Today I’m going to show you how to buy Bitcoin on LocalBitcoins. It’s a very easy process, all you need to do is follow the steps given below.
Bitcoin is a thriving cryptocurrency. It’s changing the traditional way of making payments. Cryptocurrencies like Bitcoin, Litecoin, Ethereum, Ripple and the like, allow you perform financial transactions without the involvement of a third party like bank.
This way anyone can transfer fund, nationally or internationally, with reasonable transaction charges. In my recent posts, I’ve shown you how to buy bitcoin in India through Unocoin bitcoin wallet and Zebpay (recently stopped its operations in India but coming back soon).
Today I’ll walk you through how to buy bitcoin from LocalBitcoins. LocalBitcoins is an international bitcoin exchange that provides a global bitcoin trading platform (it allows bitcoin trading in 248 countries including India). It’s one of the best crypto exchanges out there.
Localbitcoins.com is an official website of LocalBitcoins that allows individuals to post advertisements on its website to sell bitcoin or buy bitcoin on LocalBitcoins. It’s a very user-friendly website for bitcoin trading.
To start bitcoin trading on the platform, you’ll need to create LocalBitcoins create account. Once you do that then you’re ready to buy Bitcoin on LocalBitcoins.com.
Step-by-step guide to how to buy Bitcoin from LocalBitcoins
To make this process very simple for you, I’ve divided this entire buy Bitcoin process into three parts, which are:
- Create LocalBitcoins account
- Verify your profile and enter all the details
- Buy Bitcoin from LocalBitcoins
1. Create LocalBitcoins account
To buy XBT from this exchange, first you will need create an account. For that purpose, follow the steps given below:
Visit localbitcoins.com homepage and click on ‘Sign up free‘ link. (Click on the link to directly visit the website). Make sure you’re on official LocalBitcoins website.
On the next page, a LocalBitcoins create account form will appear on your computer screen. You will need to enter a username for your account (like you set on your FB or twitter profile).
Next enter a valid email address. Subsequently, enter a password for your localbitcoins.com account and then click on checkbox next to “I’m not a robot.” Once you fill in the details, click on “Register” button.
In the next step, you’ll need to verify your email address. For that purpose, get access to your email inbox and look for localbitcoins.com email. You’ll find a confirmation link. Simply, click on that link to verify your bitcoin wallet account.
Congratulations! We’ve successfully created LocalBitcoins account.
2. Verify your profile
Now you can buy bitcoin from LocalBitcoins. Before buying bitcoin, I suggest you complete your profile and verify your identity first. This way you can secure your bitcoin wallet account.
To edit your profile information, from the top right corner, click on profile icon then click on Edit profile.
First of all click on “Verify phone number” and enter your phone number. You will need to enter one time password (OTP) to verify your mobile number.
Next click on “Set real name” and enter your full name.
Now click on “Verification” (see edit profile screenshot) link and then scroll down and click on “Verify identity”.
In the next step click on “Start ID Verification” and the choose an option like Passport, Identity Card, or Driver’s License. Thereafter, upload JPEG or PNG file of your identity proof.
That’s it. Now we’re ready to buy bitcoin on LocalBitcoins.
3. Buy Bitcoin from LocalBitcoins
Go to LocalBitcoins.com homepage and select your country. Thereafter hit search button. You’ll be able to see a list of bitcoin sellers in your country. Choose a seller from whom you would like to buy bitcoin and then click on Buy link.
Here I’m going to buy bitcoin on LocalBitcoins from above seller. I’ve opted this bitcoin seller because he’s been trusted by more than 100+ people (see highlighted area on screenshot). Now to buy bitcoin from LocalBitcoins, I’ve to click on “Buy” button.
In the next step, enter the amount in the box and press “Send trade request” button.
On the next page, you’ll be able to see seller’s bank account details and you will also receive the details through an email. Note down the details and transfer fund from your bank account to seller’s bank account using NEFT, IMPS, Paypal, Paytm or other payment method mentioned by the seller.
Before sending money, you can call to seller; if you’ve any issue. After transferring the amount to seller’s bank account, click on “I have paid” button.
That’s it. Your bitcoin/portion of bitcoin will be credited to your Localbitcoins.com account. Seller will release the bitcoin once he/she receives the amount you sent.
Also read how to sell bitcoins on LocalBitcoins.com.
Important: If you’re going to invest a significant portion of your earnings, then you should move them to a hardware wallet. Exchanges are not safe. Read this post, “What is the safest way to store bitcoin?“
Disclaimer: This post is for information purpose only. Don’t take this information as an investment suggestion. As you know cryptocurrencies are highly volatile therefore invest in them on your own risk.