LocalCryptos is different from the traditional cryptocurrency exchanges where the buyers and sellers are matched in an automated way. It is a peer to peer marketplace which allows the users to buy bitcoin or from sellers directly around the world. It provides the perfect platform for buyers and sellers for trading and communication in a trustless and secure way. Here on this platform, prices are on the higher side as the sellers determine their prices for making more profits. The buyers and sellers have to only verify their email addresses and the verification of the phone is optional, some sellers require it from the buyers before getting engaged in trade.
How to Create a LocalCryptos Account
- Step 1: Click on the link of Login or Signup on the top corner of the right-hand side of the website of Localcryptos.com.
- Step 2: Then fill your first name, last name, email id, password, and mobile number in the form.
- Step 3: Enter the referral code if you have while creating your account.
- Step 4: Then submit the form and wait for the activation email to be sent to you.
- Step 5: Then click on the “confirm email” link in the activation email.
- Step 6: After the activation of your account, a six-digit OTP will be sent to you, which you have to enter after logging into your localcryptos.com account.
The procedure of using LocalCryptos Safely
For using LocalCryptos safely, it is very important to know about the transaction history of the sellers and their rating in the past transactions. Sometimes it becomes a worthy choice, to pay a bit more to make healthy transactions with more trustworthy sellers. Therefore, for checking the transaction history of sellers, it is best to check their profile and be sure that they qualify the following parameters:
- The communication of sellers must be in a professional way.
- Sellers must have completed more than 100 trades.
- The account of sellers must be more than one year old.
- The email and phone number of sellers must be verified.
If the sellers are not meeting all the above criteria, then one can search for the next best things. Check carefully whether sellers have completed the successful trades in large numbers in the past.
How to Initiate for Trade?
For initiating the trade, first, send the message to the sellers requesting them for trade and then wait for their response. It is very important to follow the given below instructions:
- Do not send your payment information other than the LocalCryptos Message Box. It is recommended to use only the LocalCryptos Interface.
- Do not send any additional information before receiving the response from the seller.
- Agree to trade with the seller outside LocalCryptos, as there will be no protection provided by the LocalCryptos escrow service.
- Send the payment before the seller puts the funds in escrow.
- Only after sending the payment, mark the payment with assurance, otherwise, you will be denied from the trade.
LocalCryptos is a well-trusted and user-friendly platform as well as it also focuses on privacy. This platform is liked for several reasons- as it is completely non-custodial which means that funds can be accessed by the owner itself. The funds of the owner or user are not at any risk, even if LocalCryptos gets out of the business or gets hacked. It is more focused on privacy, and in the terms of payment methods, gift cards are mode of eligible payment methods as well as it also enables the cash trades. This platform provides secured trading due to its various features as follows:
- End to End Encryption: With the help of the secret key, the message between the seller and buyer is encrypted and it is known to the only buyer and their trading partner.
- Escrow: When the buyer request for a trade, the bitcoin of sellers are held on the LocalCryptos Escrow service.
- Reputation System: Highly reputable as each trader have their reputation rank as well as records of public history which shows the past transactions.
- Conflict Resolution & Support: The support systems are always ready to support and help and resolve conflicts or issues.
- 2FA: It prevents the people from hacking the account of the buyer as when the user login then the user will be required to confirm their login request by their email verification.
Unique features of LocalCryptos which make it different from Others
- Its non-custodial nature.
- Human to Human
- End to end encryption
LocalCryptos is the first largest platform that offers the non-custodial escrow system. The technical details of escrow depend on the choice of cryptos. As the BitCoin Escrows uses A P2WSH transaction while Ethereum Escrows uses a smart contract transaction. When a new crypto is added, then the engineering team of LocalCryptos develops a new script of Escrow to fit the protocol. The non-custodial escrow system makes it impossible for the LocalCryptos, to steal from the escrow accounts. The non-custodial nature of the platform makes it immune from the common thefts and hacks.