Is it more expensive to buy bitcoin from localbitcoin sit than with credit card?

[summer209]

I notice that the price at a localbitcoin sit is much higher than online price. Is it more expensive to buy bitcoin from localbitcoin sit than to buy bitcoin with credit card?

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[Seansky]

I notice that the price at a localbitcoin sit is much higher than online price. Is it more expensive to buy bitcoin from localbitcoin sit than to buy bitcoin with credit card?

Buying from localbitcoin site is more expensive than buying using credit cards technically but it depends in the site you will use to buy btc. You can just but some on coinbase if you want too I think they support credit card in buying btc. It is much cheaper to buy in coinbase IMO since prices are near the current market price. There will only a fee though but it won't be that expensive. For guides go to this site. https://www.buybitcoinworldwide.com/en/buy-bitcoin-credit-debit-card/

[LeGaulois]

I notice that the price at a localbitcoin sit is much higher than online price. Is it more expensive to buy bitcoin from localbitcoin sit than to buy bitcoin with credit card?

Yes because when you're buying from Localbitcoin you're buying from people looking to make a profit. When you're buying from a website and using your card the merchant has to pay fees for using visa/mastercard network (like any merchant online and offline as well) so the website forwards the fees on the buyer.

[Jeremy-Whites]

You may find that article interesting regarding the topic.

https://medium.com/@coinstaker/ever-heard-of-bitcoin-atms-here-is-what-you-need-to-know-254d2d72cfb2

[buwaytress]

I'm a little surprised to read from the answers here that it's more expensive to buy Bitcoins using localbitcoins, since my own personal experience is very much different. I buy from one specific country (Malaysia) and effectively one region (EU, via SEPA, so traders are located all over Europe where SEPA applies). Both are bank transfer transactions, so it varies from instant (in Malaysia) to 0-2 days approx with SEPA, depending on bank.

For example, right now, I can get Bitcoin at EUR 6,277 at LBC ($7,302) or MYR 31, 435 ($7,500), so currently, traders in EU are selling it cheaper than Malaysians (it is always slightly different at times of day).

If I were to buy Bitcoin from Bitcoin.com with a credit card, it now costs $7,317. On top of that, 2.5% Bitcoin.com fees plus credit card fee 5%, that's $7,865.

Coinbase price looks very attractive at $7,190 but after credit card fee: 3.99% = $7,476.

Big difference to me. P2P of course still want to make profit, but significantly less than cc fees.

[squatter]

I notice that the price at a localbitcoin sit is much higher than online price. Is it more expensive to buy bitcoin from localbitcoin sit than to buy bitcoin with credit card?

It depends on your jurisdiction, as that will affect which credit cards (if any) are accepted. For me, it costs 4% to buy via credit card, which I think is crazy, but for some people it's totally acceptable.

In my locality, high volume cash sellers (the few that still exist) are charging 2-6%. But I generally wait for someone to take my offer at 0-2% profit. I also have some old contacts who often need liquidity and will pay spot price so they can keep charging a mark-up to the newbies.

If you are in the US, I would ACH transfer to Coinbase (free) and transfer to GDAX and buy via limit order (free). If in Europe, I'd probably go with Bitstamp and use SEPA. You might consider putting up your own offers on LocalBitcoins, too.

[buwaytress]

I notice that the price at a localbitcoin sit is much higher than online price. Is it more expensive to buy bitcoin from localbitcoin sit than to buy bitcoin with credit card?

It depends on your jurisdiction, as that will affect which credit cards (if any) are accepted. For me, it costs 4% to buy via credit card, which I think is crazy, but for some people it's totally acceptable.

In my locality, high volume cash sellers (the few that still exist) are charging 2-6%. But I generally wait for someone to take my offer at 0-2% profit. I also have some old contacts who often need liquidity and will pay spot price so they can keep charging a mark-up to the newbies.

If you are in the US, I would ACH transfer to Coinbase (free) and transfer to GDAX and buy via limit order (free). If in Europe, I'd probably go with Bitstamp and use SEPA. You might consider putting up your own offers on LocalBitcoins, too.

Also correct, in fact the rates I just mentioned are from online traders (who would then have to complete trades via escrow). They have much, much higher rates for other offline methods (cash deposits, face-to-face) but I prefer to stay away as I don't really want to take the risk of getting robbed or scammed - not that all of them there are scammers!

There are also others I know of - high volume cash sellers like you mention - who operate via Telegram/IM but with these, you again have to trust that things will happen quickly and they always require you pay first.

And, yes, if you want to buy big volume, put up your own trade at the rate you like. There's bound to be offers.