When trading cryptocurrency, access to a wide range of payment methods is important as the payment methods that you have access to will affect how easily you can withdraw or deposit your money (fiat). Centralized exchanges usually have only a couple of payment methods, such as bank transfer or wire transfer, and even these can be slow or even risky as many traditional banks won’t accept withdrawals from, or make deposits to, centralized exchanges.
The most obvious benefit of P2P exchanges is that they offer far more accessibility to different payment methods as the platform is simply connecting you with another person to conduct your trade and finalize your payment.
It’s also important to note that some payment methods are far safer than others so you should understand the risk level of each payment method before you get started trading. We will be providing more information on security in the coming blog posts.
The LocalCoinSwap P2P cryptocurrency exchange currently has 33 different payment methods that you can use to buy or sell cryptocurrency, such as Bitcoin, from your peers. The following article outlines all of the payment methods that we currently have available on the exchange and provides a little information about each to help you get started.
As of January 2019, our LocalCoinSwap payment methods include:
Advanced cash is an online wallet service that lets you send and receive money.
- Alfa cash-in
Setup by Russian owned Alpha bank this system allows users to deposit cash directly onto other users e-wallet accounts via card details with zero commision fees.
Alipay is a Chinese online payment system with a major following. It has over 520,000,000 users currently with continued growth as it captures one of the worlds largest financial markets, Asia. Alipay is a Chinese mobile and online payment platform created in 2004 under the world famous Alibaba Group alongside the founder Jack Ma. Alipay has its headquarters currently based in Shanghai.
- Amazon Gift Card
Trade cryptocurrency by sending or receiving a pre-paid Amazon gift card code
- Cardless Cash
Cardless Cash is an app provided by CommBank. With this app, you can withdraw from over 3,000 CommBank ATMs without using the traditional bank card.
- Cash deposit
A simple direct deposit made by going to a bank / ATM and paying into the bank account specified.
- Cash in person
Arrange to meet, pay or get paid directly with cash face-to-face. Always make sure to meet in a public place so that your security is maintained.
- Credit Card
Buy cryptocurrency using your credit card or sell by accepting payments with your provider.
Efecty is an offline cash payment voucher option in Colombia. It is used by a large number of merchants and retail customers alike.
UK based and guarded by the FCA, ePayments offers users the ability to open UK and EUR bank accounts online. Users can send and receive international wire transfers and send local bank transfers from within their new accounts straight from the mobile app.
IMPS are bank transfers within India.
- Interac e-transfer
Canadian payment system enabling online transfers.
- Itunes Gift Card
Trade cryptocurrency by sending or receiving a pre-paid iTunes gift card code.
- Local Bank Transfer
Wire transfer (online deposit/telephone banking/in branch requests) to another bank account located in the same country.
MoneyGram is a well-established company that enables people to send and receive money internationally. The receiving party can redeem the transfer as cash easily in physical MoneyGram branches located around the world.
A quick mobile phone payment system. Send and receive money with a mobile phone payment system offered by Vodafone within these countries: Kenya, Tanzania, Afghanistan, South Africa, India, Romania, Albania
With a large availability to customers in nine participating banks within Singapore, PayNow is a peer-to-peer payment service giving users the ability to move funds quickly and easily. The supported customer banks include: Bank of China, Citibank Singapore Limited, DBS Bank/POSB, HSBC, Industrial and Commercial Bank of China Limited, Maybank, OCBC Bank, Standard Chartered Bank, and UOB.
Based in New York Payoneer offers financial services of online money transfer and e-commerce payment services. Payoneer users can send and receive cash in a variety of ways. Users can transfer either via a chosen bank account, directly to their Payoneer e-wallet, or onto a re-loadable prepaid MasterCard debit card.
PayPal is an American company with a world-renowned reputation. It was one of the first systems to gain mass adoption and attention as an alternative payment method to traditional financial services. PayPal offers users around the world a simple online payment system with the ability to pay someone with just an email address.
A digital wallet payment company based in India with over 200 million subscribed. Fast mobile payment method. (Pay Through Mobile).
Created by Ukraine’s largest bank (PrivatBank) Privat24 is a mobile offering giving payment solutions and 24/7 banking to mobile users.
Headquarters based in Cyprus, Qiwi is a Russian online payment service provider. Send money and receive it with a Qiwi account. All you need to know is their phone number, simple easy and fast. Predominantly used as a payment system within these countries: Russia, Ukraine, Kazakhstan, Moldova, Belarus, Romania, the United States, and the United Arab Emirates
- SEPA transfer
Single Euro Payments Area (SEPA) wire transfers. Specific to all Eurozone bank accounts for fast cheap wire transfers.
Headquarters based in London Skrill is an e-commerce platform offering simple and secure ways to send and receive money. It has low-cost international money transfers
- Square, Cash App
Send money to friends using a mobile app in the US. Users fund accounts with their debit cards. It is an app only program developed by Square, Inc.
- SWIFT international transfer
Send or receive International wire transfers with (BIC) SWIFT bank code details.
TransferWise has headquarters in the UK and was developed in Estonia. Fully regulated by the FCA, it is an easy way to send money online internationally through the app or desktop program. Users benefit from being able to get local bank accounts set up in their name from the following countries/regions: UK, AUS, EUR, USA, NZ
Regulated by the Reserve Bank of India (RIB), Universal Payments Interface offers real-time payment solutions between two bank accounts located in India from a mobile device.
Venmo is owned by the online payment giant PayPal. Your Venmo e-wallets can be funded using a credit card quickly and easily. Users have the ability to transfer funds to others all from within the mobile phone app itself. It currently only supports payments within the US for residents there. Venmo has gained a large user base and as of the first quarter of 2018, it handled over $12 billion in transactions.
This online payment processor has its headquarters in Russia. Secure and immediate transactions online with over 36 million users.
- WeChat Pay
incorporated into WeChat mobile app WeChat Pay is a secure digital wallet service. Users can send and receive mobile payments and send money between contacts.
- Western Union
With headquarters based in the United States, Western Union has been around since 1851. With it, you can send and receive money internationally. The receiver can redeem the transfer as cash locally.
One of Russia's largest electronic payment providers. It is a jointly owned enterprise between Yandex (Russia’s largest search engine) and Russia’s largest bank, Sberbank. It is a mobile payment solution for retailers and merchants alike.
With LocalCoinSwap you can trade cryptocurrency how you want when you want and where you want. The choice is yours. The simplicity of P2P trading ensures that you can get started and set up your own cryptocurrency business right away no matter where you are in the world and no matter what payment methods you have available to you.
If you still have questions, why not jump onto one of support channels where community members and official admins are on hand to help with any queries 24/7! You can join us on Telegram, Discord, and Reddit.