Threenvest > Decentralized exchange reviews

LocalCryptos Review 2024

Our veredict

LocalCryptos is a peer-to-peer cryptocurrency exchange that excels in providing a secure, non-custodial trading environment. Users retain full control over their private keys, enhancing security and trust. The platform supports multiple cryptocurrencies, including Bitcoin and Ethereum, and offers a wide range of payment methods, making it accessible and convenient for global users. Its user-friendly interface and comprehensive educational resources cater well to beginners. However, the absence of a mobile app and limited cryptocurrency options might be a drawback for some users.

This exchange is ideal for those who prioritize security and privacy, as it employs encrypted messaging and an escrow service to ensure safe transactions. The absence of KYC requirements also appeals to users who value anonymity. Nonetheless, the platform could improve by expanding its cryptocurrency offerings and developing a mobile application to enhance accessibility and convenience.

Pros

Non-custodial Wallet Security LocalCryptos provides non-custodial wallets, meaning users have full control over their private keys and funds, enhancing security.
No KYC Required The exchange does not require Know Your Customer (KYC) verification, allowing users to trade anonymously and maintain their privacy.
Wide Range of Payment Methods LocalCryptos supports over 40 different payment methods, offering flexibility and convenience for users worldwide.

Cons

3,5

Threenvest Score

Network

Ethereum

Fees

0.25% (Taker), Free (Maker)

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To better understand our editorial guidelines and the investment methodology that supports our ratings, you can explore the information in our editorial policy.

Why choose LocalCryptos?

LocalCryptos stands out as an excellent choice for cryptocurrency trading due to its strong emphasis on security and privacy. As a non-custodial platform, it ensures that users retain full control over their private keys, which means your funds are always under your control. This significantly reduces the risk of hacks or unauthorized access compared to centralized exchanges. The platform also employs robust security measures, including end-to-end encrypted messaging and a secure escrow service, which adds an extra layer of protection during transactions. These features make LocalCryptos a trustworthy option for those who prioritize the safety of their digital assets.

Additionally, LocalCryptos offers a user-friendly interface and a wide range of payment methods, making it accessible and convenient for users worldwide. With support for over 40 different payment options, including bank transfers, PayPal, and various online wallets, it caters to a diverse user base. The platform’s peer-to-peer nature allows users to trade directly with one another, ensuring fair and transparent transactions without the need for intermediaries. This flexibility and ease of use are particularly beneficial for beginners who are new to the world of cryptocurrency trading.

Lastly, the competitive fee structure of LocalCryptos is another compelling reason to choose this exchange. With low maker fees at 0.25% and taker fees at 0.75%, the platform offers cost-effective trading options. Unlike many other exchanges, LocalCryptos does not charge for account maintenance or withdrawals, making it an economically viable choice for both small and large traders. This transparent and affordable fee model, combined with the platform’s strong security measures and user-friendly features, makes LocalCryptos a top choice for anyone looking to trade cryptocurrencies in a safe and efficient manner.

Xavier Tarrasó

EIP and Cryptocurrency Investor

As an expert in the field, I highly recommend LocalCryptos for those looking to engage in peer-to-peer cryptocurrency trading. The platform’s emphasis on security and privacy is unparalleled, with non-custodial wallets and encrypted messaging ensuring that your funds and communications remain safe. Additionally, the wide variety of payment methods and the absence of KYC requirements make it accessible and user-friendly, especially for those new to crypto trading. If you value control over your assets and seek a secure, transparent trading environment, LocalCryptos is a reliable choice.

How do we review crypto exchanges?

At Threenvest, we conduct a thorough review process to evaluate and rank the world’s leading crypto exchanges. Our goal is to offer an unbiased assessment, providing you with the information you need to make informed decisions on which ones best suit your needs. We strictly adhere to the guidelines of our editorial policy.

We collect data directly from exchanges through detailed questionnaires and conduct first-hand testing and observations during crypto exchange demonstrations. Questionnaire responses, combined with demonstrations and hands-on research from our experts, feed into our proprietary evaluation process that scores each provider’s performance on more than 15 factors. The end result produces star ratings ranging from poor (one star) to excellent (five stars).

For more details on the categories considered when rating brokers and our process, read our full methodology.

Risk Disclaimer

Investing in cryptocurrencies is very risky, you should only invest the money you are willing to lose. Also you should not expect to be protected if something goes wrong.

Neither Threenvest, nor the author, are recommending you to invest with this article.

Alejandro Borja Fuentes

Economist | Cryptocurrency exchange analyst

The author of the review

Alejandro Borja is an accomplished economist with a distinguished career spanning various facets of the financial industry. His academic journey began with a degree in Economics, laying the foundation for his deep understanding of financial markets.

Over the years, Alejandro has honed his skills by working with some of the largest financial media outlets, analyzing and reporting on economic trends and investment opportunities. His expertise in financial analysis has made him a respected voice in the economic community.