The fees are a bit of a letdown. Once you own your Bitcoin, you can transfer it from your Coinme application wallet for the standard network fees. Once your details have been verified you can select from a list of vendors.
There are customer ratings for reputation and you can see their average settlement time — generally around 2 hours. This is odd. Who pays the fees? I could find no answer on their website so be careful and double-check that the amount you receive is net of any charges!
Convention has it that the person sending the Bitcoin pays the fees. You can choose MoneyGram as the payment method from the Paxful website, and away you go. Head down to your nearest MoneyGram and once the payment is received by the vendor, the transfer process begins. Visit Paxful Now. There are no charges for registering, buying, and selling Bitcoin, which is great.
As with all these products, you must satisfy the KYC criteria before you head to the marketplace. The best I found was within 0. People offering to buy Bitcoin were also bidding realistic prices. To send your payment to the vendor you will pay as follows. So how does LocalBitcoins interact with MoneyGram? Vendors advertise their preferred payment methods.
Upload the MoneyGram receipt to the trade on the LocalBitcoins website and the vendor transfers the Bitcoins. They will appear shortly in your LocalBitcoins wallet, and from there you can transfer them wherever you like. You can see the number of trades the vendor has completed, their reputation points, and how recently they were active. These should be good indicators about which are the most responsive vendors. Visit LocalBitcoins Now. The killer application of buying Bitcoin through MoneyGram is simple.
You can use cash. This opens Bitcoin ownership to the unbanked and the disenfranchised, but even today, certain high street banks block payments to Bitcoin-related businesses. The premium you pay for using these platforms is for the opportunity to pay with cash. Regardless of the fees, using US dollars to buy Bitcoin today feels like a great opportunity that might not last forever.
CaptainAltcoin's writers and guest post authors may or may not have a vested interest in any of the mentioned projects and businesses. None of the content on CaptainAltcoin is investment advice nor is it a replacement for advice from a certified financial planner. The views expressed in this article are those of the author and do not necessarily reflect the official policy or position of CaptainAltcoin.
LocalBitcoins offers these benefits :. LocalBitcoins offers a tremendous amount of security to trade Bitcoins confidently. It has multiple layers that monitor your information and protect the transaction to include:. Escrow services: Anytime you ask for a trade, LocalBitcoins will hold Bitcoins in an escrow account. They are released once the seller confirms that the trade is complete. Reputation ranking: All members with LocalBitcoins have a ranking for their reputation.
It shows the history of your trading activities with the other parties in the transaction. Login protection: LocalBitcoins will confirm that you are logging in from the same web browser. When you are using a different web browser, it will require email verification to log in. Privacy: LocalBitcoins does not share your information. It allows you to buy and sell Bitcoins while maintaining your privacy. Dispute resolution: LocalBitcoins helps to resolve disputes between the buyers and sellers on transactions.
Although these security features are great, you should always be cautious when trading. Even the most sophisticated systems cannot root out all scammers, and you need to pay attention to what you are doing. We recommend that you investigate all parties in the transaction. You do this in the beginning to build a history of transactions and trusted trading affiliates. It offers extra levels of protection in addition to what is provided by LocalBitcoins.
LocalBitcoins is well established and popular. It stands out from competitors in various ways:. Those who want to use LocalBitcoins need to follow several steps to buy and sell on the platform successfully. Step 1: Register and set up an account with LocalBitcoins. The registration is free and you receive a complimentary Bitcoin wallet. Step 2: Look for advertisements. Once you log in and are on the main page, enter into the search box the number of Bitcoins you want to buy in the local currency, your location and method of payment.
Those who are unsure about paying can select all online offers as the payment method. The platform lists all of the Bitcoin traders in your area. Step 3: Select the advertisement. Choose the advertisement you see from a trader with a strong reputation. Green indicates they will contact you within 5 minutes. Yellow is within 30 minutes. Grey is 30 minutes and above.
Clicking on the buy button will tell you more information about the advertisement. Step 4: Submit payment. Once you press Buy, you will get more information on the advertisement, the terms and conditions. Be sure to read through everything before requesting a trade.
If you disagree, you can move back to the previous page and select a different advertisement. If you want to make the trade, type into the blue box the amount, a message to the seller and click that you accept the terms and conditions. You must pay before the payment window ends or the trade is canceled. LocalBitcoins protects your privacy and does not share any information with third-parties. The company bans anyone who is doing illegal activities or scamming.
LocalBitcoins has an escrow service that resolves disputes between buyers and sellers. LocalBitcoin is legal in countries. Inside the U. Benzinga crafted a specific methodology to rank cryptocurrency exchanges and tools.
We prioritized platforms based on offerings, pricing and promotions, customer service, mobile app, user experience and benefits, and security. To see a comprehensive breakdown of our methodology, please visit see our Cryptocurrency Methodology page.
This content should not be interpreted as investment advice. Cryptocurrency is a volatile market, do your independent research and only invest what you can afford to lose. Want to advertise with us? Send us a message. LocalBitcoins Review. Benzinga Money is a reader-supported publication. We may earn a commission when you click on links in this article. Learn more. David Jones.
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