ZoneBitcoin EditorialThe peer-to-peer (P2P) platform LocalCoinswap was launched in 2018 and has since enjoyed growing popularity across the world. LocalCoinSwap is a platform that allows you to sell and to buy bitcoin without KYC, but also other cryptocurrencies.
Furthermore, the platform offers a wide variety of payment methods and supports a very wide choice of fiat currencies. This is certainly what makes this P2P platform a must-have on the market.
In general, peer-to-peer platforms for buying and selling bitcoin focus only on Bitcoin. This can be a very good thing for people who just want to have and own bitcoin. However, sometimes people also look for peer-to-peer platforms to exchange cryptocurrencies like ETH for example or stablecoins for example.
In this article, we will give you our opinion on LocalCoinswap by exploring the advantages and disadvantages of the platform. This will help you better know if this platform is right for you.
LocalCoinSwap Overview
LocalCoinSwap is a online peer-to-peer platform that allows you to buy bitcoin and several other types of cryptocurrencies to other people (and businesses) around the world. The platform does not require you to submit any identity documents. This makes it a prime place for those who want to protect their privacy.
Payment methods are very varied on the LocalCoinSwap platform, not to mention the fact that several cryptocurrencies are exchangeable.
The flexibility offered here allows you to adjust the terms of your trade-in offers to meet your needs, whatever they may be. Additionally, if a payment method is not currently available, you can even contact the support team to suggest adding a currency, for example. In fact, several features are added regularly, often in response to community feedback.
Although LocalCoinSwap is one of the newer platforms in the peer-to-peer platform market, it has provided a platform that is growing both in terms of users and from a technical point of view.
Are transactions on LocalCoinSwap secure?
This is the first question you should ask yourself when looking for a platform to buy or sell bitcoins.
On localCoinswap, there are several features provided by the platform that help ensure that you can trade securely:
- Reputation system : Each trader has a profile that provides a public account history with clear rating from other users. This shows useful information about one's history in order to make informed decisions about who to trade with on the platform.
- Two-factor authentication (2-FA) : You can choose either email as the two-factor authentication (2-FA) method, or use an OTP application such as Google Authenticator and Authy for example. This provides a second layer of security to your account and is enabled by default with email link verification.
- Support and dispute management : LocalCoinSwap has a support team and customer service available. You can contact them at any time with a question or suggestion.
- Escrow service : When trading peer-to-peer, protection via escrow (fiduciary custody) is crucial and even essential. LocalCoinSwap not only provides a service that allows you to “hold” bitcoins before releasing it but also provides clear instructions to help new users understand the process.
- Trading without custody : You can also choose to exchange without going through the escrow system. You do not have to send funds to the platform at any time. You can trade directly from your wallet and LocalCoinSwap if you wish for example.
What cryptocurrencies can you trade on LocalCoinSwap?
LocalCoinSwap not only offers BTC but also ETH and other cryptocurrencies such as stablecoins or dogecoin For example. This is very rare on other peer-to-peer platforms, you should know that. The only peer-to-peer marketplace that comes close to LocalCoinSwap in terms of cryptocurrency selection was “LocalCryptos”, but it has been a closed site since then.
In terms of cryptocurrencies, LocalCoinSwap supports:
- Bitcoin (BTC)
- Ether (ETH)
- Tether (Stablecoin)
- USDC (Stablecoin)
- DAI (Stablecoin)
- LCS (LocalCoinSwap native token)
While we like the number of stablecoins supported by LocalCoinSwap, some other token choices seem unsuitable. We do not recommend trading these tokens as the liquidity is very low. To trade this type of cryptocurrencies, it makes more sense to go to trading platforms like Bybit or Kucoin for example.
It is also important to know that the platform allows you to exchange cryptocurrencies on 4 different blockchains including:
- Bitcoin
- Ethereum
- Zeal
- Tron
What payment methods are accepted?
When it comes to payment methods, LocalCoinSwap supports a very wide range of options. The seller has the flexibility to decide not only which payment method to accept, but also which fiat currency they wish to exchange.
Some popular payment methods used on the site include:
- Cash in person (not recommended method, be careful).
- Bank transfer (simplest and fastest, including instant bank transfer)
- TransferWise
- Local bank transfer in fiat currency of your choice
- Cash deposit
- PayPal
- Skrill
- Mobile Money (for residents in Africa in particular)
What are the LocalCoinSwap fees?
If you respond to a swap offer on LocalCoinSwap, you won't pay any fees, which encourages users to search for deals on the site. However, if you choose to create your own trade-in offer, the fee is reasonable at 1%, which is only charged for a full trade-in.
For buying or selling Bitcoin, LocalCoinSwap provides you with a non-custodial Bitcoin wallet, no fees are charged by the platform itself for using this wallet. However, you will have to pay the transaction fees necessary to broadcast the transaction on the Bitcoin network. These fees go directly to the miners who process and validate the transaction on the network.
In fact, the fees will also and above all depend on the cryptocurrency you wish to exchange.
| Type of operations | Cost |
| Account opening | Free |
| Cryptocurrency deposit | Free |
| Buy or sell cryptocurrency to traders on the site | Free |
| Post an offer | Users who create trade offers are charged a 1% fee for each completed transaction. |
| Withdrawing BTC to an external wallet | LocalCoinSwap provides you with a non-custodial Bitcoin wallet where no fees are charged by the platform itself for using this wallet. However, you will have to pay the transaction fees necessary for the transaction on the Bitcoin network. These fees go directly to the miners who process and validate the transaction on the network. |
| Withdrawal of ETH | All LocalCoinSwap wallets containing Ethereum and ETH based tokens are non-custodial. So there is no withdrawal limit and the user has to pay all associated transaction fees. These transaction fees are called Gas and paid to miners. The amount of ETH required depends on the gas price which is determined by network congestion at the time of sending. This ETH must be at the same address you are trying to withdraw from if sending tokens. |
| Trading TRC20 Tokens on TRX | Trading TRX requires the seller to pay blockchain fees on the TRON network, which typically amount to 12 TRX. However, LocalCoinSwap takes care of these fees and only charges you 6 TRX, reducing the cost of blockchain fees by 50%. |
If you use their non-custodial trading, you may incur some additional costs, although these are minor and are not levied directly by the platform itself, but rather used to pay for the on-chain transactions that are part of the trading process for non-custodial transactions.
For example, when trading on Ethereum you will need a little more ETH to pay the Ethereum transaction fees that go to the network's validators. The required amount fluctuates based on demand from the Ethereum blockchain itself and is not an amount set by LocalCoinSwap.
You can also choose to trade directly with your Metamask wallet, reducing some of the transaction fees you would otherwise have to pay when sending funds to your LocalCoinSwap account when trading tokens. This option is not available for bitcoin, however, because Bitcoin as such is not supported by Metamask.
How to use LocalCoinSwap (Tutorial)
➡️ First step: Registration
All you need is you register with an email address to start using the platform. LocalCoinSwap can get you signed up and trading in just a few moments. The process is quick and does not impose restrictions or identity checks on you.
There are no deposit limits or other significant obstacles that hinder your registration with the platform. Indeed, LocalCoinSwap is one of the few platforms where you can buy bitcoin without KYC. You just need to find a seller willing to sell to unverified users, and there are plenty of them, from what we've seen.
➡️Second step: Choose your offer
Now that you are registered, you can choose whatever you want. In our example, we want to sell bitcoin. The process is the same whether you want to buy bitcoin or other cryptocurrencies.
To do this, it is up to you to specify your criteria such as the cryptocurrency you want, the payment method of your choice and even the country of your interlocutor.
For example, we chose to sell bitcoin, being paid by instant SEPA transfer with a contact based in Spain.
➡️Third step: Make a first choice
Once you have found a suitable match, you can enter the amount of cryptocurrency you wish to exchange in either fiat value or the value of the cryptocurrency being exchanged.
There you will have a list of suggestions. It's up to you to choose the best trader for you, and to see the price displayed according to the current market.
If you are new to peer-to-peer trading or cryptocurrency trading in general, the best way to start using LocalCoinSwap is to find an experienced trader to help you make your first trade a great experience. On LocalCoinSwap, you can visit users' profiles and check their recent comments, see when they were last active, as well as see other useful information such as the number of trades they have made.
➡️Fourth step: Start an exchange
Once you find it, you can click on the “blue” button. There, you will need to enter the exact amount (in cryptocurrency or fiat currency) to initiate the transaction. Some traders have limits like the one we found who only trades from 300 euros for example.
You can also read the instructions from your contact. Read them carefully because each person has their own requirements.
There, once you agree, you can click “sell”.
➡️Third step: Carry out the operation
From now on, you can exchange and chat with the person. You have to wait for him to respond before doing anything. Usually it goes very quickly. Once you agree.
You can start the operation. This involves sending your bitcoin to the address provided by the platform. These are not sent directly to the trader. Once the platform receives the bitcoins, it notifies the trader that the funds have arrived.
This is when the trader will send you the money to your bank account. You need to check the balance in your bank account.
Once it is verified and you have received it. You can click on “release bitcoins”.
Here!
The operation is finished!
Is LocalCoinSwap a legit site?
The company behind LocalCoinSwap is TechHouse Limited. The legal address is at Hamilton Development, Unit B, Charlestown, Saint Kitts and Nevis, Antigua and Barbuda.
The most important thing to remember is that the escrow process offers great protection when used because it allows you to have the guarantee that the money or bitcoin is sent.
LocalCoinSwap Verdict
LocalCoinSwap is for us an excellent platform to buy and sell bitcoin optimally without KYC. With a wide variety of supported cryptocurrencies and payment methods available, as well as reasonable fees and 24/7 support, LocalCoinSwap is a P2P cryptocurrency exchange platform who deserves his success, we would like to say.
However, as with any cryptocurrency exchange, it is important to exercise caution and only trade with people you trust. Always make sure to always trade with people who have some history on the platform.
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Note: This LocalCoinSwap review is based on our personal experience with our editorial team. It is always recommended to do your own research before choosing a cryptocurrency exchange.
