I will not go into details of Cryptocurrency and how its booming, this post is about a service which will allow you to buy Bitcoins in your country through your local banks while providing escrow.
Risks while Buying Bitcoin
The biggest and only risk while buying BTC is that after you send your payment the other party simply vanishes , now there are a bunch of other services which offer buying and selling of BTC but they all have high exchange rates which makes them not ideal for starters.
Buy Bitcoin with ease and safety
A Finland based company, LocalBitcoins.com offer a great platform for buying and selling BTC without exaggerated fee structure while providing escrow. Escrow here would mean a Seller if in a deal with you will have to submit their BTC to the website as escrow and after you have made the payment the BTCs will be released to you . This way you will not be dealing with people who just vanish after you send them money. At LocalBitcoins.com, people from different countries can exchange their local currency to bitcoins. The site allows users to post advertisements where they state exchange rate and payment methods for buying or selling bitcoins. You reply to these advertisements and agree to meet the person to buy bitcoins with cash, or trade directly with online banking. Bitcoins are placed in LocalBitcoins.com web wallet from where you can pay your bitcoin purchases directly.
Key Factors for buying
Key Factors while trading on LBC :
- If the seller has set a very low buy price be vary of that
- “Number of confirmed trades” will allow you to establish how trustworthy the seller is
- Email, Phone Number, ID/Passport are another way of establishing the sellers authenticity
- Do not make hasty decisions
- When you initiate a buy do read the instructions given by the seller so the trade goes by smoothly
LBC was founded in 2012 and its running strong till now that makes its a very reliable service and I have used it myself thus I can recommend it to others aswell