- What Is LocalCoinSwap?
- How Does LocalCoinSwap Work?
- Quick Overview
- Is LocalCoinSwap Regulated?
- Pros and Cons
- Registration Process
- Trading on LocalCoinSwap
- How User-Friendly Is LocalCoinSwap?
- LocalCoinSwap Fees
- Deposit/Withdrawal Methods
- Supported Cryptocurrency & Countries
- Mobile App
- Customer Support
Cryptocurrencies are quickly gaining acceptance worldwide, and it is also leading to a quick surge in demand for cryptocurrency trading platforms. While experienced traders have already weighed their options, beginners find it difficult to choose which exchange to use. This is where LocalCoinSwap comes in with its esteemed P2P multi-custodial crypto trading solutions. The platform was launched in 2018 and became the world’s first community-owned P2P exchange.
|Supported Fiat Currencies||160+|
|Transaction Fees||0.00025 BTC, 0.0005 DASH, & varies on various currencies|
|Customer Support||24/7 via FAQ section, Submit request form, & Mail Support|
It boasts of the most fiat pairs among any cryptocurrency exchange, making it the most popular peer-to-peer marketplace. It also supports 20+ cryptos, 160+ fiat currencies, and 300+ payment methods. With an optional KYC functionality, LocalCoinSwap excels in offering the best crypto trading experience. However, customers are suggested to go through LocalCoinSwap reviews before using the platform. Here is the most detailed review of LocalCoinSwap to help customers understand how it works, it’s trading fees & charges, security, and much more.
What Is LocalCoinSwap?
LocalCoinSwap is a peer-to-peer cryptocurrency exchange based in The Nevis and Saint Kitts. While the LocalCoinSwap ICO was first released in 2015, its full-fledged version was launched in 2018. The P2P marketplace allows customers to buy and sell 23+ cryptocurrencies. It stands out from its competitors by being completely community-owned. It even allows users to interact to find the best trading conditions directly.
Customers can place ads with the marketplace’s preferred payment method and exchange rate. Interested people reply to the ads and conduct the transaction. The escrow service team backs the entire process, making it completely secure. The platform provides over 300 + payment options to make it more convenient. With 160+ fiat currencies variety, LocalCoinSwap boasts the most extensive trading range among all P2P marketplaces in the industry.
Despite being a relatively new entrant, it excels when it comes to features. That is why it is one of the top crypto exchanges worldwide.
How Does LocalCoinSwap Work?
Being an esteemed P2P marketplace, LocalCoinSwap offers advanced crypto trading functionalities to customers. Users only need to register an account and verify an email address to get started. Customers can add a phone number to employ the two-factor authentication verification. Now, customers can post ads on the platform to commence a transaction. The marketplace even allows beginners to oversee other traders to gain market insights. From the buyer’s perspective, LocalCoinSwap provides the filter option. It allows customers to streamline the trade search and find the most suitable opportunity. The exchange secures the entire process using Escrow’s esteemed security.
Moreover, it establishes a direct communication channel among the customers. After finding an ideal pair, traders can enter the crypto or fiat currency to initiate the transaction. Once the proposal is accepted, LocalCoinSwap will share notification with the user.
Quick Overview of LocalCoinSwap
- Launched in 2018 as a peer-to-peer cryptocurrency exchange.
- World’s first community-owned multi-chain marketplace.
- Supports 20+ cryptos, 160+ fiat currencies, and 300+ payment methods.
- Facilitates non-custodial trading.
- Backed by Escrow protection smart contracts and scripts.
- Low transaction costs and trading fees.
- Free account registration.
- Optional KYC verification process.
- Customers can post ads to facilitate an exchange.
- Customers can find the most preferred trading options using the filter function.
- Users can directly connect to a trader to conduct a transaction.
- No middlemen involved.
- Supports 2FA authentication.
- Responsive customer service and dispute moderation.
Is LocalCoinSwap Regulated?
LocalCoinSwap is not regulated, like the majority of the cryptocurrency exchanges. However, that does not take any points away from its security. The exchange has been around for 3+ years and has not faced any major security breach. Customers can avail of the platform globally and interact with other traders with its Escrow scripts. Moreover, it uses a P2P mechanism and smart contracts to ensure everything stays safe.
Most traders go through a LocalCoinSwap review to assess its features. Here is a quick outline of what the exchange has to offer:-
Community-Driven P2P Exchange
The primary reason behind LocalCoinSwap’s popularity is its crypto trading services. The marketplace facilitates P2P trading, allowing customers to buy and sell cryptocurrencies seamlessly. Moreover, it is the first peer-to-peer crypto exchange that is wholly owned by the community.
The platform sets itself apart from the competition by offering an esteemed array of choices. Traders can choose from 20+ cryptos, 160+ fiat currencies, and 300+ payment methods to conduct a transaction.
LocalCoinSwap uses Escrow’s security for every transaction. The functionality restricts any fund transfers until the transaction is finalized. As a result, it minimizes fraud and scams on the platform.
The trading platform excels on the security front. It secures 95% of its cryptocurrency stack in cold storage wallets. Additionally, customers can equip the 2FA functionality to reduce the chances of a breach.
It provides an optional KYC and ID verification process to secure future transactions. However, as LocalCoinSwap is a peer-to-peer exchange, some customers may be asked to complete the verification process.
There are no middlemen involved when transacting through LocalCoinSwap. Moreover, the marketplace shares 100% profit from its trading fees with the community.
Traders can earn rewards using LocalCoinSwap’s referral program. Customers merely need to invite new traders on the exchange as a liquidity provider (LP).
LocalCoinSwap Review: Pros and Cons
Every LocalCoinSwap review must explain the benefits and drawbacks of using the platform. Thus, here is a quick overview of the benefits and drawbacks it proposes:-
|Multi-chain P2P exchange.||Security depends on the chosen trader.|
|Optional KYC verification.||Too many options can discourage beginners.|
|Supports 300+ payment methods, 20+ cryptocurrencies, and 160+ fiat currencies.||High trade rates.|
|24/7 customer service.|
|Two-factor authentication available.|
|Implements Escrow scripts.|
|Maintains 95% of the deposits in cold storages.|
How to Open a LocalCoinSwap Account?
People must register a LocalCoinSwap account to exchange cryptocurrencies on the marketplace. The account registration is simple, and here is a step-by-step guide for it:-
- Reach the official LocalCoinSwap website.
- Find the “Register” option on the top-right menu.
- Tap on it to launch a window like this.
- Now, fill in details like email, password, and country.
- Optionally, check the news & updates option and fill the referral code.
- Click on the “Register” option to conclude the process.
- A window looking like this will appear on the screen.
- Customers can complete the email address verification from here to start trading.
Trading on LocalCoinSwap
To review LocalCoinSwap, it’s important to specify its trading process. It offers a straightforward trading process with minimal steps. Customers can get started by using the search option to find the best trade. With filter options like payment method, location, and price, customers can locate the most suitable transaction. After finding the trade, customers merely need to enter the amount of crypto in fiat and cryptocurrency value. After initiating the trade, the second party receives a request. After the seller accepts the request, the buyer also receives a notification.
The entire trading procedure is simple and customers can follow every trivial progress. The marketplace employs Escrow security on every transaction, so always check whether the trade is marked “funded” before sending the funds.
How User-Friendly Is LocalCoinSwap?
To review LocalCoinSwap, it’s crucial to assess how user-friendly it is. The marketplace offers a simplistic trading view merged with a functional website. Browsing through the website is simple, and customers can find the features without any hassle. Users can also access the buy and sell option on the site homepage alongside the order history section.
Advertisements posted by customers are available on the front page, along with the necessary transaction details. A simple UI is the reason why most LocalCoinSwap reviews find it ideal for beginners.
Being a peer-to-peer exchange, LocalCoinSwap charges two types of fees. The first is trading fees, and the second is withdrawal fees. There are no deposit fees since it is a marketplace and not a full-fledged exchange.
LocalCoinSwap Trading Fees
Unlike different cryptocurrency exchanges, LocalCoinSwap involves an advertiser and a respondent. The person who has posted an advertisement needs to pay 1% in trading fees while the transaction is free for the respondent. Compared to the other exchanges, the 1% fee is relatively high.
LocalCoinSwap Withdrawal Fees
Making a withdrawal on LocalCoinSwap incurs charges worth 0.00045 Bitcoin for every BTC withdrawal. The rate is specified for the standard Bitcoin wallet, while a non-custodial wallet imposes different charges. The fee is relatively low compared to the industry average of 0.00059 Bitcoin for every BTC withdrawal. For more information about fee structure click here.
How to Deposit/Withdraw on LocalCoinSwap?
It accepts over 300 payment methods, allowing customers to quickly deposit and withdraw funds. Users should note that LocalCoinSwap is an entry-level cryptocurrency exchange. It means that the platform merely connects a buyer-seller without owning any cryptocurrencies. Other traders simply post advertisements on the platform, and interested buyers contact them. There are no restrictions on the deposit or withdrawal amount, and the transfers are instant. Here are some of the most popular deposit/withdrawal methods:-
- Cash (in person)
- Debit card
- Credit card
- Amazon gift cards
- Local bank transfer
- Cash deposit
LocalCoinSwap Supported Cryptocurrency & Countries
Being a marketplace works in LocalCoinSwap’s favor as it is available throughout the globe. Users from any region can access LocalCoinSwap and buy/sell cryptocurrencies instantly. The platform supports 23 cryptocurrencies like Bitcoin, Ethereum, Kusama, tether, Dash, USDC, etc. However, there are no restrictions on payments made through different currencies.
The person who has posted the advertisement decides what currency will be involved in the transaction. It can be a local fiat currency or another cryptocurrency. Supports multiple payment methods to facilitate the transfer of local currencies.
LocalCoinSwap Mobile App
It does not offer a mobile app to its user base. However, there is an API available on its website that searches, manages, and automates transactions.
LocalCoinSwap Security Measures
Security plays a crucial role in every online exchange, and to review LocalCoinSwap, it’s crucial to assess the aspect. It implements peer-to-peer interactions throughout the marketplace, securing every information shared between customers. Users can turn on the two-factor authentication to add an extra layer of security to their accounts. Moreover, the marketplace secures the deposited funds by keeping them in cold storage wallets.
LocalCoinSwap Customer Support
Despite being a user-friendly platform, the sheer number of options on LocalCoinSwap can paralyze new customers. That’s why the marketplace offers an esteemed customer support service. Users can easily generate a ticket to quickly get their queries solved. There is a dedicated FAQ section to answer common user queries. It is also available on multiple social media platforms such as Reddit, offering quick customer support.
LocalCoinSwap Reviews: Conclusion
Bringing traders together from across the globe is not an easy feat, but our platform executes it well. The platform facilitates peer-to-peer interactions between customers, allowing them to communicate securely. It offers a friendly UI to help beginners get started while also providing 250+ payment methods to support experienced customers.
It optimally utilizes Escrow solutions to secure user data and money. Moreover, the platform is completely community-driven, making it a novel entity. With benefits like optional KYC, cold storage security, and 20+ currencies,it is one of the best marketplaces to trade cryptocurrencies.
Is LocalCoinSwap Legit?
Yes, LocalCoinSwap is a legit marketplace where customers from across the globe can buy/sell cryptocurrencies.
How Does LocalCoinSwap Keep me Safe?
LocalCoinSwap stores 95% of its deposited funds in cold storage wallets. The marketplace also uses 2FA, Escrow services, and KYC verification to secure user data.
What’s The Difference Between LocalCoinSwap and Other P2P Exchanges?
The most notable difference between LocalCoinSwap and other P2P exchanges is its community-driven approach.
Is LocalCoinSwap Safe?
Yes, it is a safe exchange with security standards like two-factor authentication, Escrow, and cold storage wallets.