LocalCoinSwap Review: A Peer-to-Peer (P2P) Cryptocurrency Exchange Made Easy

by Penelope Padua

Peer-to-peer (P2P) cryptocurrencies, like Bitcoin, have been in global circulation for a while now, but the truth is many still shy away from getting themselves involved because they can’t bring themselves to believe it’s something more than a whole swirl of complicated systems. To many people around the world (with the larger side of the quota falling to those in developing countries), blockchain is a technology that requires expertise and long periods of studying to utilize. And while this is true to a large extent, the explosion in popularity of cryptocurrencies — caused by Bitcoin going mainstream in recent years — has led to the development of systems that make it extremely easy for regular users and traders, who do not want to have anything to do with the underlying technicalities, to make use of and trade in cryptocurrencies with locals and all around the world. LocalCoinSwap is one of such systems.

LocalCoinSwap is a peer-to-peer (P2P) cryptocurrency exchange platform. It allows anyone to buy and sell, in addition to Bitcoin, over 23 altcoins such as Litecoin, Ethereum, Ripple and Dash. Users can trade using over 160 fiat currencies, through over 250 methods of payment, and in over 190 countries around the world.

With platforms like LocalCoinSwap, you don’t have to figure out the underlying blockchain technology in use by the cryptocurrency you’re interested in; you just need to indicate that you want to buy or sell certain units of a particular altcoin, specify your preferred trading process and payment methods, and you’re all set. What’s more; you’re not restricted by policies peculiar to centralized banking systems, and there’s an escrow structure in place to ensure that all of your trading transactions are carried out securely.

Now, even if you’re not new to the cryptocurrency exchange business, or you’ve been studying blockchain technologies for a while and have gotten a hang of it, you should still try LocalCoinSwap out. That’s because it’s more than a cryptocurrency exchange platform; LocalCoinSwap is the first cryptocurrency exchange platform in the world to give 100% of its profits back to its community of crypto users, with the LCS Cryptoshare Token Model. This model allows users known as token holders make passive income from and share in the success of the LocalCoinSwap cryptocurrency exchange. The platform is currently the only one with such a model.

LocalCoinSwap, like other such cryptocurrency exchange platforms, offers solutions to problems associated with traditional centralized banking systems. Let’s take a brief look at these problems, and the various ways in which LocalCoinSwap is superior to centralized exchange systems and solves these problems.

Accessibility and Inclusion

When it comes to inclusion for cryptocurrency and general applications for blockchain technologies, the reality is that there are more people out than in. As mentioned earlier, many think it’s a complex mechanism that would require time and effort to work with. In addition, a large portion of the world population (about 2 billion people) are unbanked or underbanked. This is especially prevalent in developing and third-world countries in Africa, where the governments and banks in charge of centralized exchanges keep making policies and imposing restrictions that leave the end-users at their mercy. The official currency in some of these countries are relatively worthless, and some government policies have shut certain portions of the countries’ populations altogether from accessing centralized banking systems.

With LocalCoinSwap, cryptocurrency can be accessed and traded from almost anywhere in the world, and in a convenient way since you don’t need to travel to a physical location to use an online service. LCS accepts users from over 190 countries, with plans to expand to even more remote areas where banking institutions are nonexistent.

With the increase in the adoption rate of cryptocurrency around the world, some banking institutions decided to shut down accounts of users who link them to cryptocurrency exchanges. With LocalCoinSwap, you don’t need to associate your traditional bank account with the platform, as there is support for numerous other alternative forms of payment.

You can trade using your local fiat currency on LCS, which means you can do away with your traditional bank account altogether while still maintaining the ability to trade with the international community.

Security Risks

A common issue with online exchange platforms is the security of the funds in exchange, since the parties involved in a transaction are always in virtual communication with one another. LocalCoinSwap solves this with its secure Escrow system, which holds the cryptocurrencies involved in an exchange until the payment has been made and confirmed by both parties. In the event of a dispute, LCS has a team dedicated to analyzing such issues and making decisions on the rightful owner of funds in dispute.

Unnecessary Verification Requirements

Banking institutions have many identity verification requirements when it comes to creating and maintaining an account, and this particular issue is why a large percentage of the estimated 2 billion unbanked and underbanked people in the world don’t have a bank account. This issue is also present in many cryptocurrency exchange platforms, which is why it’s a relief that LocalCoinSwap has an optional KYC system; the only compulsory form of verification you need is your email address.

However, there are options to add other forms of verification, so that you can appear to be more trustworthy to other traders on the platform. Since you control the level of personal information you reveal on the platform, LocalCoinSwap gives you the convenience of trading privately.

Additional Benefits

Away from the centralized banking systems we’re used to, LocalCoinSwap offers additional advantages over similar cryptocurrency exchange platforms in the following areas:

Price Stability

Cryptocurrencies are prone to regular price fluctuations, as they are controlled by market demand and supply and there’s no centralized regulatory system in place (which is their initial appeal). This poses a problem on crypto exchange platforms, as the final price you end up trading at is often different from the price at which you initiated the trade.

LocalCoinSwap offers price stability for transactions carried out on its platform. Since you’re dealing directly with other users and not the administrators of the platform, you trade only at the price stated on the buy/sell advertisement.

Wide Variety of Payment Methods

This also relates to accessibility discussed above, as many crypto exchange platforms allow you to trade using only cryptocurrencies as payment methods. LocalCoinSwap allows you to choose from over 250 payment methods including cash (fiat currency), direct debit, credit card, TransferWise, UpHold, and a wide variety of gift cards like Amazon and iTunes gift cards.

This ensures that anyone from anywhere can trade on the platform, as you’d be hard pressed to find your preferred method of payment not supported.

Security

In addition to its Escrow security system, LocalCoinSwap keeps about 95% of cryptocurrencies in its possession in cold storage (offline wallets) to prevent theft and fraud. This greatly reduces the possibility of the platform being hacked, and allows users go about their trading with rest of mind.

Highly Competitive Trading Fee

This is perhaps the greatest allure of the LCS platform. Only 1% of the total transaction value of a successful is charged by the platform as trading fee, and this amount is charged only to the trader who creates the trade advertisement that leads to the successful transaction, and not the buyer(s). Once again, you’d be hard pressed to find many other trading platforms that charge this low.

If you thought LCS charging just 1% as trading fee was outstanding, what do you think about the platform giving back all of its profits to its users?

LCS Cryptoshare

LCS Cryptoshare is a cryptocurrency created by LocalCoinSwap, and it’s the native currency of the platform. It can be traded like other cryptocurrencies on the site, but it has a unique main purpose; for sharing profits generated by the platform amongst its users.

This is done through a token investment model; interested investors purchase their preferred amount of Cryptoshare tokens, and after every quarter, profits (what’s left of the revenue after operating costs and staff salaries are deducted) are shared amongst Cryptoshare holders according to the percentage of tokens held by each user on the platform.

The process is completely transparent, and this means that the platform is essentially run by its community of users.

LocalCoinSwap Referral Program

LocalCoinSwap has a referral program that allows you to earn passive income on the platform, in addition to holding Cryptoshare tokens. Every user has a unique referral code and link, and you receive percentages of all trading fees paid by users who join the platform through your link, based on the amount of Cryptoshare you have at the time;

  • 0 – 25,000 Cryptoshare holdings: 10%.
  • 25,000 – 50,000 Cryptoshare holdings: 20%.
  • Over 50,000 Cryptoshare holdings: 30%.

You also receive 10% of all trading fees you pay on the platform.

Final Words

The truth is, many cryptocurrency exchange platforms exist, leaving potential crypto traders spoilt for choice as many of these platforms do basically the same thing. To find one, however, that incorporates all of the features offered by LocalCoinSwap in one platform, and with a solid team consisting of trusted personnel in the industry, is something I’ve not been able to do. Before I came across LocalCoinSwap, that is.

You can get started with LocalCoinSwap here. All you need to register is your email address.

This article first appeared on Don Caprio on May 2nd 2019. The original post can be viewed here.

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