my localbitcoins review

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My localbitcoins review csgospeed betting

My localbitcoins review

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Of course, being a total newbie, I set out on an adventure — to learn what I can about cryptocurrency and how blockchain tech works. Thanks to the wealth of information on the internet, I was able to get my feet or, in this case, brain wet. Keep in mind, this was a time of big-money exchange heists, regulatory concerns and whatnot.

I remember hearing widespread rumours of an impending ban on cryptocurrencies by the Indian government. LocalBitcoins was like eBay for Bitcoin trading and had been around for a while, so I jumped on board. On March 17, , I had my first scam experience on LocalBitcoins while it was identified when the bank has frozen my bank account one week later. Later on 23rd march, all of a sudden, my credit cards stopped working, after approaching the bank, they mentioned my bank account had been frozen due to fraudulent activity.

After brainstorming I learned, two Indians were scammed by a Cameroon based localbitcoins trader. The scammer traded with the other victim a newbie, I think and told them to send me the funds. I was implicated since the victim now thought I was the seller. Apparently, this trader had scammed me and someone else by simultaneously posing as a Bitcoin buyer and seller [of something]. I lost my Bitcoin, and the other victim suffered their cash. The scammer traded with the other victim, the lady out of localbitcoins, I think and told them to send me the funds in exchange of something.

I was implicated since the lady victim now thought I was the seller. Although the reported deposit of USD 14, remained inaccessible, I never got access my bank account back but had to move on. Fast forward to December 12, I was looking to sell some Bitcoin. Or, at least I thought.

Is it possible to get 2FA code from app and submit on the website just within 1 second.? Of course, I reported the incident to LocalBitcoins support, and they got defensive. I reached out to the CEO, Directors, Executives as well as fraud investigation specialists through LinkedIn; I got no response — just responses on tickets, which were blaming me for failing to secure my computer from malware.

I know for a fact that a code was never requested or sent. How did the sender get my email? LocalBitcoins tends to keep things simple and leaves everything to the users. Keep in mind that standard Bitcoin network fees apply for all transactions. Instead, they charge higher exchange rates, so when making a trade, take that into account.

Read our updated guide on best crypto trading bots. The traders post ads on the platform, stating accepted payment methods and exchange rates for purchasing or selling Bitcoins. Other users reply to these ads. They arrange to meet the trader in order to make a transaction, online or in person.

LocalBitcoins also has a feedback mechanism and reputation system to help the users distinguish the legit traders from the scammers. The trading platform also offers a conflict-resolution service which helps users overcome any misunderstandings, and an escrow service in order to help establish trust between the parties.

Top 3 coins for huge ROI in ? Experts believe this will happen again in , the only question is which coin do you bet on? My friend and cryptocurrency expert Dirk is personally betting on 3 under-the-radar cryptocurrencies for huge ROI in Click here to learn what these coins are watch till the end of the presentation.

These are some of the things that you should keep your eye on when it comes to trading. Also, do not post ads for purchasing Bitcoins, because that will just attract a lot of scammers. Instead, you should look for users who are actively selling Bitcoins.

When it comes to communication, you should send a message to the seller requesting a trade and wait for their response. Read our updated review of Coinmama exchange here. Depending on the payment method you choose, you need to pay different fees, e. You will usually get the best price for purchasing Bitcoins using a hard to reverse payment method such as wire transfers or cash deposits.

The entire website is easy to use and spot-on, and all the information needed is available in an instant and without any need to navigate to find it. Support team on LocalBitcoins is well organized and competent, and it offers traders an unusually high number of channels to request assistance with various problems.

They also offer special forms to report phishing, lost two-factor authentication or password. They only offer support via email, and there is no phone support and no live chat support either. However, overall service is excellent. Read our updated guide on top proof of stake cryptocurrencies. LocalBitcoins is a great platform. However, sometimes the traders on it are not so great, and many users get scammed on LocalBitcoins, primarily because of peer-to-peer interaction.

Unfortunately, this damaged the reputation of LocalBitcoins. The exchange is still a great place to purchase or sell Bitcoins. Here, users can post about their experiences with other traders. Otherwise, it may be too much of a hassle for you. 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. Felix Kuester works as an analyst and content manager for Captainaltcoin and specializes in chart analysis and blockchain technology.

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