LocalCoinSwap P2P Platform Review
LocalCoinSwap is a non-custodial digital currency marketplace that makes it possible for users to purchase bitcoin and trade different types of cryptocurrencies and digital assets with other traders from across the globe.
The platform enables the buying of bitcoin instantly using an array of different payment methods including bank transfer, cash, and hundreds of other payment methods. Getting started on the p2p platform is simple. All a user needs to do is sign up on LocalCoinSwap using an email address.
Overview
- Registering an account, depositing crypto, posting an offer and buying or selling digital currencies to other traders is free on the platform.
- Users are able to exchange digital currencies in a non-custodial way with escrow protection and high liquidity, all the while remaining in control of their crypto assets.
- Users don’t need to access centralized exchanges or even have bank accounts to use the p2p platform.
- Users are able to buy bitcoin, sell crypto for cash, or buy crypto locally.
- Users can export their private keys and even trade directly from MetaMask when exchanging Ethereum or other supported assets.
- The platform prioritises security by offering features such as two-factor authentication as well as leveraging smart contracts and custom bitcoin scripts for non-custodial trading.
The platform offers around 20 crypto assets including cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), Polkadot (DOT), Tether (USDT) and more. Over 300+ payment methods are available. Users can also buy and sell crypto with PayPal on LocalCoinSwap. Other popular payment methods include regular bank transfer, cash deposit, cash-in-person, TransferWise, SWIFT, SEPA, Revolut, M-Pesa, WeChat Pay, Paytm, Alipay, etc.
- Users get free wallets when they create accounts on LocalCoinSwap.
- A 1% fee is charged to users who create trade offers.
- A network fee is charged on LocalCoinSwap for withdrawals. The fees are adjusted according to the blockchain. BTC minimum withdrawals on LocalCoinSwap are 0.0005 BTC and transaction fees are around 0.00025 BTC.
- Platform provides a search tool to help users find the best offers using filters. Once a buyer finds the most suitable offer, they can initiate contact with the seller.
- According to LocalCoinSwap, BTC trading and wallets are custodial (non-custodial Bitcoin trading is currently being implemented to the platform) to ensure faster and cheaper transactions. However, all wallets that hold Ethereum and ETH-based tokens are non-custodial which means there are no withdrawal limits. The user pays transaction fees which depend on network congestion.
- LocalCoinSwap has no record of ever losing user funds due to hacks or security breaches.
- LocalCoinSwap has a referral program which enables users to earn 10-20% referral commission.
LocalCoinSwap has some positive reviews on most review sites. It’s an exchange that has been in the space for a while and it is quite reputable. Always make sure you do your own research before using any crypto trading platform.
