About LocalCryptos
Centralised exchanges are prone to fraud and hacking. Malicious adversaries have stolen several billion dollars from centralised exchanges like Mt. Gox in the past. Decentralised peer-to-peer trading platforms like LocalCryptos are a better alternative for investors who keep privacy and security at the highest priority. The marketplace is an excellent choice for crypto users who value privacy and support decentralisation.
QUICK FACT
LocalCryptos – one of the most popular non-custodial crypto marketplaces
Where is LocalCryptos Based?
An online platform’s base is a good indicator of its trustworthiness. LocalCryptos is headquartered in Richmond, Australia and is operated by LocalEthereum Pty Ltd.
How is LocalCryptos Regulated?
LocalCryptos complies with the laws of Australia. Customers outside Australia must use the website in compliance with their jurisdiction’s rules and the laws of the Commonwealth of Australia.
LocalCryptos Sign Up and Verification Explained
Creating an account on LocalCryptos is simple. The platform doesn’t require you to provide an ID. All they want is an email address, username and password.
• Username: This is the name other sellers and buyers on the site will see. It cannot be changed, so choose a memorable and catchy username.
• Password: The password for LocalCryptos is like a private key; it should always be kept safe. If the encrypted password is misplaced, there is no way to recover it using a “Forgot Password” option.
• Email: The email address provided is used for TFA (two-factor authentication) and provides extra security. Later, TFA can be shifted to Google Authenticator.
How Does LocalCryptos Work?
LocalCryptos is not a centralised exchange. It is a peer-to-peer (P2P) crypto marketplace that allows users to trade directly with each other. In P2P trading, there is no automated price determination for completing transactions. Users must instead manually select or place their buy/sell offer and trade with other peers directly. To give a parallel, it is like Craigslist or an Ad-board where people place and accept bids.
How to Trade Using LocalCryptos
Unlike many other P2P platforms, trading using LocalCryptos is a user-friendly experience. The following steps detail how to use this P2P marketplace.
1. Open an Account: An account can be opened quickly using the steps mentioned above. A user only needs their email, username and password to set up the account. This password should not be forgotten as it cannot be replaced.
2. Look For Suitable Offers: The next step is to place an offer or search for suitable buyers and sellers that match requirements. Filters are available for narrowing down the list and include location, available payment methods, reviews of sellers, and price.
3. Open a Trade: After a suitable offer has been found, users can enter the amount of crypto they wish to purchase and click on “open trade”. Doing so opens a conversation between the seller and buyer. Messages are encrypted and private unless disputes are opened.
4. Wait Till Funds Are Put in Escrow: The seller should put the crypto in escrow before the buyer sends their money. LocalCryptos provides a non-custodial escrow service for users. A decentralised Ethereum smart contract is used as the escrow account where crypto is placed. Escrow services improve security as sellers cannot simply accept payment and then not release their crypto.
5. Transfer Amount and Click Mark as Paid: LocalCryptos will detect when an escrow is opened, and a countdown and “Mark as Paid” button will appear for the buyer. Buyers should send payment within the period and then click on “Mark as Paid.” As a safety precaution, Sellers are forbidden from withdrawing their crypto until the timer is up and the “Mark as Paid” button is clicked.
LocalCryptos Fees
In LocalCryptos, sellers are charged 0.25%, while buyers are charged a 0.75% fee. A withdrawal fee equal to crypto network fees is also set, which is reasonable.
LocalCryptos Supported Payment Methods
LocalCryptos supports over 35 domestic and international payment methods, including Bank Transfer, Cash, Cash Deposit and PayPal. A complete list of payment methods can be found here.
Supported Cryptos
LocalCryptos currently supports popular cryptocurrencies, including Bitcoin, Ethereum, Dash, Litecoin and Bitcoin Cash.
Is LocalCryptos Secure?
LocalCryptos is a safe platform with several features that enhance its security, including:
• Non-Custodial Escrow: Users can safely trade under the security of smart contracts without losing their money.
• Encrypted Conversations: All messages are encrypted, and no one other than involved parties can read them except in case of disputes.
• Private Key Security: LocalCryptos states that users are in control of their private keys. Logging in using connected wallets is also possible.
LocalCryptos Customer Support
The customer support on this P2P platform makes it stand out from other sites. Disputes are settled quickly, efficiently and impartially. LocalCryptos has a 4.1 rating out of 205 reviews on TrustPilot with generally positive reviews. Such a high trust rating indicates that most users feel the site is excellent for their needs. Users can fill out a form on their Support page to reach out to them. Besides, they also have provided an email on their Terms of Service page for any legal queries or general comments.
Conclusion
LocalCryptos is among the best P2P marketplaces available to users today. It is based in a reputable country and has an excellent track record with over 200,000 customers across 100+ countries. The platform’s privacy-focused non-custodial escrow service provider is a must-have for users concerned about privacy and security.