friendly for novice traders. It is developed to be as approachable and simple to operate as is humanly feasible. Because of this, getting started on the LocalBitcoins exchange just takes a few minutes of your time. Creating an account is a piece of cake that can be accomplished in a matter of minutes by following a few simple steps. In order to log in at a later time, users are required to supply an email address, in addition to a username and password. A confirmation link is emailed to the user's address, and as soon as that link is activated, the user is able to log in without any restrictions.
A verified seller on Onfido has the ability to make Bitcoin advertising, pick the currency they wish to trade in, determine the maximum and minimum transaction limits, define the opening hours, and decide whether they wish to engage in price trading or margin trading. The price will be adjusted accordingly every time there is a change in the market rate. On the other hand, purchasers have the ability to construct their own adverts by indicating the Bitcoin quantity that they intend to purchase as well as the payment method that they like.
The marketplace advises the buyer to conduct business with a trustworthy vendor who has a transparent trading history and a history of satisfied customers. Similarly, sellers should exercise caution and only accept payment methods that have a minimal level of risk, such as wire transfers from their customers' banks.
Because the user interface on LocalBitcoins is so straightforward, the platform does not provide a particularly large number of add-on functions. It makes it possible for local buyers and sellers to interact and conduct business with one another. The purchasers are provided with a comprehensive list of sellers from whom to pick, on the basis of the specifications they have specified and the methods of payment they choose.
Tweets by LocalBitcoins
Regarding the costs that are charged by LocalBitcoins, the marketplace levies a small fee of 1 percent for every successful trade. In addition, customers have the option of storing their Bitcoins on the wallet provided by LocalBitcoins through the usage of an Escrow service. The platform also gives traders with a mobile app that they may use while they are away from their computers.
The Pros and Cons of Using LocalBitcoins:
There are a few different payment options.
The exchange rates were rather high.
Transactions made online should be easy and rapid.
Not appropriate for high-volume professionals in the trading industry.
Supports numerous fiat currencies.
Only Bitcoin is supported at this time.
There is an option for escrow service.
a streamlined and intuitive user interface.
In order for customers to begin reaping the benefits of trading on LocalBitcoins, they are required to complete the procedures that are listed below and register an account on LocalBitcoins:
Visit the official website at LocalBitcoins.com and click the "Sign up" button on the home page to create an account.
On the page that follows, there will be a form for you to fill out with your personal information, such as your name, email address, and password. Users are required to check the box that says "I am not a robot" to validate their identities.
The user's provided email address will get a confirmation email from the trading platform, which the user must confirm.
Users are required to fill in more information upon confirmation, which may include contact numbers, trading quantities, and so on.
After the user's phone number has been validated, the account will be successfully registered, and the user will then have the choice to either sell Bitcoin or purchase Bitcoin from the seller of their choosing.
The cost system on LocalBitcoins is straightforward, with a one percent flat fee being applied to each and every deal. The transaction fee is something that sellers are required to pay. Those who are interested in purchasing bitcoins are not need to pay to use LocalBitcoins. Therefore, the platform is different from other comparable platforms in the sense that the makers are the ones who are responsible for paying the platform's trading expenses, while the takers can utilize the platform at no cost to themselves. Both buyers and sellers have the ability to post advertisements on LocalBitcoins at no cost to themselves; however, an advertising fee of 1 percent is deducted from the proceeds of each successful transaction. As an illustration, a charge of one percent, or $100, is applicable to a sale of ten thousand dollars.
Although purchasers are not need to pay any fees in order to acquire Bitcoins, they do need to be aware of the deposit costs that are applicable when they are loading their accounts with BTC. A minor withdrawal cost is charged to traders, while sending Bitcoin to other users of LocalBitcoins is completely free of charge. Traders must also pay this fee.
According to a number of credible reviews of LocalBitcoins as well as the findings of our own investigation, we are able to assert that it is the most prominent peer-to-peer marketplace for Bitcoin transactions. This marketplace gives buyers and sellers the ability to select from a wide range of payment methods when purchasing or selling Bitcoin. A wide range of payment options, including cash deposits, bank transfers, wire transfers, MoneyGram, and Western Union, are accessible in virtually all areas of the world. Nevertheless, some locations have a restricted number of payment alternatives, and consumers who live in those regions can only discover sellers that accept payments using those restricted payment methods. Other cryptocurrencies, including Ripple's XRP, Ethereum, and Monero XMR, are also accepted as payment by some retailers, including those listed above.
LocalBitcoins sellers may additionally replenish their accounts by sending Bitcoins from an external wallet to LocalBitcoins' wallet. On the other hand, LocalBitcoins buyers can send payments in fiat currency directly to their vendors, depending on which payment option the customer prefers. It is essential to keep in mind that LocalBitcoins is a non-custodial wallet. This indicates that it does not take custody of its customers' fiat cash nor does it store them.
In response to your question regarding constraints, the platform has NO LIMITS. The sellers have the ability to sell Bitcoin in any number, and they can also decide the minimum and maximum amounts that each buyer must spend. For example, the purchasers have the option to spend anywhere between 50 and 100 US dollars on their purchases. As a result, there are no restrictions placed on sellers, but consumers are subject to the purchasing restrictions imposed by the vendors they choose.
LocalBitcoins provides its customers and sellers with a number of different payment alternatives, the most important of which are as follows:
Sending money over the mail.
Personal cash payment
Perfect Money, WebMoney, Skrill, Credit Card, Debit Card, Other Payment Options
Note that traders are unable to accept credit cards as a form of payment since they deal directly with individual customers when buying and selling Bitcoin. In addition, individuals can use PayPal even if they do not have any money in their PayPal account by linking their credit cards to their PayPal accounts. Users are subject to varied costs depending on the mode of payment that they select. For example, if a user buys Bitcoin via PayPal, the seller assumes a greater level of risk than the consumer does.
LocalBitcoins lacked a mobile app in the past, but in 2021, it debuted a version of its software that is compatible with mobile devices running Android and iOS. There aren't many apps in the app stores that will let you trade on LocalBitcoins, but there are few. Due to a number of safety concerns, the firm does not endorse the utilization of certain applications. When trading bitcoins, the site recommends that its customers make use of the official LocalBitcoins mobile app. This software offers its users both transparency and safety when doing Bitcoin transactions.
The cryptocurrency exchange platform LocalBitcoins provides users with a number of safety options, which boosts users' confidence while purchasing or selling bitcoins. Transactions made inside the exchange may be monitored and protected because to the platform's numerous levels of security protection.
The following are the elements of security:
An Escrow account is used by LocalBitcoins in order to store Bitcoins in its funds until a deal is being processed. The wallet that is used by LocalBitcoins does not hold any money or cryptocurrency. When the seller verifies the transaction and brings it to a successful conclusion, the escrow account promptly and securely releases these money.
On LocalBitcoins, only certain kinds of traders are permitted to conduct business. Buyers should investigate the seller's past transactions before making a purchase from them. Members of the platform are limited to those who have earned a high ranking or rating based on their reputation and have a track record of successfully conducting business transactions with third parties.
When a user joins in to the LocalBitcoins platform, the platform verifies that they are using the same web browser each and every time. If you use a different web browser than usual, the platform will ask you to verify your email address one again before you can successfully log in.
The information of the users of the platform is not shared with any wallets or exchanges under any circumstances. Users are able to purchase and sell Bitcoins while at the same time maintaining their anonymity through the usage of this platform.
A one-time password is provided to the trader's registered cellphone number every time they log in to their LocalBitcoin account. Traders may only use this password to access their account.
Two-factor authentication (2FA) is an additional crucial security element that is part of the platform's security chain. This method is used by banks as well as Google. Authentication using two different factors is referred to as two-factor authentication. For example, in addition to entering their email address and password, the user is also required to input an additional PIN code that has been issued to their cellphone number.
The support team for LocalBitcoins is always prepared to assist customers with any disputes or disagreements that may develop between buyers and sellers in connection with the trade or transactions. Even though the trading platform has some of the best security safeguards available, traders should still exercise extreme caution at all times. Hackers and fraudsters are capable of breaking into even the most advanced computer systems. Therefore, it is recommended to do background checks on both the buyer and the seller in a transaction to reduce the risk of undesirable outcomes.
Customer Support on LocalBitcoin is knowledgeable and structured to a high standard. LocalBitcoins is regarded as one of the finest cryptocurrency exchanges since its customer care team provides extremely prompt responses and provides a remarkable amount of social media platforms via which its traders may inquire about assistance with a variety of issues. In addition, they offer a comprehensive selection of frequently asked questions (FAQs), and they react to consumer inquiries within an hour, on average.
In the event that a user loses their password or two-factor authentication, the team provides specialized forms for users to fill out and submit. Due to the fact that they do not offer phone help or live chat assistance, the only way to contact them is through their email.
To bring our LocalBitcoins Review to a close, we can state that this platform deserves the reputation of being one of the most well-known as well as controversial Bitcoin exchanges. It possesses an outstanding reputation system, and the escrow service offered by LocalBitcoins works very well to safeguard users' cash. On the other hand, the platform is established and constructed with novice and first-time buyers and sellers in mind specifically. In light of the foregoing, it should be noted that LocalBitcoins provides its users with a setting that is 100 percent risk-free and protected by taking all necessary precautions and conducting adequate research. Nevertheless, Bitcoin is the only cryptocurrency that can be used on the platform, and the majority of the payment options are region-specific.
More than 111 nations have given their approval for the use of LocalBitcoin. Only a few states in the United States, including Kansas, Virginia, Wisconsin, New Hampshire, Tennessee, Pennsylvania, New Jersey, Illinois, and Montana, have legalized the practice. Other states in the country do not permit it.
When compared to the worldwide average of the industry, the fee structure that is used on LocalBitcoins could be perceived as being more expensive by many traders. There is no way for a platform to give all of the services without also charging for their service. It is not easy to locate the greatest platform that also has amazing features and reasonable pricing packed together. Only users who create adverts after a deal has been completed are subject to the one percent fee that is charged by LocalBitcoins.
LocalBitcoins was able to compensate the affected traders and fix the security flaw despite the fact that the platform suffered a relatively modest security breach in 2019, at which time roughly 8 Bitcoins were taken from different dealers. Despite this, the security measures have been beefed up with the addition of a login guard, two-factor authentication, and the escrow system. Scams and hacks on LocalBitcoins are quite uncommon.
Sadly, the answer is yes! Even though LocalBitcoins is the peer-to-peer network that is utilized the most throughout the world, it still has the same security flaws as it did when it first launched. Despite the presence of several security safeguards, it is simple for users to fall victim to scams on the exchange. The site strongly recommends to all of its customers that they double verify their vendors and only confirm them if they have been confirmed.
Reviews posted on LocalBitcoins should in no way be construed as a recommendation or as offering any type of investing advice. Prior to engaging in trades on cryptocurrency exchanges, investors are urged to first do their own research and get independent guidance from a financial expert before making any transactions.
The buyers and sellers of bitcoins are able to connect with one another
directly through the use of LocalBitcoins. The purchasers check over the
advertising posted by the merchants and then key in the quantity of Bitcoins
that they want to acquire. The buyers can view the rates, terms, and conditions
posted by the vendors. The firm provides escrow services, which may be used to
settle disputes between the two parties involved. These services are safe, and
the transactions take place in the parties' respective native currencies. Over
150 different payment methods may be used on LocalBitcoins, and it is compatible
with the majority of the world's currencies.
LocalBitcoins is a marketplace that allows users to purchase and sell bitcoins directly with other users of the platform. On this site, members publish the exchange rates they use and the methods of payment they accept when buying or selling bitcoins.
Over 190 nations are represented among the more than 8 million clients that use LocalBitcoins. It is one of the most well-known markets where Bitcoin may be traded.
LocalBitcoins facilitates direct commerce between buyers and sellers by providing a platform for communication, dispute resolution, and escrow services. Escrow services will remove the funds from the seller's wallet and hold onto them until both parties have acknowledged and accepted the terms of the deal.
On LocalBitcoins, there is no fee associated with buying or selling bitcoins. It does not cost anything to move funds to the wallets of other users on the platform. There is no standard cost for moving bitcoins from one wallet to another. It is dependent on how the Bitcoin blockchain is being used at the moment. In addition, there is a charge of one percent levied against members who generate adverts.
Those who are utilizing their network and wallets can benefit from the price structure because it is fair. When sending Bitcoin to other wallets, the outcome is unpredictable based on the blockchain and the amount of congestion on the network. It is not unreasonable to charge a one percent commission for member ads. The majority of the pricing are reasonable.
Scammers have historically been a problem on the cryptocurrency trading platform LocalBitcoins. When the firm finds out about these members, they are immediately kicked out. They conduct Know Your Customer checks on each of their members. Nevertheless, it is up to you to conduct a background check on the individuals who will be on the opposite side of the transaction.
You may do research on the vendor in a few different methods, including the following:
Look for a reputation rating of at least 98 percent as a bare minimum.
Take note of ten reviews that can be trusted. Try reading a few of them.
Check to see if the vendor has an account that has been active for more than a year.
Check to check if the vendor has exchanged 100 bitcoins over the course of 100 separate transactions.
Verify that the seller can be reached at the provided phone number and that the account and email address are real.
Check the social media accounts that the vendor maintains to see if there are any customer complaints about the product or service.
Maintain a low volume of trades.
Under no circumstances should you engage in any activity with the seller that takes place outside of the LocalBitcoins network.
Emails and answers to commonly asked questions make up the entirety of their customer service. Scammers and anybody else engaging in unlawful acts are barred from using the LocalBitcoins network. The vast majority of users are satisfied with the site, but you should be wary of new merchants and vendors that do not yet have a track record.
LocalBitcoins does not yet provide its users a dedicated mobile application at this time. Despite this, it has made it known to the public that it plans to launch its mobile app for iOS and Android within the second quarter of 2021. There are not many applications available in the app stores that let users to engage in transactions using LocalBitcoins. Because of potential risks to users' safety, the firm discourages the use of such. Users are encouraged to wait for the launch of the official LocalBitcoins mobile app, which should become accessible in the near future, according to the message.
LocalBitcoins does not recommend or encourage its users to make use of any applications provided by third-party companies. It recommends use the platform's official apps wherever possible. This provides openness and makes the Bitcoin trading process more safer for you.
A great number of users have had favorable interactions with the LocalBitcoins platform. It provides cheap transaction fees and a wide variety of payment methods to choose from, such as PayPal, MoneyGram, Neteller, bank transfer, SEPA, WeChat, Payza, Payoneer, Skrill, and cash deposits, among others. It is currently active in 111 countries and provides its users with the ability to join from any location on the planet.
The most important problem is with the company's support for customers. Emails and answers to commonly asked questions are all that are available. It's possible that conflict resolution will take longer. It takes time for the escrow services since they have to research and act as a mediator between the buyers and sellers. When carrying out the transaction, the use of the escrow service provides an additional measure of assurance.
These advantages are provided by LocalBitcoins:
The most popular decentralized market for buying and selling bitcoins.
4,000 brand-new members joining on a daily basis.
Services of escrow that safeguard both parties in a transaction are referred to as
A computer program that executes trades automatically
The procedure is simple and quick.
A screening method based on one's reputation that may be applied to both buyers and suppliers
Access to a worldwide computer network
Because of these advantages, trading Bitcoin is simplified, and there is no need for any third parties to be involved in the transactions.
Trading Bitcoins on LocalBitcoins is possible with a high degree of confidence because to the extensive safety measures taken. It contains a number of layers that keep an eye on the information you provide and secure the transaction, including the following:
Escrow services: Whenever you ask for a trade on LocalBitcoins, Bitcoins will be held in an escrow account for you by LocalBitcoins. They are made available once the seller verifies that the transaction has been finalized.
Every user on LocalBitcoins has a reputation score, which is used to determine where they stand in the overall rankings. It provides a record of the previous business dealings that you have had with the other parties involved in the transaction.
Protection for the login: When you log in to LocalBitcoins, the website will verify that you are using the same web browser. When you log in to your account using a different web browser, you will be required to verify your email address.
Privacy is ensured by the fact that your information is not distributed outside of LocalBitcoins. It gives you the ability to purchase and sell Bitcoins without revealing your personal information.
PIN verification requires that you input a personal identification number (PIN) that has been sent to your mobile phone at the time that you log in to your account.
The settlement of disputes: LocalBitcoins is able to assist in the resolution of issues that arise between buyers and sellers on transactions.
Despite the fact that these security features are excellent, you should never trade without exercising extreme caution. Even the most advanced technologies are unable to identify and eliminate all potential con artists; thus, you must pay attention to everything that you are doing.
We strongly suggest that you conduct research about each of the parties involved in the transaction. In the beginning, you will do this so that you may establish a history of transactions and reliable trading affiliates. It provides additional layers of security on top of what is already offered by the LocalBitcoins platform. Given that it is one of the most popular destinations for Bitcoin trading, the site's protections for users' privacy are very vital.
LocalBitcoins is a reputable and well-known cryptocurrency exchange platform. It distinguishes itself from rivals in a variety of ways, including the following:
Increased amounts of available liquidity
Among the most extensive collections of members
No limitations on trading
LocalBitcoins is unique in the business in the following ways:
Limited mobile applications
There is neither a moderator nor a price assessed to members who cause disagreements.
Confront rivals who impose restrictions on the amount of Bitcoins that may be bought and sold.
Those who are interested in using LocalBitcoins are required to successfully complete a series of procedures before they may purchase or sell bitcoins on the platform.
First, get on over to LocalBitcoins and get yourself signed up for an account there. The signup does not cost anything, and you will obtain a Bitcoin wallet absolutely free of charge.
Step 2: Look for advertising. After you have logged in and are on the main page, use the search box to input the quantity of Bitcoins you wish to purchase, the local currency equivalent, your location, and the payment method you like to use. Those who are uncertain about how to pay might choose any of the online options available as their form of payment. The program provides a list of all of the Bitcoin dealers located in your immediate vicinity.
Step 3: Pick an advertising to proceed with. Choose the advertisement that you see that is being offered by a dealer that has a solid reputation. There is a rating for the seller's response time that may be found on the scale. The color green denotes that they will get in touch with you within the next 5 minutes. Yellow will appear in around 30 minutes. Gray denotes times more than 30 minutes. If you click on the "purchase" option, you will be presented with further details regarding the advertising.
Step 4: Submit payment. When you click the Buy button, you will be presented with further details on the advertisement, as well as the terms and conditions. Before submitting a trade request, make sure you have read everything in its entirety. If you do not agree with this assessment, you can return to the previous page and choose an other commercial to read. Simply enter the amount you wish to trade, along with a note to the seller, into the blue box, and then click the button indicating that you accept the terms and conditions of the transaction. You will not be able to complete the deal if you do not pay before the payment window closes.
LocalBitcoins respects your right to privacy and does not disclose any information to outside parties under any circumstances. Anyone who engages in unlawful activity or scamming will be kicked out of the firm. An escrow option is available on LocalBitcoins, which helps buyers and sellers work out their differences when a disagreement arises.
111 nations have deemed LocalBitcoin to be within their legal purview. Only a few states within the United States of America, such as Montana, Kansas, Illinois, New Jersey, Pennsylvania, Tennessee, New Hampshire, Wisconsin, and Virginia, have passed legislation to legalize the practice.
LocalBitcoins is a cryptocurrency exchange that is situated in Finland and has a lot of potential. Because it is the largest peer-to-peer service, anyone from all around the globe may trade their local money for bitcoins on LocalBitcoins. This allows people from all over the world to participate in the cryptocurrency market. Additionally, it assists in matching Bitcoin buyers and sellers who reside in close proximity to one another, which paves the way for face-to-face as well as online transactions. Users have the ability to post advertisements on the Bitcoin network in which they detail their preferred exchange rate as well as the payment methods they accept when buying or selling Bitcoins. Other members have the ability to respond to these advertisements and agree to meet the user in person in order to purchase Bitcoins with cash. It is also possible to employ LocalBitcoins as an escrow service, which is utilized to guarantee the integrity of each and every transaction that is carried out by the users.
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The business is among the oldest exchanges in the sector where it operates. Jeremiah Kangas, a computer programmer as well as an entrepreneur, established the company in the year 2012. LocalBitcoins is presently available in 13774 cities throughout the world and works in 248 countries; nevertheless, it is most popular in the United States, the United Kingdom, and China.
LocalBitcoins used to uphold the cryptocurrency's reputation for complete anonymity by not requiring users to provide any identifying information or KYC documentation. In 2019, however, that shifted since they were had to conform to laws imposed by governments all around the world.
You are required to submit a document that was issued by the government in addition to another written document (such as a bill for energy or a similar public utility bill) that proves your address. This is the KYC procedure, and it is the same approach that is used on every other exchange. In addition to that, you are required to take a picture while holding the document. It shouldn't take more than a few of days for the support team at LocalBitcoin to process and validate your information, on average.
Users are permitted to conduct financial transactions in any currency so long as the transactions include fiat currencies. Amazingly, this translates to the fact that if you can find a vendor that is ready to accept your national fiat money, you will be able to acquire Bitcoins using that currency.
However, the exchange does not offer any alternative cryptocurrencies, and it only permits exchanging of fiat cash for Bitcoin.
LocalBitcoins has a preference for keeping things straightforward and defers all decision-making to its consumers. The same is true for the costs associated with the transactions. A straightforward one percent charge is added to each and every transaction, and the seller is responsible for paying the cost. This indicates that using LocalBitcoins won't cost you anything if you're simply interested in purchasing Bitcoins.
Keep in mind that the costs associated with using the Bitcoin network are normal and apply to all transactions. There is no transaction fee that is charged by the vendors themselves. Instead, they charge higher exchange rates, so ensure that you take this into consideration whenever you make a transaction.
The business strategy utilized by LocalBitcoins differs significantly from that of a conventional brokerage. Instead, it is a peer-to-peer network that links buyers and sellers in the immediate vicinity of the transaction. The traders will publish advertisements on the site that detail the various payment methods and exchange rates that are acceptable for buying or selling bitcoins. These adverts receive responses from other people. They make the necessary arrangements to meet the trader in order to complete the transaction, which can take place either online or in person.
The users of LocalBitcoins are able to differentiate between legitimate dealers and fraudsters with the assistance of the platform's feedback mechanism and reputation system. Additionally, the trading platform provides users with a conflict-resolution service that assists users in overcoming any misconceptions, as well as an escrow service that assists in the establishment of trust between the parties involved.
Users of LocalBitcoins are cautioned to use extreme caution while engaging in trades since it is possible to become the victim of a fraud. Given that the agreement is going to be established between two separate parties, exercising utmost caution is strongly encouraged. When it comes to trading, these are some of the things that you should be on the lookout for in particular.
Examine the seller's profile carefully to determine whether or not he satisfies the following criteria:
Has a lifetime trading volume of at least 100 Bitcoins (BTC), a minimum of one hundred transactions, and a feedback rating of 98 percent or higher.
Has an account that is older than one year and is regarded as trustworthy by a minimum of ten users
Is a legitimate and trusted vendor (company account, email, phone number)
Do not publish advertisements for the purchase of Bitcoins either, as doing so would only attract a large number of con artists. Instead, you should search for people who are now engaged in the process of selling Bitcoins. You also shouldn't select your seller based entirely on the pricing of their products or services. Look at the seller's transaction history to get an idea of how he has performed in the past. If the seller has a good reputation, it may be worth it to spend an extra 5% to do business with them.
If you stick to these stringent guidelines, you should have a nice experience. In the event that you are unable to identify a seller that satisfies all of the aforementioned requirements, you should look for the next best thing, as the expectation is that the seller has really participated in and successfully completed significant deals in the past.
After that, check the forum of LocalBitcoins for that seller's username, since it is likely that any complaint will have been posted there if it was lodged against that seller.
A wide number of payment methods are accepted by merchants and buyers on LocalBitcoins. The following is a summary of the most common ones:
MoneyGram, Western Union, WebMoney
Cash (in person)
Cash through the mail
Because you are dealing with individual customers, you won't be able to use a credit card to pay for your purchases or make your sales. However, if you don't have enough money in your PayPal account, you can still use the PayPal option to pay using your credit card. You may be required to pay more costs when making a purchase on LocalBitcoins if you use PayPal as your payment method. This is because the seller takes a greater risk when dealing with transactions made using PayPal.
A fantastic platform is offered by LocalBitcoins.com. On the other hand, some of the users and traders on it aren't very trustworthy, and a significant number of people end up being scammed on LocalBitcoins, largely as a result of the peer-to-peer connection. There are countless stories of scams can be found all over the internet. The unfortunate result of this was that LocalBitcoins suffered reputational harm. The exchange remains a fantastic location from which to buy or sell bitcoins. On the other hand, it is the user's obligation to protect themselves and educate themselves about the risks that may be involved in peer-to-peer trading.
LocalBitcoins also provides a forum for users to report instances of fraud and scams. Users are encouraged to provide their feedback on their interactions with other dealers there.
Sites like LocalBitcoins in the UAE
Here is a list of quality Forex, CFD, Stock and Crypto Brokers for new and professional traders living in the UAE:
- Olymp Trade - People simply love this one (Olymp Trade Review)
- Binance - World's largest cryptocurrency e-wallet and exchange that also has an online trading platform, where their members can invest or trade in virtually hundreds of cryptocurrencies and new tokens. (Binance Review)
- IG Markets UAE - UK broker located at Tower 2, Level 27, Al Fattan Currency House, DIFC. (IG Markets UAE Review)
- City Index Middle East - London-city broker with a branch in the UAE. (City Index Middle East Review)
- eToro - Social trading platform, but much better options are available out there. (eToro Review)
- IQ Option - It's a below-average broker with no Dubai office, but does have a toll-free virtual number for UAE: 800 032 0891 -> No Arabic, English only. (IQ Option Review)
Reviewed by Arpita Singh
Arpita Singh is the main writer at ForexBroker.ae. As a senior investment professional with 10+ years of experience working at top-tier Private Equity and Sovereign Wealth Fund; she is also responsible for fact-checking concepts, reviews, and related details about brokers and exchanges listed on this website. Full Bio.