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LocalBitcoins exchange lets visitors from different regions conduct peer-to-peer operations to exchange local currency for BTC. Unlike other platforms, it allows you to trade directly with another person, discussing all terms & payment methods. The platform has 1 million active users trading $600+ million. Based in Finland, this exchange is especially popular in regions with lacking banking infrastructure. This piece explores the LocalBitcoins exchange features & registration practices.
LocalBitcoins Exchange Overview
LocalBitcoins came into existence in 2012 with the goal of connecting the whole world to the Internet economy. It makes it easier for folks in underserved areas to trade in bitcoins. Their aim is to give individuals and communities the ability to trade without worrying about borders and restrictions, allowing for more freedom and prosperity.
The developers have designed an easy-to-use interface. There, customers can find peer-to-peer offers to swap their local currencies for Bitcoin at a rate set by the person making the offer. LocalBitcoins supports a wide variety of national currencies and payment methods, giving clients plenty of options.
When a user responds to an offer, a chat room opens up for discussing the transaction. You can check the reputation scores of traders and exchange messages, files, and images within the chat. Their escrow payment system holds onto the Bitcoin until the transaction is complete. This ensures the safety of both parties.
All the coins from the trade are sent to a super-secure LocalBitcoins wallet. Users can either keep their currency there or transfer BTC to another wallet. The system uses top-notch encryption, alerts, two-factor authentication, and extra security steps for each transaction to keep customers safe.
There’s a small fee for processing transactions, covering server resources, security, and more. The platform is accessible on PCs through their website. They provide links to their social media profiles, blog pages, support team contacts, frequently asked questions, and the registration details. All of this can be explored in detail in their tutorials.
What is LocalBitcoins Registration?
This service is used by lots of people from around the world. Because of this, the developers have to make the system extra safe when you do transactions and sign up. The sign-up process has a few steps, and it can take a little time.
Here’s a simple guide:
- Open the official website and go to the registration page.
- Pick a Username and Give Your Email Address.
- Choose a Strong Password.
- Prove You’re a Real Person.
How to verify a LocalBitcoins account? You’ll need to go through three steps:
- Confirm your email by clicking on a link in your email inbox.
- Verify your profile by giving your first name, last name, mobile number, country, and an estimate of how much you plan to trade in a year. You also need to say if you have any political ties.
- Confirm your mobile number by entering a code sent to your phone in an SMS.
A phone number can enhance security, identify dishonest users who break the terms of service, or engage in money laundering on LocalBitcoins exchange. This information also prevents the creation of duplicate fake accounts. The service is available in most countries, allowing you to sign up from anywhere. That said, it’s a good idea to double-check if your data is accepted.
You don’t need to provide your SIM-powered phone number or email information for registration. Your experience won’t be impacted if you use disposable data for verification. Getting an alternate email is straightforward, but what about obtaining a fake mobile number? The best choice is virtual numbers that can receive SMS from the LocalBitcoins exchange.
How to Verify LocalBitcoins Account via Virtual Numbers?
Virtual numbers are special numbers that can operate over the Internet without a SIM card. You do not need to provide any personal data to use such a phone. Thus, they are not subject to government regulation.
Virtual phone numbers are great for the purpose of anonymous registration. Due to the fact that no personal data is required to use this service, it is a completely safe and convenient option for online registrations.
Let’s take a look at what LocalBitcoins registration using virtual phone numbers is all about:
- Register at sms-man.com or log in with your social media accounts.
- Find the “top up my balance” button on the menu on the left and make a deposit.
- Select your country and the “LocalBitcoins” service on the home page.
- Click the “Buy SMS” button to add the virtual number to the “History” section.
- Use it during the registration process and wait for the confirmation code.
- Go back to SMS-man to get the LocalBitcoins message.
- Enter the code to complete account verification.