Frequently Asked Questions
Whether you're a new user or a seasoned trader you will find answers to all of your questions on this page. If you're new to LocalCoinBazar.com you can find out how to buy CryptoCurrency using LocalCoinBazar.com from this handy guide. If you want to become a trader the selling CryptoCurrency online guide is for you. You can also ask a question on our live chat or contact to our support.
What is LocalCoinBazar.com?
LocalCoinBazar.com is a peer-to-peer CrpyotCurrrency exchange. We are a marketplace where users can buy and sell CryptoCurrecny like Bitcoin,Etherium, Litecoin, Cardano, EOS, Bitcoin Cash, TRON to and from each other. Users, called traders, create advertisements with the price and the payment method they want to offer. You can browse our website for trade advertisements and search for a payment method you prefer. You will find traders buying and selling CryptoCurrency online for more than 50 different payment methods.
If you're new to LocalCoinBazar.com and want to buy CryptoCurrrency, please take a look at our how to buy guide to learn how to buy CryptoCurrency.
How do I buy or sell CryptoCurrency?
To help you get started with your first CryptoCurrency Coin trade we've made two short guides to answer all your questions.
If you are looking to buy CryptoCurrency Coin please take a look at our how to buy CryptoCurrency guide.
If you are looking to sell CryptoCurrency Coin please take a look at our how to sell CryptoCurrency guide.
How am I protected from being scammed?
All online trades are protected by escrow. When a trade is started the amount of CryptoCurrency coin for the trade is automatically reserved from the seller's LocalCoinBazar.com Wallet. This means that if the seller runs away with your money and does not release your CryptoCurrency coin LocalCoinBazar.com support can release the CryptoCurrency coin to you from escrow. If you're selling CryptoCurrency coin, never release the escrow before you know that you have received money from the CryptoCurrency coin buyer.
Please note that local trades do not have escrow enabled by default.
Can I buy less than one CryptoCurrency coin? How much does a CryptoCurrency coin cost?
Next to each advertisement on the website the price of a that specific CryptoCurrency coin coin for that advertisement is shown as currency per CryptoCurrency coin. For example, if we are buying Litecoin with the currency US dollars the price would be shown as 102 USD / LTC. This means that if I wanted to buy 1 Litecoin it would cost me 102 US dollars.
Can I buy less than 1 CryptoCurrency coin?
Absolutely! In each advertisement you see what's called limits. That shows you the least and the most amount of that specific CryptoCurrency coin that you can buy from that advertisement.
For Example, if you buying Litecoin than one Litecoin can be divided into much much smaller pieces, the smallest piece and is the same as 0.00001LTC.
Why is it so expensive to buy with Paypal? or Credit card? Why are some payment methods cheaper?
One of the best features of CryptoCurrency is that it gives you control over your money, but it's also this feature that makes it very different from traditional money. CryptoCurrency transactions are irreversible, most traditional payment methods can be charged back. This creates risk for the person selling the CryptoCurrency, as PayPal or a bank can take the money someone paid him out of his account after he has sent away the CryptoCurrency. That is why traders need to have a high price for certain payment methods, to protect themselves against this risk.
That is why we recommend for you to get the best price to pay using a hard to reverse payment method, such as Cash Deposit, bank transfers and mobile payments (Like Qiwi in Russia & PayTM in India). When you search to buy CryptoCurrency, select All online offers as a payment method and you will see offers for all payment methods and you can choose one that is convenient for you and offers a better price.
What happens when I pay, and the seller doesn't give me my CryptoCurrency? All our online trades are protected with escrow to prevent this from happening. When the trade is started, the CryptoCurrency coin amount for the trade is taken from the sellers wallet and is held by LocalCoinBazar.com for the entire time of the trade. If the seller is trying to scam you, it's easy for you to open a dispute on the trade and our support staff will contact you to ask for proof that you have paid and then give the CryptoCurrency coin to you.
What’s the difference between an online trade and a local trade?
We have two different types of trades on LocalCoinBazar.com, local trades and online trades.
Online trades occur online entirely through our trading platform without you ever meeting your trading partner. Escrow is automatically enabled and funded for Online trades, meaning that as a buyer you're automatically protected by our escrow system. Most of trades on LocalCoinBazar.com are online trades.
Local trades are meant to be carried out face-to-face, and escrow is not automatically enabled. Because of this it is not safe to pay the seller using an online payment method in a local trade.
Online payment methods are, for example, bank transfers; PayPal; Gift card codes etc.
How do I send/withdraw CryptoCurrency and how can I pay with CryptoCurrency after buying them?
If you purchase any CryptoCurrency coin using LocalCoinBazar.com, the CryptoCurrency coin will appear in your CryptoCurrency Wallet(1). From there you can easily send/withdraw the CryptoCurrency coin to other CryptoCurrency coin addresses. The vast majority CryptoCurrency coin services are compatible with each other, the same CryptoCurrency coin you buy from LocalCoinBazar.com will work in your favorite online stores that accept CryptoCurrency, and also in local shops that accept CryptoCurrency.
To send CryptoCurrency from your LocalCoinBazar.com Wallet(1)Choose options button(2) for CryptoCurrency you want Send and click onSend/Withdraw Button(3).
On the pop-up window enter the receiving address(4) and the amount(5) you wish to send, review the details, enter your password(6) to send/withdraw the transaction and click Withdraw button(7).
Please note that your LocalCoinBazar.com Wallet cannot be used in a few specific situations. For example, you cannot use it with sites like satoshidice that returns CryptoCurrency to the sending address. Also newly generated CryptoCurrency from mining cannot be sent to your LocalCoinBazar.com Wallet.
How do I receive CryptoCurrency to my LocalCoinBazar.com Wallet?
In order to sell CryptoCurrency on LocalCoinBazar.com you'll first need to send CryptoCurrency to your LocalCoinBazar.com Wallet(1). To do that you'll need a LocalCoinBazar.com account, access to CryptoCurrency in another CryptoCurrency wallet and you need to know your LocalCoinBazar.com receiving address(5).
To find your LocalCoinBazar.com receiving address(5) you need to go to visit the Wallet page(1), Choose options button(2) for CryptoCurrency you want to receive and click on the Receive/Deposit Button(3)
New user: On the pop-up window you'll ask to generate that specific CryptoCurrency wallet/receiving address, click onGenerate Wallet Address(4) Button it will show notiication 'Successfully Ganerated Address' click on ok button.
Returning user: On the pop-up window you'll find your receiving address(5) and QR code(6).Please note that your receiving address changes after each transaction. We do this to protect your privacy. Your old receiving addresses will eventually expire. The expiring time for receiving addresses is 12 months.
Once you have your LocalCoinBazar.com receiving address(5), you can go to your other CryptoCurrency wallet (Myetherwallet, Coinbase, KeepKey) and use this specific CryptoCurrency receiving address(5) to send CryptoCurrency to your LocalCoinBazar.com address.
Please note that in screenshot we showing Litecoin-LTC and BitcoinCash-BCH as example.
How long does it take to send or receive CryptoCurrency using my LocalCoinBazar.com Wallet?
LocalCoinBazar.com transactions take 15-70 minutes to be processed. If a transaction is large (worth over 1 BTC), processing may take longer, depending on the size of your transaction and blockchain capacity.
Why does my transaction take so long?
As a rule our transactions take 15-70 minutes to be processed. If your transaction takes longer, this could be due to a variety of factors, including:
- Blockchain overloaded. There are many transactions waiting to go through, including yours. This issue occurs on the Bitcoin and Bitcoin-based blockchains. Unfortunately, the only thing to do is wait it out. LocalCoinBazar.com has no control over a blockchain overload.
- Coin updates. We may turn off some coins to update a client. This can take some time. you will get your money as soon as we turn it back on.
- DDoS attacks. Every platform is subject to such attacks. Unfortunately, in this case the only thing to do is wait it out.
What is the green dot next to usernames?
Next to usernumbers on the front page you can find a small green(2) or grey(1) dot. This dot shows user is currently online or offline.
A green(2) dot means the user is currently online.
A grey(1) dot means the user is currently offline.
on user's public profile you can find user's Last seen time(3) means when user was online.