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The KYC process is just like on any other exchange — you need to upload a government-issued document along with another written document like an electricity bill or similar public service bill that confirms your address. You also need to take a selfie with your document.

On average, it takes less than 2 days for Localbitcoin support to process and verify your information. When it comes to fiat currencies, users are free to trade in any currency. However, no altcoins are supported and the exchange allows only trading with fiat currency for Bitcoin. Transaction Fees 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 the best crypto trading bots. The traders post ads on the platform, stating accepted payment methods and exchange rates for purchasing or selling Bitcoins. Exchanges require some technical knowledge to operate, but P2P marketplaces simplify things. Load Error 1. However, just like on Binance, the first step towards buying bitcoin on LocalBitcoins is to set up an account. Congratulations if you already have one—you can proceed to the next step. Otherwise, follow the steps below to create a LocalBitcoins account.

Visit LocalBitcoins. It is important that you visit the correct website, as phishing attacks abound these days. Note that all the screenshots in this guide carry the address bar so you can see it clearly. Click Signup in the top-right corner or scroll to the bottom and click on the blue Create account button if you are an individual and not a company.

This guide is focused on individual users. Provide the required details, namely a username, an email address, and a password. As a rule, your password should be easy to remember but difficult for anyone else to guess.

It is important that you use a functional email address as you'll be required to verify it later. If your password is created correctly according to the instructions, proceed and check the little box below to agree with the LocalBitcoins terms of service and privacy policy. After that, check the I am Human box right under to prove you're human. Then, check all the boxes that apply in the dropdown, and click the Verify button at the bottom.

Once you click Verify, the Continue button will glow. Select it and move to the next step. On the next page, the first verification page, you'll get a popup asking if you wish to save your password. Again, this is entirely up to you. The system will send an email immediately to your registered email address. Go to your mailbox and click on the link in the email to verify that you own it.

This is the first verification. Once you click the link, you'll be taken back to the confirmation page and see that your email is confirmed. Click the Continue button to proceed. As shown on the page, you'll need to provide profile information, verify your phone number, provide information about your occupation and PEP, what type of activity you wish to engage in on the platform, and provide ID Verification, and you are done. Search for Offers After you complete the required verification, the next thing is to search for available offers.

To buy bitcoin, you'll need to search for offers unless you proceed to create ads as a merchant. Immediately after you log in, you'll be taken to the Search Offers page by default.