Pros: There is no requirement for a bank account.
The company accepts more than 30 different payment options, including PayPal.
A free escrow account protects them from unscrupulous trades and helps them avoid scams.
Free cryptocurrency wallet, with the majority of Bitcoins, held safely and securely off-line.

Cons: The only thing they can do is buy or sell Bitcoin.
They are not permitted to lend or invest their Bitcoins.

LocalBitcoins was a peer-to-peer cryptocurrency exchange that connected buyers and sellers directly, often using cash or online transfers. One of its main advantages was accessibility, allowing users in regions with limited crypto services to trade Bitcoin easily. It also offered various payment methods and provided privacy, since users could negotiate directly. However, LocalBitcoins had notable drawbacks. The platform carried risks of scams and fraud, as transactions relied heavily on trust between individuals. Security concerns were significant, especially when meeting in person. Fees were sometimes higher compared to larger centralised exchanges. Additionally, regulatory scrutiny and restrictions limited its long-term reliability. Overall, LocalBitcoins provided flexibility and global reach, but with risks that required careful attention and strong safety measures.