LocalCryptos is rated among the top Peer-to-peer trading exchanges. Different P2P exchanges are yet to embrace the non-custodial escrow services but this has been fully embraced in LocalCryptos.
Local crypto aims to make buying and selling easy for users.
In this LocalCryptos review, we will review LocalCryptos. You will get to know their unique features, pros, cons, and whether it is safe to trade with them.
Introduction
LocalCryptos was first launched in 2017 by Michael Foster and it functioned as LocalEthereum. In 2019 November it was transformed into LocalCryptos. In 2017, it was used for trading Ethereum (buying and selling), but now it has incorporated Bitcoin and Litecoin trading.
LocalCryptos is a platform where you can buy and sell directly through other users. It is just a platform, every other trade you carry out is your responsibility. It is not like other traditional cryptocurrency exchanges where buyers and sellers have paired automatically.
In LocalCryptos, buyers and sellers can trade with zero trust.
Whatever transactions you carry out, you will be responsible for it, so ensure that you check the credibility of the other users you are transacting with before going on.
Features of LocalCryptos
- Fees overview – the fees on Localcryptos can be considered low because it competes favorably with most traditional exchanges. The exchange platform has a maker/taker fee of 0.25% and 0.75% respectively. Other minor fees involved are put in place to keep the Escrow service running.
- Creating an account –
- Click on the signup button on the site and register. They usually don’t require personal details.
You can also log in through your wallets like Metamask, Ledger, Portis, Formatic, Walletconnect, etc.
- Your web browser automatically generates and encrypts a private key for you offline. The encryption will block any staff from accessing your wallet or even reading your message.
- Store your seed words carefully because the staff can’t recover your lost password due to the encryption.
- Customer Service – the exchange has customer service that functions round the clock. You can use the “Contact us” option on their site. You can also contact them through email @localcryptos.com and their Twitter and telegram channels. You can also seek answers to your questions through the FAQ base.
Be careful of scammers and know that staff members won’t ever ask for your personal information, private key, or password.
- Payment options – there are up to 40 fiat money options for transfer. Some of them include cash deposits, Gift cards, cash transfers, WeChat pay, Webmoney, Venmo, and others. The fees that will be charged by these payment channels are different from the ones that LocalCryptos will charge.
You will be the one to select the payment option most suitable for you because LocalCryptos does not receive any payment for many methods or fiat currencies.
- Wallets – LocalCryptos uses an integrated non-custodial wallet which is secured through encryption to the web browser. There is no limit to the number of wallets that are tied to a private key.
Read more: bitFlyer review
Pros of LocalCryptos
- Strong security – security is essential in a peer-to-peer trading platform. The platform has strong security measures put in place to reduce the incidence of fraud. They ensure that trades are done in the safest way possible.
The end-to-end encryption, support and conflict resolution, escrow, two-factor authentication, and reputation system are all strong measures put in place to ensure that assets are protected.
- Non-custodial pro-privacy – the platform allows you to be in charge of your account and trades. With the encryptions available, your accounts or messages can’t be accessed by any staff. You can decide to create a web wallet when you sign up or connect with any of the supported wallets (Metamask, Ethereum, Wallet connect, Formatic, Portis.
- Different payment options – there are different options available for payment. This gives you and the person you want to transact with, the opportunity to choose the payment option most suitable.
- Enables fiat-crypto trades – In LocalCryptos, you will be able to carry out fiat-to-Crypto trades.
Cons of LocalCryptos
- A limited number of cryptocurrencies – In the exchange, only three cryptocurrencies are available for trade. This is a big limitation. Hopefully, moving forward, more will be added.
- Absence of mobile App – there is no mobile App available yet. You can only access your account through the website.
- Chances of being scammed – you always have to be careful of getting scammed.
Is your Cryptocurrency safe with LocalCryptos
Trading through LocalCryptos is reasonably safe. The platform ensures that you trade safely. Through their reputation rank, they show the user’s past activities and history. This gives you the chance to know who to trust. Again, the two-factor authentication present further helps to keep your account safe.
Another spec to the security is that the platform provides a private key unique to you and your trading partner. This means that no other person can access any message or trade shared between you and your partner.
LocalCryptos also uses Escrow depending on the underlying blockchain. If you want to buy from another user, once the transaction process is initiated, the seller’s bitcoin/ether will be held through the escrow services. It will be released when you confirm that the transaction is successful.
The platform did a good job in limiting the amount of fraud. From your side, ensure that you carry out a good background check on whoever you want to transact with. Always take the extra time and do a thorough check on the seller’s history.
Check if the seller’s email and phone number have been verified and if the seller has previously completed any successful trade. While this sounds like stress, it will keep you safe from unnecessary losses.
Is LocalCryptos available in the United States?
LocalCryptos is available in the United States without any restrictions. If you are in the United States you are eligible to trade through the exchange.
Globally, the exchange is available in over 130 countries. Some of these countries include Russia, South Korea, China, Venezuela, Canada, Australia, India, New Zealand, United Arab Emirates, and others. If you are not sure whether the exchange is available in your country, you can find out.
All you need to do is create an account and confirm. Creating an account doesn’t take much time.
There are also about 12 languages available in the exchange.
Conclusion
When trading through peer-to-peer exchanges, you have to be extra cautious and ensure that you choose a good one. LocalCryptos can be said to be considerably safe. From your end, you need to ensure that you carry out all the necessary research before trusting any seller with your money.
There is no KYC process, the exchange only does phone number and email verification. This means that they might not be able to do much for you if you get scammed, So apply extra caution before transacting.