Topic: LocalBitcoins and Tier verification's - page 4. (Read 1095 times)

With T0 Account you will be able to buy/sell but can't put up your own ads. You will be able to trade only 1000 Euro/Year. If you already traded over 1000 Euro your account will be locked you won't able to deposit or withdraw until you verify for T1. Same goes with trading you won't able to buy or sell if you already hit your T0 Limit. I hope it clears everything for you.

Hello everyone,


     I'm trying to find an answer for a question I have and this thread seems to be the most adequate to post it, instead of creating a new one. I'm on Tier 0 and was planning on verifying my identity because some traders require this for you to be able to open a trade with them. However, I read the localbitcoins' official post for the id verification update and I'm confused by this:

"T0 accounts, i.e. users who have only onboarding verification, can complete buy trades but will not have a LocalBitcoins receiving wallet address neither be able to sell BTC and post ads."

     I'm really not sure if I'm understanding this very well but, this actually says that I can buy bitcoins but can't sell them. I have to buy the rest of the remaining amount to reach the Tier 0 limit, do the verifications for Tier 1, and then sell all those bitcoins while, in the meantime, having that money sitting there and not being able to use it. Please confirm this, because I think it's crazy. A new user would have to buy EUR 1,000 worth of bitcoins before they sell any. I hope I'm just misunderstanding that.

     If this is true, the only possible way I see to "sell" those bitcoins is with some "friend", sending them the bitcoins to their wallet and managing the payment independently. Or you can just reach any tier without reaching the limit and the tier limit is just the volume you can manage? Probably I'm just confused.

     I used my receiving wallet address about a month ago, but well, that was before October 1.

Why wouldn't know your trade volume? Like Stompix mentioned, you can find your trade history in your dashboard. If you are rarely using it and if you are purchasing power is not high as others, then yeah Tier 0 will suffice.

I believe the OP is from Pakistan, where PKR 15,000 (~87 €) is the minimum wage for a month. So 80 €  is not the same for everyone, for some its a full months salary for others it might be a one-day expense.

It’s just the way things are going at the moment. If bitcoin is to gain total, mainstream adoption then this kind of verification is going to be needed. For the record I have Tier 2 verification on LBC.

Almost majority of the exchange now are getting strict with the rules, and one of this they are implementing
KYC to get verify their client users. Because if they don't comply it, there is a possibility that your account can't able
to withdraw, they will freeze your balance in terms of withdrawal concepts.

That's is what concern me too. There must be a some push from the authorities to make all the crypto enabled sites KYC compulsory and this cannot be done in decentralized environment. I see KYC as a big hurdle in making crypto a truly decentralized entity.

Yes, if you are a bit active on local bitcoins, you need to upgrade to tier 1 at least in order to continue using the site.
I have still not verified myself on local bitcoin but I am planning to do so in a couple of days. Can anyone tell me their experience, on how many days it takes for the site to verify the KYC ?

I doubt tiers 0 will be enough for your kind of trading unless you don't get much customers. It's better you upgrade to tiers 1 or watch your total transactions to ensure it doesn't exceed #1000 per year.

You could surpass #1000 yearly limit easily if you're a regular buyer and seller on the exchange.

I reccomend to use local ETH instead after this KYC policy

Seriously, the question would be more, how you might NOT know your trade volume.

In the LB dashboard, you have a history of all your trades, you simply check what trades you have and you have the volume.
Anyhow, 1000 euros is such a small amount nobody that is using the site actively will be able to stay below, 3-4 trades a year and you're going to be over the limit.
And for a small amount, if you deal in 30-40 euros range it makes no sense as the 3rd party commissions will eat away any profit you might make.

As for being enough, you know better how much money you want to exchange, how could we know about your finances?
For me, as I said 1000euros a year is a way to low, a month, yeah I would have managed but this is actually 80 euros a month, close to the monthly bus pass...common


I can't stop laughing, a decentralized exchange is asking for KYC. So, what is left decentralized in there?

Yes, if you use the exchange https://idex.market, you cannot trade on it unless you create an account there and do the KYC. I think for the traders, we should realize that there was now very less options where we can buy/sell and trade crypto without KYC, so its better to do kyc then for looking for conditions on how to avoid the KYC.

The invincible hand of government is pushing for a compulsory KYC in crypto exchanges and sites. The other day, we saw the introduction of KYC by the popular DEX called Idex. I am not against KYC. Any good KYC system to see a mass adoption of bitcoin and cryptocurrency in general, I am okay. Maybe some persons from some parts of the world may later have issues with KYC because of USA economic policies and sanctions.

As of now you don't actually have to sit and do something but you should understand that you need to at least verify your identity , like passport or something and plus you have to also upload your face photo at the same time , some users might ask you to actually send your mobile number to trade with you actually.
These steps might seem weird but they are actually going to be good for us as they can get us clear of Scams.

Yes indeed. I myself never trade more than 1000 euros a year on Localbitcoins since I have other mediums to withdraw the money.
So it won't make a difference for people like us whose trading volume is less than 1000 euros. We won't need to provide any verification of such sort.

And how do we know what is my trade volume ? I mean i sometimes uses local bitcoins to buy and sell btc and i do not have a proper business setup there where i buy for less and sell at high. So for people like me , tier 0 will be enough ?

So if you are trading over 1000 € per year and you are verified at Tier 0, your account will be suspended until you complete Tier 1 or Tier 2 verification based on your trade volume. If you are trading less then 1000 € per year, you don't need Tier 1 or 2, Tier 0 will suffice. Hope this answers your question.

As you know that local bitcoins is making it compulsory for thier users to get verified prior to October 1.
Details here : https://localbitcoins.com/blog/tier-verification-deadline-extended/

I want to know what is the minimum requirement to be able to buy / sell bitcoins from the site. If i am verified at Tier 0 only, do i still need to complete the tier 1 and tier 2 verification ?