LocalBitcoins is among the largest and most popular peer-to-peer (P2P) platforms in the cryptocurrency space. It is also one of the oldest to get access to Bitcoin (BTC) around the world.
By working with an escrow mechanism, users can purchase Bitcoin from other individuals close to them (in the same region). At the same time, different payment methods are available and supported.
Until a few years ago, LocalBitcoins accepted payments in cash. However, due to KYC and AML regulations, the platform stopped offering this option for users to pay for the BTC they purchased.
At the moment, the platform is available in over 200 countries and regions. That means that you might be able to get access to Bitcoin in order to play at Winz online casino.
Pros and Cons
This is a list of pros and cons about LocalBitcoins.
- Works in over 200 jurisdictions
- Supports several payment methods
- Offers BTC liquidity all around the world
- It is a secure platform
- It does not offer support in the United States
- It stopped offering cash transactions
The first thing you need to do if you want to use LocalBitcoins is to register on the platform. This is a straightforward process similar to most of the trading platforms currently available in the market.
Users that register will have to accept the Terms and Conditions and verify their email accounts. This might take just a few minutes but it strictly necessary to get access to Bitcoin.
After you register yourself, you will have to share personal information, including your mobile phone number. You will receive an SMS code that would confirm you are a real person. Your phone is very useful because it can help you in the future recover your password.
Now that you are registered, you can start searching for people that want to sell and buy Bitcoin. Remember, rather than working with a traditional order book in a crypto exchange, users will have to manually select the person they want to buy Bitcoin from.
Users can use different currencies to purchase BTC. You can select the currency you prefer depending on the region you are located. Dozens of local currencies are supported on this platform. At the same time, you can select the payment methods you want to pay for the BTC you purchase.
Once you select all this information, you will have the possibility to select a user from the list. This will be the user that will sell you Bitcoin or purchase BTC from you. There are thousands of users all over the world, however, just dozens of them might be available in your region.
The platform has also an internal rating system that helps you understand whether a person is a reliable user or not. This is very useful for those users that do not trust these services or methods to get access to virtual currencies.
The list of users will also share with you the price per BTC and the limits they have. If you want to buy larger amounts of BTC, this might not be the best option for you. However, if you want to buy Bitcoin to play at an online casino this could be one of the best options.
Now that you are decided to purchase Bitcoin, you have to select the amount of BTC you want to buy. You select the amount in local currency and add a message (if you want). The more details you provide, the easier it will be for the other user to process the transfer.
The seller should also accept the deal and provide additional information to confirm the transfer. It is also worth pointing out that there are purchasing limits on this platform. Depending on the number of funds you want to buy you will have to provide more data and personal information.
If you want to get higher limits, then you should pass all the different tiers of verification. Most of the crypto platforms all over the world are already requesting users’ private data in order to be compliant with KYC and AML regulations.
Finally, if you want to sell your virtual currencies, then you should follow the same guide. The only difference would be to select “Sell” rather than “Buy” at the beginning of the whole process.