There are many sites that offer digital currency trading services. One of the most popular in the field for a long time is the LocalBitcoins site. Digital currency sellers and buyers from all over the world can sign up and trade their bitcoins on this site. In this post, we will teach you security tips for trading on the local bitcoin site
Payment methods accepted by LocalBitcoins
There are several payment methods available at localbitcoins:
- Wire transfer
- Western Union
- Webmoney – Common in Iran
- Pay by email
- Cash Payment (Card to Card or Payment from Seller’s Personal Portal) – Common in Iran
Since you are dealing with people on this site, you cannot use international credit cards (such as MasterCard and Visa). However, this site allows you to pay with a PayPal credit card if you do not have any. Each payment method has different fees. Among these methods, shopping with PayPal at LocalBitcoins brings more risk to the seller.
Why is shopping with PayPal more risky?
Bitcoin is not like any other physical or digital products and commodities. Bitcoin is a form of money that is almost undetectable. For this reason, many companies (such as PayPal) do not offer credit card purchases for bitcoin sales.
Using payment methods such as cash or wire transfer transfers where the reverse payment method is very difficult is usually better to buy bitcoin.
If you only want to use bitcoin for localbitcoin, you will be free to use this site. In fact, this site only receives a premium from bitcoin vendors, and only 2%. No more. Of course, when you receive bitcoins, you will have to pay the regular bitcoin network fees to transfer them to your bitcoin wallet.
The bitcoins you receive first enter your wallet at the localBitcoin site. We strongly recommend that you transfer these bitcoins to your secure Bitcoin wallet immediately.
It is true that sellers do not have transaction fees, but instead pay a higher exchange rate; consider this when trading.
The localbitcoins site has features that help you make a safe trade:
- Validation: The level of credit and track record of each trader on this site is quite clear.
- Money support: The money you send for a transaction is lent to the localbitcoins site. Money is released after the seller has confirmed that the transaction process is complete.
- 2FA : This feature is two-step authentication. Of course, this option is not enabled by default and you must enable it yourself. This means that every time you sign in to your account, you’ll need to enter another PIN code sent to your mobile phone. This feature prevents your account from being hacked.
- Confirm Login: If you always use a browser to sign in, LocalBitcoins will recognize you. But if you change your browser, the site will ask you to verify your email again.
- Support and Dispute Resolution Team: localbitcoins has a support team that answers both user questions and helps resolve disputes if there is a dispute between buyers and sellers.
Check out people’s views on localbitcoins
In Bitcoin-related forums (such as Reddit and Bitcointalk), you can see other people’s views on Local Bitcoin. There are various opinions on this site, but overall positive. For example, most people believe that this platform works very well or that traders and traders are completely trustworthy.
How to bargain in localbitcoins without fear of fraud?
Local Bitcoin is a great platform, but sometimes bad traders can find it. Either way, you’re dealing with people, and you better be careful.
There is a long list of sellers on this site. But you can narrow the list down a bit by specifying your location and payment method. Then you can choose one of these people to make a deal. Never choose a seller based solely on the price it offers. Sometimes paying 5% more for a transaction is better than buying from an invalid person. Take a look at the history of dealer transactions and see how it has worked in the past.
After selecting the seller, log in to their account and check the following:
- The number of transactions made by this person is significant.
- His feedback rating has reached at least 2%.
- At least one year has passed since the account was created.
- The phone number, email address, and account of the company in which he operates is completely clear.
- Trust at least five other users.
Find a salesperson who applies all of the above. But if you can’t, at least choose someone who has done great and successful deals in the past.
After reviewing the seller’s account, look for his username in the Local Bitcoins Q&A forums. If you find even one negative about him, skip the deal.
Contact the seller
You can now send your purchase request to the seller.
Do not do the following:
- Do not send any information to the seller until the seller has replied.
- Do not talk to the dealer outside the local Bitcoins for a deal, as you will not be able to use the site’s “Money Support” service.
- Do not send your payment information to the seller in any other way (such as email, text message, or phone call) except for the local bitcoin mailbox. Only use messenger on this site.
Note: You can opt out of the transaction until you have selected the payment verification button.
Now you have to wait for bitcoins to log into your local Bitcoin account. If something goes wrong, try resolving it with your dealer first. Don’t worry about losing your money, localbitcoins will support your money.
Maybe early in your visit to this site, reputable sellers may not be willing to deal with you because you haven’t received enough positive feedback yet. To win the trust of big sellers, you first have to make a few small deals with regular sellers and get good feedback.
Now that you know how to use localbitcoins, don’t worry about scams anymore. Keep in mind that you will have up to 5% risk-free transactions. If you have any further questions, ask on the localbitcoins FAQ page. The support team will always be responsive to you.
Also you can buy crypto currency and digital currency from here