Looking at localbitcoin, is it possible to begin with a small investment?

[dictater]

I just signed in to localbitcoins but it seems that sellers deal in whole coins at over 500k per, I want to start very small with an initial purchase of 10k B to try and understand how the system works. Is it possible with localbitcoins? 

[jspill]

No they don't only deal in whole coins. You can buy less. They write the price per whole coin and then set limits in the next column. You can buy 1000 baht worth if you want. Or you use coins.co.th or bx.in.th. At a quick glance right now BX is cheapest today, but it varies.

[dictater]

I cant use BX because Im American and I have been in the confirmation qeueu at coins for over a week. I am in contact with a seller on local bitcoin who wants me to send him a selfie with passport and a photo of my passbook. 

 

[jspill]

Err not a great idea to send some random seller your personal info, you should be submitting that to localbitcoins.com themselves, they'll then mark your profile as verified. That's what I did.

[dictater]

thats what I thought but so far localbitcoins haven't asked me to confirm anything. 

 

[jspill]

It's not required but some people submit verification anyway so their profile says 'verified' that helps if later they post an ad themselves to sell their bitcoin, when they want to convert it to fiat. 

 

So it's weird that the seller is asking you. Don't send it, just pick one of the other dozens of sellers.

[dictater]

I went through with the transaction by simply making a deposit into the seller's account and he transferred the coin.  Are you familiar with localbitcoin, I wonder what fees they charge for each transaction, I read a number but it doesn't calculate to what I just did. 

[dictater]

 

May I ask what exchange you use? I want to buy some Ripple and a few other alt currencies, I can't really see how that is done from local bitcoin

[phycokiller]

you can sell any amount to buyers with orders but if you want to put in a sell order you need I think 0.8 in your account, means you will will lose about 5% and wont be able to run it to make a profit, but still sells for more then most exchanges so worthwhile

[cookai]

Suggest you use Localethereum.com for more manageable fees.  Local LBC is fine too - more traders.   You'll pay more than BX, but hey, that's the price of convenience any greater anonymity.  As for fees on LBC, 1% taken by LBC, 2-5% taken by the seller, and you pay the BTC transfer costs.