Crypto space is growing and opening doors for more options and innovations and I think these are pretty much needed. There should be various options so that we can choose and use the ones that we think are better for us. When it comes to trading then no everyone likes to use centralised exchanges and even everyone is not okay with decentralized exchanges because of some limitations.
Today in this post I am going to talk about Localcryptos.com which is one of the non-custodial P2P Marketplace. Its a platform where we can buy and sell crypto without going through a process that we usually deal with centralized exchanges. Like I said based on the peer-to-peer model so we connect with another person and there is no concept of an order book. If we like the price then we can and the same process goes if we list for sale.
There are plenty of payment options including local options as well according to country. Local payment options are varying in various countries and I have checked for India. Here we have Indian payment options like Paytm, UPI, and IMPS and all these methods settle the payment instantly.
Some features and services that this platform offers-
- Account creation is easy and we get our keys so its like we own our account.
- Its non-custodial so we need not worry about the funds since its all remain in our wallet.
- Localcryptos supports 4 cryptos as of now including- Bitcoin, Dash, Ethereum, Litecoin.
- Its decentralized p2p platform and this platform does not store any asset of buyer/seller.
Escrow is built on a smart contract that triggers automatically and no human intervention is required that makes it more secure. - Safe chat option is provided and its fully encrypted so no need to worry about the conversation.
- Seller's holding is kept on escrow unless payment is received by the seller and gets released only when its successfully received.
It provides protection to the buyers and they have the option to trade with an existing offer or they can also create their own - Once the trade is started and payment is made then assets are put in escrow and the seller can get it back. if something goes wrong then it will go into dispute.
- Dispute is managed by an arbitrator with a thorough check and fair practice.
- Chat window is provided with encryption so no need to worry about security.
I used only centralized Indian exchanges and wanted to check different exchnage as well so chosen this platform and will perform my next transaction with this one. I have liked this exchnage because its easy to use and the interface is so simple that even a new user can perform the trade. I would like to mention that this is only for the people who are beginners and if you are experienced then probably you might not like it since its listed coins and that too with limited functionality.
Thank you so much.
Stay Safe