LocalCoinSwap Review: Payment Methods, Available Cryptocurrencies, Fees, Pros, Cons
Felix Küster
If you’re looking for a peer-to-peer multi-custodial trading platform that offers both custodial and non-custodial trading options for various cryptocurrencies, then LocalCoinSwap might be the platform for you.
With its reputation system, Escrow protection, 2-FA, and dispute moderation, LocalCoinSwap aims to provide a safe and secure environment for trading.
But is it really worth your time and money? In this review, we’ll take a closer look at LocalCoinSwap’s features, benefits, drawbacks, and user experience to help you make an informed decision.
LocalCoinSwap supports over 300 payment methods, including cash in person, and offers a referral program for partners and invited users. However, keep in mind that security depends on the chosen trader, and there are high trade rates.
But with its user-friendly interface, LocalCoinSwap makes it easy to buy and sell cryptocurrencies, even for beginners.
So, whether you’re a seasoned trader or just getting started, read on to learn more about LocalCoinSwap and whether it’s the right platform for you.
| Topic | Details |
|---|---|
| 🌐 Platform Overview | LocalCoinSwap is a peer-to-peer, multicustodial trading platform that offers both custodial and non-custodial trading options for various cryptocurrencies. It features a reputation system, escrow protection, 2FA, and dispute moderation. |
| 💰 Fees | The platform charges a 1% transaction fee for ads. There’s also a fixed fee for withdrawals. |
| 📜 Features | LocalCoinSwap supports over 300 payment methods, including cash in person, and offers a referral program for partners and invited users. It also supports over 20 cryptocurrencies and 160+ fiat currencies. |
| 👍 Pros | The platform is praised for its user-friendly interface, optional KYC verification, and extensive list of supported cryptocurrencies and fiat currencies. |
| 👎 Cons | Security depends on the chosen trader and there are high trade rates. |
What you'll learn 👉
What is LocalCoinSwap?
You’re probably wondering what this platform is all about – let’s dive in and explore what LocalCoinSwap has to offer!
LocalCoinSwap is a peer-to-peer exchange that allows users to buy and sell cryptocurrencies such as Bitcoin and Ethereum. It offers a variety of features and benefits, including multi-custodial trading options, optional KYC verification, and 300+ payment methods.
With over 20 cryptocurrencies and 160+ fiat currencies supported, it’s no wonder why LocalCoinSwap has become one of the most popular P2P exchanges in the market.
User reviews and feedback have largely been positive, with many praising LocalCoinSwap’s user-friendly interface and commitment to providing the best trading experience for its users. Competitors and alternatives to LocalCoinSwap include Paxful, LocalBitcoins, and LocalCryptos, each with their own unique features and benefits.
However, LocalCoinSwap stands out with its extensive list of supported cryptocurrencies and fiat currencies, as well as its optional KYC verification feature. Whether you’re a seasoned trader or a beginner, LocalCoinSwap has something to offer for everyone.
How Does LocalCoinSwap Work?
To understand how LocalCoinSwap operates, it’s important to know that the platform is a peer-to-peer exchange for 11 cryptocurrencies, with transactions protected by escrow scripts and multiple ways to make a deal.
The trading process is straightforward and customizable, with options to use someone else’s ad, create your own ad, or directly trade from your wallet. Transactions are protected by escrow protection and multi-factor authentication for each transaction.
Users can keep their assets in their own wallet or in cold storage platforms, and there are no replenishment limits, with even 1 ruble exchanges possible.
LocalCoinSwap offers a variety of payment options, supporting over 300 deposit and withdrawal methods, including cash in person.
The commission for using the platform is a 1% transaction fee for ads, with a fixed fee for withdrawals. The margin level and crypto exchange chosen are at the discretion of the user.
Although identity verification may be required for transactions with other users, there is no obligatory verification upon registration.
Disputes can be opened within 12 hours of execution, and complaints can be accepted within 120 days. Customer support is available through email, feedback form, social networking communities, and forums.
Payment Methods on LocalCoinSwap
If you want to feel empowered and have control over your payment options, you’ll love the variety of payment methods available on this platform.
LocalCoinSwap offers over 300 deposit and withdrawal options, including cash deposits, online transfers, and even gift cards, making it one of the most flexible peer-to-peer marketplaces out there. You can choose the payment method that best suits your needs, and you’ll find plenty of sellers willing to accept it.
With LocalCoinSwap, you can even exchange cryptocurrencies for gift cards from major retailers such as Amazon, iTunes, and Google Play.
If you prefer to pay in cash, you can choose from a range of cash deposit options, including bank transfers and Western Union. And if you prefer to use online payment methods, you can choose from a variety of options, including PayPal, Skrill, and Neteller.
No matter what payment method you prefer, you’ll find it easy to use and convenient on LocalCoinSwap.
Available Cryptocurrencies on LocalCoinSwap
As a crypto enthusiast, you’ll be pleased to know that there are 11 cryptocurrencies available on this peer-to-peer marketplace, giving you the opportunity to diversify your portfolio and explore new digital assets.
LocalCoinSwap supports some of the top traded cryptocurrencies, such as Bitcoin, Ethereum, and Litecoin, as well as lesser known cryptocurrencies like DASH, ZCash, and Monero. This variety allows you to trade based on your preferences and investment strategy.
In addition, LocalCoinSwap is constantly expanding its offerings, with plans to add more cryptocurrencies in the future. This means that you’ll have access to a wider range of digital assets and can stay ahead of the market trends.
Whether you’re looking to trade established cryptocurrencies or want to explore new and emerging assets, LocalCoinSwap has options for you.
Trading Fees on LocalCoinSwap
You’ll love the low trading fees on this platform, giving you more control over your profits and making it easier to trade your favorite cryptocurrencies.
LocalCoinSwap charges a 1% transaction fee for ads, which is relatively low compared to its competitors. This fee is fixed, so there are no hidden costs that may impact your trading strategy. Furthermore, there are no deposit fees on the platform, making it easier for you to start trading without worrying about additional costs.
Comparison with competitors shows that LocalCoinSwap offers a competitive trading fee structure, making it an attractive option for users looking to trade cryptocurrencies without incurring high fees. This fee structure is particularly beneficial for users who trade frequently, as it allows them to keep more of their profits.
Additionally, the fixed transaction fee makes it easier to plan your trades and avoid unexpected costs. Overall, LocalCoinSwap’s low trading fees and lack of hidden costs make it a great option for users looking for an affordable and convenient way to trade cryptocurrencies.
User Interface and Experience
Navigating the platform is a breeze thanks to its user-friendly UI design. You can easily access all the features and functions of LocalCoinSwap. The platform’s user experience is top-notch, providing you with a seamless trading experience that’s both intuitive and easy to navigate. You won’t have to worry about getting lost or confused as the navigation flow is straightforward, making it easy to find what you need.
To enhance your user experience, LocalCoinSwap offers several features that make trading cryptocurrencies a piece of cake. Here are three sub-lists to engage you:
- Responsive design: The LocalCoinSwap platform is fully responsive, meaning it can be accessed on any device, including mobile, desktop, and tablet. This feature ensures that you can trade cryptocurrencies on the go, no matter where you are.
- Customizable Dashboard: You can personalize your trading experience by customizing the platform’s dashboard to suit your trading style. You can choose which information is displayed, such as your trading history, open orders, and balances.
- Easy Ad Posting: Posting an ad is a quick and easy process that can be completed in just a few clicks. LocalCoinSwap even provides a step-by-step guide to help you create your ad.
Overall, LocalCoinSwap’s user interface and experience are designed with simplicity and functionality in mind, making it easy for anyone to trade cryptocurrencies with confidence.
Customer Support
Getting help is a breeze on this platform, with customer support available through various channels, such as email, feedback forms, and social networking communities. It makes it feel like there’s always a helping hand available to guide you.
LocalCoinSwap takes pride in its customer support, and it shows in the response time, effectiveness of solutions, and user satisfaction. The team is dedicated to resolving any issues or concerns promptly, and they have a reputation for being thorough and professional.
Whether you have a question about the platform’s features or need assistance with a transaction, LocalCoinSwap’s customer support team is always available to provide guidance. They are knowledgeable, friendly, and responsive, and they work hard to ensure that every user has a positive experience on the platform.
With their help, you can trade with confidence and peace of mind, knowing that you have a team of experts backing you up every step of the way.
Read also:
- Bybit P2P Review: Supported Coins, Payment Methods, Fees
- Advantages and Disadvantages of Trading Cryptocurrencies [Guide for Beginners]
- Kucoin P2P Review – How to Buy Crypto on Kucoin P2P Marketplace?
Is LocalCoinSwap legit?
You’re probably wondering if this platform is legit – the good news is that LocalCoinSwap has been established since 2015 and has positive reviews on Trustpilot, which should give you some peace of mind.
Additionally, LocalCoinSwap places a strong emphasis on user safety and scam prevention. The platform uses escrow scripts to protect transactions, and each transaction requires multi-factor authentication. Furthermore, disputes can be opened within 12 hours of execution, and complaints can be accepted within 120 days.
LocalCoinSwap is also a community-driven platform, which means that it is constantly evolving and adding new features in response to community feedback. The platform is moderated and present on serious thematic forums, and customer support is available through email, feedback form, social networking communities, and forums.
While there is no obligatory verification upon registration, identity verification may be needed for transactions with other users. Overall, LocalCoinSwap is a legitimate platform that prioritizes user safety and offers a variety of trading options for cryptocurrency enthusiasts.
Is LocalCoinSwap Worth Your Time and Money?
If you’re considering investing in a P2P trading platform, you’ll want to know if LocalCoinSwap is worth your time and money. Well, based on user feedback, it seems that LocalCoinSwap is a legit platform that provides a safe and reliable trading experience.
The platform offers a variety of payment types and supports a wide range of fiat currencies, making it accessible to traders from all over the world. Plus, it allows users to trade 11 cryptocurrencies, which is a decent selection for a P2P exchange.
In terms of security measures, LocalCoinSwap uses escrow scripts to protect transactions, and it offers multi-factor authentication for each transaction. Additionally, users can keep their assets in their own wallet or a cold storage platform for added security.
Of course, it’s always important to exercise caution when trading on any platform, but LocalCoinSwap seems to have measures in place to mitigate risk. If you’re looking for alternative platforms, you might consider Paxful, LocalBitcoins, or LocalCryptos, which are all popular P2P exchanges with their own unique features.
Conclusion
Overall, LocalCoinSwap is a solid platform for peer-to-peer trading of various cryptocurrencies. Its reputation system, escrow protection, and dispute moderation ensure safe trading, while the availability of both custodial and non-custodial trading options offer flexibility for users.
The platform also supports an impressive number of payment methods, making it easier for users to buy and sell cryptocurrencies in their preferred way. However, it is important to note that security ultimately depends on the chosen trader, and the high trade rates may not be suitable for everyone.
Additionally, while the referral program offers benefits for partners and invited users, it may not be as attractive for those who are solely interested in trading. All in all, if you’re looking for a platform that offers various payment methods, a reputation system, and both custodial and non-custodial trading options, LocalCoinSwap is definitely worth considering.
As the saying goes, “Don’t put all your eggs in one basket,” and LocalCoinSwap provides a diverse range of options for buying and selling cryptocurrencies.
