LocalBitcoins, Largest P2P Bitcoin Exchange in the World Cuts Fees For UK Traders by 50% For One Month

LocalBitcoins - the most popular P2P Bitcoin exchange in the world, with 1.35 million members across 249 countries - announced today that Britons will enjoy a 50% discount in trading fees for close to 30 days. The new rates go into effect on Monday and expire on October 2, 2016.

In the official blog post, LocalBitcoins mentioned the pivotal role UK traders played in establishing their trading business:
“The UK helped solidify the future of LocalBitcoins by being the first market to see growth in P2P trading which gave us enough money to hire our first employee.“
LocalBitcoins also recognized the tremendous impact of the Brexit vote on the value of the Pound Sterling, while saying the exchange will be more than happy to assist traders in exchanging their depreciating pounds for bitcoin.
“We remember the support you gave us in our early days, now it's time for us to give back and help you get out of the pound before it's too late.“
UK traders will only pay 0.5% commission on every trade for the duration of the promotion.

Weekly LocalBitcoins volumes in the UK stayed under £1 million for most of 2014-2105. However, weekly volumes for most of 2016 have hoovered above this mark, with volume for last week coming in at £1,463,038, according to data gathered by Coin.dance! While volume has been trending higher this year in the UK, it’s still short of the all-time record of £2,940,575, which was recorded during the last week of November in 2013.

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  1. Happy to see that LocalBitcoins is offering support back to it's UK customers. They haven't forgotten about their roots! This offer should help in getting more UK customers and will attract new users for bitcoin.

    The Brexit has depreciated pounds and people will have no other option but to get into alternative investments such as bitcoin. This can lead to better stability in price and I hope to see bitcoin price above 600 USD soon.


  2. I have an extremely positive experience with the LocalBitcoins. I was unsure how fast it works, but it is very fast. I solve my transaction under 20 minutes and everything went find as it should.
    My problem was that I had funds stored in the EU kind of a service that is used by small number of the people.
    Luckily I have found one seller there who was willing to help me.

    My successful trade:

    I will definitely recommend this service to anybody who wants to buy or sell bitcoin.


  3. Well done LocalBitcoins for giving a supportive discount to UK customers. Local support is essential. This offer should continue growth in the UK and will attract new bitcoin users.

    Brexit has caused depreciation in sterling and this will highlight the option of bitcoin as a 'hedge'.


  4. I signed up with LocalBitcoins a few weeks ago with the view to sell some bitcoins in person, however even with the cheapest rates in my city I am yet to have any customers. That's been a little bit disappointing, especially considering I need to keep 0.4BTC in my LocalBitcoins wallet at all times just so that my advert continues to show up in the search results.

    Reducing the transaction fees associated with LocalBitcoins could provide greater incentives to use the service as opposed to internet based exchanges, which I am all for as it sees the profit from transactions changing hands within the local community as opposed to going to a corporation.