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The best LocalBitcoins alternative in 2023, as found in our independent testing, is Pionex!
With the inception of the bitcoin blockchain in 2009, cryptocurrencies were introduced to the market.
It has been over a decade since crypto made its debut, and it would be safe to say that it has come a long way since then.
It has been on the up and up since then and has become a go-to choice for millions and millions of investors all over the world.
With business magnates like Elon Musk investing in cryptocurrencies, its popularity has exploded in the recent past and is bound to swell in the future.
Expectedly then, cryptocurrencies have completely reshaped the financial world.
From decentralized authority to secure transactions, there could be plenty of reasons why cryptocurrencies have got popular.
Experts opine that the ever-increasing dependency on cryptocurrencies would make traditional banking systems obscure.
However, any investor would tell you that you must have enough knowledge about the crypto sphere before putting your hard-earned money at stake.
This way, you’d know what to do and what to avoid.
In this read, you’d find out about the best companies to exchange cryptocurrencies and the best LocalBitcoins alternatives in the market.
Best LocalBitcoins Alternatives in 2023
The first localbitcoins alternative on our list is Pionex. It is a cryptocurrency exchange platform that specializes in automated trading.
The platform is relatively new to the business, but that doesn’t necessarily mean that it’s not good enough. With its user-friendly features and sheer dedication, it has quickly made its mark in the industry.
Today, it has more than $30 million daily volume, making it one of the leading exchange platforms on the internet.
The thing that makes Pionex stand tall among the rest is its inbuilt bots.
Unlike most other platforms where you have to go through the hassle of connecting a bot, this trading platform features 16 bots, all of which have been assigned different roles.
This makes the trading process seamless and secure. As a matter of fact, Pionex was the platform that kickstarted the bot system in trading.
- Price: FREE
- Types of Bots: Arbitrage Bot, Grid Trading Bot, Copy Trading, Social Trading, Martingale Bot, Spot-Futures Arbitrage Bot, Rebalancing Bot, DCA, etc.
- Supported Exchanges: Huobi, Binance, Pionex
- Mobile App: iOS & Android
For those who are just getting started with crypto, Pionex is as good as anything. It’s by far the most affordable localbitcoins alternative in the market.
The fees at this platform are very low, so you won’t have to churn out an awful lot of money only to find out that the bots are not as efficient as you expected. The 0.05 trading fee is also quite reasonable.
What the company has done is that it has maximized the innovation and minimized the fee. An absolute win-win for you.
Another reason to love Pionex is that the company has kept things quite intuitive. Although it doesn’t work on the same model as LocalBitcoins, the things are quite simple at Pionex.
The fact that it uses 16 bots may fool you into thinking that it is a robust and complicated website intended for professional traders only.
However, it turns out that even beginners can operate it quite easily. There are tutorials for every bot that tells you everything that you need to know to leverage it.
As if these tutorials were not enough, the company also has an active customer care team that is always willing to help you out.
As for cryptocurrencies options, Pionex provides you with plenty of them. It supports over 120 currencies, including the most popular ones, such as Bitcoin, Dogecoin, and many others.
Whether you want to purchase them yourself or via bots, you can do it all on Pionex.
With so many cool features and an easy to use site like localbitcoins, Pionex is surely an incredible LocalBitcoins alternative.
The next site like localbitcoins on our list is eToro. This platform was founded in 2007 and is up there as one of the pioneers of the industry.
With over 25 million happy users worldwide, eToro is certainly one of the leading exchange platforms in the world.
With plenty of user-friendly features, there’s no denying the fact that eToro offers a comprehensive crypto trading experience.
There are plenty of reasons why eToro is on our list, but the one that stands out the most is that it has been designed meticulously for newbies. Without an iota of doubt, it’s the best localbitcoins alternative to learn crypto trading.
It’s no secret that the best way to master crypto trading is by learning from the ones who have mastered it. At eToro, you get exactly that!
Successful traders at eToro can share their trading strategies and tips to help beginner investors learn to trade. Of course, eToro doesn’t share strategies without traders’ consent.
It offers great perks to those who share their strategies. This gives beginners a deeper insight into the business and they can analyze the strategies of others and learn from their mistakes.
However, it is to be noted that copying others doesn’t guarantee your success.
Talking about the trading fees, things are quite reasonable at eToro. Opening and closing a trade doesn’t cost traders a single penny, and you can start trading with as little as $10.
For those people who have just dipped their toes into the crypto business and don’t want to throw caution to the wind, eToro is the best choice.
Another reason why eToro is the best localbitcoins alternative for newbies is that it teaches them the basics of the field via educational service, known as “eToro academy”.
If you want to invest in cryptocurrencies, but are afraid of losing your life savings, eToro could just hit the nail on the head for you. With plenty of articles and tutorials, this service helps you ace crypto trading.
One snag that might be a deal-breaker for you is that eToro offers access to 15 cryptocurrencies only.
While it won’t be a problem for those who want to trade in the popular cryptocurrencies only, it might be a concern for those who want to invest in rather obscure currencies.
If that’s your case, you may need to look elsewhere.
However, one little snag doesn’t make eToro any less capable. It’s still a great choice for beginners who don’t know much about investing in this emerging sector.
Moving on with our list, we have Uphold. With dozens of innovative features, Uphold is one of the fastest-growing exchange platforms in the world and a great localbitcoins alternative.
This user-friendly site like localbitcoins helps traders to trade their crypto assets safely and seamlessly.
Founded in 2013, the company operates its services in more than 180 countries and territories.
The feature that makes Uphold different from other exchange platforms is that it enables you to buy U.S. equities and precious metals as well.
Making a payment for your purchases is also an absolute cinch as you can pay via the assets you own at Uphold.
Whether you want to pay using fiat currencies or cryptocurrencies, you get to choose whatever you find convenient.
Uphold gives you adequate options when it comes to cryptocurrencies. You can trade in over 70 cryptocurrencies, including bitcoin, dogecoin, Tether, etc.
Payments are also secure as Uphold has taken every step possible to ensure safe transactions.
Like most exchange platforms out there, Uphold also has a mobile app for its users. The Uphold mobile app is compatible with both iOS and Android.
This gives you easy access to crypto trading on your phone. Its site like localbitcoins is also easy to use and the app has pretty much the same features and has a user-friendly interface to keep things convenient for you.
Expectedly then, it’s a great localbitcoins alternative.
In terms of fees, things are a bit complicated at Uphold. Although Uphold doesn’t take any commission, its spread fees can leave you in a lurch.
The spread fees at Uphold are a bit higher than other exchange platforms. To make things even more complicated, spread fees are different for different trades and can even multiply in times of market volatility.
This means that you won’t have a clear idea about the spread fees and you’d have to check it every time while buying or selling at Uphold. When it comes to customer service, the reputation of Uphold is questionable.
While other exchange platforms are not hesitating to go an extra mile to ensure greater customer satisfaction, Uphold doesn’t even have a basic “Live Chat” feature for its users.
It means that the users have to go through the troublesome and time-consuming procedure of filling out a form on the company’s website to get their problems addressed.
Another way is by reaching out to the company’s Twitter handle and asking them to resolve their issue.
If you have conducted some research about cryptocurrencies, you must have heard about Binance.
The company has billions of trading volumes and is a popular choice among millions of crypto traders.
With the ability to process over a million orders per second, it’s no wonder Binance is the best localbitcoins alternative.
The major part of the reason why Binance is a popular localbitcoins alternative is that it supports over 500 cryptocurrencies.
This means that Binance appeals to a higher number of traders who want to trade in rather obscure cryptocurrencies.
Transactions are quite secure at Binance, and as a cherry on the cake, it also supports enough payment options.
Whether you are a beginner or an advanced trader, you can’t go wrong with Binance. It offers separate platforms for both, and both are equipped with state-of-the-art technology to float your boat.
Both platforms use charts and other factors to streamline your trading.
Whether you are looking to sell your cryptocurrencies, buy some new ones, or swap them, Binance enables you to do it all.
What Is LocalBitcoins?
LocalBitcoins is among the most sought-after Bitcoins exchange platforms on the planet. The company joined this business in 2012 and has been on a crest of a wave since then.
With its quality service, it has staked its claim on the hearts of millions of crypto traders worldwide.
As its name suggests, LocalBitcoins offers a platform to exchange Bitcoins only. While there are over 8000 cryptocurrencies in existence, this platform supports Bitcoins trade only.
The platform doesn’t support fiat currencies and has no mechanism to hold fiat deposits either.
This can offend you if you are looking to explore other cryptocurrencies, but we have what we have.
LocalBitcoins works on a p2p (peer-to-peer) business model. Traders from all over the world can exchange their local currency for bitcoins.
At LocalBitcoins, traders can make their ads where they can choose the payment method and exchange rates of their liking.
This gives interested traders an idea about the deal, thus saving a great deal of time for both parties. The p2p business model may make you think that the payments at LocalBitcoins are not secure.
However, as things stand, LocalBitcoins has taken great steps to ensure your payments’ safety. The company has introduced an escrow system to take safety a step further.
For those readers who are not familiar with this system, it means that the company will keep the money until the seller confirms that the trade has been completed.
With this method, the company has minimized the vulnerabilities even in the p2p model.
Apart from the escrow system, steps such as email verification, login guard also make LocalBitcoins safe. It also comes with a reputation system of every trader which tells you about their past activities.
Furthermore, a team of customer care specialists is just a message away in case a conflict occurs between the buyer and the seller.
Registering, buying, and selling at LocalBitcoins doesn’t cost you a penny. Only those traders who create an ad are charged a 1% fee for every completed trade.
In other words, only those people are charged who run an active advertising campaign on this platform.
As far as the payment methods are concerned, LocalBitcoins supports quite a lot of them for your convenience. Paypal, Wechat, Payza, Payoneer, to name a few of them.
LocalBitcoin has buying limits depending on the verification levels of traders. Traders with different verification levels will have different buying limits.
The more steps you take to verify your identity, the higher buying limit you’d have. This might be a deal-breaker for professional traders who are looking to invest more.
With that out of the way, if you are considering LocalBitcoins, you might also want to consider some of its alternatives in case things don’t work for you on this platform.
Thankfully, there are more than enough LocalBitcoins alternatives for you.