LocalBitcoins is effectively a localised Ebay for bitcoin. LocalBitcoins facilitates the buying/selling of bitcoin between individuals in both face to face cash transactions and online transfers.
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Pro Instant transfers
There is no delay in receiving your bitcoins once the payment has completed. Given that you're dealing with locals with local bank accounts, the entire process can take place very quickly.
Pro No or minimal banking fees
As you're typically dealing with locals, transferring funds is typically free & fast and the site lets you see what bank a given user is with. There are no other fees for buying/selling coins if you're not advertising.
Pro No ID requirements
People are left reviews and are assigned a reputation to help you find trustworthy people to deal with, but there are no ID requirements for using Localbitcoins
Pro Works internationally
LocalBitcoins is designed to find you local buyers/sellers no matter what country you're on. They're currently in 190 countries.
Pro No Bank Account Required
All you need is cash in-hand.
Con You have to deal with other people
Unlike Coinbase, MtGox etc you're directly dealing with other people on LocalBitcoins. This can make the overall process longer and your experiences will vary depending on who you deal with.