A Beginner’s Guide to LocalCoinBazar – How to Buy or Sell CryptoCurrency on LocalCoinBazar
https://i.redd.it/7sx3ac8403q21.png
I understand how hard it can be for some of you to CryptoCurrency like
ETH – Ethereum,
BNB - Binance Coin,
OMG – OmiseGO,
VEN – VeChain,
ZRX - 0x,
ZIL – Zilliqa,
BAT – Basic, Attention Token,
GNT – Golem,
IOST - IOST
BTC – Bitcoin,
XRP – Ripple,
BCH – Bitcoin, Cash,
LTC – Litecoin,
NEO – NEO,
XMR – Monero,
DASH – Dash,
ETC - Ethereum Classic if you don’t live in urban nations. There is a frequent delay of services by well-known exchanges of the world when the demand surge for CryptoCurrency
That’s why it makes sense talking about an alternative service through which one can buy more than 80 CryptoCurrencies peer-to-peer anytime.
The name of this service is
LocalCoinBazar (aka LCB).
What Is LocalCoinBazarhttps://i.redd.it/f0bjpb6d33q21.pngLocalCoinBazar is a peer-to-peer CryptoCurrency exchange that keeps CryptoCurrency in its
escrow. It has been operating from malta since 2016.
It has on-ground buyers and sellers in more than 10,000 cities across 148 countries that’s why chances are, you will find a buyer/seller in your country via
LocalCoinBazar even if you live in a third world country.
The best thing about LocalCoinBazar is that you deal with the buyers/sellers directly and decide to trade only if you are satisfied with the terms of the trade. Once you engage in a trade you can receive your fiat money in the agreed way through a
bank deposit,
Bank transfer, PayTm, PayPal, Payoneer, or in Cryptocurrency. And when it comes to receiving your Cryptocurrency
LocalCoinBazar act as an
escrow in between so that you don’t get cheated.
To start with LocalCoinBazarSigning up and logging in to
LocalCoinBazar is very easy. You just need to register yourself using your
e-mail ID and get started.
https://i.redd.it/9mioveho43q21.pngAfter you register and log in to
LocalCoinBazar, it is always a good perform to whole your profile (except if you wish to be
anonymous).
Searching Traders on LocalCoinBazarGo to the main page and in the search box fill in the form with the amount you want to sell in your currency, your location and choose a payment method. If you're unsure how you want to pay, choose "All online offers" as your payment method. The site will list CryptoCurency buyers available in your region.
You can filter out
‘Buy’ and
‘Sell’ trades and traders by selecting your preferred country and the payment method.
https://i.redd.it/b5ahcrm283q21.pngNow, let us say you want to
‘Buy’, so you will look for
‘Sellers/Trader’ and this is how the trade details put by a seller will look like:
https://i.redd.it/g8wzfokk83q21.pngCheck the trade details/conditions and always look out for more
feedback score. Anything over
90% is a good trader to trade with.
LocalCoinBazar Payment Methods & FeesYou can also put one more criterion while
filtering out traders on
LocalCoinBazar, that of payment method i.e. your preferred payment method to receive fiat if you are a seller and to pay fiat if you are a buyer.
https://i.redd.it/j56lbdk793q21.pngHere, I have
filtered out this trader based on three criteria i.e.
CryptoCurrency,
country and
payment type. Similarly, you can filter traders if you want to
sell CryptoCurrency.
Some other popular payment filters through which you can find your traders are:
- Paypal
- Payoneer
- PayTM
- Neteller
- Perfect Money
- International Wire (SWIFT)
- SEPA
- Bank Transfer
- IMPS Bank Transfer
- Western Union etc…
The
fee structure is
quite nominal on
LCB. Registering, buying, and selling more than 80 CryptoCurrency are completely
free. LocalCoinBazar users who create advertisements are charged a 0.5% fee for every completed trade.
Note: Transactions to wallets of other LocalCoinBazar users are free.Other Features of LocalCoinBazar
•
EscrowAll online trades are protected by
escrow. When a trade is initiated, the amount of CryptoCurrency for the trade is automatically reserved from the seller’s LocalCoinBazar wallet. This means that if the seller runs away with your money and does not release your Bitcoins, LocalCoinBazar.com support can release the CryptoCurrency to you from escrow. If you’re selling CryptoCurrency, never release the escrow before you know that you have received money from the CryptoCurrency buyer. Also, note that local trades do not have escrow enabled by default but when you request and get in trade it becomes enabled. (Source: LocalCoinBazar.com)
•
Feedback scheme and Feedback ScoreThe feedback system of CryptoCurrency gives a transparent picture of all the traders listed on it and shows how positive a particular trader is. This score also decides whether the trader will be listed on the top or at the bottom.
There are four types of ratings or feedback one can give on CryptoCurrency based on their experience of trade.
1. Positive
2. Neutral
3. Negative
Is It Safe To Trade On LocalCoinBazar?LocalCoinBazar is
totally safe to trade on if you are cautious and don’t make stupid mistakes.
Think of it as an age-old
peer-to-peer exchange system where you give one thing in exchange for getting another. All the cautions that you will take in a face-to-face peer trading, you need to take here too.
Some other points that you need to take care are:
- Check the trader’s trust score or feedback score. The higher the score the better it is to trade with that trader.
- Also, check if a trader has done more than 20 trades. It is quite safe to trade with that trader as he/she is not a newbie.
- Always stick to communication on the LocalCoinBazar platform itself so that in case of any dispute it can be used as proof.
- Never release the escrow manually before you have checked and received your money with you in your bank or in your hands.
Also, it is best to trade with traders who have a complete profile or you can ask for
verification or
ID submission for higher amounts before indulging in trade via
LocalCoinBazar.
So far, LocalCoinBazar have earned a lot of trust of the CryptoCurrency community and have also become the go-to platform to trade CryptoCurrency in many countries. Also, countries like Venezuela where CryptoCurrency is kind of illegal, services like LocalCoinBazar have become very popular
