The Localcryptos was launched on 23rd October 2017 with near to 800 P2P offers of ether in 80 fiat currencies. The platform achieved more than 100 over the counter trades in just two days of launch.
Fee structure - The platform uses a maker/taker model for charging a fee for its service.
The maker is the person who places the offer and is charged 0.25%
The taker is the person who responds to the offer and is charged 0.75%
The platform also encourages people to post ads and offer discounts to the maker.
Localcryptos platform is said to be the best alternative for the Localbitcoins. This platform was initially launched as LocalEthereum and was then rebranded as Localcrypto in November.
The main aim of the platform was to support the buying and selling of Ethereum all over the world . But it has also added Bitcoin and is now on the way to add many more cryptocurrencies based on the voting preferences. The Localcryptos platform mainly differs from other major exchanges as it facilitates transactions through escrow services and is non custodial.
Primacy Features of LocalCryptos Exchange
Here is the salient features of LocalCryptos exchange platform-
Non custodial Platform
Many cryptocurrency exchanges that are decentralized hold crypto assets of the traders within their custody. This makes it more vulnerable to hacking and theft. Those exchanges that take over the custody of user’s assets are not fully decentralized.
But Localcryptos is a non custodial platform that does not hold crypto under the custody.
Encrypted Messaging
The platform has end to end encryption messaging facilitated between both the parties. The messages are encrypted with hidden keys and these are messages will be known to the sender and receiver of the messages.
Peer to Peer Network
The peer to peer refers to the exchange of assets between the two different individuals and there is no third party involved in it.
The platform is fully human to human decentralized exchange. Near to 100,000 users around the world are utilizing the platform for the escrow services.
Escrow services
The Localcryptos is fully protected against any kind of theft attack and is providing an open source escrow account to its users. Here the admin will not involve in the payment monitoring processes. But when there is a dispute, then the admin will step in to resolve the issues.
Transparent
The platform makes it clear to mention all the functionalities to the user of the platform and there is no hidden charges or taxes imposed on the users. The platform holds transparent relation with its users.
Wallet
Localcryptos offer its users wallet services that enables them to store their cryptocurrency assests easily. Its a safe to use wallet and easy to use as it is a non custodial and is protected by the cryptography integrated into the browser. The enables the user to send and receive the crypto whenever or wherever they want.
Low Fees
The platform charges very low fees (i.e) 0.25% maker fee and 0.75% taker fee.
Community voting for New Cryptocurrencies
The platform is an very evolving space and the users of the platform get to suggest new features and participate voting for new cryptocurrencies. Currently, the platform allows trading for Bitcoin, Ethereum and Litecoin.