This article is a tutorial showing you how to buy and sell bitcoins on localbitcoins. In this article, I’ll show you how to register with local bitcoins and how to buy and sell bitcoins on localbitcoins. Well, for those who don’t know Localbitcoins is a website where you can trade bitcoins with people from your area in person.
You can also buy bitcoins with different online payment methods here. Local bitcoins provides a secure web wallet for you for free. After purchasing bitcoins you can transfer and spend them right away to get started with bitcoins.
Steps to set up an account on Localbitcoins:
- First, go to local bitcoins with the sign-up link. sign up for localbitcoins.
- Enter your user details. I recommend using a strong password as you are going to keep money in your account
- After the registration form is submitted you’ll receive a verification email. Click the link in the email. You now have a user account with local bitcoins.
- I also recommend that you verify your mobile phone number at the site. You can find the option for phone number verification under edit profile. Enter your mobile phone number in international format. In a few seconds you’ll receive an SMS message containing a verification code.
- Put this code on the website and local bitcoins knows you are the owner of the phone.
How to Buy and Sell Bitcoins on Localbitcoins?
To start buying/selling bitcoins on Localbitcoins, login to your local bitcoins account.
Select all online offers to see all available advertisements. Press search and you will see a list of advertisements by different traders. Each row represents one advertisement.
Starting from the left you’ll see the traders username the number of completed trades along with the trader’s feedback score. Place your mouse over the colored circle to see how recently the trader has been online. The payment method column shows you the payment method of the advertisement.
The price per BTC column shows the Bitcoin price in your currency for a full Bitcoin. If you want to buy more or less than one Bitcoin it’s no problem, the limits column shows you the smallest and largest amounts that you can buy from the ads. All online trades are protected from fraud by being escrow enabled this means that when the trade is started we take the Bitcoin from the trader and keep it stored safely in escrow until the trade is completed. You can chat with the trader to get help with your trade.
- In the search box on the front page type in the amount, you want to buy and choose your preferred payment method. Click the Buy button to open the ads and see more information about the reputation of the trader and his terms of trade.
- Make sure the amount is correct and then press the send trade request button.
- Pay for the bitcoins according to the instructions you are given. It’s important to pay before the payment window runs out or else your trade will be canceled then you may lose your money.
- Mark the payment complete when you have paid by pressing this button. This stops the trade from canceling automatically and when the trader sees your payment he will release the bitcoins to you. This moves the bitcoins to your local bitcoins wallet from escrow. You can go to your wallet by clicking on your wallet balance on the menu bar.
- You can then rate your buyer and you’ve completed your trade.
- Click the Sell button to open the ads and see more information about the reputation of the trader and his terms of trade. Here you can select which is the highest offer but within the limits.
- After selecting the perfect offer click “sell”. Here you put the amount “how much you wish to sell?” and fill out the details to receive the payment (bank details).
- Click on “send trade request”. You can also send a message to your customer. Just to tell them that you are ready for trade.
- After you receive the funds in whatever medium you’ve selected, click on “Release bitcoins”.
- You can then rate your customer and congrats you’ve completed your trade.
Hope you enjoyed reading this article and hope it helps you to trade bitcoins in future. If you have any suggestions or comments please comment down in the comment section.