Score
LocalCoinSwap
China Hong Kong
5-10 years
Suspicious Regulatory License|
Medium potential risk
https://localcoinswap.com/
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Influence
A
Influence Index NO.1
United States 7.79
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1It has been verified that this Exchange currently has no valid regulation, please be aware of the risk!
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| Registered Country/Area | Hong Kong |
| Founded year | 2017 |
| Regulatory Authority | Not regulated |
| Numbers of Cryptocurrencies Available | 11 |
| Fees | Vary, refer to details in the article |
| Payment Methods | 300+ methods such as Bank transfer, cash, Paypal, Alipay, WeChat Pay |
| Customer Support | Contact us form, FAQs, social media: Telegram, Facebook, Reddit, Twitter, LinkedIn, YouTube |
Overview of LocalCoinSwap
LocalCoinSwap, founded in 2017 and based in Hong Kong, is a cryptocurrency exchange platform known for its peer-to-peer trading structure. Without the constraints of a traditional centralized exchange, it offers a more flexible trading environment, allowing users to engage in direct transactions with one another.
It supports 11 cryptocurrencies for trading including BTC, ETH, USDC, USDT, DAI etc. A standout feature of LocalCoinSwap is the variety of 300+ payment methods it accepts. From traditional bank transfers to digital payments like Paypal, Alipay, and WeChat Pay, it caters to a broad audience. For those who prefer a more personal touch, cash transactions are also an option.
Pros and Cons
| Pros | Cons |
|---|---|
| Educational resources available | Lack of Regulatory Oversight |
| Offers wallet and project listing services | Limited cryptocurrencies offered |
Security
- Cold and Hot Wallets: The distinction between cold (offline) and hot (online) storage ensures that a significant portion of users' funds is kept away from potential online breaches.
- End-to-End Encryption: Any communication or transactional data is typically encrypted, ensuring the privacy and security of data in transit.
- Two-Factor Authentication (2FA): 2FA adds an additional layer of security, requiring users to input a secondary code sent to another device, making unauthorized access more challenging.
- Anti-Phishing Features: Many platforms use measures to prevent phishing attempts and regularly inform users about potential scams.
- Regular Security Audits: It's not uncommon for platforms to undergo periodic security audits to identify and address potential vulnerabilities.
Services
Beyond cryptocurrency trading, LocalCoinSwap diversifies its services by offering a suite of features designed to enhance the user experience.
It provides LocalCoinSwap Wallets that allow users to manage all their cryptocurrencies from a single dashboard. These wallets support the most popular cryptocurrencies, ensuring a wide range of digital assets can be stored in non-custodial wallets, enhancing user control and security.
Moreover, LocalCoinSwap offers a project listing service, providing an opportunity for cryptocurrency ventures to enhance their visibility. By being listed, projects have the opportunity to reach a wider audience that includes users of LocalCoinSwap's trading platform and beyond.
How to Open an Account？
The registration process for LocalCoinSwap is straightforward and can be completed in just a few steps:
- Visit the LocalCoinSwap website and click on the “Register” button.
- Provide your email address and create a strong password for your account.
- Verify your email address by clicking on the verification link sent to your inbox.
- Complete your profile by providing your personal details and verifying your identity. This may include uploading identification documents as required.
- Set up additional security measures such as two-factor authentication (2FA) to enhance the security of your account.
- Once your account is fully verified, you can start trading and accessing all the features and services offered by LocalCoinSwap.
Fees
Account Registration: Free
Depositing Cryptocurrency: Free
Buying/Selling Cryptocurrency to Traders: Free
Creating Trade Offers: 1% fee per completed trade
Withdrawing Bitcoin: No platform fee but network transaction fees apply
Withdrawing Ethereum and Ethereum-based Tokens: No platform fee but Gas costs (network transaction fees) apply
Trading Bitcoin: 1% fee for trades over 0.005 BTC, or a flat fee of 0.00005 BTC for trades below 0.005 BTC
Trading Ethereum and Ethereum-based Tokens: No platform fee but Gas costs apply for the escrow process
Trading TRX Tokens: 6 TRX fee, covering 50% of the usual network fee of 12 TRX
Trading TRC20 Tokens: Fee of 2 of the traded tokens, effectively reducing the network fee cost by over 50%.
Payment Methods
With over 300 payment methods available, choices span from in-person cash exchanges, traditional bank wire transfers, SEPA, SWIFT, to modern digital payment apps and even gift cards. This decentralized approach aims to cater to various user preferences and geographical considerations.
Is LocalCoinSwap a Good Exchange for You？
LocalCoinSwap's claim to fame lies in its peer-to-peer, non-custodial crypto trading experience. Unlike traditional exchanges where users deposit their funds into a central platform, LocalCoinSwap facilitates direct trades between individuals, giving users greater control over their assets and privacy.
This approach makes LocalCoinSwap ideal for:
- Privacy-conscious users: By eliminating the need for intermediaries, LocalCoinSwap minimizes the amount of personal information users expose during transactions.
- Users in restrictive regions: LocalCoinSwap's P2P nature can be a boon for users in countries with strict cryptocurrency regulations or limited access to traditional financial services.
13 ratings