Reviews
LocalBitcoins Review: Pros and Cons of Buying Bitcoin on LocalBitcoins
LocalBitcoins is a popular peer-to-peer exchange that allows users to trade bitcoin. In this LocalBitcoins review, you will learn how to use the platform and discover the pros and cons of buying and selling bitcoin on LocalBitcoins.
Getting Started on LocalBitcoins
Founded in 2012, LocalBitcoins aims to connect the masses to the bitcoin economy guided by the belief that bitcoin will transform the global financial landscape. LocalBitcoins acts as a gateway into the often complicated world of bitcoin trading and allows newbies to buy and sell the digital currency with relative ease.
To trade on LocalBitcoins, you must create a username, provide your email address and input a password. Once the registration is complete, you will be sent a message to the email address you provided for account verification purposes. Next, follow the steps to complete account verification.
Upon logging in, you will find a simple user interface on the main page of your account. On the dashboard, you will see the main sections, which include buying and selling bitcoin, posting trades, customer support, inbox, and your online wallet.
How to Buy Bitcoin
To buy bitcoin on LocalBitcoins, the first step would be to search for vendors who are selling bitcoin and are in your geographic location. On the search box at the top of the main page, fill in the amount you want to purchase in your currency, together with your location and the payment method you prefer. If you are uncertain about how you want to pay, then select the ‘All offers’ option on the drop-down menu. The platform will give you a list of all bitcoin traders in your area.
You will have to select a trader with a good reputation score and a high number of trades from the list of advertisements. Each advertisement has a response time indicator, which shows how prompt the trader replies to requests. To get more information about the advertisement you can click on the ‘Buy’ tab.
After clicking on the ‘Buy’ tab you can view the terms of trade. If you find them acceptable, input how much you want to purchase in the amount box, type a message for the seller and press the ‘Send trade request’ to initiate the trade. After clicking the button, you must pay before the payment window is over or else the trade will automatically be cancelled.
Once you have executed the payment, press the ‘I have paid’ tab. The seller will have to verify the payment is received. Only then will your bitcoin be released from the escrow and made available on your LocalBitcoins wallet. If you are looking to sell bitcoin, the process is almost similar. You can learn the steps from the ‘How to Sell Bitcoin‘ guide on the site.
Main Features and Payment Options
LocalBitcoins incorporates a number of features that optimise the trading process. Top among them is its escrow service. The escrow is useful for online transactions where any cash sent during a trade is held by the escrow administration until the vendor confirms a successful exchange.
To ensure you end up selecting the right trader, the site has a reputation rating system in place. Traders are ranked based on their activity, trading history, and user feedback.
Localbitcoins also offers conflict resolution in the event a dispute arises during a trade. The conflict resolution is enforced through its customer support team who are ready to handle any issues between buyers and sellers.
Perhaps the biggest selling point of LocalBitcoins is the high number of payment options available. Its payment options include but are not limited to:
- Cash on delivery
- M-Pesa
- PayPal
- Wire transfer
- Western Union
- Webmoney
Fees and Security
LocalBitcoin charges a 1 percent fee on individuals who post the adverts. Some payment methods are more expensive on the site due to vendors running the risk of selling BTC to individuals who may initiate a chargeback, particularly for PayPal or credit card transactions. Therefore, to protect themselves against potential losses, they increase the price for certain payment methods.
Transactions to other LocalBitcoin wallets are free. You can view more of the fee structure in the Fees Section.
While LocalBitcoins has developed a reputation for being a safe and trustworthy platform, users are still advised to be cautious. The site has a 2FA Authentication procedure where you have an additional PIN code to protect you against hackers. 2FA enables you to confirm your logins by having a PIN code sent to your mobile device.
Having said that, it’s important for you to follow certain safety measures to achieve successful trades. They include:
- Scrutinise the seller’s profile to ensure they are suitable to trade with. You can opt for traders who have been on the site for more than a year, have a 98 percent score and have successfully completed a minimum of 100 BTC trades. You can also identify verified vendors who provide their account details as well as phone numbers and addresses.
- Avoid trading with merchants externally as it negates the escrow service leaving you vulnerable. Ensure all communication with the seller happens on the platform.
- Don’t hesitate to contact customer care or make use of the forums if you are not sure about a particular seller.
Customer Service
LocalBitcoins offers a variety of customer service options. When you click on the HELP tab on your dashboard, it will provide you with a drop-down list of options to choose from. You can access any of the guides or go through the FAQs page for a more customised experience. In addition, you can create a customer support ticket and have your issue addressed more directly by the customer care team.
Pros
- Relatively low trading fees
- Variety of payment options
- Escrow service
- Good customer support
- Reputation ratings
- Simple user interface
Cons
- Need to be vigilant
- Bitcoin trading only, no altcoins supported
- Higher fees for cash
- Bid/Offer spread can be very wide in illiquid markets
LocalBitcoins has established itself as the world’s leading peer-to-peer bitcoin exchange. The site is an excellent choice for those who are new to trading bitcoin as well as more experienced traders who want to use a range of payment options. LocalBitcoins proves particularly popular among developing markets where most of the bitcoin trading occurs on a peer-to-peer basis.
Provided you stick to basic security practices and choose your counterparties carefully, you should have no issues whatsoever trading bitcoin on LocalBitcoins. In fact, if there is no local bitcoin exchange in your location, LocalBitcoins will probably be your go-to marketplace for buying and selling bitcoin.
The Coinfinity Card Wallet is a unique cold storage solution produced in Austria. This Coinfinity Card Wallet review will explore what it is and whether you should use it to store your bitcoin.
What is the Card Wallet?
The Card Wallet is a cold storage device developed by Bitcoin broker Coinfinity and the Austrian State Printing House. It allows users to safely store bitcoin (BTC) in a tamper-proof card, long term.
Unlike online wallets that can get hacked, the Card Wallet is offline, thereby, protecting users’ digital assets from online attacks. Moreover, it’s easier to use than most hardware wallets which typically require technical knowledge to set up, and regular updates.
The Card Wallet is available for purchase on its website or at Bitcoin broker Coinfinity’s physical office in Graz, Austria. The wallet’s creators have developed two separate wallets for bitcoin, retailing at € 39,90.
Keep in mind that the Card Wallet is for long-term storage. Therefore, it’s not ideal for the regular use of crypto assets. Although the Card wallet looks like a debit or credit card, you cannot use it at a point-of-sale terminal because it doesn’t have a magnetic stripe or chip.
How Does the Card Wallet Work?
Upon receiving the Card Wallet, you’ll notice that the wallet’s address is printed on the card’s surface. You can use this address to send BTC from a bitcoin exchange or another wallet to the Coinfinity Card Wallet.
The private key is printed on the back of the card but sealed for security purposes. Don’t remove the seal since the private key enables you to unlock your coins should you ever need to transfer or sell them. If you leave it exposed, someone else could use it to steal your cryptocurrency.
A step-by-step process of transferring coins from a Card Wallet
Here’s how you can transfer your coins from a Coinfinity Card Wallet.
- First, get instructions from your wallet app provider on how to empty private keys using the sweep function.
- Once you have the guide, go to a safe place where you can transfer the coins from the Card wallet to an online wallet app. For instance, avoid places with cameras that could pick up your wallet’s private key. Also, use a secure and virus-free device.
- Open the wallet app and initiate the private key import.
- Scratch off the seal to view the Card Wallet’s private key.
- Scan the QR code to import your private key. The wallet will activate the sweep function. If this doesn’t happen, start it manually.
- If you can, set a high transaction fee so that your transaction can be confirmed as quickly as possible.
- Reseal the private key with a Chainlock Visual Cover or opaque tape. Don’t forget to back it up before resealing.
- Check the wallet app for the successful transfer of your coins. If your assets are in the wallet app, it means your Card Wallet is empty. Additionally, it indicates that your coins are now under a different public key (wallet address). Nonetheless, the private key remains the same.
Stay Safe
You must not use the Card Wallet after private key importation because its offline security will be lost. As a result, you’ll need a new Card Wallet for long-term storage. However, you can maintain the offline security of the Card Wallet by using the provider’s coin transfer service.
Card Wallet’s security experts import the private key on an air-gapped offline computer, maintaining the offline security of the Card Wallet. You can contact Card Wallet’s customer support to request this service.
How Does Card Wallet Keep Your Funds Secure?
The Card Wallet’s developers use Secure Entropy Technology (SET) to randomly generate private keys. The wallets are also manufactured in an isolated offline system in a highly secure room of the Austrian State Printing House.
The cards’ private keys are sealed before leaving the production machine and erased. Therefore, the workers inside the room never see the private keys, ensuring privacy and security for Card Wallet users.
Should You Use the Coinfinity Card Wallet?
Yes.
Card Wallet is affordable and maintains a high level of security thanks to the SET method that the manufacturers use to generate private keys.
The Austrian State Printing House has more than 200 years of experience producing security and identity documents with exceptional security standards. This guarantees the Card Wallet users nothing but the best security.
Moreover, the Card Wallet is easy to use since it doesn’t require a technical setup process or any setup at all. The private key importation procedure is also pretty straightforward, and anyone can do it. To get your hands on a Card Wallet, click here.
Buroka is a new breed of cryptocurrency exchange for Africa! Currently operating in Nigeria, Buroka was designed to fulfill the needs of modern Africans. Buroka allows customers to buy and sell Bitcoin with Naira via Local Transfers and cash deposits at the bank. In this Buroka review, you will learn more about the exchange and how you can use it to buy bitcoin in Nigeria.
How to Buy Bitcoin on Buroka
Step 1: Account Creation
To create an account, visit Buroka.com and hit the “Register” button. This will lead you to a page where you will be asked to fill in your personal information, including your name, email address, and password. Like any other serious exchange, Boruka will ask you for your ID, Proof of Address, and to take a selfie with your ID to eliminate fraud.
Step 2: Fund Your Account
Funding your account on the platform is straightforward. You can deposit either via bank transfer or at any bank branch. Make sure to use a unique reference code given to you by Buroka deposit system.
Step 3: Buying and Selling BTC
Once your deposit has been credited to your account you can immediately buy your Bitcoin. The buying and selling tab is located on the top right corner of the dashboard. There you can input the amount of bitcoin you want to buy. Once you do that, you then click on the “BUY BTC” button.
Step 4: Storing Your BTC
After buying BTC, Buroka provides users with the option of either storing bitcoin on the platform in a BitGo wallet or any other wallet of their choice.
Currently, Buroka only supports bitcoin (BTC). However, the exchange plans to include other cryptocurrencies going forward.
Security
Buroka exchange makes use of Two-Factor Authentication (2FA). 2FA provides an extra layer of protection for users. With the 2FA in place, an extra piece of information is needed before login into the platform or making any withdrawals.
In addition, Buroka’s platform is also protected using the latest security technology, including web-socket and API protocols that allow for a fast and secure order processing. Buroka also makes use of a well-updated SSL certificate, which makes it easy to detect a phishing attempt.
To further ensure that clients’ funds are secure, Buroka operates segregated accounts. These accounts are held with trusted banks so that clients can enjoy an extra layer of security provided by the banking system.
Conclusion
Buroka is a relatively new Bitcoin exchange with a well-designed, user-friendly interface. The Bitcoin trading platform provides several deposit options, which is attractive for Nigerian Bitcoin traders, as well as competitive market rates for both buyers and sellers.
If you are looking to buy or sell bitcoin in Nigeria, you can give Buroka a try.
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