LibertyX Bitcoin Exchange Review- Scam or Legit?

/LibertyX Bitcoin Exchange Review- Scam or Legit?

LibertyX is a unique exchange platform. But is it safe enough for you to use?

LibertyX Bitcoin Exchange Review- Scam or Legit? 2018-05-22T15:44:40+00:00
LibertyX Bitcoin Exchange Review- Scam or Legit?

Broad Review for LibertyX

Quick inner navigation:

  1. What is LibertyX?
  2. Is LibertyX safe?
  3. Does LibertyX hold any special features?
  4. How to use LibertyX?
  5. What are the transaction fees charged by LibertyX?
  6. How can you get verified on LibertyX?

Seamless conversion of fiat currencies such as the Dollar, Euro, or Yen to and from digital currencies has been one major concern among users and investors of cryptocurrencies. Liberty X is one such exchange platform that has beaten the realms of enabling users and investors instantly convert different fiat currencies into Bitcoin. They have a widespread of stores across the US where you can promptly convert cash to Bitcoin.

LibertyX review

A good investor will always ask questions such as how? When? Where? And What? In order to gather as much information as possible before commencing trade. Below are all the facts you need to unearth about Liberty X as an exchange platform.

What is LibertyX?

  • Formerly known as Liberty Teller, Liberty X is the most convenient way to instantly convert your cash to Bitcoin.
  • LibertyX is headquartered in Boston, Massachusettsetts, and was founded in the year 2014 by Chris Yim and Kyle Powers, a duo who met while pursuing their MBA degrees at the Warton School, University of Pennsylvania.
  • During its launch in 2014, Liberty Teller was part of the 2014 MassChallenge Accelerator Program.
  • In February 2014, the company rolled out America’s first Bitcoin ATMs, anchored at Boston South Station, which happens to be one of the busiest America’s train stations. The company the expended its Bitcoin ATMs initiative to other regions of the country.
  • In December 2014, Liberty Teller announced its intention to expand from ATMs to retail stores where Bitcoin users and investors could purchase the virtual currency in person. They set the ball rolling with a total of 2500 stores across different nationwide locations which have currently grown to a whopping 19,000+ nationwide stores where customers can exchange fiat currencies for virtual currencies.
  • In March 2015, Liberty Teller rebranded to LibertyX after selling their Bitcoin ATMs to CoinOutlet. The rebranding was aimed at focusing their services on their store outlets.

How does LibertyX work?

  • Before purchasing Bitcoin from LibertyX, you will have to own a Bitcoin Wallet.

A wallet can either be a software or hardware platform where you store and send your Bitcoins to other addresses.

  • You will then need to find a LibertyX store. The company has provided a mobile application to enable its customer find a store nearest to them.
  • After finding a store of your choice near your vicinity, you will have to follow a few instructions. For example, some LibertyX stores generate order IDs or codes which you will have to give to the cashier once you reach the store. Other stores let you purchase prepaid PINs using cash. The pins can then be redeemed on various websites using your Bitcoin address.
  • Once you are done following the provided instructions on the mobile LibertyX’s application and make you cash payments, an equivalent value of Bitcoin gets sent to your Bitcoin Address.

What countries are supported by LibertyX?

  • Currently, LibertyX Stores may not be conveniently found in all areas. They only cover the US.

What are the buying and selling payment methods accepted by LibertyX?

  • LibertyX accepts payments in form of liquid cash.
  • They are not so clear on which digital cash payment avenues such as debit and credit cards they support.

What cryptocurrencies are supported by LibertyX?

Currently, the company supports the buying and selling of Bitcoin. Nevertheless, they announced that they will soon be extending their services to other cryptocurrencies such as Ethereum, Litecoin, Ripple, and Dash.

Are there any buying and selling limitations set by Liberty X?

  • There is a daily purchase limit of up to $200 for users verified via their phone numbers.
  • On the other hand, users with a verified identity have a daily purchase limit of up to $1000.
  • In case you are purchasing from a PIN store, you have a maximum of 4 PINs to redeem within 24 hours.
  • On the contrary, a purchase from a gift card store allows you to redeem a maximum of 2 pins within 24 hours.
  • In order to obtain higher purchasing limits, Liberty X requires that you undergo additional verifications.

How can you get verified on LibertyX?

  • To get verified on Liberty X, they will ask for your basic ID information. These include name, address, and date of birth.
  • They will then compare these against public records to ascertain whether you are a real person.
  • In the event that they are unable to confirm your identity against the public records, they will ask you to submit a scanned copy of your verification documents such as a driving

What are the transaction fees charged by LibertyX?

Since LibertyX operates from the multiple stores they own across the US, each store sets its own fees. Therefore, for you to know what you are likely to be charged as transaction fees, you probably need to visit the particular page of the store that you will place with the responsibility of processing your transaction. The fees vary from store to store and are computed at the time the transaction is complete. Note that you should not be charged any additional fees contrary to what is listed on the page of any LibertyX store you will be liaising

Does LibertyX hold any special features?

  • Through the Trailblazer programme, the exchange platform rewards customers with $5 worth of Bitcoin for being the first to use a new LibertyX Store.
  • Additionally, customer’s information collected for verification purposes is encrypted to achieve high confidentiality levels.

Is LibertyX safe?

Community trust

The exchange platform’s user community is generally satisfied with their services as there have not been any major LibertyX scam reports.

Security

LibertyX has set a number of measures to ensure that their customers’ safety is guaranteed. Their site uses SSL encryption for all communications. Furthermore, customer’s information is stored on encrypted hard disks. Currently, the platform handles all its transactions in cash, eliminating most potential vulnerabilities that might arise from hacking. Since the exchange platform allows users to receive Bitcoin in a wallet of their choice, Liberty X places much of the security concerns at the user’s discretion. This means that as a user, choosing a secure Bitcoin Wallet to store and transact your Bitcoins is highly recommended. To create an account with LibertyX, they do not require much identification information from you, unless you will require a buying limit beyond what they have set as a standard.

Customer support

LibertyX has a variety of options in terms of customer support. Much of customers’ inquiries have been addressed through their FAQ section on their website. Customers dissatisfied with the support provided in their FAQ section can further seek help through their email support if the matter at hand is not urgent. Furthermore, those in quest of instant replies can have a one-on-one chat with them via their website upon request.

Handling speeds

LibertyX is commendably excellent in the relatively fast manner in which they handle customer’s requests and transactions.

How to use LibertyX?

  • For you to buy Bitcoins with cash, you will first need to create a LibertyX Account. This can be done online through their website or by downloading the Liberty X application for Android or iOS depending on the type of smartphone you are using.
  • To create an account with LibertyX, you will need to sign up with your mobile phone number and choose a password. Optionally, you can choose to login in with your Facebook, although customers highly concerned with personal privacy might want to avoid logging into LibertyX with their Facebook accounts.
  • To enjoy higher daily transaction limits with the exchange platform, you are required to verify your identity. This you can do by submitting your personal information that includes name, addresses, and date of birth. The details you provide will be checked against public records and if lacking, you will be required to provide a supporting document such as a driver’s license or any other documentation that may be deemed necessary.
  • Once your account is set up, you can find any of LibertyX’s store near you using their location features that are basically a map.
  • There are two types of LibertyX Store which can either be a Variable Store or PIN/Gift card store.
  • Variable stores allow users to purchase Bitcoin using cash in any amount up to their set daily limits.
  • On a different note, Personal Identification Number (PIN) stores allow users to purchase Bitcoin using cash in fixed denominations such as $10, $50, $100, etc.
  • Each nearby store appearing on the map comes with a set of instructions explaining how you can buy Bitcoin using cash using their services.
  • If you opt for a PIN store, they will sell you a code representing a given amount of Bitcoins in your desired denominations. You will then redeem the codes using your LibertyX application.
  1. For you to redeem the code provided by the PIN store, you must have a Bitcoin Address which indicates where the Bitcoins you have purchased should be stored.
  2. To redeem the PIN, you will choose the store from where you made the purchase, and select the option ‘Redeem PIN’. You will then enter the Bitcoin address where you would want to receive your Bitcoins and LibertyX will instantly transfer the Bitcoins to your address. It is important to note that any purchased PINs must be redeemed within 24 hours from the time of purchase.
  3. Instead of using the PINs, other stores require that you generate an order code using your Bitcoin Address beforehand. The order code contains the specified amount of Bitcoins you would want to purchase from the store. After generating the order code, you can then visit the store and hand it over along with the equivalent amount of cash for processing.

Review Summary

LibertyX is one of the unique exchange platform cryptocurrencies users and investors can ever come across. Unlike most exchange platform that restricts transactions online, Liberty X has stricken a balance between both virtuality and reality in that transactions can be partially conducted online and partially on-ground/in-store. Is Liberty X legit? Can I trust Liberty X? Either way, the exchange platform has proved to be one of the most reliable ones in terms of transparency since users can get the chance of dealing with them on a one-on-one basis as their requests are processed. The company has a bright future. As Bitcoin continues to gain popularity among other currencies that LibertyX will consider including as part of their solutions in future, more users and investors will continue seeing the necessity of directly and smoothly converting their cash to virtual

Pros of using LibertyX

  • Users enjoy the fast completion of their transactions.
  • The customer information collected by LibertyX is secured.
  • They offer an inbuilt functionality on their applications across different devices to assist users in locating stores nearest to them.
  • Users do not need to provide their bank details or credit card details.
  • LibertyX offers their customers the opportunity to receive their Bitcoins in any wallet of their choice.
  • Users interested in the business can join the network, open up stores, and start offering exchange services.
  • Low fees of approximately 1.5% per transaction.
  • The relatively high daily limit for verified users.

Cons of using LibertyX

  • Privacy concerns especially for users attaching their facebook profiles.
  • Participating stores can add some extra fees to normally accepted costs.
  • LibertyX stores are not found in most parts of the world, they are currently available in the US alone.
  • To increase your limit beyond the set $1000 per day, you have to provide additional personal information to the company.
  • The level of security offered at various stores may vary.
  • Some liberty stores process transactions in small denominations such as $20, $5, and $10 which may be limited to users.

We hope this article was useful for you. Make sure to visit our website regularly so that you do not miss anything on various crypto related topics. Thank you and until next time.

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