How to withdraw bitcoins through the LocalBitcoins platform?
What are some ways to withdraw bitcoins? How to display bitcoins to a card or electronic wallets using the LocalBitcoins website? You will learn about this by reading our article.
Hello gentlemen, traders and cryptoinvestors! In the last article, we looked at the question in detail, how to buy Bitcoin for fiat money. Today we will examine the main ways of withdrawing bitcoins from a wallet and a cryptocurrency exchange, and also consider in detail one of the most popular ways to exchange cryptocurrency using the LocalBitcoins site.
See also rating of cryptocurrency brokers.
Basic Bitcoin Output Methods
Today, there are several current ways to output Bitcoin:
- Via e-wallets (PayPal, Neteller, Skrill, MoneyGram, Paxum, etc.). This is the easiest and fastest way to transfer bitcoins to a card. But it requires verification of your account, so if you want to remain anonymous, then you should choose another method. There may also be quite large commissions.
- Through cryptocurrency exchanges (Binance, Poloniex, Coinbase, BitMex, Bittrex). Not all cryptocurrency exchanges support this method, but it is one of the most reliable. Its essence is very simple, you need to transfer your bitcoins from a wallet or another exchange (which does not support this method) to the exchange, and order the withdrawal of bitcoins via a bank transfer. In order to avoid problems with money laundering, you must specify the same bank account from which you replenished your account on the exchange. If you have not done this yet, then replenish the account with a symbolic amount, and then order a withdrawal. Of the minuses: this method is the longest - it takes up to 5 business days to process the request and it is also not anonymous, but it has the lowest commissions.
- Through peer-to-peer exchange (LocalBitcoins). This method is suitable for those who wish to remain anonymous. One example of peer-to-peer exchange is LocalBitcoins. This is the platform on which sellers and buyers of bitcoins and other cryptocurrency meet. With the help of a convenient service, you can find a buyer and, on favorable terms, it is safe to sell your bitcoins to him.
See there are bitcoin brokers.
How to withdraw bitcoins via LocalBitcoins?
LocalBitcoins is a Finnish company that allows people to buy and sell bitcoins for local currency. Users who want to exchange their bitcoins for local currency advertise on the LocalBitcoins website, where currency rates and the method of payment for buying or selling bitcoins are mentioned. This site was created in 2012 and currently operates in almost all countries of the world. Thus, regardless of the geography in which you are located, you will be able to find buyers who are ready to buy bitcoin from you, and sellers who want to sell it. The most pleasant thing about this platform is that you can choose a payment method for withdrawal or receipt.
The following is a list of various payment methods available on the LocalBitcoins website:
- Chase Quickpay;
- Google Wallet;
- Swift (International Translation);
- Perfect Money;
- Western Union;
- Bank transfer;
- Credit cards, etc.
You can also exchange your bitcoins for other large altcoins, such as Ripple, Litecoin and Ethereum.
You can choose the price at which you want to sell your bitcoins. If you want to sell your bitcoins through the LocalBitcoins website, you can create an ad and you will be charged a fee of 1% of the total transaction amount. But if you sell to a buyer who has already indicated the price he would like to pay, you do not need to pay a commission.
The best thing about this platform is the rating system. Like Amazon, buyers and sellers can rate each other and leave feedback. This will help you in choosing reliable buyers and sellers. We encourage you to make deals with those who have 100% good reviews, at least for the first few transactions you make on this site. You can remain anonymous on this platform. However, you can ask for an ID if you want to make a deal with a person for the first time without a rating or feedback.
See also what are Ethereum trading brokers .
Step by step procedure for withdrawing bitcoins through LocalBitcoins.com
Visit the website https://localbitcoins.com. We remind you that some countries have blocked access to the site for their citizens. You can find the official mirrors of the site on the social networks of LocalBitcoins in your region or use a VPN server.
You will need to create your account by clicking "Register."
Choose a username and strong password. You will then need to confirm your email address.
After logging in, click "Sell Bitcoins" at the top of the page.
Enter the amount of money (for example, 1000) you want to receive with the appropriate currency (USD). Then you will need to select the country where you are located to find buyers from your region. In this example, we chose the United States. You can also choose a payment method. If you are not interested in the payment method, we recommend that you select “All online offers” to see the best price at which you can sell bitcoin. After that click "Search".
As you can see below, there are many interested Bitcoin buyers in the selected country.
In the screenshot above, we see that the buyer has a 100% good rating and has already traded more than 1000 times on this platform. This means that the buyer is serious and trustworthy.
Double check the number of bitcoins you want to sell. Since in this case the cash payment method is used, please indicate your bank account number and the corresponding data. Then click "Submit Request."
The buyer will receive a notification that you are interested in selling your bitcoins. As soon as your sale request is accepted, you will need to send your bitcoins to the LocalBitcoins deposit account. This is an important service provided by this platform. By doing this, the buyer will not receive your bitcoins until they complete the payment. The buyer will contact you to inform that the payment has been completed. Check if the funds are reflected in your bank account, if yes, click "Payment received". Then the bitcoins will be transferred to the buyer's bitcoin address. Thus, you can safely withdraw Bitcoin to a card or e-wallet using the LocalBitcoins platform.
See also what are DASH trading brokers.
For the first transactions that you make with this platform, it is best to follow the precautions using the most preferred payment method. But as soon as you gain more experience, you can experiment with various payment methods. So you can sell your bitcoins at a very competitive price by choosing a payment method. You can also customize the ads on this site to choose your own price and payment methods. Even if it costs you 1% commission, it’s worth it for the convenience you get. It is important to use the LocalBitcoins escrow service, and never send your bitcoins to the buyer until payment is received.
Now you know how to display bitcoins on a card and e-wallets quickly and safely. Good luck investing in cryptocurrency!
Read also the article “The best currency pairs on Forex”.