LocalBitcoins, an application that links supply and demand to sell and buy bitcoin (BTC), has been one of the platforms in the world of cryptocurrencies that for many years was the benchmark until exchanges proliferated.
First, to use the platform, you need to register, even on behalf of a company. The next step is to provide some personal data (therefore not a real KYC) and the volume of transactions in your local currency that you are expected to carry out throughout the year.
As is known, for some time the platform has made the KYC (Know Your Customer) procedure mandatory, but only for more than 1,000 euros per year.
To make a purchase, it is necessary to click on the “Buy Bitcoin” page and scroll down through the different sale offers that exist, or enter the amount of bitcoin to be purchased, the country of the seller and the method of sale. purchase, and it is also possible to choose PayPal and PostePay.
Depending on the payment method, the required individual bitcoin price and limit may change.
Before proceeding with the purchase from a seller, it is recommended:
- check their reliability by reading the reviews and if they really live in the country where BTC is sold;
- Verify that the contact information is correct by sending a message;
- Verify credentials such as email address, phone number, and ID.
Regarding the sale of bitcoin through the platform, the same purchase procedure applies, so it is necessary to choose the amount, the country and the preferred payment method, in search of a buyer who meets the requirements.
There is a different approach when placing a purchase or sale order. In this case, it is necessary to complete the KYC procedure. Only then will it be possible to proceed to configure the various parameters for the trade.
In general, the platform retains the 1% commission in operations, while when buying from a third party the procedure is completely free.