LocalBitcoins is a peer-to-peer (p2p) marketplace that allows buyers and sellers to directly communicate and trade Bitcoins. Unlike most exchanges that match buyers and sellers manually, LocalBitcoins allows users to communicate directly.
LocalBitcoins is like Craigslist for buying and selling Bitcoin. Its sellers offer a wide variety of payment options and the built-in escrow allows for greater buyer security.
However, prices are usually higher on this platform and you have to do your due diligence to avoid getting scammed.
LocalBitcoins is generally a safe place to buy and sell Bitcoin, but it’s not recommended to use it for storing your crypto. Instead, transfer any Bitcoin you buy from your LocalBitcoins wallet to your own crypto wallet. Also, it is easy, and simple to use. High security protected. Exceptional customer service. High level of the verification process. Easy to sell and buy bitcoins. With hundreds of trusted Sellers and buyers offering fair price value. A high degree of protecting your Bitcoins. With Local Bitcoins, you are at zero chance of fraud or scam unless you are full of negligence and ignorance.
The fees are a little higher, especially for the escrow service and the transfer to an external wallet (withdrawal).
Localbitcoins do not offer a “noncustodial” wallet for depositing your funds (you don’t own your private keys so you don’t have total control over your crypto)
In addition, the identity verification is very demanding (and despite that there are a few fake traders & scammers – LocalBitcoins has nothing to do with that since it is decentralized and open for everyone).
For more info, watch the video below: