LocalCoinSwap: Non-Custodial Bitcoin Trading Now Live

by LocalCoinSwap Team

Our developers have been hard at work for some time, building our non-custodial bitcoin trading framework. If you’ve been watching closely, you may have noticed alongside our multi-custodial API’s recent relaunch was the first public appearance of this development. Now non-custodial bitcoin trading is available and fully activated on the LocalCoinSwap platform.

Trade Bitcoin Your Way

In a world-first, we have brought the multi-custodial trading of bitcoin to the P2P space. Now you can trade your way with access to both custodial and non-custodial bitcoin trading on the same platform. Whatever method you choose to trade you have the full support of our escrow process, rapid moderation, user-friendly web wallets, and first-class support across numerous channels.

If you’ve been trading on LocalCoinSwap already, you’ll notice the same attention to detail when entering a non-custodial bitcoin trade as you do with any trade on the platform. We’ve taken our time to ensure the process is as seamless and user-friendly as possible. If you already have active trade offers and would like to support custodial and non-custodial trades, you can modify them in a few seconds to accept both, or whichever you prefer.

With this new feature rollout and other significant work that has been ongoing affecting various parts of the platform, you can now trade P2P with what we believe to be the most flexibility of any P2P exchange and the continued freedom to trade your way.

How is Non-Custodial Trading Different?

Trading bitcoin on LocalCoinSwap is always something we strive to make the best experience possible for users. However, for some users, that isn’t enough. Many traders seek to trade with minimal exposure to third parties. One of the biggest steps to decentralizing the trade experience and ensuring you maintain access to your funds at all times is through non-custodial trading.

At LocalCoinSwap, we use hot and cold storage for custodial trading. Around 95% of user funds are held in cold storage at all times. While doing this has proven effective in keeping our users safe, we realize it’s crucial to be able to manage your own cryptocurrency, and not have to worry about it being stored on any exchange just to be able to trade. Non-custodial bitcoin trading on LocalCoinSwap allows you to store your bitcoin with complete control of your private keys while allowing you to jump into a trade at any moment.

Access to Cryptocurrency Can Be Essential

Something we feel strongly about as a team at LocalCoinSwap is the availability of cryptocurrency, no matter your circumstances. While volatile crypto-regulations have scared some P2P exchanges away from servicing some regions or making it untenable for everyone to access cryptocurrency through excessive KYC requirements, we have gone a different direction.

Rather than abandon users, we have been focused on developing alternatives that help us both stay compliant with regulations, but continue to serve as many users around the world as we possibly can. Embracing P2P trading helps us have the ability to provide for not just those that want cryptocurrency, but those that need it as well. Non-custodial exchange enables you to access cryptocurrency and trade with the original intentions of P2P trading, freely and among your peers.

Transparency to Benefit the P2P Community

At LocalCoinSwap, we believe that transparency is essential, and we are always proud to showcase our development team’s work. In line with this ethos, we’ve prepared a GitHub repository containing a complete demonstration of how our non-custodial bitcoin trading process operates. For those of you that are developers, spending a little time in this repository will allow you to see that you are always in control of your keys when using our non-custodial trading protocols.

You may also be interested in checking out our Kusama utility library for non-custodial trading of KSM or our API examples repo where you can build on top of the solid LocalCoinSwap foundation with our recently relaunched API. If you do fork the repo to experiment, just be sure not to store any private keys containing funds or test using the private keys in the original repo as they will likely be swept. This likelihood is just the nature of using private keys visible in a public setting, which is never recommended.

In less than two years, LocalCoinSwap has come from a small community-founded startup to the world's largest and most popular non-custodial P2P exchange. We are continually moving forward and working to provide traders big and small with the best possible trading experience.

Whether you want to trade bitcoin locally, across the world, in person, or using some obscure payment method, we have got you covered. P2P trading is at it’s best when it’s both flexible and modern, and this is why we never stop working on expanding the features we provide and refining those we already do.

With the ability to perform custodial and non-custodial bitcoin trades, you are even more incentivized to explore our other features, such as the ability to create trade offers without the need for pre-funding them. Keep your coin in your control but have the ability to maximize your trading opportunities with LocalCoinSwap.

If you are a multi-platform trader, reach out and let us import your well-earned trade history from other platforms to help show your experience even as a new trader migrating to LocalCoinSwap.

Much More Still to Come

With this significant milestone completed, we will be looking at adding additional functionality. Hardware wallet integration is just one of the targets we are looking forward to integrating alongside the non-custodial trading of bitcoin on LocalCoinSwap.

We are always enthusiastic to hear any feedback about this new feature rollout or anything else regarding the trading experience. If you are a trader on the platform (or thinking about becoming one), we’re always interested in hearing what you think.

Keep an eye on our social media accounts and further updates, news, and more. You can follow us on Twitter, Facebook, or join our Spanish or English communities on Telegram to let us know your thoughts on this feature launch.