Formerly known as LocalEthereum, it metamorphosised into LocalCryptos in late 2019. The platform is a peer-to-peer non-custodial Cryptocurrency marketplace where buyers and sellers are connected to transact on their terms using varied payment methods. Initially, in 2017, it was the maiden p2p marketplace for Ethereum. However, following the growth of its user base to more than 100,000 other digital assets came on board.
Currently, it supports assets like Bitcoin Ethereum, Litecoin with more coming soon. More impressively, it caters for over a hundred thousand Cryptocurrency traders in 130+ jurisdictions. On Local Cryptos, you can place an advert to either buy or sell your Cryptocurrency. The funds are kept in escrow, so when an interested party gets in touch, then he/she sent fiat, thereafter, the escrow is released.
Users don’t trade with the platform but themselves, which makes it far better. It is the position of the builders that adopting a non-custodial peer-to-peer mechanism puts the users in charge, and shields their wallet from malicious actors.
Features of Local Crypto
The various features of the project are what make them thick and able to deliver the services it promises. Here are some of them:
Payment Methods: You can buy and sell Cryptocurrencies with several payment methods. There are over 40 means, and some of the accepted modes are bank transfer, PayPal, mobile money, wire transfer etc.
Absence Of Third-Party: There are no third-parties when you are using Local Cryptos. As a peer-to-peer platform, you deal directly with others you want to buy from or sell to in this instance. It is therefore fast to use it for a transaction. According to the team, it takes ten minutes to complete a single transaction.
Non-Custodial Wallets: When it comes to wallets and storing of funds, the premise is on the “Your Private Keys – Your Coins” Philosophy. Hence, no funds are in the care of the platform but the owners. This process makes security robust in many sense.
Encrypted Messages: The sellers and buyers usually correspond with each other to agree before the transaction takes place. For their privacy and security, an encrypted message system is in place for users safety.
Blockchain-Based Escrow: Local Cryptos escrow is Blockchain base, so it is secure and unlikely for any security comprise. More so, everyone can verify the transaction without any hurdles.
Global: The platform’s services are accessible by everyone anywhere in the world without permission. It is the vision of the builders to empower the unbanked, underbanked, and the overbanked, irrespective of their geographical jurisdiction.
How To Use Local Crypto
To trade on Local Cryptos, you need an account, it is free and takes less than a minute to sign up. The team suggests that you connect your Ethereum wallet if you are technically leaned instead of signing up. Buyers and sellers can post a request to buy or sell any of the Cryptocurrencies listed on the platform. All you need to do is to look for a buyer or seller who fits your needs.
What suits a buyer or seller can base on location, payment method, fiat currency and reputation. It is seamless, and even newcomers to the Crypto scene can use it. When the buyer/seller finds an offer, he/she is satisfied with the next stage is to open the trade. Then he/she can pick the sum and lock in the price. The opposite party will get a notification.
At this point, the seller sends the digital currency to an escrow account, then the buyer pays the seller. All the communication between the buyer and seller is encrypted. As a decentralized escrow, the Cryptocurrency is safe till payment is done and the buyer receives it, and the seller confirms. Also, it is a form of guarantee to ensure the parties involved keep this side of the deal.
Join Local Bitcoin Community
You can join Local Cryptos various communities on the following platforms: