When you have few regulations affecting your ability to access bitcoin as well as an unlimited number of channels in order to buy bitcoin, it's easy to lose sight of how difficult buying bitcoin can be for some people around the world and thus the importance of P2P cryptocurrency exchanges.
Whether you lack access to adequate identification documentation to fulfill KYC, live in a country that closes bank accounts linked to centralized exchanges, need to hedge your fiat against economic instability, hyperinflation, devaluation, demonetization, prefer privacy in your transactions, want access to more payment methods such as cash or simply feel that security is paramount when dealing with any cryptocurrencies then the ability to buy bitcoin on a P2P cryptocurrency exchange will matter to you.
The good news is that buying bitcoin P2P on LocalCoinSwap is one of the most accessibile and inclusive ways to buy bitcoin for everyone worldwide and with the migration of LocalCoinSwap from a custodial to a non-custodial P2P cryptocurrency exchange on track for release in the coming weeks, it is only going to get better as you will soon be in control of your private key which will give you a huge advantage when it comes to security.
In the meanwhile, here is a short infographic that breaks down how to buy bitcoin on LocalCoinSwap in 6 easy steps...
- Register your account
One of the primary advantages of LocalCoinSwap is that, unlike most other exchanges, registration only takes minutes. All you need to do is go to https://localcoinswap.com and fill in the very short form to register. There is no KYC to join which means that there is no need for unecessary identification documentation to get started.
- Find a sell offer that you like
Next you need to use the search fields to search the exchange by cryptocurrency, fiat currency (your local currency), location and even payment method. The objective is to find a sell offer (an advertisement) that has the best price point for you. Similar to eBay, on a P2P cryptocurrency exchange, each seller is responsible for the price of their advertisement so it is important that you review and compare all of the advertisements selling bitcoin so that you can choose the one that is best for you.
- Open a trade to buy bitcoin
Once you find a seller's advertisement selling bitcoin that suits your preferences you need to enter the amount of bitcoin that you want to buy and click 'Buy bitcoin'. Always take the time to read through the terms and conditions as it will help you understand more about the seller's expectations.
- Seller puts crypto in secure escrow
Once the seller accepts the trade, their BTC is placed into secure escrow to protect the buyer during the trade process.
- Make payment to the seller
Once the seller accepts the trade and the bitcoin is placed into and protected by secure escrow you then need to pay the seller directly with the payment method that you both agreed on.
LocalCoinSwap currently has over 250 different payment methods to choose from including cash-in-person, local bank transfer, online bank transfers, credit/debit card, Skrill and even gift cards such as Amazon and iTunes.
- Seller releases bitcoin to you
Once the seller confirms that they have received your payment, they can then release the bitcoin from secure escrow and into your on-site bitcoin wallet.
If there are any issues, a dispute can be raised within the trade interface and an LCS support representative will help you to resolve the trade with ease.
And that's it! You can now buy bitcoin on LocalCoinSwap!