Over the last couple of weeks, according to Coin.dance, trading volumes at Localbitcoins.net around the world amounted to $ 110,000,000.
If you’re new to trading, platforms like LocalBitcoins are making things easier for you: here you can globally exchange your fiat money, i.e. US dollars or basically any other currency to BTC. Users post about selling their bitcoins and set the exchange rate and the payment method - either by credit card, by wire transfer, gift certificates or even cash. You can even hand over cash to the seller meeting him in person. BTC is then stored in the wallet linked to your personal account and you can easily start using them to buy online, send to another wallet and whatnot.
Compared to cryptocurrency exchanges, services like this are way more user-friendly as, first of all, it’s easier to deposit fiat and start exchange operations, and, most importantly, they minimize your risks by acting as a guarantor in transactions between the buyer and the seller, or an escrow-agent by providing the function of depositing. Also, when trading large amounts at crypto-exchanges, the risk of their malfunction or even scams make the whole endeavour rather dangerous - again since there are no guarantees that in the end you get your money.
Platforms like LocalBitcoins.net can get you up to $5,000 a month profit with an initial investment of 1 BTC - or about $14,000 (as of December 22) depending on your location. All you need to do is compare sale/purchase prices at LocalBitcoins.net and check current exchange rates at Bittrex.com or any other crypto exchange. By doing so, you can earn up to $300 US dollars in a single transaction. And such transactions can be multiple, as long as there is a difference between the exchange rates at Bittrex or any other exchange and LocalBitcoins. The final step is withdrawing your money from the platform, and here there are also a number of options to choose from. The most convenient one is probably via Paypal and then on to your checking account or a credit card.
Still, there are some downsides to the system, and the weirdest one is that BTC is the only crypto that can be used in transactions. While there are dozens of cryptocurrencies out there, ETH, for instance, has grown significantly both in trading volumes and the number of pro-traders using it. And, at the end of the day, monitoring multiple exchanges searching for the best exchange rate is rather intimidating, same as looking for a verified customer at Localbitcoins.net. Luckily, there is a way-out: a service that integrates data from all major exchanges in a single interface. Arbidex, for instance, is designed to allow trading in one-contact mode: there is a widget that is displaying in real time where you can buy crypto - not limited to BTC, by the way - and then sell it at the most favorable exchange rate. The Arbidex trading terminal also features a super convenient automated arbitrage, which means you don’t have to monitor arbitrage opportunities at multiple exchanges anymore - the platform is doing this for you, which is the major advantage that enhances your chances of finding a trading gap (i.e. price difference) and profit in a fully automated mode.
Arbidex also features an option to communicate via Telegram with a chat-bot that is giving prompts about the market situation, assisting you in real time to figure out the percentage of profit you can make trading at the platform. The robot analyzes data and sends push notifications about prices at major exchanges.
P2P decentralized exchange platforms, besides anonymity, provide direct channels for crypto-transactions, which virtually eliminates the risks of fraud on the part of the exchange or any other intermediary. Our advice here: if you are new to crypto and trading, but wish to exchange some fiat money to cryptocurrency back and forth protecting yourself from risks associated with crypto-exchanges and saving on commissions, you would surely choose platforms like Arbidex.
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