Localbitcoins.com minimum amount to exchange

[erikalui]

I recently joined the website and started a new trade but I got an error that I need to have minimum 0.4 BTC in my wallet in order to post the trade. Why don't they not allow small BTC transactions?


Also, their verification process includes a mobile app code verification/paper wallet verification which makes the account secure. They don't support mobile code verification nor email code verification as most other websites. The buyers in my country as well are offering $25 less than the market value 


Is there any other good website besides this one? I want to exchange BTC to Perfect Money/Bank Transfer.

[sherbyspark]

I recently joined the website and started a new trade but I got an error that I need to have minimum 0.4 BTC in my wallet in order to post the trade. Why don't they not allow small BTC transactions?

I was actually a seller on the website and the 0.4 BTC limit did feel hard, but I think thats to keep the small sellers out. For example, if a random person wants to sell 0.05 BTC then he would never actually sell it to the buyers(who are buying as traders) , he would just set up an advertisement each time he has that amount and sell it. YOu will also have a lot of advertisements due to that.

The limit might be to limit those advertisements out.

[erikalui]

I was actually a seller on the website and the 0.4 BTC limit did feel hard, but I think thats to keep the small sellers out. For example, if a random person wants to sell 0.05 BTC then he would never actually sell it to the buyers(who are buying as traders) , he would just set up an advertisement each time he has that amount and sell it. YOu will also have a lot of advertisements due to that.

The limit might be to limit those advertisements out.

OK but for me, I always keep max 0.1 BTC in my account and exchange it the moment I get a buyer. I noticed that many members here recommend this website and on checking their minimum limit to trade, I just gave up as I never trade such huge amounts in BTC due to the price fluctuation. Now when the price has reached $243, I want to trade it asap.   

[kulme]

I was actually a seller on the website and the 0.4 BTC limit did feel hard, but I think thats to keep the small sellers out. For example, if a random person wants to sell 0.05 BTC then he would never actually sell it to the buyers(who are buying as traders) , he would just set up an advertisement each time he has that amount and sell it. YOu will also have a lot of advertisements due to that.

The limit might be to limit those advertisements out.

OK but for me, I always keep max 0.1 BTC in my account and exchange it the moment I get a buyer. I noticed that many members here recommend this website and on checking their minimum limit to trade, I just gave up as I never trade such huge amounts in BTC due to the price fluctuation. Now when the price has reached $243, I want to trade it asap.   

The site on my country has a minimum difference of around 15 dollars. Can't you just trade it for the selling price, which will be 15$ lower than the price to set up trade. 0.1 BTC will cost you only 1.5 dollar

[erikalui]

The site on my country has a minimum difference of around 15 dollars. Can't you just trade it for the selling price, which will be 15$ lower than the price to set up trade. 0.1 BTC will cost you only 1.5 dollar

No as they want me to have 0.4 BTC in my Localbitcoin account to open a trade. The difference in my country is about $20 less if I sell the BTC.

[twister]

The site on my country has a minimum difference of around 15 dollars. Can't you just trade it for the selling price, which will be 15$ lower than the price to set up trade. 0.1 BTC will cost you only 1.5 dollar

No as they want me to have 0.4 BTC in my Localbitcoin account to open a trade. The difference in my country is about $20 less if I sell the BTC.

This is something I have never heard of. Did LBC started doing this recently?

I have seen people sell as low as 0.05 on LBC without any problems. You only have to find a buyer that's willing to buy small amounts and that's all.

[kulme]

The site on my country has a minimum difference of around 15 dollars. Can't you just trade it for the selling price, which will be 15$ lower than the price to set up trade. 0.1 BTC will cost you only 1.5 dollar

No as they want me to have 0.4 BTC in my Localbitcoin account to open a trade. The difference in my country is about $20 less if I sell the BTC.

Yes, but you just said you have only 0.1 BTC to sell. So a difference of 20$ , would only mean a difference of 2$ to sell the 0.1 BTC also subtracting the fees it would be less than that.

[sherbyspark]

The site on my country has a minimum difference of around 15 dollars. Can't you just trade it for the selling price, which will be 15$ lower than the price to set up trade. 0.1 BTC will cost you only 1.5 dollar

No as they want me to have 0.4 BTC in my Localbitcoin account to open a trade. The difference in my country is about $20 less if I sell the BTC.

This is something I have never heard of. Did LBC started doing this recently?

I have seen people sell as low as 0.05 on LBC without any problems. You only have to find a buyer that's willing to buy small amounts and that's all.

No, for selling its still the same as before, completely depends on the buyers in the market. But if you wish to set up a trade through an advertisement, then the minimum amount required is 0.4 BTC.

[twister]

No, for selling its still the same as before, completely depends on the buyers in the market. But if you wish to set up a trade through an advertisement, then the minimum amount required is 0.4 BTC.

But OP reported that LBC won't let him open a trade.

No as they want me to have 0.4 BTC in my Localbitcoin account to open a trade. The difference in my country is about $20 less if I sell the BTC.

There are 2 way to sell BTC on LBC, 1 is you yourself make an advertisement that you want to sell BTC and 2 is you search for buyers (who have their advertisement open) and they're looking to buy BTC.

Which method are you using OP? I think the 2nd method won't have any minimum and you can sell if the buyer is willing to buy a small amount.

I haven't traded there in a while so I don't know if they have modified the rules for the second method also.

[erikalui]

But OP reported that LBC won't let him open a trade.

No as they want me to have 0.4 BTC in my Localbitcoin account to open a trade. The difference in my country is about $20 less if I sell the BTC.

There are 2 way to sell BTC on LBC, 1 is you yourself make an advertisement that you want to sell BTC and 2 is you search for buyers (who have their advertisement open) and they're looking to buy BTC.

Which method are you using OP? I think the 2nd method won't have any minimum and you can sell if the buyer is willing to buy a small amount.

I haven't traded there in a while so I don't know if they have modified the rules for the second method also.

I tried the second method of searching for users who were buying BTC but they are offering $20 less than the market price for 1 BTC and when I tried opening my own trade and advertising it, they said you need to have minimum 0.4 BTC in your account to post a new trade.

Is there any other exchange website which allows users to list their BTC without any limitation?

[erikalui]

Yes, but you just said you have only 0.1 BTC to sell. So a difference of 20$ , would only mean a difference of 2$ to sell the 0.1 BTC also subtracting the fees it would be less than that.

Yeah it would be only $2 for me but in my case, I earn BTCs usually by selling my gift cards and vouchers and so if I sell it for $2 less, I get a lesser amount via PM/PP as I incur PP fee as well which is 4.5% + $0.35.

[kulme]

Is there any other exchange website which allows users to list their BTC without any limitation?

You can always create an account on the big exchanges like Bitstamp or Bitfinex and do trading without paying that extra fees on localbitcoins.

[twister]

But OP reported that LBC won't let him open a trade.

No as they want me to have 0.4 BTC in my Localbitcoin account to open a trade. The difference in my country is about $20 less if I sell the BTC.

There are 2 way to sell BTC on LBC, 1 is you yourself make an advertisement that you want to sell BTC and 2 is you search for buyers (who have their advertisement open) and they're looking to buy BTC.

Which method are you using OP? I think the 2nd method won't have any minimum and you can sell if the buyer is willing to buy a small amount.

I haven't traded there in a while so I don't know if they have modified the rules for the second method also.

I tried the second method of searching for users who were buying BTC but they are offering $20 less than the market price for 1 BTC and when I tried opening my own trade and advertising it, they said you need to have minimum 0.4 BTC in your account to post a new trade.

Is there any other exchange website which allows users to list their BTC without any limitation?

It depends on what country are you from. I think the best way for you would be to just try and see if you can find a buyer in the forum itself, the Currency Exchange section. You can open a thread with how much you're looking to sell and what payment options you accept and most probably someone will buy it for better price than LBC. Do use escrow to be safe though.