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How To Buy Bitcoins On Localbitcoins In Nigeria 2022 | Localbitcoin Review


How To Buy Bitcoins On Localbitcoins In Nigeria 2022


LocalBitcoins is a leading P2P Bitcoin trading platform, founded in 2012 and currently serving users from over 150 countries. 

On LocalBitcoins.com, you can trade Bitcoins for traditional currencies through online trades - protected by LocalBitcoins as the escrow. This is also known as over-the-counter (OTC) trading.

People prefer to buy and sell Bitcoins OTC because it allows for faster transactions, and more diverse payment methods. 

Centralized bitcoin exchanges are slow and cumbersome. But trading directly with other people using the same payment provider makes the money move much faster.

This creates a better user experience for the customer.

Hundreds of Bitcoin traders from all over the world already earn a living trading Bitcoins on LocalBitcoins using more than 60+ payment methods, this guide will help you become one of them.

On LocalBitcoins, you are dealing with humans. Unlike stock-like exchanges and centralized Bitcoin trading websites, LocalBitcoins allows you to trade directly with another person.

This makes the process customizable, lean and fast, as there is no corporate overhead. You can get your bitcoins instantly.

Benefits of trading on LocalBitcoins.com:

  • It is one of the largest and most-popular trading platforms, and continues growing with more than 6000 new sign ups every day.
  • Serving users from over 150 countries, LocalBitcoins gives you access to a global marketplace.
  • LocalBitcoins is Quick and easy way to trade Bitcoins.
  • LocalBitcoins has Escrow protection - for safe trading as it protects both the buyer and the seller.
  • LocalBitcoins' Reputation system for finding and filtering trustworthy customers, is very effective in helping choose the right people to trade with.
  • LocalBitcoins has a Dynamic pricing system with hundreds of sources - which ensures that your prices are always up to date.
  • API to allow you to make your own trading applications to automate trading.

How To Buy Bitcoins On LocalBitcoins In Nigeria 2022:

Step 1. Register

Create an account on LocalBitcoins.com.

 You get a free and secure online bitcoin wallet. No additional apps are needed. If you already have an account, skip to the next step.

Step 2. Search for advertisements

Go to the main page, and in the search box fill in the form with the amount you want to buy in your currency, your location and choose a payment method. 

If you're unsure how you want to pay, choose "All online offers" as your payment method. The site will list bitcoin traders available in your region.

Step 3. Select an advertisement

From the list of advertisements, choose one from a trader with a good reputation score and a high amount of trades.

The response time indicator shows if a trader replies within five minutes (green), within 30 minutes (yellow) or slower than 30 minutes (grey). You can click the 'Buy' button to view more information about an advertisement.

Step 4. Pay the seller

After you press the 'Buy' button you'll see more information about the advertisement, including the terms of the trade. 

Read through them before submitting the trade request, if you don't agree with them you can go back to the previous page and choose another advertisement.

To start the trade, type in the blue box how much you want to buy, enter a message for the seller and click the Accept terms and send trade request button to the start the trade. 

Be sure you're ready to pay when clicking the button, if you don't pay before the payment window is over, the trade will be automatically cancelled.

Step 5. Mark payment complete

Once you have made the payment, click the I have paid button. Once the trader has verified that your payment has been received your Bitcoin will be released from escrow and they are instantly available in your LocalBitcoins wallet.

And that's all there is to it, congratulations on your first Bitcoin trade!

 

How To Sell Bitcoins On Localbitcoins In Nigeria 2022:

Just as before,... Make sure you've Registered an account with LocalBitcoins. You get a free and secure online bitcoin wallet. No additional apps are needed.
To sell Bitcoin you need to first send them to your LocalBitcoins wallet.

Step 2. Search for advertisements

Go to the main page and in the search box select the option QUICK SELL. Fill in the form with the amount you want to sell in your currency and choose a payment method. 

If you're unsure how you want to be paid, choose All online offers as your payment method. The site will then list all Bitcoin offers available.


Note about payment methods: 

Some payment methods are considered high risk. Bitcoin transactions are completely irreversible. Once you sell your Bitcoins it's not possible for you to recover them, even if the buyers payment is reversed.

That's why we recommend you sell with a low risk payment method to experienced users with a large amount of previous trades and 100% feedback. 

Step 3. Select an advertisement

From the list of offers, choose one where the trader has a good reputation score and a high amount of completed trades.

The response time indicator shows if a trader replies within five minutes (green), within 30 minutes (yellow) or slower than 30 minutes (grey).

You can click the sell button to view more information about an offer.

Step 4. Open a trade

After you press the Sell button you'll see more information about the offer, including the terms of the trade. Read through them before submitting the trade request and if you don't agree with them you can go back to the previous page and choose another offer.

To start the trade, type in the blue box how much you want to sell, enter a message for the buyer and click the Accept terms and send trade request button to the start the trade.

Once you start the trade your Bitcoins will be moved from your wallet to the trade 
escrow.

Step 5. Wait for the buyer to pay

After you've sent the trade request, the buyer will ask you for your payment details (e.g. if you want to sell for a bank transfer, the buyer will ask for your bank account information). After you have given the seller the payment information the buyer will pay for the Bitcoins and confirm it to you.

Please make sure that you have received the money into your account before releasing the bitcoins. NEVER release Bitcoins before you have received payment. Bitcoin transactions are irreversible, once you send the Bitcoins to the buyer there no way to get them back, even if the buyers payment doesn't show up.

Once you have confirmed that the payment has been made you can scroll down the page and select Release Bitcoins. This will send the Bitcoins from the trade escrow to the buyer and complete the trade.

LocalBitcoins fees:

Bitcoin trading:

Registering, buying, and selling Bitcoin is completely free.


LocalBitcoins users who create advertisements are charged a 1% fee for every completed trade.


Bitcoin Transaction Fees:

Transactions to wallets of other LocalBitcoins users are free.

Incoming transactions to LocalBitcoins wallets are free, but a minimum deposit limit is applicable. 

Transactions below the minimum deposit limit will not be processed. You can find the current minimum deposit limit on your wallet page.

Transactions to other Bitcoin wallets are subject to a sending fee, which is paid from your wallet when you send a transaction. 

The current fee is visible on the wallet page. The fee varies based on how congested the Bitcoin blockchain is; LocalBitcoins automatically adjusts this fee to make sure your transactions are confirmed as quickly as possible.

Other fees:

Custom work, e.g. research of possible external problems, is 200 EUR/hour paid in Bitcoin at the current market rate. Minimum billable amount is 200 EUR.

 

How Can I Increase The Security Of My Account:

You can read our Security Guide which explains on how you can secure your account. Here are a few tips that will protect you against the majority of phishing and hacking attempts.

  1. Enable two-factor authentication for your account. This protects you when a someone finds your password. With two-factor authentication enabled, it is not possible to log in to your account if someone knows only your password. Remember to write down the backup codes, preferably on paper, in case you lose your codes.
  2. Make sure Login guard is enabled. It protects you from logins from unknown web browsers. When Login Guard detects a login from a new web browser it asks you to confirm your browser by clicking a link sent to the email address you have used to register your account. Login Guard is automatically turned on for all new users. Read more about Login Guard
  3. Remember to use a strong password, one with at least 10 characters. To make it easier to remember difficult passwords we recommend you use a password manager such as KeePassKeePassX or 1Password.
  4. Do not use the same password on other websites and do not give your password to other people, even your friends.
  5. Do not use an email provider that does not require a password, like yopmail, as it makes it possible to access your account without needing to know your password. If you want a secure, anonymous, email use a service such as Tutanota.

You can enable all of these security features under Security from your profile.

With Bitcoins, the owner of the wallet and the Bitcoins is responsible for his/her own security. 

If your user account is compromised you will lose your Bitcoins, and because Bitcoin transactions are NOT reversible it is not possible for LocalBitcoins to help you get them back. That's why it's very important to follow the security tips given above.

What should I do if someone else has accessed my account?

 

How Do I Enable Two-Factor Authentication For My Account?

Two-factor authentication is enabled from the security settings page. We offer two different types of two-factor authentication, mobile based and paper based

We recommend you use mobile based two-factor authentication and only use paper based if you do not have access to a smartphone.

When activating two-factor authentication it is very important that you write down the backup code and keep it in a safe place, preferably on paper. 

If you lose access to your two-factor codes you will not be able to log in to your account and it will require a two-factor reset which takes two weeks to process.

Activate mobile based two-factor authentication:

  1. Visit the two-factor activation page and choose I want to use mobile app based two-factor authentication.
  2. Install the authentication app on your phone. Google Authenticator is available on Android, iOS and Windows Phone. You can find it from the app store.
  3. On the LocalBitcoins web page, press Proceed to activation.
  1. Write down the backup code shown on the page and keep it in a safe place, preferably on paper. It's very important that you do this.
  1. Launch the Google Authenticator app on your smartphone and press Begin Setup. 
  1. Select Scan Barcode from the mobile app.
  1. If you are asked, allow the application to take pictures and record video. After this you can scan the barcode shown on the LocalBitcoins webpage.
  1. The 2FA codes will now start appearing in the Google Authenticator app. To complete the setup, take the code from the Google Authenticator application and enter it into the LocalBitcoins website in the box Authentication code, type your password in the Your password field and press Enable two-factor authentication..

You're now all set and protected by two-factor authentication! Each time you log in to your account you will also be asked for a code that is shown in the authenticator application.


Activation Of Paper-based Two-factor Authentication:

  1. Visit the two-factor activation page and choose I want to use paper codes based two-factor authentication.
  2. Click the link to open up your two-factor code list.
  3. Press ctrl + p (cmd + p on mac) on your keyboard to print the code table.
  4. Press Proceed to activation on the two-factor authentication page and enter the activation key from the top of the paper, the first two-factor authentication code from the table and your password.

You're now all set and protected by paper-based two-factor authentication! Each time you log in to your account you will also be asked for a code, which can be found on the paper.

Once you've used up all your 90 codes from the paper based code table two-factor authentication will be automatically disabled from your account and you will need to activate two-factor authentication again.

 

 


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