LocalCryptos is this a scam? Review and Customers Reviews

LocalCryptos started out as LocalEthereum in 2017. The company became the first p2p-platform to exchange Ethereum cryptocurrency. LocalEthereum Pty Ltd, which is registered in Australia, has gone through a rebranding to add 3 more currencies and new services to its operation. The service offers direct exchange between users and many payment methods.

Most of the reviews about the service are positive. But there are also customer complaints, which make it worth finding out if crypto exchange LocalCryptos is a scam. For this purpose we have compiled an overview of how the platform works.

 

Why LocalCryptos?

LocalCryptos is a global marketplace with over 100,000 users buy and sell cryptocurrencies. They post ads on the website localcryptos.comThe user is not allowed to change his or her offer, offering coins or buying them using many different payment methods. When the user responds to an offer, an exchange is made between the buyer and the seller.

 

This type of cooperation is called smart contracts: a transaction is conducted between two users. The platform has end-to-end encryption of communication, which distinguishes the company from centralized exchanges. Messages are encrypted with a special key known only to the transaction participants. The moderator can only access the contract when a dispute arises. All fiat payments are made outside of the platform using normal channels, person to person.

LocalCryptos ensures the anonymity of user data. This is achieved due to the absence of KYC: the client does not transfer personal information, so it cannot be used by third parties. LocalCryptos has no access to user wallet keys created during registration. Therefore, they can be used as a personal wallet. It is important to transcribe the private key and store it in an inaccessible place, but not on your computer. Advantages of the service:

• 40+ payment methods. Buy and sell cryptocurrency using any of the payment methods, including bank transfer, PayPal etc.
• Fast, no middlemen. At LocalCryptos you exchange directly with another person, avoiding slow intermediaries. Most transactions are completed in 10 minutes.
• Full control over your wallet. The platform never takes user coins for safekeeping.
• Encrypted messages between users.
• Blockchain escrow service. The escrow accounts are protected by the blockchain of the corresponding cryptocurrency.
• Access from any country.

For work, the service offers the site localcryptos.comwhich creates offers, and LocalCryptos Academy materials for training traders. There are pages with blog articles, news, answers to questions. In the “Support Center” section you can create a ticket in the feedback form.

 

How to exchange cryptocurrency on LocalCryptos platform?

You can buy and sell currency on the platform from other users. Exchanges are only between buyers and sellers. LocalEthereum does not act as an intermediary and does not accept deposits, the site localcryptos.com you can find other OTC traders. You have more control over how you want to trade, but you also have more responsibility. While the process is much faster than using an exchanger, it takes extra work to be safe. Cryptocurrency buying steps:

• Create a LocalEthereum account. You will only need a username, email address, and password (you must save it, because if you lose it, the service cannot restore it).

 

• Find the offer. Go back to the home page and you’ll see a list of them. Offers are posted by traders from all over the world. You can also create your own if you don’t find the right one. The service offers filters to narrow down the list and only display deals that fit your requirements. You can search for offers by payment method and location (in a particular country, city, or around the world). For convenience, there is also sorting by popularity and price. In the offer, the seller specifies the name, title, location, price, and limits (minimum and maximum for the transaction). After clicking on the “Buy” button, you will be redirected to a page with detailed information about the offer and the seller. Traders usually describe their exchange procedure and talk about themselves using the “Terms of Trade” field. Before making a purchase, pay attention to the seller’s reputation: the number of trades, trading volume, and feedback (percentage of positive feedback).

 

• Open a trade. Enter the amount you want to buy and click Open Trade. When you do, the price will lock in and a conversation will begin between you and the seller. On the left you will be able to communicate with the seller. Every message and attachment traders send back and forth is encrypted.
• Wait for the seller to place the coins in escrow.
• You will see the escrow status on the right. Before you send money to the seller, the seller will have to deposit the currency in the “Smart Escrow Contract”. A countdown timer and a “Mark as Paid” button will then appear.
• Transfer money to the seller. Using an encrypted conversation, the user will tell where to send the money.
• Click “Mark as Paid” and wait for the seller to confirm.

The seller can hand over the escrow at any time. But if time passes and the escrow is not unlocked or there is a disagreement between you, you can open a dispute to allow the arbitrator to intervene. When you open a dispute, the computer automatically uploads a digital key to the arbitrator to resolve the transaction in either direction and a key to decrypt the message history between you and the seller. The arbitrator will work with both parties to make a decision. He or she may ask you and the other party to send them documents privately and, depending on the circumstances of the dispute, proof of your identity (How to Make Money on Cryptocurrency?).

To sell currency, create an offer by filling in all the fields. After posting, you will receive email notifications about each new transaction. You can also set up to receive SMS or push notifications. Restrictions on the number of active offers:

• A maximum of 2 offers per combination of country, payment method and type for local methods (e.g. bank transfer, cash).
• A maximum of 2 offers per combination of payment method and type (buy/sell) for international payment methods (e.g. PayPal, Venmo). For example, you can have 2 PayPal offers to buy, 2 PayPal offers to sell, and 2 Venmo offers to buy at the same time.

The service offers many payment methods, including international and those used in a particular country. You can transfer money through Western Union, MoneyGram, TransferWise, Chipper Cash, Alipay, MTN Mobile Money, PayPal, AdvCash, Mercado Pago, Skrill, Airtel, SEPA, Revolut, PAYEER, Venmo. You can also use WebMoney, QIWI, Alpha cash-in, Yandex.Moneywhich are widespread in Russia. Many traders also choose bank transfers within their country. There are high-risk payment methods that have limitations on the volume of offers to protect users. To publish an offer for SEPA or Revolut, you need a completed trade of at least $50. To conduct a transaction with PayPal or Venmo, you need at least $1,500 in volume.

 

Verification on the localcryptos.com platform

Since LocalCryptos provides anonymity to users, verification is not provided. The service offers to go through the registration procedure and get access to an account. To do this, go to the company’s website and fill in the form, where you specify the name, password, email and enter the captcha. Password is better to be saved, because due to the encryption it cannot be recovered in case of loss. A confirmation letter will be sent to the specified e-mail address.

 

Deposit and withdrawal

To send cryptocurrency to your wallet at LocalCryptos, go to the “Wallet” tab in the upper right corner of the homepage. You can get coins using any of the wallet addresses, but the service advises to choose the line marked “Recommended for deposits”. Copy and paste the address you want to send the cryptocurrency to and send the coins from your wallet. Funds will be credited after one confirmation. To withdraw cryptocurrency from LocalCryptos wallet, you should:

• Go to the “Wallet” tab in the upper right corner of the page.
• In the “To” field, enter the address of the wallet to which you will send the cryptocurrency.
• Specify the amount in the field of the same name.
• Click the “Submit” button.

Commission of the crypto exchange localkryptos.com

LocalCryptos charges a fee of 0.25% to the user who posted the offer and 0.75% to the recipient who responded. In Ethereum transactions, the buyer will always receive an amount less than this: this is the contract fulfillment fee charged by the network.

Withdrawal fees

The service does not charge a fee for withdrawing funds from the wallet. But you will need to pay a network fee paid to the miners of the corresponding blockchain to process the transaction.

 

LocalCryptos bonuses

LocalCryptos offers participation in the referral program.

Referral program

Using the referral program, you can earn 20% commissions on the amount spent by users who sign up through an affiliate link. You can apply for the program on the “Invite Friends” tab of your account, specifying which sources will be used to attract referrals. The application is reviewed within 24 hours. If it is accepted, the affiliate will receive a link and graphics to put on their sites. Remuneration is paid monthly when the amount of uncompleted income reaches $10.

 

 

Complaints against LocalCryptos

There are both positive and negative user comments about the service. The first ones are the majority. Clients write that they like the convenience of the platform, a simple mechanism of work, the number of traders, security of operations, competent support.

As for complaints, there is information that there are problems with logging into the account. Users also tell about the long wait for answers from technical support and blocking of the account for no known reason. There are situations when after sending money users did not receive coins, and the arbitration could not solve this problem.

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Crypto exchange regulation

Site Terms and Conditions localcryptos.com are regulated under the laws of the State of Victoria, Australia. LocalEthereum Pty Ltd was registered in that region. The site has documents about the rules of cooperation and privacy policy. There is no legal information other than the company name.

Read the terms of use at localcryptos.com

Localcryptos.com User Agreement

The localcryptos.com site has links to the privacy policy, terms of use and terms of service. They describe information about processing personal data, creating an account and keys, posting offers, and communication between users. There are also clauses with the terms of transactions, information about disputes, account deletion, limitation of liability, and disclaimer of warranties.

Customer Service

You can contact the employees of the service via the feedback form on the website, e-mail: [email protected] and Telegram LocalCryptos.

 

Is LocalCryptos a Scam?

LocalCryptos – is a peer-to-peer platform for trading four types of cryptocurrencies. All transactions and messages between buyers and sellers are encrypted, which ensures the security of exchanges. The site of the service has many offers from different traders, so you can always find the right one. Users name such advantages of the platform: many payment methods, speed of operations, full control over their wallet, end-to-end encryption of messages, access from any country.

There are few complaints about the company’s work. The site has a description of the work, useful materials and recommendations, documents with information about the terms of cooperation. Taking this into account, we can conclude that LocalCryptos is not a scam. This is a safe platform for selling and buying coins.

 

Conclusion

Having studied the work of LocalCryptosWe have noticed that the majority of clients are satisfied with the service. The platform differs from centralized exchanges in that exchanges are conducted between the buyer and the seller directly. Therefore, transactions are fast and safe. We are ready to recommend the platform to those who buy and sell cryptocurrency. If you have used the platform’s services, share your opinion with other readers.