If you are a crypto junkie, then perhaps you already know about Localbitcoins. If you haven’t heard about it, it is a popular peer-to-peer BTC trading platform. You can buy and sell bitcoins on the website once you have a verified account on Localbitcoins.com. However, Localbitcoins is not the only bitcoin marketplace in the world.
Reputable cryptocurrency platforms such as NakitCoins.com, also allows users to make transactions using bitcoins seamlessly. Have you been wondering what the best cryptocurrency platforms to use are in 2021? Here is everything that you need to know about Localbitcoins and the alternatives.
Is Localbitcoins legal?
Of course, it’s legal. However, you should always be aware that buying and selling bitcoins through peer-to-peer trading methods is always a risky business. Having said that, you should be able to feel relatively comfortable when using Localbitcoins, provided you transact with trusted dealers. When you initiate a trade on Localbitcoins, the amount of BTC will be held in an escrow system until both parties confirm the transaction.
You can always dispute a trade if you feel that someone is about to take you for a ride. Never confirm a transaction without first checking your account to see if it has gone through. The legality of your bitcoin transaction on localbitcoins.com may also depend on the relevant laws in your country. Finally, just like any other digital business, cryptocurrency transactions can be risky. So, play your cards right.
Top 3 Localbitcoins Alternatives
For crypto freaks in Turkey, Nakitcoins is more than an alternative to Localbitcoins. Although Nakitcoins.com is not a P2P BTC trading website, it allows you to exchange your crypto for cash almost instantly. Crypto to crypto swapping just got easier with Nakitcoins. They are the premier cryptocurrency cashpoint brokers in Turkey. If you want to buy BTC, top up your funds, and make cash withdrawals without any limits, just visit this useful link to Nakitcoins for more info.
Paxful has proven to be a reliable alternative to Localbitcoins. It’s an easy-to-use P2P BTC trading platform. Unlike Localbitcoins, Paxful offers much broader payment options, allowing users to access over 300 payment methods. As long as you are a smart user, Paxful’s escrow service will protect your funds from fraudsters.
This is a Hong Kong-based P2P crypto exchange that allows people to buy, sell, and transact in BTC and altcoins. You can use your email address to sign up on LocalCoinSwap. This multi-currency crypto platform is definitely a good alternative to Localbitcoins.
Is Localbitcoins wallet safe to use?
It’s relatively easy and safe to store your BTC in your Localbitcoins wallet. However, the safest way to protect your BTC is to transfer them to your own wallet. Transferring BTC from Localbitcoins to your personal wallet may attract a small transaction fee, which is typically around $1 to $3.
It’s not wise to store all your BTC in your Localbitcoins wallet because the P2P platform reserves the right to freeze your funds if you encounter a problem. In the event of any problem, or simply a complaint from malicious actors, a dispute can be raised against you, and that may prompt the admins to lock your account, preventing access to your funds.