LocalBitcoins closed in February 2023 and is not an exchange anyone can join. Former users should follow only the official withdrawal information. New European users are better served by an active MiCA authorised platform such as Bitvavo.
LocalBitcoins stopped active operations in February 2023. New registration was suspended on 9 February, and the peer to peer marketplace no longer supports buying or selling Bitcoin.
The official LocalBitcoins FAQ tells former users who still have a wallet balance to log in and withdraw it. This review is retained as a historical record and does not promote the closed service.
Bitvavo- MiCA regulated European crypto exchange
- Low trading fees, 0.15% to 0.25%
- 453+ cryptocurrencies available
- Instant deposits with SEPA, Bancontact and Wero
- Easy to use app and web platform
- Earn up to 15% staking rewards
LocalBitcoinsBitvavoAffiliate link. Note: investing is risky. You can lose part or all of your deposit.
LocalBitcoins review summary
LocalBitcoins was one of the best known peer to peer Bitcoin marketplaces. Buyers and sellers agreed on a payment method and price, while the platform used escrow to hold the Bitcoin during a trade.
The model made Bitcoin accessible through many local payment methods, but prices differed between advertisers and users dealt directly with a counterparty. Those advantages and risks are now historical because the marketplace has closed.
Pros
- Pioneered peer to peer Bitcoin trading
- Supported many local payment methods historically
- Official FAQ still explains legacy balance withdrawals
Cons
- Active operations ended in February 2023
- No registration, buying or selling
- No active MiCA authorisation
- P2P prices and counterparty risk varied widely
- Old referral links and payment instructions are obsolete
What happened to LocalBitcoins?
LocalBitcoins announced that it could no longer overcome the challenges of the crypto market and ended its Bitcoin trading service in February 2023. The Finnish company had operated since 2012.
New accounts, advertisements and trades are not available. Old articles that call LocalBitcoins an active marketplace or link to a registration bonus are obsolete.
Information for former users
The official FAQ still directs users with a balance to withdraw the entire balance. Do not send Bitcoin to a legacy LocalBitcoins address and do not rely on instructions copied from an old email or screenshot.
Be cautious with anyone offering account recovery for an upfront payment. Use only the official website, never share a seed phrase or 2FA code, and retain transaction records if support asks for evidence.
Historical LocalBitcoins fees
Creating an advertisement was free, but the advertiser paid a 1% fee on each completed trade. Buyers did not pay a separate marketplace fee, although an advertiser could include a substantial premium in the quoted Bitcoin price.
The payment method, advertiser reputation and local demand could make the effective cost much higher than 1%. Bitcoin withdrawal costs also depended on network conditions. None of these figures are current fees.
Fees and costs
LocalBitcoins no longer has current trading fees. The historical figures below document how the former marketplace worked.
After closure
| Service | Available | Comment |
|---|---|---|
| New registration | No | Suspended on 9 February 2023 |
| Buying and selling | No | Active operations ended in February 2023 |
| Legacy withdrawal | Limited | Official FAQ instructs users to withdraw a remaining full balance |
LocalBitcoins alternative
LocalBitcoins cannot be compared as an active provider. For European users who want to buy and sell crypto with euros, Bitvavo is our preferred alternative. It is active and has a MiCA authorisation from the Dutch AFM.
An order book exchange does not offer the same cash and gift card methods as a P2P marketplace, but it provides transparent fees and a current regulated service.
Compare exchange fees
| Exchange | Effective fee |
|---|---|
| OKX | 0.080% ★ |
| Bybit EU | 0.225% ★ |
| Bitvavo | 0.250% |
| Coinbase | 1.490% |
| Kraken | 1.500% |
| Crypto.com | 2.400% ★ |
| Bitpanda | 2.490% |
| BTC Direct | 3.000% |
★ Effective fees include our exclusive offers where available. Fees are indicative, check the exchange for current rates.
Was LocalBitcoins reliable?
LocalBitcoins had a long history and its escrow system reduced some settlement risk. It could not remove fraud, payment reversals, disputes or large price premiums between users.
The company communicated the closure and still provides limited withdrawal information. That is useful for former clients, but a closed platform cannot receive a positive current rating.
Conclusion of our LocalBitcoins review
LocalBitcoins has been closed since February 2023. Do not try to register, place a trade or deposit Bitcoin to an old address.
Former users should withdraw any remaining balance through the official route. New users should choose an active platform authorised for their country.
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