Are you looking for a reliable bitcoin exchange? Or did some of your friends recommend LocalBitcoins for you? In this review, I am going to describe their service and answer to a question is LocalBitcoins a Scam or Legit.
LocalBitcoins Review
Name: LocalBitcoins
Website: www.LocalBitcoins.com
Founded: 2012 in Finland
Field: Bitcoin Exchange
Overall Rank: 90 out of 100
What Is LocalBitcoins
LocalBitcoins.com is a person-to-person bitcoin trading site. It means that in LocalBitcoins people from all around the world can exchange their local currency to bitcoins. Members can post advertisements where they say their exchange rate and payment methods for selling or buying bitcoins. The other members can reply to these advertisements and agree to meet the person to buy bitcoins with cash. Currency can also be exchanged directly with online banking.
On the picture below, you can see offers that other LocalBitcoins have offered. They want to sell bitcoins and by clicking “Buy”, you can go and buy those bitcoins with online banking. (I am living in Austria so it shows me “Buy bitcoins online in Austria. For it shows “Buy bitcoins online in YOUR_COUNTRY”.)
You can also see people nearby who would like to change bitcoins to cash. (see the picture below)
=> Create Free Account on LocalBitcoins!
Why LocalBitcoins Seems to Be Legit?
First time when I heard about LocalBitcoins was when one of my good friends was working there. He explained me the success of LocalBitcoins and I was quite impressed. In a few years they have hugely grown and each year they seem to grow even more and more.
I heard that there were a very good working spirit and a great work environment. People who worked there had a very good attitude and they concentrated on going forward. If you are interested, they are also currently looking for new employees on their website.
LocalBitcoins is also founded in Finland which is already a good sign. If it would be registered to some not-so-reliable country, it wouldn’t seem so good in my eyes. Their platform is also very clean and they have a support available for questions. Their social media accounts also bring more reliability because founders and employees are showing their faces and identities. It would be hard to believe that LocalBitcoins would be a scam.
LocalBitcoins is also ranked 3 on Top 40+ Sites to Buy Bitcoin on BestBitcoinExchange.io, their trust score is A and rating 9,65 out of 10.
I found some negative reviews about LocalBitcoins. But I wasn’t so surprised this time. When I made a review about #1 and the biggest bitcoin exchange I also found many negative reviews. They seem to be typical for bitcoin sites. It’s the same with online flight booking sites. If you look for reviews about Momondo, Expedia, and other similar sites, you will find tons of negative reviews even though they are quite reliable companies.
Some people seem to have a tendency to complain even if there wouldn’t be a big reason to complain. But, of course, complaints need to be taken with respect and see if some of them are real or not. On one site, LocalBitcoins support employee was answering those complaints and trying to help people.
How to Add Your Account Security?
Having all your bitcoins behind one password is not ultimately safe. What if somebody gets your password, logs into your account and takes your money? That’s why I recommend to add a two-factor authentication to your account.
It works either by downloading a mobile app or by printing a security code on paper. When you are about to log in, they ask for your two-factor authentication code and password, before letting you in. So if somebody gets your password, he can’t get into your account without that other code.
You may be wondering, what happens if you lose your two-factor authentication code. That happened to me with another bitcoin exchange because my phone broke where I had downloaded an app. I was a bit nervous if I will get my money out there or not. So I contacted support. They asked me a few questions that I only would have known. For example, when did I open my account, how many times I have changed bitcoins, where is my passport issued etc. Then they unlocked an account to me.
So it may not be a huge problem if you lose your code but I recommend that don’t lose it. LocalBitcoins has also a section in their F.A.Q. about losing a two-factor authentication code so it seems to have happened to many people already.
Pros & Cons
Pros:
- Ranked #3 in the best bitcoin exchange ranking
- Trust Score A. Ranking 9,65 out of 10
- Good reputation
- Positive things heard from a person who was working there
- Founded in Finland
- Employees show their faces and identity openly
- You can create an account for free
Cons:
- Some negative reviews can be found online
- You need to be careful if you change bitcoins in person
Conclusion – Is LocalBitcoins Legit?
LocalBitcoins seems to be legit until we receive a proof to the contrary. The only thing that makes it a bit suspicious are some negative reviews but I think that there complaints about any company that has ever been. There are many aspects that make this company seem very reliable. I think that they couldn’t be running so successfully if they wouldn’t be legit.
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LocalBitcoins at a Glance…
Name: LocalBitcoins
Website: www.LocalBitcoins.com
Founded: 2012 in Finland
Field: Bitcoin Exchange
Overall Rank: 90 out of 100
Have you used LocalBitcoins or other bitcoin exchanges? Did you find them reliable? Leave a comment below!
Most sites no matter how secure or reliable they are will always tend to have negative reviews. And most of the time it will be from users that have done something wrong and complaining about the actions taken against them.
The only problem for me is the meeting up factor. I understand that it makes it better because you don’t have to worry about things like cash back but it just seems a bit nerve racking having to meet a total stranger that you have only talked to once online.
Hi Kingcool,
I’m 100% sure that LocalBitcoins is a reliable company. I asked about negative reviews from my friend who has been working for them for a long time. He said that many people just publish a negative review on the Internet if they have any problem. Then they get a solution for that but they forget to remove their negative review or change it into a positive one. That’s interesting.
Thanks for the review! I myself have seen this site around here or there but wasn’t sure how legit it was.
It seems everyone treats bitcoin exchanges with a healthy amount of skepticism and they certainly aren’t for everyone, but I think the amount of skepticism can be unwarranted at times.
I’ll be checking this site out and will be sure to post my feedback. Thanks again for the insurances before I start
Hi Bret,
bitcoins are definitely not a scam but, of course, it’s wise to be careful with different bitcoin exchanges. I only trust the biggest and the most reliable ones. LocalBitcoins seems to be one of the world’s biggest bitcoin exchange platforms.
If you end up trying it, let me know how did you like it.
-Roope
Bitcoins certainly are intriguing. I wish I knew more about them. It is such a foreign concept to me. I guess it’s currency, but not in the traditional sense. I don’t know how big Bitcoin will end up being, but it is definitely something to keep an eye on. I think you are spot on though, sounds legit to me.
Hi Steve & Kris,
the Internet is full of information about bitcoins so if you are interested, just make a few searches and you will find more info. We are also providing more information about bitcoins and different bitcoin brokers on YourOnlineRevenue.com. So far we have made a review about LocalBitocins and CoinBase but we will research other ones for sure.
Here is my another text “What Are Bitcoins and How Do You Get Them? (And How I Made Already Easy 1500€ Without Lifting My Finger)“. I believe you will find it interesting. Let me know if you have any questions and I will find an answer to you and perhaps even write a whole text about the subject.
-Roope
Hey Roope,
Is Bitcoin still a thing this year? It was viral last year and this year everything’s a bit quiet, even my friends who are bit traders never pushed their stuff.
I love affiliate marketing too, awesome to connect with a like minded individual and I follow your posts regularly. Keep up the good work, looking forward for your next one 😀
Hi Riaz,
yes, bitcoin is still a huge thing and it’s getting bigger year by year. The market value of a bitcoin just reached a new record a few weeks ago. A value of one bitcoin was about $1,100. Who knows how much it will grow the future?
I am happy to hear that you are following my posts regularly. Feel free to share it to your friends who would also be interested in making money online. 🙂
-Roope