Localcryptos.com is a peer-to-peer marketplace. People from all walks of life place ads on LocalCryptos to buy and sell crypto. When two people agree on a sale, the buyer pays the fiat half directly to the seller—which is why LocalCryptos is so fast.
|Normal trading Fees
|High trading Fees
How To Start With Localcryptos.com
To start trading with Localcryptos.com ,Indian residents first have to sign up for an account by following the steps below.
Step 1. Click on the “Login/Signup” link on the top right hand corner of the Localcryptos.com website.
Step 2. In the form, fill in your first name, last name, mobile number, email ID and password.
Step 3. If you have a referral code, enter the code while creating your account.
Step 4. Submit the form and wait for an activation email to be sent to you.
Step 5. Click on the “confirm email” link in the activation email.
Step 6. After your account is activated, you’ll be sent a 6 digit one time password (OTP), which you have to enter after logging into your Localcryptos.com account.
Why is this way better?
You’ve read the news. Exchanges have lost the password for $200 million in Bitcoin. They burnt $15 million worth of Ether by mistake. They collect sensitive passport photos only to have them stolen and sold on the dark web. Centralized exchanges lost more than $4 billion of your money in 2019. Meanwhile, they ignore your support tickets and treat you as a number.
Crypto has earned itself a bad rep, but not because of the tech. Because Wall Street bankers have crept into the space and created a mess. When you trade on LocalCryptos, you are in control—not custodians, not bankers. Your keys, your coins.
How Does The escrow Work?
LocalCryptos is the first and largest platform to offer a non-custodial escrow system. The technical details of the escrow depends on the crypto chosen. Ethereum escrows use a smart contract, and Bitcoin escrows use a P2WSH transaction.
All blockchains are unique. Whenever we add a new crypto, our engineering team develops a new escrow script to fit the protocol. A non-custodial escrow system makes it impossible for LocalCryptos to steal from escrow accounts. By the same token, the platform’s non-custodial nature makes it immune from common hacks and thefts.
LocalCryptos Trading fees
Considering the above business model, the distinction between parties on the exchange is not taker and maker, it’s rather more like person advertising and person responding to advertisement. The person doing the advertisement is charged 0.25% fee for every completed trade. The person responding to the advertisement needs to pay 0.75% in trading fees.
If comparing 0.75% to normal trading fees, it is very high. 0.25%, however (as it is for the person posting the advertisement) is in line with industry average. The industry average is arguably around 0.25% both ways. However, there are dissimilarities between LocalCryptos and other normal exchanges somewhat explaining the higher fee. We recommend investors using LocalCryptos to consider themselves whether this fee is fair or not.
LocalCryptos Withdrawal fees
This Australian peer-to-peer exchange charges a withdrawal fee amounting to only the network fee when you withdraw ETH. This fee is below the industry average and is an advantage against the majority of other exchanges in the market.
At this place, you can purchase advertised cryptos through both wire transfer and credit cards. Actually, you can pay through more than 30 different payment methods. For instance, you can purchase crypto through PayPal here. That is not very common on the market, even though there is a clear demand for that payment method. Some of the available payment methods are set out in this picture.
What makes LocalCryptos different
LocalCryptos never takes hold of your crypto. In-browser cryptography powers the web wallet. This protects you from hacks and thefts.
An escrow account is an open-source smart contract, rather than another vulnerable intermediary.
It’s impossible for team to touch your crypto — we can only help move it to a buyer or seller if a payment dispute arises.
LocalCryptos is the first platform to put in place end-to-end encrypted messaging. Every message you send is encrypted with a secret key that only you and your trading partner know. We can only read your messages if either party raises a dispute or asks for help.
When you’re trading crypto on LocalCryptos, you’re making a transaction with a human being. If you use a nasty centralized exchange, you’re often dealing with a robot. LocalCryptos is a community of more than 100,000 crypto traders from around the world. If you’re a newbie, a friendly trader will be happy to show you the ropes.
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