4 Alternatives To Localbitcoins

Because the increased amount of cryptocurrency usage and adoption worldwide, the amount of crypto trading that takes place over the Internet has also been on the Increase, with several marketplaces springing up to cater to the growing crypto population.

Up until recently, one one of the popular online marketplaces for crypto trading was localbitcoins which was one of the most used in the world for crypto trading in exchange for both fiat currency and other cryptos themselves. Unfortunately, users of the marketplace were in for some bad news recently as localbitcoins announced this month that it would not support transactions that way in Cash form. Naturally, this created a gap in the market as most of the users were used to exchanging crypto for cash or cash for cryptos and this announcement eliminated that option for them. Fortunately, even though cash transactions are not supported on localbitcoins anymore, there are a number of alternatives through which users can get their needs met. Some of these possible alternatives are as follows

Localcoinswap:

Localcoinswap is a possible alternative to localbitcoins because it supports the trading of crypto for fiat currency and as such, will serve as another method for users to get their needs met. Localcoinswap actually has an advantage over localbitcoins because it has a more diverse range of tokens in its roster. Localbitcoins. as the name implies, focuses mainly on the trading of bitcoins while localcoinswap has dozens of other tokens cryptocurrencies and access to a larger roster such as XRP, ethereum, and monero. Through its peer-to-peer trading platform, users can trade in all these tokens for cash or can purchase them using cash.

Another advantage that localcoinswap possesses is the fact that it uses know-your-customer procedures but they are optional. Usually, a cryptocurrency exchange will either require know-your-customer procedures from all their users or will skip them all together but localcoinswap makes them optional to users so those who are particular about these features can choose to only interact with other users that have gone through the know-your-customer process. The community charges a 1 percent fee for every trade but this is offset by their referral program.

PayFair:

This is yet another cryptocurrency trading platform that has the advantage over localbitcoins in that it supports dozens of different currencies but this time cryptocurrencies. Most times, cryptocurrency exchanges only deal in major currencies such as dollars and pounds sterling but PayFair gives more options to users. They also do not require know-your-customer verification and don’t seem to be on their way to implementing such measures. PayFairhad started up in 2017 through an IPO that raised a little bit below a million dollars but has grown in popularity due to their community-focused nature and their extensive roster.

BitQuick:

BitQuick is well known because it is one of the older exchanges and thus, has plenty of advantages having previously been known as buybitcoins.us. The exchange charges a 2 percent seller fee for every transaction but also offers the advantage of being an escrowed peer-to-peer bitcoin trading platform for the United States only. Considering the amount of scamming and fraud that takes place on man exchanges, this is an advantageous feature. They also ensure known-your-customer measures as well as anti-money-laundering procedures which gives a sense of security for those who make use of the platform and thus, is a viable alternative to localbitcoins.

Bisq:

Bisq was formerly known as Bitsquare and while it is not one of the highest trading crypto platforms of recent times, it offers great functionality for its users and also is very privacy-centric. They do not have any know-your-customer requirements and have a few trade limits have been put in place. Trading limits, however, are consistently raised by the good performance of the users who also enjoy full control of funds and trading fees.

The views and opinions expressed in the article 4 Easy to Use Alternatives to LocalBitcoins for Peer to Peer Bitcoin Trading do not reflect that of 48coins, nor of its originally published source. Article does not constitute financial advice. Kindly proceed with caution and always do your own research.

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