About LocalCoinSwap
LocalCoinSwap (LCS) is a peer-to-peer (P2P) cryptocurrency trading platform that allows individuals to trade cryptocurrencies. It has a decentralised structure that does not require centralised bank accounts or verifications. LCS also has the reputation of supporting more cryptos and offering more payment methods than any P2P cryptocurrency trading platform.
LocalCoinSwap was launched in 2018 as the World’s first community-owned P2P platform. Currently based in Hong Kong, LocalCoinSwap is trying to achieve a more straightforward, fast, and uncomplicated trading ecosystem that eliminates waiting time and verification hurdles. Even though there are too many cryptocurrency exchanges and platforms, LCS offers unique features and solves traditional problems that other exchanges and platforms do not.
QUICK FACT
LocalCoinSwap – an ideal entry-level P2P crypto trading platform
Is LocalCoinSwap Regulated?
Similar to most cryptocurrency exchange platforms, LocalCoinSwap is not regulated. Nevertheless, it is a secure platform and has not suffered any security breach since it was launched. Users can access the platform globally and use Escrow scripts to interact with traders. Additionally, it uses smart contracts and a P2P mechanism to ensure everything is safe.
Current cryptocurrency platforms are stressed with security vulnerabilities and inefficiencies. LocalCoinSwap offers security features such as escrow protection, multi-factor authentication, and a support team to ensure safety at all times. LocalCoinSwap uses the Cryptoshare system for decentralisation and enabling P2P trading for all cryptocurrencies.
LocalCoinSwap Supported Coins
The platform supports 23 cryptocurrencies, including the most popular ones such as:
• Bitcoin (BTC)
• Ethereum (ETH)
• Polkadot (DOT)
• Kusama (KSM)
• Dash (DASH)
• Tether (USDT)
• Dai Stablecoin (DAI)
• LCS Cryptoshares (LCS)
• NEXO (NEXO)
• Paxos Standard (PAX)
• USD Coin (USDC)
Supported Payment Methods
LCS supports over 300 payment methods, allowing customers to deposit and withdraw funds quickly. Its most widely used supported payment methods include:
• Wire Transfer
• American Express
• ApplePay
• Bank Transfers
• Cash Deposit
• Credit Card
• Google Pay
• International Wire Transfer (SWIFT)
• PayPal
• Skrill
• UPI Payments
• Venmo
• VISA Credit/Debit Card
• Western Union
LocalCoinSwap Fees
LocalCoinSwap has an easy-to-understand fee structure, and it does not charge any amount for registering. Here are the various fees they charge users need to be aware of:
1. Trading Fees: The advertiser is charged 1% on completion of the trade. However, the respondent does not need to pay any fees for the same.
2. Withdrawal Fees: LocalCoinSwap does not profit from withdrawal fees involved in BTC and DASH transactions. These are costs required to deposit funds between cold-wallet, hot-wallet, and user’s wallet without delay. The current withdrawal fees adjusted according to the blockchain are updated here.
3. Fees related to non-custodial trades: Non-custodial trading involves low prices that are not taken as profit by LCS. These fees are paid for on-chain transactions and are also known as gas costs.
How to Sign up on LocalCoinSwap
Users need to register by following the below steps before trading cryptocurrencies using the LocalCoinSwap P2P platform:
1. Visit the official LocalCoinSwap website here.
2. Click on the ‘Register Now’ button at the centre.
3. Enter required details such as email address, new password, country, etc.
4. If the user has a referral code, it may be entered.
5. Click on ‘Register’.
6. A quick email verification will set the user up for trading cryptocurrency on the LocalCoinSwap P2P Platform.
How to Trade on LocalCoinSwap?
Trading Bitcoin on LocalCoinSwap or any other cryptocurrency is as easy as registering on LocalCoinSwap. Users can follow the below steps to trade cryptocurrency on LocalCoinSwap:
1. To buy, search for a trade advertisement based on cryptocurrency, payment method, and country.
2. Enter the amount to be traded either in fiat value or the cryptocurrency value in the “I wish to buy” box.
3. Initiate the trade by clicking on “Initiate Contract” after reading the terms and conditions. Once the other party accepts the trade (buy/sell), the user will receive a notification.
4. Next, the buyer can mark the crypto as funded and escrow the crypto.
5. Make the payment within the specified period and confirm the same. If the seller receives the payment, they can verify and release the cryptocurrency from escrow.
For traders who wish to facilitate their cryptocurrency deals on LocalCoinSwap for others to buy, they can post a trade and create their advertisement to sell.
LocalCoinSwap Security & Customer Support
LocalCoinSwap provides escrow protection for all deals through its P2P platform. An escrow is a provision that confirms an order placed by the buyer and transfers the seller’s assets to a temporary deposit account. These assets are held as a guarantee until both parties confirm the completion of the trade. Multi-factor authentication ensures the security of an account, as any transaction requires multi-factor authentication.
The LocalCoinSwap support staff is always eager to resolve users’ most minor issues. The team moderates disputed trades to ensure that the buyers or sellers are not defrauded. They also respond on social media platforms and forums.
95% of crypto deposits are stored offline wallets to ensure that investors’ funds remain secure in the worst-case scenario of a cyber-attack.
Furthermore, they offer LocalCoinSwap Academy to make crypto trading easy for everyone.
Conclusion
LocalCoinSwap allows trading any cryptocurrency through any payment method, with the least waiting time and highest security. The improvement on this project has been consistent since 2018, which reflects its commitment and belief in its vision. Even though LocalCoinSwap is secure and authentic, dishonest traders may try to defraud users. Therefore, users have to remain cautious to steer clear of potential scammers.