LocalCryptos Review
LocalCryptos is the best peer-to-peer crypto platform for Ethereum and Bitcoin. it is currently the best alternative to localbitcoins and available in 100 different countries with a community of 100,000 traders across the world. There are nearly 40 different payment methods available on the site for payments.
Our LocalCryptos Review Include Following Points:
- Overview of LocalCryptos
- How does LocalCryptos work?
- LocalCyptos Fee Structure
- Payment Methods
- Salient Features of LocalCryptos
- Is it secure?
- Customer support
- Conclusion
Overview of LocalCryptos
LocalCryptos is the best localbitcoins alternative marketplace for cryptocurrencies: Ethereum and Bitcoin. The headquarters of the exchange is in Australia. It was first established as LocalEthereum in 2017 which rebranded to LocalCrypto in November 2019.
It came into existence for buying and selling just Ethereum all over the world. But now it has also added Bitcoin and is going to add other top cryptocurrencies through voting as it is the platform for local people, so, their opinions are significant for LocalCryptos.
It is different from the other top exchanges as all the transactions done through escrow service and it is a non-custodial platform. These features including end-to-end encrypted messages make things impossible for hackers.
How does LocalCryptos work?
There is a very simple process on the LocalCryptos for making peer-to-peer trades. Anyone, whether he is a professional or new to the crypto world, can easily use the exchange to buy Ethereum and Bitcoin with fiat currency. There are four steps to follow to start your journey with LocalCryptos.
Step 1: Get yourself registered
The first step is to create an account and registered on the site. The sign-up process is very easy as you have to give set the username, make a strong password and then give your email address. It almost takes 30 seconds to one minute for account creation. Once your email account is confirmed, you will be able to use the services.
For those who are already using the wallets of Ethereum can register themselves by Ethereum wallet accounts instead of passwords. There are following four wallets that are accepted:
- Ledger
- WalletConnect
- Portis
- Fortmatic
Step 2: Select buyer or seller for making trade
Go to the marketplace and find the most suitable offer for you. Anyone, all over the world, can bid on the marketplace such as seller or buyer bid.
LocalCryptos assist you in finding the most suitable offer for you. You can search the offers in the search boxes by setting parameters such as selecting a payment method, location, and currency. You can also search on the basis of popularity and price.
Step 3: Execute the trade
Once you find a suitable offer for you, the next step is to execute the trade. Decide how much amount you want to sell or buy and then set the price. Once you lock the price, the other party will get the notification and you can then settle the trade. The buyer will be able to chat with the seller through end-to-end encrypted messages.
Step 4: Trade is done through Escrow
In the final step, the seller will put the cryptocurrency in the escrow account. The buyer will send the settled money for crypto through any payment method mentioned on the site. The exchange of money will be done outside of the LocalCtyptos platform. Once the payment is done and the seller received the money from the buyer, the crypto will be released from the escrow account.
LocalCyptos Fee Structure
The fees are competitive as compared to the other peer-to-peer trading platforms. The maker fees are 0.25% while the taker fees are 0.75%. The maker fees are negligible as compared to taker fees because they want that more and more traders to place offers on the site.
When a buyer receives crypto, the amount is less than the mentioned, this is due to the gas fees which are charged by Ethereum Network for miners.
LocalCyptos Payment Methods
LocalCryptos is offering a wide range of payment methods for buying and selling cryptocurrency. These payment methods include domestic, international and those which are active in particular countries.
Following are the domestic methods which are widely used on the site:
- Bank transfer (within country)
- Cash (in person)
- Cash deposit
- WeChat Pay
Following are the international payment methods which are normally used across the borders:
- PayPal
- Wetern Union
- Skrill
- Alipay
- PAYEER
- Venmo
- TransferWise
- SEPA transfer
- Gift card
- MoneyGram
- International wire
- Mercado Pego
Following are the local payment methods which are used in specific countries:
- M-PESA (Kenya)
- UPI (India)
- IMPS (India)
- Alfa cash-in (Russia)
- WebMoney(Russia)
- Cardless cash (Australia)
- PayNow (Singapore)
- Pingit (United Kingdom)
- Paytm (India)
- QIWI (Russia)
- Yandex.Money (Russia)
- Interac e-Transfer (Canada)
- AdvCash (Russia)
- Swish (Sweden)
- Efecty (Colombia)
Salient Features of LocalCryptos
Following are the salient features of LocalCryptos:
1. LocalCryptos is a non-custodial platform
There are many crypto platforms in the markets which are decentralized and hold the crypto assets of the traders under their custody. They are more vulnerable to hacking and theft attacks. Those who put crypto assets under their custody are not fully decentralized.
LocalCryptos is a full non-custodial platform and does not hold the crypto under his custody. The staff of the site is unable to interfere during a crypto exchange. The staff is only functional when a payment dispute call is given.
2. Encrypted Messaging
LocalCryptos has a special feature of end-to-end encrypted messaging between both parties. As the exchange is fully decentralized, the messages are encrypted with hidden keys. These secret keys are only known to the sender and receiver of the message and the team of the site is unable to access these end-to-end encrypted messages. The staff of the trading platform will only read the messages if the payment dispute arises.
3. Fully peer-to-peer Network
The peer-to-peer means that exchange of cryptocurrency is made between humans to humans and there is no role of the third party in it. The blockchain and bitcoin are different from the traditional banking in the sense that third party role is removed in the transactions of Bitcoin.
There are many trading platforms that are claiming to be full peer-to-peer networks but they are not and trades are made with robots. LocalCryptos is a fully human-to-human decentralized exchange. The community of 100,000 people across the world is doing human-to-human transactions on the platform utilizing the escrow services.
4. Escrow Service
LocalCryptos is providing an open-source escrow account that is fully protected against any kind of theft attack. For example, John wants to sell crypto and Oliver wishes to buy crypto in exchange for fiat currency. John will lock the crypto in the escrow account provided by the LocalCryptos. When John received the payment from Oliver, the crypto will be released from the escrow account; Oliver will receive the crypto as a result.
In the whole process, the staff is unable to monitor the trade. But when the payment dispute arises between John and Oliver, the staff will step in and resolve the dispute and will hand over the crypto to the rightful owner.
5. Transparency
Everything is clearly mentioned on the site and nothing is secret from the users. The fees for making trades and escrow service are also mentioned and there are no hidden charges or taxes at all. LocalCryptos wants a transparent relation with traders and investors. If you have queries regarding its terms and policies, contact the team of LocalCryptos.
6. LocalCryptos Wallet
LocalCryptos is offering wallet service for its users. The wallet is safe to use and non-custodial as it is protected by the cryptography integrated into your browser. You can send and receive the crypto from wherever you want by utilizing the wallet of the platform.
Is it secure?
Security of the assets is the first thing traders and investors demand before using any crypto platform. They also make sure that whether the exchange is decentralized or not. The LocalCryptos is a fully decentralized platform and everything is done between humans. You can read LocalCryptos review here TrustPilot
The wallet is secure as your web browser is protected by cryptography while sending or receiving the cryptocurrency. The messages between both parties are encrypted and even staff has no access to messaging. There is no chance of fraud or scam during the crypto exchanging as the exchange of crypto is done through an escrow account.
Customer support
The customer support section is active 24/7. The customer support staff is always ready to respond to the queries and problems of the users. The first priority of the LocalCryptos is the needs of the users. The opinions and issues are very important for LocalCryptos. If you have queries about depositing, exchanging crypto and withdrawing, you are free to contact the support team of the platform.
Conclusion
LocalCryptos is best localbitcoins alternative platform for Ethereum and Bitcoin. However, they will add more cryptocurrencies in the future following the opinions and voting of their users’ community. The striking features such as end-to-end encryption, escrow account, and peer-to-peer crypto transactions make the Australian based LocalCryptos different from other crypto exchanges.
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