Topic: LocalBitcoins Reputable? (Read 2300 times)

from the us... have us bank accounts.  But located in mexico.  Thoughts?

1. Depends on what country you are from. But in my country, we can send bank transfers anytime of the day. Its called IMPS .I am sure in todays world, most of the banks allow that as well.

2. Yes it can be from a fradulent source, but since the traders are reputed, you are not in the risk when buying. While selling, they sure have evidence from the receipts and all.

Can you name me the non reversible methods on localbitcoin?


I assume its


1.  cash deposit in bank... but only once the bank closes?  Thus do you release bitcoin that night?  Or when?


2.  online wire.  However, there could be possibility of fraud.

Reputable yes. Safe always ? No. Its just an escrow system, so their reputation should probably not even come into question. The sellers are who have to be reputable for you to buy from. Just stick to non reversible methods despite reputation and you should be fine with their escrow service.

I would say 80% of the trades on localbitcoins are actually done online. Any form of electronic payment other than bitcoin is reversible. There are a ton of scams involving bank deposits and transfers. Including people stealing your info and selling it online.

This may help you learn more if you think you can be a seller
http://www.844bankbtc.com/bitcoin-selling-mistakes/

do most of you who use lbc actually meet ppl in person?  Or more than half just do it online?


The thing is i would want to sell bitcoin for a small vig as well.  The thing is i would prefer to receive payment via bank transfer but then ... ppl say its reversible.


Is there a list of reputable trades on localbitcoin where feedback is 100 percent legit?  The thing is im sure certain accounts could have fake feedback from ppl who are trying to scam.  Or possibly someone hacking their account or something like that.

Localbitcoins itself is reputable. Some of the traders in LB aren't, and some of them are. You just have to weed out the scammers from the reputable people.

They could rob you indeed but the fact is that there are reviews, so the most can be trusted and do not make it to dramatic no one ever been robbed on this website..

I would never give advice like that, you're basically saying that you should trust anyone selling Bitcoins on there, not good advice.
Even when meeting someone in real life could be troublesome, they could rob you.

Indeed localbitcoins are best when it comes to trading huge amount of btc.  They've invited me to come over before the trade to verify and witness the status of the dealer and showed me how fast it is being processed by way of bank deposit.

I never used them by myself but they are okay, a friend of my said it was a good service he met with the dealer in real life and made a good deal with some fee's.
When I heard that I could conclude that they are okay and can be trusted.

No doubt,localbitcoins is the first and number one bitcoin exchange,people start trade bitcoin there in early time since bitcoin founded,and its good for you to trade with people on there,just make sure you pick trusted buyer or seller.

even with escrow when doing trading with a huge amount still do the transaction personally witnessing the completion of the trade.  that's why scouting for legitimate traders which has authority in such trading is important.

Yeah, it's much better to deal over the internet. You're still protected by the escrow system, but there is way less chance that the police will get into your way while you trade.

Also keep in mind that when you deal face to face, by default you are not covered by escrow. So there is a relatively high chance of you getting mobbed by someone. Always enable escrow whenever possible.

yeah but better to not deal face to face with it, because there fiscal agents that search for those that don't have licence, so they can put them in jail, burt was arrested for this reason

yes i had experienced it with satisfaction that indeed when you know with whom you deal with eventually you will have successful trades.

Localbitcoins can be trusted without a doubt they are very trusted and you can also trust the dealers on it.
You can even meet them in real life to make a deal with them.

I have trusted localbitcoins since trading with them was fair enough.  Their trust rating for me is very high enough to trade at anytime.

Well, it seems like the service itself is reputable and honest. But I heard stories and seen many posts on BTT about bought localbitcoins account purchased either as throwaway account to conduct a scam
or by legit users who just wanted to shortcut their way and to have serious reputation (albeit earned by somebody else) to be able to trade on LB right from the start.

Do you know that many people do trades with their own accounts, so they get a high trust rating, or they buy high trusted accounts and then scam others.

If you want to sell/buy bitcoins anywhere, I advise u to go to: https://btc2bid.com/Product

Localbitcoins is a reputable escrow site itself.

If you're looking to deal with large amounts, make sure you do so with very trustworthy people. You should always meet up in a very public place where you can always call for help if needed. Also, wear proper clothing so that if a chase is needed, you can run.

Anyway... As I said, always check their trade history as well as their trust rating. Also, never send until you can confirm that you have received the right amount.

Coinbase is indeed a good place, but to a certain extent in my experience in the past. I still do both coinbase and localbitcoins.

There are times when they limit orders to fullfill that dont honor the price in the past - which is what I encountered as so have many others.

But its a newbie friendly area I guess to anyone get involved with bitcoin.

Just use coinbase.
They are highly reputable and are insured against bankruptcy and hackers.
They do, however, have a 1% fee on money transfers to USD/GBP/EUR and other currencies.

Ive had mixed experiences as well, but most of the time its usually good.

I havent gone over like 4k transaction per month or anything like that.

But the last experience I had was close to 1k mark? The bank counted the money for me, then we continued to wait for 1 confirmation or so while we grabbed coffee.

This all depends now since large volumes like that shouldnt be recommended and more people are buying lbc account for fraud.

LB is reputable as an escrow service for P2P transactions.

I have mixed experience with localbitcoins.Found a few trusted traders there and a scammer idiot with green reputation,who tried to scam me and left a negative review just to ruin my reputation there.
Even traders with green rep. can be dangerous there.

Localbitcoins.com is quite reputable.

If you are buying directly from someone, like you said, a coffee shop would be nice.

Make sure your antivirus is up to date and wait for at least two confirmations before leaving the shop.

They can be trusted and they already have some nice reviews about there service and they are fast and they are good.
The only downside is that they have indeed a huge competitor.

They are okay and you can deal with the most in real life and that makes it pretty nice and safe.
The only downside is that it sometimes takes a while.

Localbitcoin is good indeed and I think you can use it for large amounts but also low amounts its a very trust able service and you can almost not get scammed if you ask me.

in my experience, localbitcoin has been good. However, I never meet up with the person I'm trading with; the coins I sell is sent directly to my bank account via e-transfer. If you're deal with large amounts like you describr, i would be more careful.

For amounts below $5000 worth, it is a good place to start, they have a pretty stringent requirements for sellers and buyers too. Above that you would be better off with places like Circle or Coinbase

I just did my first buy on localbitcoins and I'm really impressed. I paid and got my coins instantly. It's a really well thought out site and the feedback of the other users makes it simple to know who to trust.

If I were looking to do 10k, I would just definitely use someone that had 1000+ trades and 100% positive feedback.

scammers are evrywhere so if you need a services in from a site like localbitcoin he will give you all the information you need and give you some security but you are responsable with your own action after all you need to know the right costumer or seller to trade with.

By the way, Localbitcoins is reputable but many of the sellers there are not. Its like ebay, there are good and bad sellers.

If you are buying that large on a regular basis go through a guy like me or sign up with an exchange like bitstamp. Just depends on how anonymous you want to be and how fast you want your coin.

Localbitcoins is good for small amounts. But if you have $10K to withdraw you might as well get a legit broker and send in your passport/ID.

Too much can go wrong meeting some strangers selling $10,000 worth.

Or just do smaller amounts multiple times, multiple people.

I do 10k trades but anything that large in cash, I have to photocopy your ID and file a form with FinCen. If you still have a US bank account many traders like myself will take a check, you just have to wait for it to clear and would still need ID. You can also do wire transfers, typically faster.

you can set the meting place with the person who you are dealing with, just make a contact and meet anywhere you feel is safer. but i think all those who deal with cash they are dealing smaller amounts not 10K$.

if you don't care about using exchanger then use them. any service that operates with credit card or bank transfer i think you can use coinbase too.

I'm from New york city but out of the country now.  I know localbitcoins is for selling bitcoin.  I like to know does anyone know legit buyers of bitcoin in new york city?  And if so, what is most common form of payment?  I see many people in localbitcoins accept cash.  But do most of these sellers meet up at coffeeshop for the transaction?  Or most meet up at bank where they deposit the cash in the bank for you.  The issue with accepting cash at coffeeshop is you have to make sure the cash is real and not counterfeit.  So you would basically have a pen to mark every single bill just to make sure its real?  Then again im not sure u want to do this in public where ppl can see it.


Also when people do this, generally how much cash is it?  I mean if its like 200 or 500 or 1000, okay that isn't big deal.  But if you want to sell btc for like 5k or 10k or 15k cash, are you really meeting in a coffeeshop?
I would assume most just meet up at bank?  The other thing is this.  Assuming you meet up at a bank, generally do they just give you the cash, then you go and deposit it into bank account, then you get receipt, then you release the coins?  Or do they deposit the case, then give you the receipt right there on the spot etc.  But that could be easily a scam since they could give you another receipt.  So i figure they give you cash in envelope at the bank, you deposit it... then get receipt... then you go and release your coins... correct?  And just want to make sure since i haven't deposited cash in bank in a long time.  But if any bills are counterfeit, the bank would know immediately right the moment you deposit the cash or the other guy deposit the cash so there isn't any issue later on after you release the coins?  Also i have deposited cash before in an atm.  But would this be the same thing.  Like if someone wanted to buy 1000 dollars worth of bitcoin... they give u cash... u deposit atm... atm accepts.. give you receipt... then you are good to go with releasing your coins?



Also i assume most ppl meet up in coffeeshop as oppose to bank and want cash due to not wanting to pay taxes/IRS right?  So basically its a foolish way because unless cash is deposited into bank... theres always a chance to get scammed?  I heard certain bills could look very legit but it isn't as well because they are good fakes.