About LocalBitcoins
LocalBitcoinspeople from different countries can exchange their local currency into bitcoins. The allow users to create advertisements where they can choose the payment method and exchange rate for buying and selling bitcoins from and to other LocalBitcoins’ users. By replying to these advertisements, a trade chat is opened and escrow protection is automatically activated. Escrow protects both buyer and seller by keeping the bitcoins safe until the payment is done and the seller releases bitcoins to the buyer. LocalBitcoins also provides a web wallet from where you can send and receive Bitcoin transactions.
LocalBitcoins you are dealing with humans. Unlike stock-like exchanges and centralized Bitcoin trading websites, LocalBitcoins allows you to trade directly with another person. This makes the process customizable, lean and fast, as there is no corporate overhead. You can get your bitcoins instantly. LocalBitcoins aims to support every suitable payment method its user community supports. For every trade, LocalBitcoins offers escrow protection to ensure the bitcoins and both traders are safe.
LocalBitcoins focus is on the users and on the Bitcoin community. They are ever expanding and want to make the global economy accessible in all corners of the world through Bitcoin trading. The believe Bitcoin to be a black swan event; something that fundamentally changes how the financial world works. Bitcoin gives power to individuals and communities, bringing financial freedom and prosperity, especially to developing countries.
| Exchange | Details |
|---|---|
| Exchange Name | LocalBitcoins Exchange |
| Exchange Type | Cryptocurrency |
| Language | English |
| Withdraw | Cash by Mail Credit Card International wire Moneygram |
| Address | LocalBitcoins Oy Porkkalankatu 20 00180 Helsinki Finland |
| Support | 24/7 |
| Taker Fee | 1% |
| Maker Fee | — |
| Website | Homepage |
How To Sign Up & Start Trading
LocalBitcoins Fees
Bitcoin Trading
LocalBitcoins Registering, buying, and selling Bitcoin is completely free. LocalBitcoins users who create advertisements are charged a 1% fee for every completed trade.
Bitcoin Transaction Fees
Transactions to wallets of other LocalBitcoins users are free. Transactions to other Bitcoin wallets are subject to a sending fee. The current fee is visible on the wallet page under the heading Bitcoin transaction fees. The size of the fee changes depending on the current usage rate of the Bitcoin blockchain, the automatically adjust this fee based on the current network congestion to make sure your transactions are confirmed as quickly as possible. The sending fee is paid from your LocalBitcoins wallet when you send a transaction.
When receiving bitcoins to a LocalBitcoins wallet, a deposit fee is deducted from the deposit. The fee varies on how congested the Bitcoin blockchain is. If your deposit amount is smaller than the deposit fee, the deposit will not be processed. The current deposit fee is visible on the wallet receive page.
LocalBitcoins Security Contact and Vulnerability Reporting
LocalBitcoins recognizes the importance of security researchers in helping keep the community safe. The encourage responsible disclosure of security vulnerabilties.
Responsible Disclosure
Responsible disclosure includes
- Providing us a reasonable amount of time to fix the issue before publishing it elsewhere.
- Making a good faith effort to not leak or destroy any LocalBitcoins user data.
- Not defrauding LocalBitcoins users or LocalBitcoins itself in the process of discovery.
In order to encourage responsible disclosure, the promise not to bring legal action against researchers who point out a problem provided they do their best to follow the above guidelines.
Thank you for helping keep the bitcoin community safe!
Rewards
LocalBitcoins is willing to reward the security researchers for bug reports that help us to improve our security. However, the company reserves right to evaluate reported vulnerabilities, their relevance and risk level, and based on that, make the decision on possible reward.
Focus Areas
They are especially interested and willing to reward for following type of vulnerabilities:
- Stored and reflected XSS
- RCE / command injections
- SQL injections
- XML injections / XXE
- Serious data leakage vulnerabilities
- CSRF or broken session management with exploitable PoC
- SSRF
- Authentication and authorization flaws
Conclusion
Local Bitcoins is a different sort of exchange that allows anyone anywhere to trade. It therefore has the largest amount of markets – although some without much liquidity – for example in Venezuela and other emerging markets. LocalBitcoins works like an open outcry with people in the same location as you – if you want to trade you can place a buy or a sell for a price and wait to be contacted by someone who wants to execute that trade. After agreeing the trade funds are released and held in escrow and depending on the specifics of the local banking system and times for transactions to get confirmed, the trade will eventually be completed.