Bitcoin Exchanges are the home to the latest digital currency in the market. These exchanges offer ample opportunity for the BTC holders to exchange their digital currency holdings for fiat currency. Say, from Bitcoin (BTC) to US Dollar. Finding a good cryptocurrency exchange can give you a hard time. This is owing to the fact that there are so many criteria to consider before going for a Bitcoin exchange.
A proper selection of the Bitcoin exchanges or the crypto exchanges does not owe you missed trading opportunities, signup issues and week-long delays in receiving your funds. We have taken adequate time to conduct research, test and scour the available Bitcoin exchanges to bring to you some of the best Bitcoin exchanges.
Let’s not jump straight to the list of Bitcoin exchanges and get some space to discuss what it is and how it works. This will help you get a clearer idea of the genre and you can progress further. We have also included some frequently asked questions at the end of the article for your ready reference. Thus, make sure you read till the end of the article to grab as much knowledge as possible.
What Are Bitcoin Exchanges?
A Bitcoin Exchange can be termed as a digital platform or a digital marketplace where the traders can opt to buy and sell Bitcoins against various fiat currencies or altcoins. However, a Bitcoin currency exchange is an online platform that performs as an intermediary between the sellers and buyers of the cryptocurrency. The seller and the buyer in the terms of cryptocurrency are “maker” and “taker” respectively.
How Does A Bitcoin Exchange Work?
A Bitcoin exchange performs similar to a brokerage where you can deposit your money via the Bank Transfer, Wire Transfers and various other commonly used means of deposit. However, to enjoy all of these services, you would need to pay a small amount of fee depending on the nature of service opted for. If a trader is willing to trade between cryptocurrencies, they need to pay a currency conversion fee quite similar to the institutional banks when an individual trades money from a different country. The purchases and the sales are based on the same ordering system as the existing brokerage firms where the buyer or their taker places a limit order which then is sold when a corresponding cryptocurrency is available from the maker or the seller.
What does this mean?
Let us make this simpler for you!
Do you want to understand the core of how to exchange bitcoin? Well, here are the details of how you can do so. But, you need to keep in mind that not all exchanges perform equally and that not in all of them you have to perform the exact same steps. Also, here are some BTC exchanges that describe how to buy bitcoin without verification.
The Bitcoin exchanges match the buyers with the sellers. Similar to a traditional stock exchange, the traders can choose to buy and sell their held Bitcoin by either inputting their limit order or a market order. When the market order gets selected, it refers to the trader authorizing the Bitcoin exchange to trade the digital coins or the crypto coins for the current best available price in the online market. When a trader sets a limit order, it refers to the trader directing the exchange to trade the limit order coins for a price lower than the current ask or above the current bidding price. All of these depend on whether the trader is buying or selling cryptocurrency.
There are certain rules for the traders to be able to trade on the bitcoin exchanges. The first of all requires a legit registration with the exchange and needs to pass through a series of verification processes for authenticating their identity. As soon as the registration gets successful, the user receives an account. Next, the user has to transfer some funds into the account before he can start buying the coins. Various exchanges have various modes of transfer such as wire transfers, bank transfers and more and even Bitcoin exchange PayPal is possible.
What Are The Types Of Cryptocurrency / Bitcoin Exchanges?
The fact is that not all exchanges are the same. It is important to understand that some of the exchanges will permit you to conduct a trade with the other users while the other exchanges are solely involved in the direct sale of the cryptocurrencies. There are a couple of other exchanges that will even not let you trade your cryptocurrencies but speculate on the price.
Here are the different types of the bitcoin exchanges or crypto exchanges:
Brokers are the websites that simplify the purchase procedure by permitting you to buy the coins via them directly at a premium. When you purchase from the broker sites, the process gets much simpler and easier. However, it is also much more expensive. Some of the known examples of the broker websites include – Coinbase and Coinmama.
The trading platforms are websites that concatenate the buyers with the sellers anonymously in an automated environment. This refers to what you buy from those people who have already placed a bid or sell order on the website and does not require any sort of communication. However to facilitate this, the platform takes a certain fee or bitcoin exchange price as commission.
This is probably the cheapest way to trade via a platform and acquire Bitcoins and other crypto coins. It is often not very user friendly. The trading platforms often bear advanced options like the limit orders and cease the losses that might confuse the inexperienced users.
Alongside this, when you place an order, immediately it might not be fulfilled owing to the lack of sellers at the price at which you want to purchase. Two of the many known trading platforms are BitStamp and Binance.
Few of the trading platforms permit you to trade Contract For Difference (CFDs). This refers to the fact that you are just betting on the price of the cryptocurrency in the future instead of owning it altogether. CFDs are quite appealing as they are very easy to use and you are not required to possess any actual coins. This process is very similar to betting on the fact that the gold will rise in its price instead of actually holding any share of gold.
With the trading platforms, you will never be able to draw the cryptocurrencies that you have accumulated into your wallet. The only thing that you are allowed to do is trade the contract based on the coin’s price in any of the fiat currencies such as Euro, US Dollar or any other form of centralized currencies.
CFDs also permit you to leverage your bets by borrowing money from the CFDs. This concept is widely known as margin trading. This can provide you with successful trades. However, it also holds a lot of risk of easily losing your money. Thus, this sort of trading is very riskier for the inexperienced ones and are thus recommended only for those who are experienced in this. Two common examples of the known CFD brokers are Plus 5400 and eToro.
Peer-to-Peer Platforms (P2P)
These platforms connect the sellers with the buyers directly so that they are able to negotiate on a price. These websites usually offer a varied options to choose from in terms of payment, supported countries, supported coins and much more. These platforms hold a lot of risk as well as the users are buying from the unvetted individuals.
10 Basic Benchmarks To Consider Before Selecting Bitcoin Exchanges
In order to receive the best bitcoin exchanges, the users need to analyze certain parameters or benchmarks. In this segment, we will take you through the various basic benchmarks that you need to carefully analyze before you choose a bitcoin exchange site to trade your cryptos. We have mentioned here about the Bitcoin exchanges. However, these benchmarks are not restricted to Bitcoin only and are general for the cryptocurrency exchanges.
Active Exchange Community
Bitcoin exchanges must have an active community where the consumers can easily take part in the healthy discussions on the community platform. Telegram Community for the exchange is also a good one if the chosen exchange has it. The admins of the community must be legit which is another thing you must consider. You must give a second thought to the Bitcoin exchanges that lack useful user engagement. If an exchange is devoid of any community, then there will be no opportunity for you to validate from the other users if you face a major issue that has gone unsolved.
Available Cryptocurrency Number
Two of the most prominent cryptocurrencies are Bitcoin (BTC) and Ethereum (ETH). A good crypto exchange must not only be restricted to these two crypto coins and offer more cryptocurrency asset options to trade. Multi-coin availability rules out the monopoly in the cryptocurrency arena and simultaneously stabilizes the risk the digital currency contributors have to deal with. You need to be wise enough to choose a BTC exchange platform that lists a good number of cryptocurrencies apart from the regular ones. This will also help you opt for other crypto alternatives in case a specific digital currency abruptly faces some regulatory issues.
Being a user it is smart to choose a Bitcoin exchange platform that is not very far from your residence so that they maintain compliance with the law. However, these laws alter from one country to the other and are different in different regions. Some of the platforms also offer their extensive services globally. The rest are limited.
Complexity Of Trading Platform
Choose your preferred Crypto Platform that is less complex. The more complex a platform is you are offered more chances to make a number of mistakes, which you cannot afford. The best part is that many cryptocurrency exchanges offer a free trial to their new joiners. You can go ahead and utilize the free trials and make sure if that platform’s operations and features will come to your hold.
Being a financial exchange, the cryptocurrency exchange platforms can experience a huge quantity of trading and several other scenarios between the staff and the clients. Due to this reason, an excellent customer service offering proper transparency and communication is essential for success. If you are not convinced with the claims of the customer support, there is an easier way. You can directly contact them. Find out their email address and shoot your queries and complex concerns. Check how long they take to get back to you or even if they do. This would prove how they are going to help you in case there is any issue.
Security serves as one of the crucial benchmarks of the Bitcoin exchanges. This is not only restricted to the users’ funds, but is also expanded to the personal data required for the sign up and the number of servers present globally. The increased numbers of the servers make sure that the platform less likely falls prey to an attack. You need to look out for a Bitcoin exchange bearing secure protocol such as 2-FA or Two Factor Authentication that provides you with a safe and secure login.
You are required to invest some time to conduct a bit of research regarding the security features of a particular crypto exchange. You can check the users’ comments online and talk to a few of their customers if you get that opportunity. You must not directly create an account of a particular exchange before you are completely sure that you are ready to open an account.
It is advisable to trade on the legitimate Bitcoin exchanges that are compliant to the KYC (Know Your Customer) and AML (Anti-Money Laundering) guidelines of the specific country.
The term liquidity refers to the situation, where there is a sufficient number of buyers and sellers against a particular coin. This makes it qualified for trading. You need to look for an exchange that bears high liquidity making it easier for you to trade your digital currencies. Within the exchange. This in turn offers leads to competitive pricing and hassle-free transactions.
The cryptocurrency transactions are relatively new as compared to the traditional investment forms, which are heavily regulated and monitored. The crypto transactions are prone to security breaches. This being the reason, it is vital for the users to know if the platform has had earlier security breaches.
Bitcoin exchange rate plays an important role when an user tries to trade via a platform. High costs and hiked fee structure reduces the value of your trades. This marks it important for you to select an exchange that aids you strike a proper balance. If you are into a lot of trading, then you must find Bitcoin exchanges that charge a reasonable fee for your transactions. However, if it is otherwise, a higher fee structure may not be your ultimate concern. Having said that, you need to find an exchange that offers better security against raised fees. Otherwise, it will severely cut down your profits. Are you ready to find out the list of bitcoin exchanges lowest fees?
Top Bitcoin Exchanges 2021
Have you been wandering from websites to websites to find the best bitcoin exchanges 2021? Your search shall end here. Yes, you are right! You have landed onto the exact site where we bring to you some of the best bitcoin exchanges with low fees. You may even find bitcoin exchanges in USA. After going through this article, you will probably not have to search for the Bitcoin exchanges near me, or if you do you can choose wisely.
The list of the bitcoin exchange sites provided below consists of both paid and non-paid versions. Most of these aids in bitcoin exchange to USD. The list is however arranged alphabetically.
Without much waiting, let’s get straight to the point!
Altrady is a platform enabling you to trade on the multiple crypto exchanges. It aids you to manage your portfolio and trade hassle-free. The best feature is that the website can track profits for each trade position automatically.
- It offers real-time market data.
- Enables customization of the dashboard with ease.
- Offers analytics on the crypto trading performance.
- Over 10 orders can be created simultaneously.
- Permits you to perform a quick scan for receiving notification of the market fluctuations.
- The monthly pricing is additional to the standard brokerage fees.
- Might be overwhelming for the new users.
Binance can be considered as one of the top bitcoin exchanges offering a platform for trading over 150 variants of cryptocurrency. This online program integrates your current trading application through an API.
- Offers a wide range of online trading tools.
- Offers round the clock support.
- The platform is compatible with iOS, Android, Web and PC clients.
- Proffers both basic and advanced exchange trading interfaces.
- The average daily trading volume of the platform is 1.2 billion having over 1,400,000 transactions per second.
- Offers 0.1% flat trading fees.
- Binance.us is available for the US residents that only houses 80 cryptocurrencies.
- Undergoes potential issues with the ID verification.
- The customer service is sometimes slow to respond.
It is a decentralized crypto exchange platform. Its servers are located all over the world. This makes it almost resistant to cyber attacks. It is one of the best platforms for purchasing different types of cryptocurrencies in terms of security.
- Offers awesome security.
- It is an open-source platform.
- Open to use for the US residents.
- ID proof is not required.
- Users are charged 0.001 BTC + additional mining fees for transactions (buying or selling).
- The platform does not encourage the use of credit cards for deposits. Users need to pay via the wire transfers for fund deposit.
- Limited Crypto support.
BitFlyer can be counted as one of the top cryptocurrency exchanges that aids you to buy and sell bitcoins alongside other cryptocurrencies. It allows you to pay a nominal charge. It is a cloud-based program that utilizes the latest encryption for securing your Bitcoins.
- Helps you to build your crypto portfolio in a secured manner.
- Instant price updates are available via custom alerts.
- Compatible with both iOs and Android devices.
- Enables you to buy cryptocurrency with the US Dollar.
- Complex trades can be executed via the Lightning interface or REST API.
- Very low trading fees
- Supports a limited number of cryptocurrencies.
- Forced KYC Measures.
- Not one of those decentralized bitcoin exchanges.
The BitHash is an online crypto exchange that helps you to trade digital assets with much ease. The platform goes with four different markets including Bitcoin, Dollars, Euros and Ruble.
- Can be accessible via iOS and Android operating system.
- Enables one to trade Ethereum, Bitcoin, Dash, EOS, Litecoin (LTC) Ripple (XRP) and Zcash.
- This crypto website offers you your accurate earnings estimation.
- It compresses each of the data samples into the compact binary hash code.
- It allows you to buy your cryptocurrency using a debit or a credit card.
- Trading fee is 0.1%.
- Do not have native token smart contracts.
- The platform does not offer any proof of reserves against the withdrawals.
BitMex is counted as one of the best bitcoin trading platforms and a BTC exchange. HDR global operates the platform. It is a web-based application that offers a comprehensive API.
- Offers highest liquidity in the market.
- Supports high leverage.
- Offers a full package of order types.
- Has good customer support.
- Supports the trade of major altcoins.
- Integrates high security for the trades.
- Maintains anonymity.
- The platform is not one of those U.S. Bitcoin Exchanges and thus restricts trading for the U.S. traders.
- Undergone an email leak affair as the Bitcoin exchange hacked by hackers in 2019.
Bitrue is a Singaporean cryptocurrency exchange that was launched in July 2018. It is an online application supporting buying, selling, storing and transferring the digital coins. It enables the exchange of various cryptocurrencies such as Ethereum (ETH), Bitcoin Cash (BCH) and Litecoin (LTC) alongside USD currencies. The platform offers its service globally.
- Offers a global trading platform.
- It provides a multi-threaded and high performance order matching engine.
- Security concerns include DDOS protection and 2-FA.
- The platform is accessible via various devices.
- Customer support needs improvements.
Bitstamp is a cloud-oriented application for the crypto exchange. It is one of those crypto exchanges offering analytical tools for both experienced and new traders. This exchange aids you to purchase the cryptocurrencies utilizing various money deposit options inclusive of the credit cards.
- Levies no withdrawal limit.
- Permits one to connect WebSocket communication protocol for the real-time data streaming.
- The platform holds your crypto assets in the cold storage owing to security.
- Funds can be withdrawn directly from the bank accounts.
- All the personal data of the users are encrypted.
- Customer care support is available via phone or email.
- It only supports crypto trading.
- It is not regulated.
- No metatrader platforms are found.
- Online chat support is lacking.
Bittrex came into existence back in 2013 in Seattle. It had been introduced by the former computer security experts of Blackberry and Microsoft. This is one of the best platforms for cryptocurrency exchange in the security perspective. It is highly appreciated that they have never experienced any security breach and are unusual in the zone for cryptocurrency.
- The platform offers attractive trading volumes.
- The security offered on the platform is top-notch.
- The platform offers various pairs of cryptocurrencies to trade from.
- Bittrex is US law compliant.
- The customer service is not up to the mark.
- There exists no leveraged margin trading.
- Limited availability in terms of global presence.
- The trading fee is set at flat 0.25% which is acceptable in terms of the pricing.
- Withdrawals and deposits take place via the wire transfers only.
The BTCsquare is a crypto exchange that permits you to trade various cryptocurrencies such as Litecoin, Ethereum, Bitcoin and more without any hassle. It also permits you to determine the trading view as per the user’s convenience.
- You can easily check the trading history.
- The platform offers an easier way to view your earnings.
- Permits you to zoom charts.
- You will be displayed the price that you are willing to pay for the Bitcoins.
- The interface is intuitive.
It is one of the best cryptocurrency trading platforms that aids you to buy and sell Bitcoins. It permits you to deposit funds utilizing the Visa card, MasterCard or the PayPal Debit Mastercard. This online program abides by the scalping and the frequency trading strategies for securing the assets and data.
- The users are able to trade US dollars for Bitcoins , the open-source distributed computing platform Ethereum and Ripple (XRP).
- It offers protection against the Distributed Denial-of-Service (DDoS) attacks that use full data encryption.
- You do not need to create an extra account for trading over 10x leverage.
- The top bitcoin exchange offers support for the platforms like websites and mobile devices.
- The platform is available to over 35 states in the USA.
- The application offers downloadable reports displaying the real time balance and the transaction history.
- The fees set on the platform is relatively much higher.
- It supports a limited number of currencies.
- Getting in touch with the site administrators is a headache.
- Advanced order types are unavailable.
Changelly is termed as one of the best cryptocurrency exchanges that offers you to exchange crypto at a faster pace and also purchase it with a bank card. It provides a trading facility for Bitcoin (BTC), Ripple (XRP), Ethereum (ETH) and Litecoin (LTC).
- Best rates currently available on the market can be seen.
- Transaction exchange does not require any verification.
- Has support for over 150 cryptocurrencies.
- API is made available for taking advantage of more features.
- Crypto trading for fiat is unavailable.
Club Swan is a digital platform that enables you to buy and sell Bitcoin, Ethereum, Litecoin, Tether and much more. It is one of those exchanges that offer a bitcoin exchange wallet.
- Cryptos can be sent with ease.
- Straightforward wallet-to-wallet transfer facility.
- Offers 24/7 customer support.
- Has support for international ATM Withdrawals.
- Offers you to trade cryptos at a good rate.
Coinall can be termed as the best BTC exchange platform that OKEx owns. This platform offers trading services for the digital assets such as Ethereum, Litecoin and Bitcoin to all the traders worldwide.
- It monitors the listed projects for hiding crucial data.
- Accessing this digital trading platform is supported by both API and software.
- This application has a rigid third-party policy and does not share personal details with the third parties.
- The crypto platform permits you to scan the QR code for downloading its app on the iOS.
- It is yet a new crypto exchange platform in respect to the brand reputation.
- Does not offer any demo trading accounts.
- It is a centralized cryptocurrency exchange.
When talking of the best platforms for online Bitcoin exchanges, Coinbase still remains one of the top mentions. A lot of beginners still rely on the platform to start their journey. It is thus a common platform for someone looking forward to carrying out both deposits and withdrawals for the Bitcoin cryptocurrency. The brokerage service is offered via the Coinbase Pro platform.
- Possesses intuitive user interface suitable for both the beginners and experts.
- Has a huge database of over 30 million users worldwide.
- It accepts credit cards, debit cards and wire transfers.
- The customer support is quite sluggish.
- The monitoring of trades is quite extensive.
- The fees are inclined towards the higher side.
It is a crypto exchange that lets you purchase Bitcoins with ease. It permits you to transfer your funds almost instantly. This platform is capable of storing and sending the digital currency utilizing the blockchain app.
- Credit card facility is supported on this platform.
- It permits you to deposit your funds to a bank.
- Round the clock support is available.
- Both iOS and Android support the platform accessibility.
- Few tokens are available for its activities.
- The platform has a very limited number of users.
Coinfalcon is a crypto trading website that enables you to buy and sell digital currency without any hassle. The website offers its users an accurate view of the investment performance.
- It lets you buy Bitcoins with the aid of credit and debit cards apart from cryptocurrency and bank transfer.
- This trading website permits you to track your portfolio any time.
- The wallet on the platforms lets you keep your funds securely.
- Both Android and iOS are supported for accessing the platform.
- The platform just allows you to trade on a handful of cryptocurrencies.
- The US citizens are barred from using this cryptocurrency trading platform.
- The liquidity is relatively low.
- It supports only a single stablecoin.
Coingi is one of those cryptocurrency trading platforms that supports trading of Dogecoin without any hassle apart from the traditional Bitcoin. It offers a lot of customization on its platform so that the users get ample scope to explore the platform.
- The user interface is easy-to-use.
- The website is available in a variety of languages such as English, French, Dutch, Italian and a lot more.
- It furnishes the users with price so that they can easily follow the price.
- Users can choose to make a deposit via the bank wire transfer or the electronic message system.
- Fiat deposit is not required.
- Registration is pretty straightforward.
- The platform requires a government ID verification.
- The trades between the cryptocurrencies and the fiat currencies can sometimes take longer.
- It has a withdrawal fee which depends on the network.
- It is odd to see that the platform is not that popular by now.
- It leverages a minimum deposit for the cryptocurrencies.
- Ether is not supported.
- It does not offer leverage.
Coinmama falls under those exchanges that permit you to purchase cryptocurrencies with the help of your debit or credit cards. You can expect instant delivery of the coins with the help of this platform.
- The platform permits purchase of crypto coins till a specific limit and within that limit you can buy your coins easily.
- The platform offers fast verification of your account.
- It supports multi-currencies up to 10 crypto coins.
- It provides its users with 24/7 customer support.
- It does not have any mobile app for on the go access.
- It has a trading fee of 2.9% – 3.9%.
- You would require a European bank to sell Bitcoin.
Coinsbit is one of the safest Bitcoin exchanges or a crypto exchange in general. It aids you in exchanging any digital currencies in a relatively short time span. The platform offers security via the OWASP or the Open Web Application Security Project Standard.
- The platform has a processing speed of up to 10,000 trades each second.
- The funds are stored in the cold wallets.
- It uses WAF or Web Application Firewall for detecting and blocking the hacker sites and attacks.
- Multi-coin support is available that includes Bitcoin Gold or BTG.
- The platform has high trading fees.
- High fees have been levied on the withdrawals made to the crypto wallets.
This is a digital currency exchange platform that permits you to buy and sell cryptocurrencies without any issue. It permits you to access both your cash and your Bitcoin payment instantly. It has a SmartPay invoicing that lets you easily invoice your customer.
- Coinsmart supports a broad range of cryptocurrencies like Bitcoin Cash (BCH), Litecoin (LTC), Ripple (XRP) and more.
- It offers 24/7 live support.
- One click trading for any currency.
- Processes all fiat withdrawals in just a couple of days.
- Enables users to place customized orders without any issue.
- Can be accessible from both desktop and mobile.
- Offers limited geographical coverage. Currently it is open for the Canadian citizens and is one of the best Canadian Bitcoin exchanges.
- Does not come with API functionality.
- No mobile application.
- Limited order options.
This exchange is perfect for both the forex and cryptocurrency fans. It is probably one of the best bitcoin stock exchanges for the traders who are interested in a good profit. The platform is ideal to be used both from their web and mobile versions.
- Liberty to choose between mobile and web platforms.
- One of the oldest crypto trading platforms running since 2007.
- Supports both forex and crypto activities.
- Supports a whopping 94 cryptocurrency pairs.
- It is not a cryptocurrency specific website.
- Supports only 14 cryptocurrency coins.
In 2015, Gemini was founded by twin brothers who sued Mark Zuckerberg for allegedly stealing the idea of Facebook. Gemini is such a platform that is highly respected in the U.S. It is known for bearing considerably low fees and rigid trading security. It is one of the most popular US Bitcoin Exchanges.
- USD Accounts are insured.
- Very easy to use platform.
- Has a strong security.
- Levies 0%-1% fee and is affordable to most people.
- Requires personal data
- ID is required during sign-up.
- Experienced software crashes in the past.
This crypto platform proudly offers amazing fast bank withdrawals. It is available in most parts of the world and charges a very low fee. Fees depend on the type of trading and trading volume for the past 30 days. More trading ensures lower fees.
- Has wonderful customer support.
- The platform is available worldwide.
- Fast bank withdrawals available.
- Considerably lower transaction fees.
- Has some bugs and issues.
- Selection of altcoins is limited.
This is the most elaborate bitcoin exchanges list having the maximum advantages and most importantly, most of them are available worldwide. Some of them are most popularly known for the lowest trading fees on their platform while the others have a solid brand reputation amongst its users.
Frequently Asked Questions (FAQs):
As of the statistics mentioned in April 2018, there are 130 BTC exchanges in the world. At the time of writing, the number of these exchanges have definitely soared up to an amazing level.
Cryptocurrency can be converted to real money or fiat currency utilizing the services from cryptocurrency exchanges. These exchanges are companies that permit one to exchange fiat currency such as USD, GBP, EUR etc. for cryptocurrencies (Bitcoin, Ethereum) and vice versa. These exchanges are online trading platforms. However not all exchanges are equal.
Amongst many of the p2p platforms, there are two best platforms that need special mention – LocalBitcoins and LocalCryptos.
LocalBitcoins provides the sellers and the buyers a single platform, a marketplace for only Bitcoin. The sole cryptocurrency that is traded here is Bitcoin (BTC). However, there are a variety of options considering the payment methods such as Western Union, PayPal, Wire Transfers, Cash and Webmoney. The sell fee is levied to be 1% while the funds are directly transacted to and from a LocalBitcoins wallet.
The LocalCryptos is a peer-to-peer marketplace that permits both the buyers and the sellers to meet online in a platform and trade various cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH) and many more. This service also offers various payment methods. The users need to keep in mind that they are dealing with real people and not companies. This indicates that there is a higher chance that a deal can go unexpected, in a positive or negative way. Generally, this option gets considered at last where there is no other option left.
The exchanges these days offer Know Your Customer or KYC policy that the users have to go through compulsorily if you are trying to trade with the help of the exchanges. This means that you will have to furnish the exchange with some additional information like your ID, proof of income in some instances and the residential proof. With the cryptocurrencies getting more mainstream, the Bitcoin exchanges are subject to stringent governmental regulations and in some of the cases, they are unwillingly forced to request this sort of information from you or the users.
This is not at all personal and thus are only required by the legit cryptocurrency exchanges. However, it will create suspicion if an exchange claiming to be a reputed one does not have a KYC policy.