LocalBitcoins Exchange Review : It Is Good Or Bad?

About LocalBitcoins

LocalBitcoins people from different countries can exchange their local currency into bitcoins. They 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 Exchange Basic Points

How To Start ?

How To Sign Up At LocalBitcoins Exchange ?

It Is Very Easy To Sign Up At LocalBitcoins Exchange . Just Click On Sign Up Button At Website .Fill Registration Form With Correct Details Like Your Email , Phone Number , Password Etc . Once You Fill All Data You Get Verification Link At Your Email . Just Verify Your Link For Successfully Verification.

How To Deposit Fund At LocalBitcoins Exchange ?

Once your account has been verified, click on the ‘DEPOSIT’ button, which you’ll find at the top right-hand side of the screen. Choose which currency you want to deposit and then you will be provided with the Wallet details that you need to transfer the funds to .

How To Trade At LocalBitcoins Exchange ?

Once your account is funded, you can then begin day trading at Valr. Click on the ‘TRADING’ button at the top of the screen, and you will be taken to the main trading area. You now need to select the trading pair that you want to trade. Finally, enter the amount that you want to buy, decide whether you want to do a ‘market order’ or ‘limit order’, and then place your trade.

How To Withdraw At LocalBitcoins Exchange ?

Withdrawing your funds from Valr is very easy. Go to the “Withdraw” window, select the asset you want to take out and fill all the required fields. Note that you won’t be able to withdraw currencies if you haven’t secured your account with 2FA and/or whitelisted addresses.

How To Set Up LocalBitcoins Exchange

Mission

LocalBitcoins Connecting everybody to the Internet economy. 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.

• Bitcoin enables financial inclusion in regions underserved by the traditional banking industry
• Bitcoin is borderless and independent of local political risks.

2FA

LocalBitcoins Two-factor authentication is enabled from the security settings page. We offer two different types of two-factor authentication, mobile based and paper based. We recommend you use mobile based two-factor authentication and only use paper based if you do not have access to a smartphone.

When activating two-factor authentication it is very important that you write down the backup code and keep it in a safe place, preferably on paper. If you lose access to your two-factor codes you will not be able to log in to your account and it will require a two-factor reset which takes two weeks to process.

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

1. Providing us a reasonable amount of time to fix the issue before publishing it elsewhere.
2. Making a good faith effort to not leak or destroy any LocalBitcoins user data.
3. Not defrauding LocalBitcoins users or LocalBitcoins itself in the process of discovery.

Rewards

LocalBitcoins is willing to reward the security researchers for bug reports that help us to improve the 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.

Findings That are Non-Rewardable

• Error messages, stack traces
• Lack of SPF records
• Disclosure of used software versions
• Misconfigured or lack of certain HTTP headers
• Vulnerabilities that are not exploitable in modern browsers
• Lack of Secure and HttpOnly flags in cookies, that are not considered sensitive
• Username or email enumeration
• DoS attacks or spamming

Reporting Security Issues

Security issues can be reported via email to [email protected] Sensitive reports can be encrypted with following PGP key: