LocalCryptos is a unique platform where users worldwide can buy or sell Ethereum (ETH) and Bitcoin (BTC) using a full peer-to-peer mode, simply by answering ads from each other within a huge trading environment.
How Does LocalCryptos Work?
Although LocalCryptos is classified as a crypto exchange, it doesn’t fit properly in this concept. The platform goes beyond, by providing a crypto trading environment where users buy and sell Ethereum (ETH) or Bitcoin (BTC) directly to each other.
LocalCryptos is a non-custodial platform, which just acts as a moderation in the trading process, to make sure both parties in the transaction will fulfill their duties properly.
Users connect into the platform using a web3 wallet. They can either use existing ETH/BTC funds or exchange fiat currency for Ethereum inside the platform. The great thing about LocalCryptos is that users can use their local currencies to exchange for Ethereum (ETH) or Bitcoin (BTC), which makes it remarkably convenient.
Further reading: Shapeshift: Exchanging Crypto Assets for Free
The game begins when users start posting crypto buy-and-sell ads on the website, stating the exchange rate for their on-sale coins and the payment method available.
Once other users become interested in a specific offer, he messages the seller/buyer and both transacting in full P2P mode.
The seller puts the amount of sold ETH/BTC into an escrow account, where the funds stay until he confirms the buyer’s payment to LocalCryptos. Once the payment is confirmed, LocalCryptos releases the sold amount and the buyer has access to his newly acquired crypto assets.
This way, LocalCryptos is more than just a regular exchange for cryptocurrencies. Instead, it is an innovative solution that uses an escrow mechanism to secure peer-to-peer transactions, using open-source Ethereum smart contracts.
Start trading on LocalCryptos here!
Dig Into It
Here is a video tutorial on how to use LocalCryptos!
Looking at a glance, LocalCryptos works similarly to an online marketplace for Ethereum (ETH) and Bitcoin (BTC), just like a crypto eBay.
Investors have responsibility for their ads, so they choose the price quote and announce it using LocalCryptos. Transactions are secured using a unique escrow mechanism, set up directly in the Ethereum blockchain.
Cryptocurrency buyers and sellers have a secure ecosystem where they can negotiate quickly and friendly, with no third-party control over funds.
Further reading: Switcheo: Cause Nothing Can Stop Crypto Trading
Designed to be a global solution, the platform offers great multi-language support (12 languages in total) and is not restricted to citizens/residents of any jurisdiction worldwide.
Recently, the platform has been used for people in countries plagued by economic chaos and censorship, showing the power of cryptocurrencies to change economic perspectives.
Users can enable price alerts via email messages. Once this feature is enabled, the user receives an alert every time his cryptocurrency of choice falls or goes above a certain price level. This feature can be a valuable tool for many traders, especially novice traders who want to be exposed to the best deals on the platform.
Everybody Hates Fees
LocalCrypto’s fee policy works more similarly to a marketplace than a common exchange.
Users who choose to advertise on the platform are charged a 0.25% fee regarding every trade that is completed.
On the other hand, users who respond to buy-and-sell advertisements are charged a 0.75% fee.
Taking a look around the market, it is not hard to realize that a 0.75% fee for ad responders is above the average rate for transaction fees. In this particular case, each user must judge by himself if the cost-benefit of the platform fits his needs properly.
Considering the unique mechanism used by the platform, it is possible to understand why LocalCryptos are still running the platform this way. An ever-growing number of users worldwide shows it is working fine for them.
Deposits And Withdrawals
This is the great aspect that makes LocalCryptos standout from the competition. Users (buyers/sellers) can advertise or respond to advertisements and pay using fiat currency via wire transfer or credit cards.
Users can choose between more than 30 payment methods, including standards such as PayPal, Western Union, and others. In this aspect, LocalCryptos plays an essential role to open the gateway for mass adoption of crypto as a replacement for main currencies.
Further reading: How to buy Bitcoin with Credit Card
Unlike other companies in the niche that just ignore this ever-growing demand, the platform created a unique solution to solve a real-world issue and spread the usage of cryptocurrencies.
The withdrawal process is also very functional and withdrawal fees are another advantage amid competitors as well, with rates utterly above market
Conclusion
LocalCryptos is a non-custodial marketplace for cryptocurrencies, with no order books, price charts, or order history. Available worldwide and with no restricted jurisdictions, currently it has 100k customers over 100 countries.
Using a unique escrow mechanism to moderate human-to-human transactions, the platform permits users to advertise and respond to buy-and-sell ads for ETH and BTC, choosing which are the best deals regarding price and payment methods.
With more than 30 payment methods available for deposit, including wire transfers and credit cards, LocalCryptos can be considered the crypto eBay for buying ETH and BTC assets.