Local Bitcoins is a Finish based Peer to Peer trading site. It works on a reputation based system, whereby the site shows different users volume of trades, a percentage based on feedback and their distance from you. The site itself doesn’t require I.D verification, instead it is at individual trader’s discretion to ask for it. Problems can arise with scamming and counter party risk, but because Local Bitcoin’s rating system for traders is based on reputation, it means its unlikely (not impossible) that a top rated trader will be untrustworthy with a trade. However, the less well-recognised the trader the greater the likelihood that there will be an issue. Local Bitcoin does tackle issues themselves if there is a problem with any trader, but they may not be able to return funds to you, if you have a monetary issue with another trader.
– Largest Peer to Peer site.
– Rapid customer support.
– Quick buy and sell features.
– Reputation system.
– No withdrawal fees.
– Difficult to make large transactions.
– interface not as cutting edge and advanced as other trading sites.
– Can be problems with scamming.
– Higher buy prices in general than other sites.