Formally known as LocalEthereum, the peer-to-peer cryptocurrency trading site recently rebranded to become LocalCryptos. But apart from the name change, what’s new? Well, the obvious big difference between the old site and the new is that users can now trade Bitcoin in addition to Ethereum.
As well as this, the site has many new, improved features, which are leading the way into a new era for cryptocurrency trading and providing stiff competition to LocalBitcoins.com.
By making it both easy and attractive for LocalBitcoins users to carry over their great reputation, LocalCryptos has caused a stir, actively calling to users to try the new BTC-ready peer-to-peer marketplace.
What is LocalCryptos?
LocalCryptos is essentially a peer-to-peer marketplace for trading in cryptocurrencies. The old platform, LocalEthereum, had been providing peer-to-peer trading services solely for Ethereum since 2017. At the close of last year, the company announced the exciting news that it was expanding the platform, allowing members to trade in other cryptocurrencies, most notably Bitcoin, in addition to Ethereum.
How does it work?
1. Buyer/seller searches the marketplace for someone willing to buy/sell crypto.
2. Buyer can filter by global location, payment method and popularity of seller.
3. The buyer enters how much money they want to spend and opens a trade through the platform.
4. Once a trade has been accepted the seller puts the cryptocurrency into escrow.
5. The buyer then transfers the payment directly to the seller’s bank account.
6. Seller confirms that they have received the payment.
7. The traded cryptocurrency is then immediately released from smart contract escrow to the buyer.
8. Purchased cryptocurrency is visible in the buyer’s account within seconds.
How does the new platform compare to LocalBitcoins.com?
“Platforms like LocalBitcoins are centralized, custodial, and a far cry from private. These platforms are vulnerable to hacks and thefts like a centralized exchange.
Hackers have stolen several billion dollars from centralized crypto platforms. At least two of those heists took from LocalBitcoins traders.
LocalCryptos takes a non-custodial approach to cut the risk of theft and put users in charge. When trading on LocalCryptos, only you know your private key—we never take custody of your coins.”
• Super speedy service as there are no middlemen or banks.
• Gives the user total control – all transfers are done outside of LocalCryptos.com.
• Anyone located anywhere can buy and sell cryptocurrencies using the platform, there are no restrictions.
• The site offers 40 payment methods to choose from including gift cards, cash in person, WeChat Pay, PayPal TransferWise and Western Union.
• There are already over 100,000 registered users spread across 130 different countries.
• Very low fees – LocalCryptos only charges a tiny 0.25% fee for the maker and 0.75% for the taker.
• The maker fee is intentionally lower as the company want to encourage users to make offers to buy and sell.
Superior privacy features
• The encrypted chat feature allows both buyer and seller to safely share bank details and personal information online without security risks.
• Non-custodial web wallet that is password protected and completely private.
• Advanced escrow feature protects both the buyer and seller, preventing misuse of the system and fraud risks.
• Superior privacy features allow for complete control and confidence and an enjoyable, relaxed user experience.
• Buyers and sellers rate each other after each exchange, this offers an easy way for users to vet potential trading partners.
• Non-custodial service allows users to retain their personal keys, reducing the threat of hacks and security breaches that often plague other centralised trading services.
• Online chat support is available in different languages including Spanish and Polish.
• Visible customer support email address on the website.
• Support is active and contactable via visible social media channels.
More cryptocurrencies coming soon!
LocalCryptos will be adding more cryptocurrencies for users to trade in in the future. The platform is giving users the opportunity to vote on which currency is launched on-site next. Three cryptos that are rumoured to be making an appearance are:
• EOSIO (EOS) – a semi-decentralised distributed operating system intended for high-velocity dApps.
• Dash – a peer-to-peer digital currency intended for instantaneous, private and secure payments.
• Litecoin (LTC) – an early spinoff of Bitcoin that was the first cryptocurrency to adopt SegWit.