LocalBitcoins was the leading peer-to-peer (P2P) crypto marketplace where you could trade Bitcoin (BTC) directly with other investors for more than 10 years.
However, LocalBitcoins closed its service in February 2023. Paxful and LocalCryptos – two other popular options – have also stopped operations in the last year. This has left many crypto-enthusiasts who prefer P2P marketplaces looking for the next-best option.
Thankfully, there are a lot of awesome LocalBitcoins alternatives on the market for you to choose from.
Here’s a quick look at some of the top P2P crypto marketplaces that you can use instead of LocalBitcoins, Paxful, or LocalCryptos.
Alternatives to LocalBitcoins
LocalCoinSwap: Best for Altcoins
| Countries | Most countries (including UK, EU, US, and Canada) |
| Cryptocurrencies | Bitcoin (BTC), Ethereum (ETH), and more. |
| Trading Fees | Maker: 1% Taker: Free |
| Major Payment Methods |
UK bank transfer, credit and debit card, SWIFT transfer, PayPal, cash deposit, in-person cash, crypto transfer |
| Minimum Identify Requirements (UK) |
None |
Founded in 2015, LocalCoinSwap is a Hong Kong-based P2P marketplace that lets you trade Bitcoin (BTC) and nearly a dozen altcoins with crypto enthusiasts around the world.
LocalCoinSwap’s biggest advantage over LocalBitcoins is its support for non-Bitcoin cryptocurrencies, which is hard to find at a P2P marketplace. It also lets you pay using over 300 different methods – including UK bank transfers, credit and debit cards, and in-person cash.
Plus, LocalCoinSwap has no identity verification requirements so you can keep your trades private.
Other key benefits include LocalCoinSwap’s fee-free trading if you’re the one that responds to a trading listing (you pay 1% if you create an advertisement). The exchange rates on the platform also tend to be fairly high, but those are set by sellers. And with the closure of more popular alternatives, it’s likely that the competition on this marketplace will improve.
LocalCoinSwap seems like the most similar alternative to LocalBitcoins, Paxful, and LocalCryptos. This will probably be one of the best bets for those looking for a P2P marketplace that supports a variety of altcoins and that doesn’t require identity verification.
Advantages
- Supports Bitcoin (BTC) and 10 other cryptocurrencies.
- No identity verification requirements.
- Fee-free trading if you respond to a listing.
- Allows in-person cash trades.
Disadvantages
- Exchange rates are a bit high compared to other marketplaces.
LocalCoinSwap WebsiteLocalCoinSwap Review
Bisq: Best for Decentralised P2P Trades
| Countries | All countries |
| Cryptocurrencies | All cryptocurrencies (primarily BTC, ETH, LTC) |
| Trading Fees | Maker: 0.1% Taker: 1% |
| Major Payment Methods |
UK bank transfer, Western Union, crypto transfer, in-person cash, cash deposit |
| Minimum Identify Requirements (UK) |
None |
Bisq is a decentralised P2P crypto trading app that’s run by its namesake decentralised autonomous organisation, Bisq DAO. Like LocalBitcoins, Bisq lets you trade crypto directly with other people, but unlike LocalBitcoins, Bisq prioritises privacy above all else.
With Bisq, there are no identity verification requirements, so you can trade crypto without ever revealing your identity to the platform. Bisq also supports in-person cash trades as well as crypto transfers (among other payment methods), so you can stay anonymous throughout the whole trading process. The platform is also available in all countries.
Bisq’s trading fees max out at 1% for takers (people who respond to trading advertisements). The platform also supports pretty much every altcoin, but each trade requires you to use Bitcoin in some capacity. For example, you can buy BTC using cash or, if you want to trade ETH, you would have to swap BTC in Bisq’s escrow system.
One drawback to Bisq is that it has a steeper learning curve than alternatives to LocalBitcoins like LocalCoinSwap – and there’s not much customer support if things go wrong. However, if you want a truly decentralised P2P trading platform with no identity verification requirements, Bisq might be what you need.
Advantages
- No identity verification requirements.
- Supports all countries and cryptocurrencies.
- Lets you pay using in-person cash.
- Relatively low transaction fees.
Disadvantages
- You must either buy or sell BTC in each trade (no altcoin-only transactions).
- Steep learning curve for Bisq interface.
- Limited support/customer service if something goes wrong.
Hodl Hodl: Best for Fast Non-Custodial Trading
| Countries | Most countries (including UK and EU) |
| Cryptocurrencies | BTC |
| Trading Fees | Buyers & Sellers: 0.5 to 0.6% |
| Major Payment Methods |
UK bank transfers, PayPal, Western Union, crypto transfer, credit card, in-person cash, cash deposit, gift cards |
| Minimum Identify Requirements (UK) |
None |
Established in 2016, Hodl Hodl is a London-based crypto marketplace that puts a unique spin on P2P crypto transactions. The most innovative feature of Hodl Hodl is its very fast non-custodial multi-sig escrow system.
Thanks to this system, Hodl Hodl never has control over your funds because the system generates a unique escrow address on the Bitcoin network for each transaction. This makes it very difficult for someone to walk away with your BTC without properly completing a trade, and it speeds up the whole escrow process so your trades are confirmed as quickly as possible.
Additionally, since Hodl Hodl is non-custodial, it doesn’t have any ID verification requirements (though you can verify your identity to unlock extra benefits and features). The trading fees on Hodl Hodl are also very low (0.5 to 0.6%) and the platform supports a variety of payment methods, including in-person cash, that you can’t get with LocalBitcoins.
It’s worth noting that Hodl Hodl’s exchange rates usually aren’t great and that the platform only supports BTC trades. However, if you want an easy to use P2P marketplace that has a fast non-custodial escrow system and no ID verification requirements, Hodl Hodl is worth checking out.
Advantages
- Multi-sig escrow system is fast and user-friendly.
- No identity verification requirements.
- Relatively low trading fees.
- Supports dozens of payment methods, including in-person cash.
Disadvantages
- Bitcoin (BTC) exchange rates aren’t great.
- Only support BTC.
My Favourite LocalBitcoins Alternative
LocalBitcoins is a tried and true option for crypto traders that want a well-established P2P marketplace for Bitcoin (BTC). But if you want to trade altcoins or if you want to avoid tedious identity verification requirements? You’ll need to look elsewhere for your trading needs.
My favourite LocalBitcoins alternative is LocalCoinSwap.
LocalCoinSwap stands out to me because it offers support for BTC, ETH, and USDT. It also has no trading fees for buyers and it supports cash purchases.
There’s also no identity verification when you signup, so it might be a decent choice if you want to make private transactions. It’s wide selection of supported cryptocurrencies and payment methods is also a huge bonus.
But what do you think? Which of these LocalBitcoins will you use for your next P2P crypto trade?
Let me know in the comments below!