Step 1: Sign up to LocalCoinSwap
Visit LocalCoinSwap and sign up for an account here. All that is needed to sign up is a username (of your choosing) and a valid email address.
Step 2: Click Advertise and Create Ad
On the header of the site (at the top of your screen) click “Post A Trade”. This will take you to a screen where you can input all the details needed to create your own advertisement to buy or sell cryptocurrency.
The following settings are required to Post A Trade.
- Select if you would like to buy or sell cryptocurrency
- Select the location that you would like to trade in. How specific you are with this depends on the payment method that you would like to accept or use. For example, if trading for cash in person then you would want to specify a city as you will be meeting up with the other user. If trading via Western Union or SWIFT international transfer then you can select worldwide as they are both payment methods accepted across international borders.
- Select the payment method you would like to use. Ensure that this is a payment method that you can reliably use when needed.
- Select the cryptocurrency that you have to buy or sell.
- Select the fiat currency that you would like to pay or receive funds with.
- Select the trade limits. These limits are in the cryptocurrency you have selected. For example, if you are purchasing Ethereum using USD and you set limits of
Min: 1
Max: 20
Then people can only respond to your advertisement to buy between 1 and 20 ETH from you. No less or more. These figures will be displayed to the user in fiat value. - Decide on a pricing method. The basic margin pricing is the simplest method.
- Inputting 2 into this field will create an advertisement to sell the chosen cryptocurrency at 2% above market price.
- Inputting 3.5 will create an advertisement to sell the chosen cryptocurrency at 3.5% above market price
If you would like to specify a fixed nominal price, you can do this by selecting "Fixed price". If you have selected EUR as the fiat currency, then input the number 200 into the box will set your price at 200 EUR, irrelevant of the market price.
For more information on pricing equations, please see here
There are additional fields that you can fill to further define your advertisement. These can be reached by clicking “Optional details” below the pricing formula.
Liquidity tracking:
Turning liquidity tracking automatically adjusts your trade limits for a specific advertisement depending on how much you have sold. This can be used to ensure you do not “oversell”
Say you create an ad to sell LCS with trade limits of 100- 2000 LCS for bank transfer. If someone responds to your advertisement and you sell 1000 LCS to them, your trade limits will automatically reduce to 100 - 1000 LCS for this advertisement.
If your wallet balance is depleted then your posted trade will automatically go offline.
Trade sizes:
Certain payment methods may require specific trade sizes. For example, if you are selling using a gift card that is only available in $20, $50, $100. In this case, you would input 20, 50, 100.
Another time that specific trade sizes may be useful is for cash trading if you only want to receive bank notes rather than coins.
Trading Conditions:
In this field, you can enter any conditions that you require for the user to complete the trade.
Automatic cancel time:
This is the time in minutes after which the trade will be canceled if you do not accept the trade. A shorter time will encourage more traders to respond to your advertisement. A longer time period means that users will have their cryptocurrency locked up for longer if you do not accept the trade. Be sure to set a reasonable time period taking into account how long it will take for you to respond.
For the following 3 settings, only users that meet the requirements will be able to see and respond to your advertisement.
Photo ID Required:
Turn this on if you will only sell to users that have verified photo ID.
Phone verification required?:
Turn this on if you require potential traders to have
Minimum rating of other traders:
Here you can set a minimum rating of traders. If you set this to say 90%, traders with a lower rating will not be able to see your ad.
Would you like to set your availability hours?
This section allows you to select the hours that you will be available. You can have your advertisement not visible for times when you will be unable to respond. For example when you are sleeping or otherwise engaged.
Clicking the + will allow you to set different availability hours for each day individually.
Step 3: Publish
Once you have inputted all the details for your advertisement, simply click “Publish Trade” and your ad will be live given it is within your hours of availability.