LocalCoinSwap Launches Non-Custodial Trading of Kusama (KSM)

. 6 min read

The LocalCoinSwap KSM Rollout

Starting Monday the 21st of September, we have initiated the launch of KSM trading with a liquidity week. During this time, traders will be able to create offers and familiarize themselves with the platform if they haven’t used it previously. Taking this extra time to allow for liquidity to build will increase trading opportunities upon completing the rollout.

Live trading begins on the 28th of September with all functionality active and available, so you’ll be able to start trading immediately. The underlying foundation for non-custodial trading of KSM has been live since the recent relaunch of our API, so we are excited to see it fully available for trading on the platform as well.

If you have any questions about using the LocalCoinSwap platform, you can contact us via our support portal or reach out to us in our community on Telegram.

Why Kusama Makes a Great Addition to LocalCoinSwap

At LocalCoinSwap, we are enthusiastic about the latest technologies and projects that expand the blockchain ecosystem’s potential, something which we believe describes Kusama. In light of this, providing increased access to a project like Kusama is both an excellent opportunity for our traders and provides us the chance to develop on cutting edge protocols that match our desire to move fast and continue building.

How Does Peer-to-Peer Trading Work?

Peer-to-peer (P2P) trading allows for a more direct approach to exchanging digital assets. Intermediaries and restrictions on the trading process are significantly reduced when trading P2P. Removing many of the limitations associated with order-book style exchanges allows you to better interact with cryptocurrency in your day-to-day life.

When trading P2P, you set your terms and choose how you want to trade. You can select your payment method, location, margin, and much more. Using the flexibility provided by this trading style, you can buy and sell cryptocurrency across the world. When P2P trading on LocalCoinSwap, you are supplied with an escrow system to support you during trades, which helps keep both parties accountable and safe. If you do have an issue, you can request moderation assistance to have it resolved quickly.

The Benefits of Trading Kusama P2P

  • Access to a global marketplace of traders
  • Fewer roadblocks with no forced verification
  • Non-custodial trading gives you more control over your KSM
  • Over 250 payment methods to allow you to buy and sell your way
  • Access to a vast range of fiat pairings so you can trade with what you prefer
  • Access to other cryptocurrencies, including bitcoin
  • No withdrawal or deposit limits

Vendors & Takers in the P2P Community

If you are trading P2P, you have many options for how you may wish to proceed. Maybe you just want to sell a little KSM, or perhaps you’d like to buy some KSM or another cryptocurrency. However, you can consider becoming a liquidity provider and turn your trading into a business opportunity for yourself by offering trading opportunities to your local community or across the world.

Vendors are those on the sell side of a trade; they can range from casual traders to OTC traders, brokerage firms, cryptocurrency holders, and even those making a business for themselves through P2P trading. Those on the other side of the trade, or those buying cryptocurrency, are commonly referred to as takers. Takers can also come in the form of many types of traders, just as vendors do. Whatever type of trader you are, you’ll likely find a way to fit P2P trading into your workflow and improve your trading experience.

Non-Custodial Trading for KSM

When trading KSM on LocalCoinSwap, you have more control over your digital assets. From the wallet you use to the trading process itself is non-custodial, meaning we never gain control of your cryptocurrency. Trading of KSM on our platform is performed via the Polkadot MultiSig pallet in the Kusama runtime, using a KSM reference implementation for P2P trading we developed in-house at LocalCoinSwap that was then open-sourced on Github.

The non-custodial exchange process allows for you to spend more time trading and less time worrying about potential concerns like platform risk. If you back up your account mnemonic or export your private key, you have full access to your funds held in your personal web wallet, even if you couldn’t access the platform itself. If dispute resolution is required during a trade, we can only release the funds to the vendor or the taker; we cannot take control of them ourselves.

How Can I Be Safe Trading P2P on LocalCoinSwap?

On LocalCoinSwap an escrow system is in place that is used to secure the cryptocurrency until payment has been made and acknowledged. If an issue arises, the trade can be disputed at any stage, and at that point, support staff can step in and release the cryptocurrency to the right trader. You also have the ability to get an overview of the trading history associated with those you may be considering trading with, often alongside history that has been imported from other platforms, something that is excellent both for established traders and those looking for their first trading partner.

If you have any issues that require assistance, we have developed a first-class pipeline for providing access to support. Since the platform’s launch, the team at LocalCoinSwap has been working hard to provide a safe, modern, and user-friendly P2P trading platform. We have fostered a close connection to our community and maintained fast support times. If you require help or assistance, you can typically be speaking with a staff member in minutes, not days or weeks. P2P trading can be a very safe and effective way to trade, provided you follow along with the steps during the trading process shown to you throughout your trades.

Provided you take advantage of the escrow system, choose payment methods that are suitable for your needs, and never pay before escrow has been funded, you will find the path to many successful trades is a smooth one. To see more information on staying safe while P2P trading, you can consult our article that delves into the topic of P2P trading safety.

Embracing Regional Arbitrage

Access to cryptocurrency for people worldwide is an important issue, and unfortunately, not something that many types of exchanges can provide. For traders facing problems with access to the financial tools required to utilize many common sources of cryptocurrency, P2P trading with LocalCoinSwap doesn’t just offer an alternative; it provides a better option. You may often find regional price discrepancies that can be arbitraged, allowing you to deliver a community service and potentially profiting yourself.

Alongside providing the ability for more people to access cryptocurrency, LocalCoinSwap also offers the ability for vendors to form profitable trading businesses for themselves. Whether it’s something you do on the side when you have some spare time, or as a full-time operation, P2P trading has become and continues to be a successful business opportunity for many traders, large and small. If you are interested in further exploring this, you can find many articles on our blog exploring the potential for profiting from P2P trading while providing better access to cryptocurrency worldwide.

When trading P2P, you don’t just set your terms, but you control your margins, allowing you to be as competitive as you would like to be.

Payment Methods Can Be Profitable

One of the most significant benefits of using a P2P marketplace like LocalCoinSwap is that there is an inherent ability to be more flexible in how you trade, including access to a wide range of payment methods. Some payment methods are in high demand allowing you to take advantage of payment type arbitrage opportunities and at the same time providing more access to people wanting to buy or sell KSM and other cryptocurrencies.

Profiting from payment methods that attract higher margins can be achieved by merely sourcing your KSM using less expensive payment methods and then selling again with one that is more in demand. A typical example of a high-demand payment method is cash due to it being almost entirely unavailable when using order-book style exchanges. If you are considering offering a payment method that trades at a significantly higher margin, ensure you do your research regarding the best way to provide it and be sure it is suitable for your location and other factors that may be relevant in your decision.

Arbitraging payment methods in high demand can be a straightforward way to make your trading more profitable, even if you are just looking at ways to increase the possible price when selling your KSM. Taking advantage of this price differential can not only be profitable for you but also help provide convenience and increased access to those you trade with.

Laying Foundations on LocalCoinSwap

With this new addition to LocalCoinSwap, depending on where you are located and the type of trading you wish to engage in, you may find yourself in an interesting position. Suppose you find you are the first KSM trader in an area and focus on providing local trades or trading with payment methods like cash-in-person. In that case, this allows you to become the most established, offering you more potential trading opportunities in the future. The same can apply for traders offering less commonly available payment methods.

Opportunities like this are one of the many reasons more traders every day are moving some or all of their trading to LocalCoinSwap as we expand our offerings and explore better ways to refine the P2P trading process.

How to Get Started Trading Kusama P2P?

  1. Go to LocalCoinSwap and create your account
  2. Optionally verify your account via several methods
  3. Start trading KSM immediately (Monday, Sept 28 onwards)

If you can’t find a suitable trade offer, or would merely like to create your own, you can do so in a matter of seconds. Trading KSM with LocalCoinSwap is easy while allowing you the control to trade your way.

Join our growing community on Telegram, or follow us on Twitter for more updates and get started trading KSM, BTC, ETH, and more with LocalCoinSwap.