LocalBitcoins is a decentralized peer-to-peer Bitcoin trading platform. Here people from different countries can exchange local currency for cryptocurrency. Platforms users post ads indicating the exchange rate and payment method for buying or selling Bitcoin.
LocalBitcoins was launched three years earlier than Paxful. It was founded in 2012 in Finland. The service can be used by residents of 13,000 cities around the world.
There are 75 types of cryptocurrencies available for exchange on LocalBitcoins, including Bitcoin. All payments are processed within a second, and commissions for transactions are less than the banks have. Until June 2019, LocalBitcoins provided the ability to buy and sell bitcoin for cash. Transactions could be carried out at a personal meeting between the seller and the buyer.