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Company: Local Bitcoins
Website: localbitcoins.com
Main focus: local bitcoin buy or sell
My Rating: 95 out of 100

Are you looking to do a local bitcoin buy or sell today? Perhaps you want bitcoins today and don’t want to go through all the hassle of getting an account set up on an exchange.

Or perhaps you want the added privacy that comes with doing a local bitcoin buy or sell in person. Or maybe you just like the idea that bitcoins are a decentralized currency, and believe trading them should also be decentralized.

“The easiest way I have found to do a local bitcoin buy or sell is through Local Bitcoins.” –Jeremy West, founder, Spend Bitcoins

 

My full review. The pros and cons of a local bitcoin buy or sell with Local Bitcoins

The Pros:

The layout of Local Bitcoins is quite easy. From the main page, you can simply type in your city, the amount you would like to purchase or sell, and the payment method you prefer.

A list of local bitcoin buy or sell options in your area will be returned (in my case, more than thirty local options were returned).

There are a number of different ways to do a local bitcoin buy or sell through Local Bitcoins.

The easiest way is to simply go to this page, which will take you directly to people in your local area who have posted ads for a local bitcoin sale or this page which will take you directly to people in your local area who have posted ads for a local bitcoin buy.

You can shop through these pages for the best prices or the best reviews, or people who are selling or buying in the most preferred way for you.

There are many different kinds of payment options, and you can choose the seller or buyer who has the option most useful for you. Options include:

1. Cash deposits at banks: You walk into a local bank branch and deposit cash into the seller’s account. This is often the quickest way to receive bitcoins as the seller can see your deposit the same day.

2. Western Union: Often, the nearest location to you is a local Western Union Branch. This is also an option on Local Bitcoins.

3. Online bank transfers: You make a transfer from your bank account to the seller’s bank account.

This is often the easiest method as you can simply do it right here, right now. You will have to wait a day or two for the bitcoins to reach your wallet, though.

4. Cash in-person: This is a bit less convenient, as you have to set up a meeting time and place with the seller. However, it is the most private way since it does not include banks at all.

5. If no one has listed ads in your country yet, you will still find sellers and buyers at Local Bitcoins willing to sell or buy by Wire Transfer, Web Money, Money gram, Amazon Gift Codes (which you can buy with credit cards) or even cash in the mail (check your local laws).

On the other hand, if you want to set your own rate for buying or selling bitcoins, you can post your own ad locally on this page.

When you post your ad, you will also be able to state in which ways people can sell to you or buy from you, as above.

The Cons:

The only real con with Local Bitcoins is that the margin when buying and selling on Local Bitcoins will be higher than from a traditional exchange.

That is–if you already have funds on a traditional exchange and/or the price is not higher (for buying) or lower (for selling) by the time you get your funds loaded onto a traditional exchange.

If time is of the essence or your buy or sell is not large enough to warrant  the cost and timeloss of an international wire transfer, Local Bitcoins may actually be your cheapest option.

Another important point: Research has shown that people are twice as likely to post positive feedback online when they are happy as they are to post negative feedback when they are unhappy. So pay special attention to ANY negative feedback, regardless of how much positive feedback the seller in question has received.

Final verdict: 95/100

I use Local Bitcoins for every local bitcoin buy and sell now, and have done so with great success. I have never had any problems and the bitcoins have always been transferred in a timely manner.

I have never had any need to make any disputes, but this post at bitcointalk.com includes comments from many who have used Local Bitcoins support with great success.

So if you’d like to buy or sell anything from 0.00000001 to 21,000,000 bitcoins, head over to localbitcoins.com now for an easy way to buy or sell locally.

Happy buying!
—Jeremy

P.S. — Please share your own experiences with Local Bitcoins or ask any questions you have for me in the comments box below. I’d love to hear from you!