LocalBitcoins is a Helsinki-based person-to-person bitcoin trading site that supports individuals in buying and selling Bitcoins. It allows traders to create ads with the price they want to offer along with the payment method.
By using the search box, LocalBitcoins offers a free online Bitcoin wallet where traders can enter the amount, their location, and the payment method they want to use. It allows individuals to view a list of ads in order to select a merchant with a high number of transactions and a good rating. The application includes a responding time indicator that helps users gain insight into how quickly a merchant responds. Green means that he responds within 5 minutes, yellow means that he responds within 30 minutes, and gray means that he responds longer than 30 minutes.
LocalBitcoins was founded in June 2012 by Jeremias Kangas and is registered with and operates under the supervision of the Financial Supervisory Authority of Finland.
In January 2019, hackers stole $28,200 worth of Bitcoin from users’ LocalBitcoins accounts. The company was able to detect and solve the case immediately and announced this to its users.
The site actually started generating revenue in early 2013, and by 2020 it was averaging 29,566 successful trades per day.
Although LocalBitcoins has been used for money laundering in previous years and has been hacked as mentioned above, we rate the company “Green” as it has filled the security holes each time and cooperated with authorities and users to their satisfaction.
We could not find any complaints around the company but Due to the current tense crypto industry, we downgrade all crypto companies to ORANGE for an undetermined period of time.