LocalBitcoins Reviews

LocalBitcoins Отзывы

About the company

LocalBitcoins is a reputable online exchange with headquarters in Helsinki, Finland. Jeremias Kangas launched it in June 2012, and it has since grown to become one of Finland’s greatest financial firms. Sebastian Sonntag is the company’s current CEO and owner.

The LocalBitcoins platform was previously in the headlines owing to a dispute in Russia, where the telecoms executive agency, Roskomnadzor, barred access to the site in September 2016 because it may have been used for money laundering. The company’s income increased to $ 29.6 million in 2019.

It should be noted that, while the website’s official name is LocalBitcoins.com, it may also be reached via the localbitcoins.net domain. Onion connections are also available on the platform. Trustpilot has given the site a 4.8 rating.

Different Level System

LocalBitcoins registration is straightforward. To establish a simple account, you’ll need a username, an email address, and a password. After you establish an account, it is assigned verification level 0. If you merely want to purchase or trade bitcoins, you only need to supply a phone number.

You will need to give further identity to access the website efficiently. Each registered account begins at level 0, indicating that the account is registered. You will be able to withdraw Bitcoins from your wallet but not deposit any Bitcoins into it. The program demands further identification verification to deposit bitcoins into the wallet. A level 1 (T1) status is required to buy and/or receive money in the amount of 1,000 to 20,000 euros per year. To do so, you must complete a brief KYC questionnaire, which involves providing the platform with information about your address and identity. You must also supply a photocopy of your identification, such as your passport. If you do not intend to buy or receive currency within the specified limit, this level may not be required.

To trade, users in Australia, Belarus, China, Curacao, French Guiana, French Polynesia, Indonesia, Kuwait, Lebanon, Maldives, Mexico, Oman, Russia, South Africa, Sweden, Turkey, and the UAE (including Dubai) must pass Level 1 verification.

If you wish to increase your trading limit or open a corporate account, you must first upgrade to level 2. Verification for this level entails submitting an address confirmation and responding to further surveys. Depending on your country, you may be required to provide various papers as evidence of address. Customers in South Africa, for example, would require a bank statement; customers in Kenya may submit a tax return or ISP bill; customers in Nigeria can provide a DSTV invoice; consumers in Morocco can send an electricity bill.

Level 3, necessitates further identification verification, and consumers may only be certified at this level after their volume hits 100,000 euros. Users wishing to apply for level 3 verification must first pass a viability test and fill out extra questionnaires. These profiles are manually vetted, thus it may take some time for your identity to be validated.

Accepted currencies and payment methods

The platform accepts buy/sell orders for a wide range of currencies, including standard fiat currencies and cryptocurrencies.  Bank transfers, PayPal, credit cards, and other platforms such as Qiwi and Zelle can all be used to make payments.

Buying BTC

After you’ve created an account, navigate to the Buy Bitcoins area of the site to view all of the advertising posted by other people looking to sell their Bitcoins. When you conduct individual direct deals with other users on a peer-to-peer network, you may buy bitcoins.

You may use the search option to enter the amount of currency and the type of currency you wish to use to purchase bitcoins. You may also pick the country and mode of payment. Because some vendors perform their transactions by bank transfer or cash deposit, you will almost certainly need to employ a seller from your own country.

When you begin making a buy order, you contact the seller, who offers precise instructions on how to transmit the needed monies to you. After you’ve paid them, click the button that alerts the merchant that you’ve delivered them the needed cash, letting them complete the transaction and send you the bitcoins you ordered.

Fraud detection

If there is suspicion of money laundering or other criminal behavior, your account may be suspended or terminated. If this occurs, your account will be placed on “forced vacation,” which means it will be unable to conduct any transactions.

Removing accounts

If a user wishes to remove their account, which has not been used for any transactions, it will be “immediately” erased upon request. If this is not the case, the company will preserve your account data for a maximum of five years after receiving a request to terminate your account, in compliance with its privacy policy.

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