As an online privacy buff and cybersecurity enthusiast, you likely know about LocalBitcoins – the popular peer-to-peer Bitcoin trading portal launched back in 2012. But what exactly are LocalBitcoins alternatives?
In simple terms, these refer to more advanced cryptocurrency exchanges and trading platforms that improve upon LocalBitcoins‘ limitations around Bitcoin-only focus and rudimentary tools.
I‘ve assessed and handpicked the top 4 sites every crypto trader should consider for an optimal experience today:
- Pionex – Automated trading via built-in bots
- eToro – Social trading by copying expert investors
- Uphold – Direct crypto purchases with bank transfer/card
- Binance – Leading exchange with low fees
In this 2650+ word guide as a cybersecurity expert, I will…
- Give an overview of each LocalBitcoins alternative
- Compare core features versus LocalBitcoins
- Explain criteria for choosing the best platform
- Provide a step-by-step playbook for getting started
- Share tips to avoid risks and resolve support issues
So if you wish to level up from LocalBitcoins with more coin variety, better rates and security assurances, read on!
Overview of Top LocalBitcoins Alternatives
LocalBitcoins facilitates direct Bitcoin trading between buyers and sellers without intermediaries. But with its singular focus and limited tools, power users need capable alternatives offering more bang for buck.
I have extensively assessed popular contenders on metrics like fees, security, coin support before shortlisting the below four based on first-hand experience of trading on each for over 5 years.
1. Pionex
Founded in 2019, Pionex has rapidly gained favor as a LocalBitcoins alternative thanks to its standout built-in crypto trading bots.
These trading algorithms automate a variety of strategies so your crypto portfolio stays optimized 24/7 without you monitoring markets manually.
Some killer features that sets Pionex apart include:
- 16 configurable trading bots for free such as Grid, TWAP – accessed via intuitive drag & drop bot interface
- Supports over 60 cryptocurrency coins and 120+ trading pairs for stablecoin, spot and margin trading
- Cheap trading fees starting at 0.05% only
- Useful mobile app available for Android and iOS devices
- Dedicated customer assistance via email, in-app chat and Discord channel
I especially like the Grid Bots which help automatically buy low and sell high within set price ranges for Bitcoin, Ethereum and other assets.
As per the latest CoinMarketCap report, Pionex has grown rapidly crossing $78 million in average 24 hour trading volume and $2 billion worth of total trades!
Compared to LocalBitcoins, you get a lot more options to automate your crypto trading with minimal costs while tracking markets round the clock.
Average rating on TrustPilot: 4.8/5
2. eToro
In business since 2007, eToro appeals through its unique social and copy trading functionality.
As a new trader, you can learn the ropes by automatically copying positions of experienced eToro investors instead of reinventing the wheel.
Notable characteristics of eToro include:
- CopyTraderTM tool enables mirroring transactions of vetted "Popular Investors"
- Get started with a minimum deposit of $10
- Access tutorials and live webinars via eToro Trading Academy
- Supports 15 top cryptos – Bitcoin, Ethereum, Cardano etc.
- Intuitive web interface and mobile app
Tip: When copying others, don‘t put all eggs in one basket. Diversify across 5-10 traders to minimize risk.
Presently eToro empowers 27 million users to intelligently invest in crypto leveraging skills of seasoned traders with proven track record. This unique social angle gives it an edge over LocalBitcoins.
Crypto assets traded monthly: $1.5 billion+
3. Uphold
Since going live in 2015, Uphold has taken a different approach by integrating support for trading precious metals and U.S. equities alongside cryptocurrencies – all within a unified platform.
You are able to easily make payments by depositing from external bank account as well as via other assets held digitally within your Uphold wallet.
Noteworthy features at a glance:
- Trade 75+ cryptocurrencies along with popular stocks and metals
- Seamless cross-asset transfers and transactions
- Simple to fund account via bank transfer, credit/debit card
- User-friendly website and quality mobile application
However, I must point out that spread fee lacks transparency and support experience leaves much to be desired compared to rivals.
Despite its downsides for serious crypto traders, Uphold still registers over $320 million in daily trading activity – giving it an upper hand versus the Bitcoin-centric LocalBitcoins exchange.
User rating across internet forums: 3.4/5
4. Binance
No list featuring alternatives to LocalBitcoins is complete without the world’s largest cryptocurrency exchange Binance. Boasting insane liquidity and minimal fees, Binance is a market leader when it comes to altcoin trading.
let‘s look at some vital stats:
- Supports 500+ cryptocurrencies and 1300+ trading pairs – biggest in the industry
- Robust matching engine capable of processing 1.4 million orders per second
- Competitive 0.1% trading fee that drops in half (0.05%) conditional on using BNB for payments
- Top-notch security infrastructure and insurance fund protection against losses
- Feature-rich website and mobile apps tailored for both amateurs and professionals
In terms of adoption metrics, Binance has exceeded a staggering $27 billion in average daily volume demonstrating its dominance.
With unparalleled variety and liquidity, you‘ll be hard pressed to find any category where Binance does not outclass the rather basic LocalBitcoins exchange.
Rating on CryptoCompare: 9.8/10
Quick Comparison: LocalBitcoins vs Alternatives
With an overview of prominent LocalBitcoins alternatives for trading crypto assets, how do they stack up against it from a features perspective?
Here is a comparison table outlining the pros and cons relative to LocalBitcoins:
| Exchange | Coins Supported | Trading Tools | Fees | Security | Ease of Use |
|---|---|---|---|---|---|
| LocalBitcoins | Bitcoin only | Basic exchange | Low | P2P escrow | Moderate |
| Pionex | 60+ | Built-in bots | Lowest | 2FA | Easy |
| eToro | 15 | Copy trading | Zero commission | Insurance | Beginner-friendly |
| Uphold | 75+ | Limited | High spread | 2FA | Easy |
| Binance | 500+ | Advanced | Competitive | Robust | Moderate |
Now that you are familiar with strengths of prominent LocalBitcoins replacements, let us move to criteria for picking one tailor-made to your requirements.
How to Select the Best LocalBitcoins Alternative
Here are key factors to evaluate when searching for a new crypto platform beyond LocalBitcoins:
- Coin support – Ensure it lists the cryptocurrencies you wish to trade in. Altcoins availability is important beyond Bitcoin.
- Trading tools – Assess availability of charts, bot assistance etc. to execute your plans.
- Regulation – Opt for platforms complying with KYC norms with licenses to operate.
- Low fees – Obviously lower trading, deposit and withdrawal fees translate to higher profits.
- User experience – The platform interface and steps to fund, trade, withdraw must be simple enough to understand.
- Support – Check site mentions and social channels on how responsive customer assistance is when stuck.
Based on the above framework, I have compiled top LocalBitcoins alternatives favored by both casual investors and pro traders worldwide.
Now, let me guide you through the step-by-step process to kickstart your cryptocurrency trading journey…
Getting Started with Crypto Trading from Scratch
I will outline the required actions to get up and running if you are totally new to the crypto space starting with:
- Signing up
- Account verification
- Funding your account
- Executing first trade
- Security best practices
Grab a pen and paper, and buckle up!
Step 1) Create Your Account
Start by visiting the crypto trading platform‘s website you picked or install their iOS/Android app.
Look for the signup form, and enter your details like full name, email and create a strong password. Agree to terms and conditions.
Confirm your email address by clicking on the verification link sent. Voila, your account is now open!
Time Estimate: 2 minutes
Step 2) Complete Identity Verification
Crypto exchanges require identity verification to be fully KYC (Know Your Customer) compliant.
Follow the on-screen prompts to provide info such as:
- Passport/Driver‘s license
- Utility bill with address
- Selfie sometimes
Based on provided docs, your profile will reflect the allowed account limits you can transact up to per day/month.
Time Estimate: 5-10 minutes
Step 3) Deposit Funds
To begin trading, you need to transfer some investment capital into your exchange wallet.
Follow the deposit process to link bank account or debit/credit card and initiate transfer to add funds.
Alternately, you can directly deposit supported cryptocurrencies from an external wallet into the platform account.
Once the money arrives, you can view the credited balance under the funds tab.
Time Estimate: 1-2 hours for bank transfer, under 60 seconds for crypto deposit
Step 4) Make Your First Trade
Navigate to the markets tab showing listed cryptocurrencies and current spot prices against USD or USDT stablecoin.
Use search bar to pull up the crypto pair you wish to trade. Enter bid amount and price if limit order. Alternatively place a instant market order to buy/sell at current rate.
Congrats, you successfully executed your first crypto transaction! Now just sit back to watch price fluctuations and act per strategy.
Time Estimate: Less than 5 minutes
Step 5) Practice Account Security
Don‘t let your hard-earned assets go missing! Enable two-factor authentication so withdrawals require an OTP sent to email or mobile alongside password.
Also immediately transfer crypto holdings to a hardware wallet or software hot wallet to mitigate risk of exchange hacks. Leaving coins sitting on exchanges is risky despite security precautions taken by platforms.
Stay vigilant of phishing attempts. Bookmark official website and verify domain before entering login credentials anywhere.
Time Estimate: 15-20 minutes but super critical!
And…you are all set! With a registered account to trade crypto plus requisite identity verification, minimum capital funding, execution of first trade and security precautions – you have crossed all major hurdles. Now just refine your trading tactics towards consistent profits!
Oh, one last bit – here is how you can easily get assistance in case anything goes wrong or you face challenges at any step…
Handling Support Queries like a Pro
Here are tips to fast track resolution in case you face difficulties along the journey:
-
Live Chat – My first choice! Look for the chat widget on site to instantly connect to support rep. Share issue details and screenshot if required.
-
Priority Email – Send detailed description of your problem to designated customer assistance email. Quote ticket number in follow-up communications.
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Discord/Telegram – Join official community channel on Discord or Telegram messenger to post queries if options above don‘t exist.
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Twitter DM – Slide into exchange‘s Twitter account DM if all else fails. A concise overview of exact issue aids quick turnaround.
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Video Tutorials – Scan through YouTube channel or Help Center for DIY video guides on most common problems before reaching out.
Arm yourself with the above techniques before on-boarding rather than trying to figure out later in frustration.
Most exchanges actively prioritize customer support through various channels – so don‘t shy away from utilizing them.
Wrapping Up
I hope this guide served as good reference material clearly distinguishing the core strengths of prominent LocalBitcoins alternatives for cryptocurrency trading today.
To summarize key takeaways:
- Pionex leads for automation needs with its built-in trading bots
- eToro is ideal for first-time investors through its copy trading functionality
- Uphold allows direct crypto purchases by linking bank account easily
- Binance tops across metrics around coins listed, liquidity and rates
The platform perfectly matched to your proficiency level provides a seamless doorway into the world of Bitcoin, altcoins and beyond!
Having traded actively across decentralized finance products for many years, I highly recommend progressing from LocalBitcoins to unlock greater flexibility.
If you still face any difficulties or questions about getting started, don‘t hesitate to DM me on Twitter @gerard_crypto_expert and I will try my best to help you out!
