Verified Localbitcoin Account

What is LocalBitcoins

LocalBitcoins is a marketplace for buying and selling Bitcoin with other people in your community.

Most users are tech-savvy people familiar with Bitcoin, which means most of the users can be quite anonymous.

To join this network you need to register an account at their website. Once your account is created you can log in and start trading Bitcoins quickly by transferring money directly into another person’s checking account via online banking. No verification or ID is needed to trade, so it’s very anonymous. This means that the users of LocalBitcoins are only limited by their country’s regulations.

LocalBitcoins have no fees for trades, but they do take a small fee of 0.75% when you buy via online banking. When you sell your coins, you always get paid in Bitcoins. When you sign up to LocalBitcoins, a guide describing how to make a trade will be sent to your email address.

As the market is open 24/7 there is no official closing time – it can therefore be assumed that this market never sleeps – ensuring a constant flow of trading activity.

What is a verified LocalBitcoins account?

A verified LocalBitcoins account is an account that has been verified as a legitimate account through the use of ID cards and other personal identifiers.

Verified accounts enable customers to transfer large amounts of money without fear of fraud or theft. Customers can either verify their account themselves via uploading government-provided identification or by having a third party do it for them.

Why use LocalBitcoins

When you sell Bitcoin via LocalBitcoins, you are selling it to other people in your community so they can use it. There is no middle man or third party which means that you get to keep all of the profits for yourself.

Most Bitcoin exchanges work like traditional online stock exchanges where prices rise when more people want to buy Bitcoins and fall when more people want to sell Bitcoins, but LocalBitcoins is different because you can choose whether or not you want your order to be executed immediately. This means that the buyers and sellers have more control over the price.

 

Buying Bitcoins with LocalBitcoins

Steps for buying Bitcoins with LocalBitcoins:

1) Register at their website (this will only take a few minutes)

2) log in to your account and click on Wallet or go directly to https://localbitcoins.com/account/wallet

3) Deposit money into your LocalBitcoins account by clicking on the Finance tab in the top menu and then clicking “Deposit” next to USD (or EUR, CAD etc).

4) Buy Bitcoins by finding someone who has them and buying them using the “Barter” function. For example, search for a seller in your country (e.g., United States). There are many options to select from so finding one that suits you best. You can either meet up with this person or they can send you the Bitcoins.

5) That’s it – now you own bitcoins! Please note that these steps can be used with all payment methods.

Setting up a LocalBitcoins wallet

To use the barter function you will need to have a digital wallet so that you can send and receive Bitcoins to/from other users. You can create your own wallet for free at Blockchain.info or use a mobile wallet such as Mycelium or Xapo.

Risks of using LocalBitcoins

When you sell Bitcoins via LocalBitcoins, there is no need to go through a middle man which means that your profits will be greater and it costs you nothing other than small commissions for online banking transfers. You can set your own price and you will only need to go through a verification process if you want to deposit money with a credit card or if you want to withdraw money.

There is, however, also some risk involved as this is one of the most unregulated cryptocurrency exchanges. Because there are no official regulations that users have to abide by, it can be quite hard to get your money back if you get scammed. Each person that is selling Bitcoins is in charge of their own money and it can therefore be quite hard to get your coins back if the seller runs away with your cash.

LocalBitcoins scams

If you do not know who you are trading with, you could fall victim to a scam; this is why it is very important to only trade with people who have good reviews and to check their feedback. Scammers can be difficult to spot as they often make their accounts look like legitimate traders, by verifying the phone number and bank account which create a sense of legitimacy. If you are still unsure if a trader is legitimate you should check the “Feedback” section on their profile, where you will find user reviews.

Tips to prevent local bitcoin scams

* Never send Bitcoin to an escrow service – LocalBitcoins does not provide escrow services so money should be sent directly to the seller’s Bitcoin address. If you are sending money first without receiving Bitcoins in return, you should be very careful!

* Check out the user’s profile – Go to their profile and verify that they have at least one positive feedback. If there is no positive feedback, it is advisable not to trade with them. Their account can also be fake which means that you could lose money if you send it first.

* Check the number of trades – Avoid users who have just started trading as they could be a scam.

* Check the number of positive feedbacks and read what other people say about this user – Go to the user’s profile and click on “View Feedback”. You can now see how much positive and negative feedback they have received. If there is only one person leaving negative feedback, you should be very careful.

* Check the user’s country – Scammers often tell you that they are in a different country than they really are (e.g., Australia) and to make it more believable, they add an Australian flag to their profile picture. Some scammers will use pictures of celebrities giving false hope that this user is giving you a good deal.

* Search the user’s name on google – You can search for their username or full name in Google to see if this person has been involved in scams before.

* Check the link profile of the user – Do they have any links? If so, check where these links are redirecting you to. This could be the user’s wallet or another site that is trying to scam you.

* If negotiations go too fast – Scammers try to contact new users very quickly with the sole purpose of taking advantage of them. If someone tries to get in touch with you immediately after your first message, this should raise some red flags.

* Look out for repetitive messages – Scammers tend to copy and paste messages so you should be careful if a user sends the same message twice. You can also see whether other users have reported this person for sending them false or repetitive messages.

* Look out for changes in tone – If someone is asking you for very personal information such as your name, address, phone number etc., it could be a sign of an attempted scam.

* Check the spelling – If you notice that someone’s English is very poor, they could be trying to lure you into sharing personal information such as your name and address.

* Go to Google and type “<username> scam” – You can now see whether other people have reported this person as a scammer.

Check feedback before buying or selling Bitcoins on LocalBitcoins

There are two different ways of checking a user’s feedback: the quick way and the detailed way. The quick way is to go to their profile page and click on “View Feedback” near the top, below their username. You can now see how much positive and negative feedback they have received. If there is only one person leaving negative feedback, you should be very careful.

The detailed way of checking feedback involves clicking on their username to go to their profile page and then clicking on the “Feedback” tab below their name. Now you’ll see all the users who have left positive or negative feedback for this user. The feedback can include a brief message from the person who has given feedback and there is also a small link to the user’s profile. You can now click on this link and go to their profile page.

You should avoid sending money without receiving Bitcoins in return, especially if you have never traded with this person before. In case you ever decide to do this, make sure the BTC address you are receiving the money to is correct.

If someone asks you for money before sending Bitcoins, this could be a scam. It is very unlikely that someone will give you Bitcoins first and ask for your bank account details afterward. You should always be suspicious if someone wants to trade without escrow because it’s basically like walking in the park and handing over your money to a stranger.

If you ever receive a payment from someone who is not logged in on LocalBitcoins, this could also be a scam. You can see whether they sent you money by going to Help -> Transactions -> Find transaction in the menu bar and enter their username or payment ID.

If someone is trying to use a fake name on LocalBitcoins, this could be a scam. It’s unlikely that someone will create an account with a fake name and ask for your bank information. Be careful if the user doesn’t have a picture of themselves or their area in their profile. If they have been active for a long time without uploading a profile picture, there is a good chance they are trying to scam you.

When sending money from your LocalBitcoins wallet, you can now click on the drop-down menu named “Select payment method” and choose from any of the offered escrow services:

Paying with an unconfirmed Bitcoin address could be risky because the money might never reach you. The Bitcoin network could potentially reverse that transaction and your money will be gone. You should always pay with an escrow payment unless you know the person very well.

You can read more information about how to avoid scams on LocalBitcoins in this blog post: https://blog.localbitcoins.com/post/102543388792/how-to-spot-a-bitcoin-scammer **

 

Avoid fraud by using payment service providers that protect your money

For example, you could choose to buy Bitcoins through a brokerage or directly from another person who is selling their Bitcoins. This way, if the other person decides to run away with your money, you will always have a way out. To avoid fraud when buying Bitcoins directly from other people, we recommend using LocalBitcoins.com where the escrow feature makes it possible for you to trade safely and reliably even when dealing with complete strangers.

Buy verified localbitcoin account

Buying verified localbitcoin accounts is an option that some choose to buy Bitcoins from. This way, you will always have the option of getting your money back if you buy from another person locally. The escrow feature of LocalBitcoins.com makes it possible for trading safely and reliably even with people you don’t know.

Conclusion

The buy verified localbitcoin account is an option that some choose to buy Bitcoins. This way, you will always have the option of getting your money back if you buy from another person locally. The escrow feature of LocalBitcoins.com makes it possible for trading safely and reliably even with people you don’t know.

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