LocalBitcoins.com is a person-to-person bitcoin trading site. At LocalBitcoins.com, people from different countries can exchange their local currency to bitcoins. Unlike centralized, stock-exchange-like, bitcoin trading sites, you make a trade directly with another person. This makes the process lean and fast, as there is no corporate overhead. You get your bitcoins instantly. Also, LocalBitcoins.com can support every payment method its user community supports.
The site allows users to post advertisements where they state exchange rate and payment methods for buying or selling bitcoins. You reply to these advertisements and agree to meet the person to buy bitcoins with cash, or trade directly with online banking. Bitcoins are placed in LocalBitcoins.com web wallet from where you can pay your bitcoin purchases directly.
- Registering, buying, and selling Bitcoin is free.
- LocalBitcoins users who create advertisements are charged a 1% fee for every completed trade.
- Transactions to wallets of other LocalBitcoins users are free.
- Transactions to other Bitcoin wallets are subject to Bitcoin network transaction fee. The size of the fee depends on the current usage rate of the Bitcoin blockchain, and this fee is automatically adjusted based on the current network congestion. The transaction fee is paid from your LocalBitcoins wallet when you send a transaction.
- When sending to LocalBitcoins wallet, a bitcoin network fee is deducted from the deposit. The fee varies on how congested the Bitcoin Network is. If your deposit amount is smaller than the bitcoin deposit fee, the deposit will not be processed.
- When using LocalBitcoins’ merchant invoicing services a fee of 0.5% is deducted from the paid invoice amount of each invoice. Also Bitcoin network deposit fee is deducted from the invoice amount, if the invoice is paid with an external transaction.