5 Platforms similar to LocalBitcoins

We all know that before we decide to get into trading, we need to exchange something for something. This can be either some product for money or money for some service. Trading is the most common word that is used in the crypto world.

Since all the work related to these cryptocurrencies is done online, sometimes it’s hard for a person to find a reliable and safe platform for the whole trading process. Sometimes some sites work as clickbait and give you false information about their services.

But there is a reliable platform that can help you with this problem, known as LocalBitcoins. LocalBitcoins is a startup company which is based in Helsinki, Finland. It was founded in 2012 by Jeremias Kangas.

Image Credits: localbitcoins.com

LocalBitcoins is a platform that provides the uses with the service of over-the-counter trading of local currency for bitcoins, i.e., the users can locate another seller/buyer through the website and meet them or talk to them about the payment methods for the buying or selling of bitcoins.

But this is not the only option you have for the trading of bitcoins, here is a list of 5 other platforms that are similar to LocalBitcoins.


1. Paxful

Image Credits: paxful.com

Paxful is an exchange for Bitcoin that allows the users to buy bitcoins with over 300 payment methods to choose from. It was founded in 2014 by Ray Youssef and Artur Schaback. You have to register on the website and select the preferred mode of payment, and you are ready for your first trade.

Once you register with the website, you get a bitcoin wallet where you can store your coins and manage your profile from that account. The site has no hidden charges for buyers. Paxful keeps their security measures as a priority for user safety, and users can enable two-factor authentication for improved security.

Paxful takes things seriously so to verify your account and get into trading; you have to provide them with some documents like your passport or driver’s license or national id card or voters card.


2. Localethereum

Image Credits: localethereum.com

Peer-to-peer platforms for cryptos are becoming popular in the world of cryptocurrencies, and we already have one for bitcoin and monero. It’s no surprise that ethereum entered the market too with the platform Localethereum.

It works in the same way as LocalBitcoin does. The meeting can be arranged between the parties where they can meet for the cash transactions in exchange for ether. This exchange can be done in any local currency as they support a wide variety of fiat currencies.

Messages between the parties are encrypted, which are visible only with the help of a private key. If there is any dispute during the payment procedure, a third-party arbitrator is used to help solve the issue, and he can gain access to the text messages using the key.

It was founded in November 2017 by two Dapp developers, Michael Foster and the other one who stays away from the limelight. He mentions that Venezuela has the most trading activity as compared to the rest of the world, and trade volumes are more in China and Russia.


3. bitpanda

Image Credits: bitpanda.com

Bitpanda is an exchange platform that facilitates users to exchange the fiat currency for cryptocurrency. Bitpanda was founded in 2014 by Eric Demuth and Paul Klanschek. It is based in Vienna, Austria and works with a team that is well aware of the capabilities of cryptocurrencies and blockchain technology.

Bitpanda has a user base of over 900,000 users, and the company consists of a hardworking team of 90 members. The purchase of cryptocurrency can be made using a number of fiat currencies, which include USD, GBP, EUR, and CHF. There is no charge for depositing the currency or cryptocurrency. It offers two-factor authentication for better security of the user data.

There is no fee for depositing the money or cryptocurrency, but they do a 7% charge on any withdrawal or for trading.


4. Dether

Image Credits: dether.io

Dether is the first cryptocurrency exchange that is available on the mobile phone as an app and allows the users to use their Ether coins to spend them at physical stores. The stores are mentioned in the mobile application, which helps the user to track them down quickly.

Initially, it started as a support platform for users to buy Ether on, but soon they released their cryptocurrency, DTH. It helps the users to find sellers within their region, and every store has a different reputation score, and they also charge fees.

They even have a wallet service, but since it is an early project, it’ll be way too early to say anything about the service. It was founded in March 2017 by Abdelhamid Benyahia and Mehdi Amari.

The funding of the project was done by an ICO that raised $12 million for the development procedure. The concept of the project looks promising, as it has useful features.


5. Coin ATM Radar

Image Credits: coinatmradar.com

Coin ATM Radar is a different platform from the others as instead of giving us locations of the cryptocurrency holding people, it tells us about the nearby crypto accepting ATM’s and other services. They also have other crypto-related services such as ATM profitability calculator, Bitcoin ATM store.

Along with this, it also allows the users to set up their own ATM’s by providing them with a guide that includes an analysis of costs and revenues in the business. Some ATM’s have multi-currency support and can use both fiat and cryptocurrencies.

It was established in 2014, and since then it has been used by many people. The ATM’s are entirely different than regular ATM’s, and a guide is also provided to understand them better.

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Vineet Chaudhary
Vineet Chaudhary
Vineet Chaudhary is a content writer with computer applications as his background field. His interests range from writing and photography to going out for trips and rides on weekends.

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