Trade Bitcoin in your local currency – A step by step guide to LocalBitcoins

LocalBitcoins is a place where anyone from different countries can trade their local currencies for bitcoins and vice versa. It allows users to post ads with their desired price and payment methods in exchanging bitcoins. You can choose from these advertisements that give the best deal for you and agree to the terms and conditions of the person trading. Some conditions may require you to meet them for cash payment or you may agree to an online banking payment.

LocalBitcoins Location Based Cryptocurrency exchange

What do LocalBitcoins offer?

Unlike any other Bitcoin exchanges, LocalBitcoins is decentralized. Users interact directly with other users which makes the trading instant and lean, as there is no third party interfering in between. They also support wide various types of payment methods and offer escrow service to provide security to buyers and sellers. They support almost all types of currencies all over the world. They support payment methods such as Moneygram, Paypal, cash deposit, National bank transfer, Steam gift card code, Transfer with a specific bank, Cash by mail, Xoom and other online payment methods. They also support cash handed in person where you and the trader can meet in one place for the trade. So, LocalBitcoins is definitely the perfect place to trade locally and meet some Bitcoin users in your local area.

How to get started with LocalBitcoins?

Quick Buy

If you are a buyer, here are a few simple steps on how to do a Quick Buy with LocalBitcoins:

Step 1

Create an account with Localbitcoins.com and get a free online web wallet. You can opt to use the free wallet or use a different wallet provider.

LocalBitcoins Free Sign Up page

Just enter your desired username, password, and your email address then hit Register.

Step 2

On the Homepage, click on Buy bitcoins and use the search box tool for buyers to look for sellers that match the amount you needed, location and payment method.

Payment methods for quick buy are the following:

  • Online
  • Cash Deposit
  • Moneygram
  • iTunes, Amazon, Walmart and other gift card code
  • Western Union
  • Cash by mail
  • Paypal, Paypal My Cash
  • Google wallet
  • PaySafeCard
  • Vanilla
  • Reloadit
  • Venmo
  • Dwolla
  • NetSpend Reload Pack
  • Serve2serve
  • Xoom
  • Postal order
  • Square Cash
  • Chase Quickpay
  • In-person
  • Cash

LocalBitcoins How To Quick Buy BitcoinStep 3

View the offer by clicking the Buy button

Localbitcoins how to buy bitcoin guide

You will be able to see the more information about the offer including the Terms of trade. It is important that you agree with the terms of the trader but if not, you can opt to choose another trader.

Step 4

(refer to the previous image)
Start the trade by typing the amount you want to buy in the blue box. Then include your message to the seller and hit the Send trade request button to the start the trade. Make sure that you are prepared to pay when clicking the button because if the payment window is over, the trade will be canceled automatically.

Localbitcoins how to buy bitcoin guide 1

If you are done with the payment, hit the Mark payment complete button. The trader will then verify that your payment has been received and Escrow will release your bitcoins to your LocalBitcoins wallet immediately.

Quick Sell

If you want to earn income by selling bitcoins, you can do it easily and safely with LocalBitcoins. Here are a few steps to make a Quick Sell with the exchange:

Step 1

(Skip this step if you already have an account)
Create an account with Localbitcoins.com and get a free online web wallet. You can opt to use the free wallet or use a different wallet provider. Just enter your desired username, password, and your email address then hit Register.

Step 2

On the Homepage, click on Sell bitcoins and use the search box for sellers to look for sellers that match the amount you needed, location and payment method.

Localbitcoins how to sell bitcoins guide

Payment methods for quick buy are the following:

  • Online
  • Cash Deposit
  • Moneygram
  • iTunes, Amazon, Walmart and other gift card code
  • Western Union
  • Cash by mail
  • Paypal, Paypal My Cash
  • Google wallet
  • PaySafeCard
  • Vanilla
  • Reloadit
  • Venmo
  • Dwolla
  • NetSpend Reload Pack
  • Serve2serve
  • Xoom
  • Postal order
  • Square Cash
  • Chase Quickpay
  • In-person
  • Cash

Step 3

View the deal by clicking the Sell button

Localbitcoins how to sell bitcoins guide

You will be able to see the more information about the deal including the Terms of trade. It is important that you agree with the terms of the trader but if not, you can opt to choose another trader.

Step 4

Start the trade by typing the amount you want to sell in the blue box. Then enter the details of your receiving online transfer account such account name, Sort code, Account number, Reference or message. You can also include your message to the buyer then hit the Send trade request button to the start the trade.

Localbitcoins how to sell bitcoins guide

If you are done sending the request, the buyer will ask for your payment details. After you have given the details, they buyer will pay the amount and confirm it to you. You will just have to make sure that you receive the payment to your account before clicking the Release bitcoins button.

Post a trade

If you want to post your own advertisement, here are the steps on posting a trade with LocalBitcoins whether you want to sell or buy Bitcoins.

Step 1

(Skip this step if you already have an account)
Create an account with Localbitcoins.com and get a free online web wallet. You can opt to use the free wallet or use a different wallet provider.

Just enter your desired username, password, and your email address then hit Register.

Step 2

Click on Post a trade to go to the page and create your advertisement.

Complete the form in making your advertisement including your location, your currency, your margin over the market price, price equation – if you wish to edit it and your terms of trade. Other details are optional base on how do you want to advertise your trade.

Once you are done with the form, hit Publish advertisement button and your ad will be posted.

Other tips and notes in trading with LocalBitcoins:

  • If you are the advertiser, you are always accountable for all the payment processing fees.
  • Have some trading experience through other traders ads before posting an advertisement. This will build trust to your account by having good feedbacks.
  • Have your account verified both SMS and ID verification. This will make your account more trustworthy.
  • Be knowledgeable with your local legislation and with the payment method you offer to avoid non-compliance of the law and risks and delays in making or receiving your payments.

Ready to Get started? Visit Localbitcoins and get your BTC now!

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