About the company:
LocalCryptos is a peer-to-peer (P2P) online marketplace where users can directly exchange Bitcoin, Ethereum, and other major cryptocurrencies.Since its inception in 2017, it has developed a solid community and significant trade volume.
Michael Foster, the creator and CEO of LocalEthereum, created the peer-to-peer exchange in 2017. It was initially a P2P Ethereum trading platform until November 2019, when it was rebranded LocalCryptos and its cryptocurrency offering was increased. LocalEthereum Pty Limited, a holding company situated in Richmond, Australia, runs the business.
The company has offices in more than 130 countries throughout the world. The United Kingdom (UK), the United States (USA), Colombia, Kenya, Peru, Panama, Mexico, New Zealand (New Zealand), Pakistan, Venezuela, Chile, Bolivia, Canada, India, and Ecuador are among the most popular nations.
P2P trading opportunity
- Bitcoin Cash
In most cases, the exchange votes on which cryptocurrency should be introduced to the platform next.
The exchange allows for anonymous P2P trading. Users are not required to produce identification or pass Know Your Customer (KYC) verification before they can begin trading. Before they may trade, most centralized exchanges, like Kraken, require users to furnish numerous forms of ID and address verification.
A take-and-create reward system is used by the brokerage. A maker is someone who posts an advertisement or a bargain, while a taker is someone who replies to it. A 0.25 percent commission is charged to the maker of each deal, and a 0.75 percent commission is levied on the taker.
When compared to the typical taker charge of 0.75 percent, that is rather hefty. 0.25 percent on the P2P platform average, on the other hand, is in line with the P2P platform average.
Due to the gas fee that must be paid to the miners in Ethereum trades, the buyer will always receive slightly less than the amount specified.
Your wallet will not be charged any fees if you withdraw money from the company. However, in order to conduct your transaction, you will need to pay a network fee, which is paid directly to the miners of the separate blockchain.
There is no fee for making a deposit, and there is no minimum deposit amount. Users only deposit money while dealing with other people.
There are over 40 payment methods available with the company, which makes it comfortable for any country’s citizens to sign up. Methods include:
- Bank transfer
- Cash deposit
The online wallet is non-custodial, which means you have total control over the private key. The exchange does not have access to your private key or control over your cash. Go to the wallet tab after you’ve registered and logged in using your username and password. There are five wallets here, one for each coin. You may send money to any other wallet using an exchange wallet. You may transfer tokens from one of your exchange wallets to your MetaMask wallet, for example.
On the company’s website, there is an instructional section that will teach you all you need to know about trading on the platform. It includes information on terms, wallets, peer-to-peer trading, and more. The article also includes tips on how to spot and prevent fraud, which are very valuable in the P2P environment.
Several security safeguards are included in the P2P exchange to guarantee that trading on the platform is as safe as possible. The company employs a safe escrow smart contract solution. Crypto tokens are stored in an escrow service until payment is made when you make a trade. After that, the coins are handed over to the buyer. End-to-End Encryption: The exchange allows buyers and sellers to communicate in a secure manner. This implies that the communications are only visible to you and the person with whom you are dealing.
Every trader has a unique rating or reputation score.This demonstrates their trustworthiness to other users. Additionally, public records are shown, allowing you to make educated judgments about who you trade with.
Support and Dispute Resolution: The exchange has a support crew on standby to help with any disagreements or conflicts that may arise. If you raise an issue, the exchange will read your messages and share them with the appropriate person, assisting you in resolving the problem and finding a solution that is acceptable to all parties.
Two-factor authentication: You must confirm your request via email after logging in. Unwanted people will have a much harder time accessing your account as a result of this.
The organization offers a dedicated support website to assist you with any concerns you may have. Fill in your email address and problem in the form below, and the exchange will try to react within 24 hours.
Some issues are unanswerable. For example, if you forget your password, you won’t be able to recover it. Because of how its client-side encryption works, be sure your password is safe.
You may reach out to the exchange using the following methods:
- Online contact form
- Contact us at firstname.lastname@example.org.
- Twitter and Telegram have community channels.