Full Name: LocalCoinSwap P2P Bitcoin Exchange
Currencies: 23+ Cryptocurrencies, 160+ Fiat Currencies
Payment Methods: 250+ Withdrawal and Deposit Options
Available In: 190+ Countries Worldwide
KYC Security: 2FA integrated
95% of funds held in cold storage Security Escrow Protection
Modernizing the P2P trading experience, LocalCoinSwap is the world’s first community-owned peer-to-peer Bitcoin and Altcoin cryptocurrency exchange suitable for both new or experienced cryptocurrency traders. The most inclusive P2P marketplace around, they offer the most significant number of fiat pairs of any P2P cryptocurrency exchange with 160+ fiat currencies on offer, the broadest range of cryptocurrencies, with 23+ cryptocurrencies that you can buy or sell, and over 250+ payment methods, making it fast, secure and private to trade just about anywhere, to anyone, in the world. What makes matters even better, LocalCoinSwap even respects your privacy by offering P2P traders optional KYC.
Let’s find out a little more about LocalCoinSwap P2P cryptocurrency exchange…
Widest Selection of Cryptocurrencies
LocalCoinSwap has the most extensive variety of cryptocurrencies on any P2P platform available, so it isn’t surprising that they are expanding at a rapid pace. While most P2P exchanges only offer Bitcoin to trade, at the time of writing this review, LocalCoinSwap assists traders to buy and sell Bitcoin plus over 20 different cryptocurrencies from a wide range of categories. Privacy coins such as Monero are easy to buy and sell, stable coins such as Tether and Dai are available for creating stability in your P2P trades, as well as master nodes such as Dash. While Bitcoin is the most popular and most well known, the vast array of cryptocurrencies is a massive bonus to the platform. With crypto-to-crypto transactions on the horizon also, their portfolio of cryptocurrencies is a game-changer in the peer-to-peer market.
Some of their more popular cryptocurrencies include:
- Bitcoin (BTC) (see price)
- Ethereum (ETH)
- Dash (DASH)
- Monero (XMR)
- Dai (DAI)
- Binance Coin (BNB)
- Litecoin (LTC)
- XRP (XRP)
- Tether (USDT)
- Golem (GNT)
- Ethereum Classic (ETC)
- Waltonchain (WTC)
Optional KYC Trading with a Focus on Reputation Ratings
LocalCoinSwap respects users’ privacy by offering optional KYC, which is a lovely touch for cryptocurrency enthusiasts who value privacy. They have built a P2P platform where a user’s trading reputation matters far more than who they are, so it matters very little that there is no enforced KYC from a user’s standpoint especially when they also offer secure escrow protection and resolution services to manage any trade disputes.
With so many historical attacks against centralized exchanges, whereby the user’s KYC information has been hacked and stolen, it is easy to see why KYC should not be the ultimate security feature of any cryptocurrency platform. A trader’s reputation and ongoing usage should determine their trading status, not if they have provided a copy of their passport.
Considering there are still over 2 billion unbanked or underbanked people around the world, it isn’t right to exclude them from the ability to trade cryptocurrency in their local area and gain access to financial opportunities unheard of in the past. Optional KYC opens the doors of crypto to everyone worldwide.
In line with most other P2P exchanges, LocalCoinSwap charges a reasonable 1% fee from completed trades. However, they only charge the market maker which is the party that places the trade advertisement, and payment is taken when the actual trade goes through. This means that it is free to place buy and sell advertisements on the LocalCoinSwap platform. This approach helps to encourage a healthy rotation of advertisements that keep trades fresh and encourages users to look for an offer that suits them before posting their own advertisements. This makes it simple to be on the taker side. The prices that you see advertised, are the prices you pay/receive, and there are no hidden charges.
From a security standpoint, LocalCoinSwap is on par with all other P2P platforms. 2FA is integrated at login, when a user tries to withdraw cryptocurrency and when they release cryptocurrency from escrow to another user. LocalCoinSwap also keeps 95% of its cryptocurrency exchange funds in cold storage to ensure users are protected no matter what occurs as even in the worst-case scenario minimal losses are all that could be incurred by the exchange having so little in the hot wallets.
Secure Escrow Protection provides users with more safety when trading with other users, especially with riskier payment types. If a dispute does happen to occur, it can be resolved with the help of support staff 24/7.
24/7 Customer Service
From what we can tell, LocalCoinSwap provides 24/7 customer support which can be accessed via your dashboard when logged into the P2P platform. They also have an enthusiastic community so if you have a question or would like some guidance as a newer P2P trader with issues that don’t require specialized support you are likely to find their Telegram community extremely helpful, where the conversations are active and the users welcoming.
Community-Owned P2P Exchange
When it comes to its profit and revenue structure, LocalCoinSwap is far from your average P2P cryptocurrency exchange. In an unprecedented move, LocalCoinSwap gives 100% of the profit from the exchange back to the crypto community via its platform token called LCS Cryptoshares.
If you own LCS Cryptoshare tokens, every three months you receive a share of the profits from the exchange in the form of cryptocurrency dividends. The huge bonus is that dividends are distributed in the actual cryptocurrencies traded on the exchange, so if Bitcoin was traded heavily, then the profit is distributed to the community in Bitcoin. If Bitcoin and Dash were traded heavily, Bitcoin and Dash are distributed and so on. LCS Cryptoshare tokens also provide governance rights giving the community a say in any important decisions related to the exchange’s future.
This fits together perfectly as LCS Cryptoshare holders with voting rights receive dividends based on the performance of the business, so they are incentivized to make well-considered decisions in favor of both traders and themselves as it’s in their best interest to do so. Preparing for an effective method of decentralized governance and fostering a fantastic community behind it.
P2P Trading In Over 190+ Countries Worldwide
With 160+ fiat currencies, it’s easy to see even from a first glance how open and inclusive LocalCoinSwap is regarding enabling P2P trading on a global level. Available in over 190+ countries worldwide, virtually no matter where you are in the world, you can use LocalCoinSwap to conduct P2P trading.
It doesn’t matter if you’re in India and want to buy Ethereum with INR if you live in Venezuela and want to buy Bitcoin with VEF, or even an American wanting to buy Dash with USD, LocalCoinSwap has you covered. If you’re traveling, there’s even more potential as you can find local traders wherever you go so that you can rely less on banks to get money when and where you need it.
Over 250+ Different Payment Methods Available
Buy Bitcoin with Paypal or Sell Ethereum with M-Pesa the choice is yours with such a huge variety of 250+ payment methods available. When it comes to P2P trading, payment methods matter as they are the key to what price you can charge and how to make a profit. Having an extensive amount of payment types available is fantastic for not only just those looking to buy cryptocurrency personally but also those that trade P2P to make money as well.
Certain payment types are a little riskier or less commonly accepted by traders, however with this reduced accessibility comes profit as people are often happy enough to pay a little more margin to have access to these more obscure payment types. This is great for everyone involved as it provides availability and a great way to make some money as well, this kind of opportunity is something you’d never get using a centralized exchange.
Some of the most popular payment types available include:
- Cash in person
- Local Bank Transfer
- Debit Card
- Credit Card
- Amazon Gift Cards
- iTunes Gift Cards
- Square Cash App
- WeChat Pay
You can find all of the payment methods on their website at https://localcoinswap.com.
How To Get Started Buying And Selling Bitcoin
It is effortless to start buying and selling Bitcoin, or any cryptocurrency, on LocalCoinSwap simply because the platform doesn’t require KYC to get started. You don’t need to provide any lengthy, unnecessary documentation which is often slow and impossible for others as they don’t have the documentation to share. Reputation is what matters on LocalCoinSwap, so if you perform well, you will find that you will increase your trades with reputable P2P traders around the world.
To get started:
- Go to Localcoinswap.com and click the “Sign Up” button
- Fill in your email address, choose a unique username, and a secure password.
- Click Register when you’ve finished filling out the sign-up form.
- Verify your account and then sign in
- Once you are logged in, you can find a buyer or seller that suits your requirements
- Or “Post a Trade” to create your trade advertisement to buy or sell Bitcoin on your own terms
- Make the trade
- Provide feedback
LocalCoinSwap Is The Future Of P2P Trading
LocalCoinSwap P2P cryptocurrency exchange is inclusive and accessible by everyone worldwide. It’s user-friendly and modern while providing the best all-around P2P trading experience with all the features you could want from an OTC exchange. No matter who you are or what your needs are LocalCoinSwap likely has you covered. Things move fast in the cryptocurrency space, and LocalCoinSwap is doing precisely that, swiftly adapting to the broader cryptocurrency market of the future.
So what are you waiting for? Get started P2P trading on LocalCoinSwap today!