LocalCoinSwap Review: Is it legit, safe and trustworthy for UAE citizens and residents?
The use of cryptocurrencies is rapidly gaining traction all around the world.
Additionally, as a consequence of this, there has been an explosive increase in
the demand for bitcoin trading platforms. Beginner traders have a tough time
deciding which exchange to utilize, in contrast to experienced traders who have
previously considered their alternatives. LocalCoinSwap, a highly regarded
peer-to-peer (P2P) platform that offers multi-custodial cryptocurrency trading
options, comes into play here. In 2018, the platform was released, at which time
it became the very first community-owned P2P exchange anywhere in the globe.
Visit LocalCoinSwap Website.
It is the cryptocurrency exchange that offers the most fiat pairs than any other, which is one reason why it is the most popular peer-to-peer marketplace. Additionally, it supports over 20 different cryptocurrencies, over 160 different fiat currencies, and over 300 different payment methods. LocalCoinSwap excels in providing the finest experience possible for trading cryptocurrencies by including an optional KYC capability. Before utilizing the site, however, clients are encouraged to read the evaluations that have been left for LocalCoinSwap. This is the most in-depth analysis of LocalCoinSwap that you will find anywhere, and it is designed to help clients understand how the platform operates, as well as its trading fees and charges, its level of security, and a great deal more.
The Nevis and Saint Kitts are the locations of the local headquarters for the peer-to-peer cryptocurrency exchange known as LocalCoinSwap. The initial coin offering (ICO) for LocalCoinSwap was conducted for the first time in 2015, but the platform's fully functional version was not introduced until 2018. Customers have the ability to buy and sell over 23 different cryptocurrencies on the P2P marketplace. Being wholly owned by the community gives it a distinct advantage over similar businesses. It even gives users the ability to interact with one another to directly find the best trading conditions.
Customers can post advertisements on the market using the most convenient payment method and currency exchange rate for them. Those that are interested respond to the advertisements and carry out the transaction. The personnel from the escrow service backs the entire procedure, which ensures that it is absolutely safe. The site supports over 300 different payment methods, making it easier and more comfortable for users. LocalCoinSwap claims the most wide trading range out of all the P2P marketplaces in the business thanks to its selection of more than 160 different fiat currencies.
In spite of the fact that it is a relatively recent entry, it shines in terms of the features it offers. Because of this, it is currently regarded as one of the most prominent cryptocurrency exchanges found anywhere in the globe.
Customers have access to sophisticated crypto trading features because to the fact that LocalCoinSwap is a reputable P2P marketplace. Users are just need to sign up for an account and validate an email address before they can begin using the platform. Customers have the option of adding their phone number to their accounts in order to utilize the two-factor authentication verification. Customers may now begin the transaction process by posting advertisements on the platform. Even complete newcomers to trading are given the opportunity to observe more experienced market participants and learn valuable perspective. From the point of view of the buyer, LocalCoinSwap offers an option to filter the results. Customers are able to look for opportunities more efficiently and locate the one that best fits their needs thanks to this feature. The respected security provided by Escrow is utilized throughout the entire procedure to ensure its integrity by the exchange.
In addition to this, it creates a channel for direct communication between the different customers. When a trader has located an appropriate pair, they may next enter either the cryptocurrency or the fiat money to begin the transaction. The user will receive a notice from LocalCoinSwap after the proposal has been accepted.
Tweets by LocalCoinSwap_
P2P (peer-to-peer) bitcoin trading platform that became live in 2018.
The very first multi-chain community-owned marketplace in the world.
Supports over 20 different cryptocurrencies, over 160 different fiat currencies, and over 300 different payment options.
Trading that is not held in custody is made easier.
Supported by escrow protection through the use of smart contracts and scripts.
Low fees and costs associated with trading and transactions.
Signing up for an account is completely free.
Verification of identity and eligibility is optional.
Customers have the ability to publish advertisements to help expedite an exchange.
Customers can utilize the filter tool to locate the trading possibilities that are most appealing to them.
Users have the ability to establish a direct connection to a trader in order to complete a transaction.
No intermediaries involved.
Authentication using two factor is supported.
Customer service that is responsive, as well as dispute resolution.
As is the case with the vast majority of cryptocurrency exchanges, LocalCoinSwap does not adhere to any regulatory framework. Despite this, the level of protection it possesses has not been compromised in any way. The exchange has been operational for more than three years without suffering a significant breach of security. Customers may use the platform anywhere in the world, and they can communicate with one another and other traders using Escrow scripts. In addition to that, it makes use of a peer-to-peer system in conjunction with smart contracts to ensure that everything is kept secure.
A LocalCoinSwap review is something that most traders consult in order to evaluate the platform's capabilities. The following is a condensed list of some of the services that are provided by the exchange:
The crypto trading services that LocalCoinSwap provides are the key factor contributing to the platform's widespread adoption. Customers are able to purchase and sell cryptocurrencies in a smooth manner because to the marketplace's support of peer-to-peer (P2P) trading. In addition to this, it is the very first peer-to-peer cryptocurrency exchange that is entirely owned and operated by the community.
The platform differentiates itself from its rivals by providing a prestigious selection of available options to its users. When doing a transaction, traders have access to more than 20 different cryptocurrencies, more than 160 different fiat currencies, and more than 300 different payment options.
Each and every transaction on LocalCoinSwap is protected by Escrow's services. Because of this capability, any financial transfers are halted until after the transaction has been completed. As a consequence of this, it reduces the amount of fraud and scams that occur on the site.
When it comes to safety, the trading platform is second to none. It stores around 95% of its bitcoin stack in offline wallets for further protection. Customers also have the option to use the two-factor authentication technology, which lowers the likelihood of a security breach occurring.
In order to ensure the safety of future transactions, it offers a KYC and ID verification process that is completely voluntary. On the other hand, given that LocalCoinSwap is a peer-to-peer exchange, it is possible that certain clients will be requested to finish the verification procedure.
When conducting business via LocalCoinSwap, there is no need to worry about dealing with any third parties. In addition to this, the community receives one hundred percent of the profit made from the marketplace's trading fees.
Traders have the opportunity to earn incentives by using the referral program that is offered by LocalCoinSwap. Simply inviting new traders to participate in the exchange as a liquidity provider is all that is required of customers (LP.)
The Good and the Bad of LocalCoinSwap:
Each and every review of LocalCoinSwap is obligated to mention both the positive and negative aspects of utilizing the site. As a result, the following is a concise summary of the advantages and disadvantages that it offers:
P2P transaction between many chains.
The chosen trader will determine the level of security.
Verification of identity and age is voluntary.
Beginners may feel overwhelmed by the number of available alternatives.
More than 300 different payment methods, more than 20 different cryptocurrencies, and more than 160 different fiat currencies are supported.
High rates of exchange
24/7 support for existing customers.
There is support for two-factor authentication.
Implements Escrow scripts.
Keeps ninety-five percent of the deposits in the cold storage facilities.
To participate in the marketplace's cryptocurrency trades, individuals are required to create a LocalCoinSwap account. The process of creating an account is really easy, and if you need a step-by-step guidance to do so, here it is:
Get in touch with the main website for LocalCoinSwap.
Locate the "Register" option on the menu located in the top-right corner.
Simply tapping on it will bring you a window similar to this one.
Now, fill up the necessary information, such as your email address, password, and country.
Checking the box to get news and updates and filling out the referral code are both optional.
To complete the procedure, select the "Register" option from the menu.
On the screen, you will see a window that looks similar to this one.
Customers can start trading immediately after completing the email address verification on this page.
In order to do a thorough analysis of LocalCoinSwap, it is necessary to describe its trading procedure. It provides a trading process that is easy to understand and requires few steps. Customers may begin their experience by using the search tool to locate the most advantageous deal. Customers are able to choose the transaction that best meets their needs by using several filter choices, such as payment method, location, and price. Customers just need to enter the quantity of crypto in terms of fiat money and the value of the cryptocurrency when they have located the deal. The second party will get a request after the transaction has been initiated by the first party. Notifications are sent to both the buyer and the seller once the request is accepted by the seller.
The entirety of the trading process is straightforward, and consumers are able to keep track of even the most minute details of its progression. Because Escrow is used as a form of security for each and every transaction on the marketplace, you should make sure that the trade has been designated as "financed" before transferring any money.
When conducting a review of LocalCoinSwap, it is essential to evaluate how easy it is to use. The marketplace provides a straightforward trading perspective that is integrated with a user-friendly website. Customers won't have any trouble navigating the website, and it won't be difficult for them to find the features they're looking for. In addition, users can access the buy and sell option on the homepage of the site, which is also where they can access the order history section.
Customers may view advertisements that they have put on the home page of the website, which also includes the relevant transaction data. The fact that LocalCoinSwap has an easy-to-use interface is the primary reason why the vast majority of evaluations consider it to be suitable for novices.
Due to the fact that it is a peer-to-peer exchange, LocalCoinSwap levies two different kinds of fees. The first type of charge is associated with trading, and the second type is associated with withdrawals. Because it is only a marketplace and not a full-fledged exchange, there are no costs associated with making deposits.
LocalCoinSwap is unique among cryptocurrency exchanges in that it requires two participants: an advertising and a response. The individual who has posted an advertising is responsible for paying the one percent in trade costs, while the respondent does not have to pay anything for the transaction. The one percent cost is rather excessive in comparison to the fees charged by the other exchanges.
When you make a withdrawal from your LocalCoinSwap account, you will be subject to fees of 0.00045 Bitcoin for each Bitcoin withdrawal. A non-custodial Bitcoin wallet may charge variable fees, although the rate that is mentioned is for the basic Bitcoin wallet. When compared to the industry standard of 0.00059 Bitcoin for each and every Bitcoin withdrawal, the charge is quite modest. Please go here for further details on the structure of the fees.
Customers have the ability to swiftly deposit and withdraw funds thanks to the site's acceptance of over 300 different payment methods. Users need to keep in mind that LocalCoinSwap is an entry-level cryptocurrency exchange when using the platform. It indicates that the platform is just responsible for connecting buyers and sellers and does not actually hold any cryptocurrency itself. Other merchants need just place adverts on the site for potential customers to get in touch with them. There are no limits placed on the amounts that may be deposited or withdrawn, and the transactions can take place at any time. The following are some of the most common methods for making deposits and withdrawals:
Cash (in person)
Debit card Credit card
Amazon gift cards
Transfer from a local bank
Deposits made with TransferWise Cash
SWIFT, Paypal, SEPA
LocalCoinSwap is compatible with the following cryptocurrencies and countries:
The fact that LocalCoinSwap is a marketplace works to its advantage since it
is accessible in every region of the world. Users from any part of the world may
log in to their accounts on LocalCoinSwap and immediately purchase or trade
cryptocurrencies. The system is compatible with 23 different cryptocurrencies,
including Bitcoin, Ethereum, Kusama, tether, Dash, and USDC, amongst others. On
the other hand, there are no limitations placed on the use of other currencies
to make payments.
The individual who first submitted the advertising is the one who chooses the mode of payment that will be utilized for the transaction. It might be a local currency based on fiat or it could be another cryptocurrency. Provides support for a variety of payment options, which makes the exchange of local currencies more simpler.
It does not provide its user base with a mobile application of any kind. On its website, however, there is an application programming interface (API) that may search, administer, and automate transactions.
When conducting a study of LocalCoinSwap, it is necessary to conduct a security risk assessment because this factor plays an important part in any online exchange. It enables consumers to communicate directly with one another throughout the whole marketplace and encrypts all of the information that is exchanged between users. Users have the option of activating two-factor authentication, which adds an additional layer of protection to their respective accounts. In addition, the marketplace protects the monies that have been placed by putting them in wallets that are kept in a cold storage facility.
LocalCoinSwap is a user-friendly platform; yet, the sheer quantity of options available on the website might be overwhelming for novice clients. Because of this, the market provides a reputable service for providing assistance to customers. Users may easily generate a ticket to get their questions answered as promptly as possible. There is a specific area that is devoted to answering frequently asked questions (FAQ) from users. In addition to this, it can be found on a variety of social media sites such as Reddit, where it provides prompt customer care.
The task of bringing together traders from all over the world is not a simple one, but our platform manages to pull it off successfully. Customers are able to contact with one another in a safe and private manner because to the platform's peer-to-peer communication capabilities. It provides over 250 different payment ways in addition to having a user-friendly interface, which helps newcomers get started while also supporting more advanced clients.
It makes effective use of escrow services in order to protect the data and money of its users. In addition, the platform is entirely driven by the community, which distinguishes it as a unique entity. It is one of the finest locations to trade cryptocurrencies due to features like as an optional KYC, security provided by cold storage, and support for more than 20 different currencies.
Customers may buy and sell cryptocurrencies on the legitimate market that is LocalCoinSwap, which is open to anyone from all around the world.
Cold storage wallets are used to hold 95% of the monies that are placed on the LocalCoinSwap platform. The marketplace also employs two-factor authentication (2FA), escrow services, and KYC verification in order to protect customer information.
The fact that LocalCoinSwap is driven by the community is the feature that stands out the most when compared to similar P2P exchanges.
Is it safe to use LocalCoinSwap? There are several layers of protection, including escrow, cold storage wallets, and two-factor verification, so users may feel confident transacting on this platform.
LocalCoinSwap is a peer-to-peer multi-custodial trading platform that enables
users to engage in custodial as well as non-custodial trading of Bitcoin,
Ethereum, and a variety of other cryptocurrencies.
LocalCoinSwap is a peer-to-peer multi-custodial trading platform that enables users to engage in custodial as well as non-custodial trading of Bitcoin, Ethereum, and a variety of other cryptocurrencies. LocalCoinSwap was established in 2018 and takes great satisfaction in the fact that it is community-driven. It supports a large number of different payment modes as well as fiat currencies, making it one of the most flexible options available.
LocalCoinSwap is a peer-to-peer marketplace that operates online and enables users to buy bitcoin and a variety of other cryptocurrencies, as well as sell these cryptocurrencies to traders located all over the world. In contrast to an exchange based on order books, traders on LocalCoinSwap engage in face-to-face communication with one another on a more intimate level by using the tools offered by LocalCoinSwap. When utilizing the site, you are able to trade cryptocurrencies in a secure manner since LocalCoinSwap offers a safety net in the shape of an escrow service and a moderation staff during exchanges.
When it comes to trading on LocalCoinSwap, issues about payment methods almost never arise. There is already a diverse selection available, not just in terms of payment methods but also in terms of fiat currencies. Because of the flexibility that is offered, you will be able to change the conditions of your trade offers to meet your requirements, regardless of what those requirements may be. You may also contact the team if a certain payment method is not presently offered on the platform. If you do so, they will investigate the possibility of adding it to the system, which is something that can be done very quickly due to the fact that their support wait times are so small.
Even though LocalCoinSwap is one of the more recent platforms to enter the P2P trading space, they have provided a platform that is expanding in both the number of users and from a technical standpoint as more features are routinely added, frequently in response to feedback from the community. This growth can be attributed to the fact that LocalCoinSwap is a platform that is growing in both the number of users and from a technical standpoint. LocalCoinSwap is a peer-to-peer (P2P) trading platform that is always undergoing development and might be an excellent choice for you to take into consideration if you are seeking for a more contemporary and advanced approach to P2P trading.
You may trade in an environment free from risk thanks to the platform's provision of a number of features, including the following:
Escrow - When engaging in peer-to-peer (P2P) trading, having escrow protection is essential and conducive to having a safe trading experience. LocalCoinSwap not only offers escrow but also provides clear instructions to assist newer users in navigating through their first trade with the security provided by the escrow process.
Reputation system - Each trader has a profile that provides public account history showing some useful information regarding their trading history to help you make informed decisions about who to trade with on the platform. This can assist you in determining who you want to trade with on the platform.
You have the option of using an OTP program like Google Authenticator and Authy for your two-factor authentication (2-FA), or you may utilize email as a second factor authentication (2-FA) method. This adds an additional layer of protection to your account and is something that is activated automatically when you verify your email address using a link in an email.
Support and dispute moderating – LocalCoinSwap is always pleased to chat with you to assist fix an issue you may be having or to mediate a disputed transaction. You can also reach the team through a variety of channels as they frequently actively participate with the community.
Non-custodial trading - you have the option of choosing between custodial and non-custodial trading, which gives you greater control over your bitcoin holdings. Custodial trading - you may select between custodial and non-custodial trading. If you choose non-custodial trading, you won't ever have to worry about having to transfer money to the trading platform. You are able to trade straight from your wallet, with LocalCoinSwap acting just as the broker and escrow platform to make the transaction possible.
Not only does LocalCoinSwap allow users to trade bitcoin and ether, but it also gives users access to a number of other cryptocurrencies, which is not something that is often offered by peer-to-peer exchanges. Paxful has just just begun supporting USDT in addition to bitcoin, whereas HodlHodl exclusively provides support for bitcoin. LocalCryptos is the only peer-to-peer marketplace that even comes close to competing with LocalCoinSwap in terms of the number of supported currencies.
We greatly like the fact that LocalCoinSwap is willing to alter the listings on the platform in response to the shifting requirements of the market and P2P traders. This is something that LocalCoinSwap is open to doing.
LocalCoinSwap supports the following cryptocurrencies on the blockchain side:
Dash and Tether (Stablecoin)
The LCS token is LocalCoinSwap's very own loyalty currency.
While the variety of stablecoins that may be traded on LocalCoinSwap is something that we like, some of the other asset choices, such as Nexo or Kusama, are a little strange. Within the context of the cryptocurrency ecosystem, the usefulness and demand for these tokens is extremely low.
When it comes to the various means of payment, LocalCoinSwap provides a fairly large number of different alternatives. Because the platform simply acts as a matchmaker between buyers and sellers and does not itself act as a payment processor for cryptocurrency transactions, it is up to the seller to select how they would want to be paid. The seller has the freedom to determine not just which payment method to take, but also whatever fiat currency they choose to trade in, in addition to the power to modify the conditions of their deals. This flexibility allows the seller to accept payments in a variety of different forms. The following are some of the most common forms of payment accepted on the site:
Personal transactions using cash Transferwise
Transfer from a local bank
Deposits of cash with PayPal, Skrill, and PayID
You won't have to pay any fees on LocalCoinSwap if you answer to a trade offer, which is a feature that helps motivate traders to search for acceptable deals. If, on the other hand, you decide to make your own trade offer, the cost is a moderate one percent and is only paid once the deal has been successfully completed.
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If you use their non-custodial trading, it is likely that you will incur some additional costs; however, these costs are minimal and are not taken directly by the platform itself; rather, they are used to pay for on-chain transactions that are a part of the trading process for non-custodial trades. If you use their non-custodial trading, it is likely that you will incur some additional costs. For instance, in the course of an ether exchange, you will need some additional ether in order to pay the Ethereum transaction fees that are owed to miners. The needed quantity is not a fixed value that is chosen at random by the platform but rather varies according on the demand placed on the Ethereum blockchain itself. When you choose non-custodial trading, you keep complete control over your funds since those funds do not leave your wallet until the deal is finalized. This is one advantage of this type of trading.
You also have the option to trade directly with your Metamask wallet, which will save you some money on the transaction fees that you would have to pay otherwise when sending cash to your LocalCoinSwap account in order to participate in ether or token transactions. However, you are unable to use this option while dealing with bitcoin since Metamask does not support bitcoin.
In just a few seconds, you can sign up with LocalCoinSwap and be trading in no time at all. The procedure is quick, and you are not subject to an excessive amount of verification or limitations in order to sign up for the service. If you have a significant trading history on other P2P exchanges, you may contact them and ask that the volume be accounted for on your profile. This will show other traders that despite the fact that you are new to the market, you are still an experienced trader.
After you have created an account, all that is required of you to begin trading is to have your email address validated. Although it is not required of you, you have the option to complete further verification steps such as validating your phone number if you so want. When you first join up for the site, there are no deposit limitations or other substantial barriers that stand in your way, and this is a huge advantage. Indeed, LocalCoinSwap is one of the very few online marketplaces that allows customers to acquire bitcoin without providing identification. The only thing you need to do is discover a seller who is ready to sell to people who have not been verified, and based on our observations, there are a good number of sellers that engage in this practice.
If you are new to trading P2P or trading cryptocurrency in general, finding an experienced trader to assist you in making your first trade a successful one is the best way to get started using LocalCoinSwap. If you are new to trading P2P or trading cryptocurrency in general, LocalCoinSwap is the best way to get started. You are able to view the profiles of other users on LocalCoinSwap, where you can check out their most recent comments, determine when they were last active, and view a variety of other helpful information, such as the amount of transactions that they have successfully completed.
Make use of the search function to narrow down potential deals to those that meet your requirements in terms of location, payment methods, and any other criteria that may be relevant to you. After you have located an appropriate match, the next step is for you to input the quantity of cryptocurrency that you wish to exchange. You may do this using either a fiat value or the value of the cryptocurrency that is being traded. Once the trade has been started by either side, a trade request will be issued to the other party. If the other party accepts the request, you will be notified, and the trade may then commence.
The trading process is designed to be very transparent, and you will be able to follow along with the steps that are offered throughout the trading process in order to guarantee that you are performing the appropriate actions at the appropriate times. The single most essential thing to keep in mind is that you should never release escrow before the money has been confirmed as having been received, nor should you transmit payment before the escrow has been designated as funded.
LocalCoinSwap is a platform that allows traders from all over the world to interact with one another and do business with few constraints. The team is working hard to deliver a contemporary platform that is both practical and user-friendly, which contributes to the excellent user experience. Since the project was first introduced, there has been continuous work done on it, which demonstrates the company's dedication to giving its customers the very best possible experience while trading.
LocalCoinSwap is a legitimate platform; however, you may come across traders who are less than trustworthy. This is something that is common to all P2P exchanges, and the exchange will take prompt action against accounts that are attempting to scam users once they have been reported. This is the most important thing to keep in mind. When used properly, the escrow process offers a significant amount of protection. However, the majority of risks can be avoided if you simply pay close attention to the stage of the trade you are currently in and report any requests that ask you to trade off-platform or break out of the recommended trading flow. Escrow is a process that allows for the safekeeping of funds until they are released to the buyer or seller.
If you are interested in trying something new that is attracting more traders by the day, you should check out LocalCoinSwap and see if it is a good fit for you. If you are looking for an alternative to older peer-to-peer exchanges and you are also interested in trying something new, then you should check out LocalCoinSwap.
LocalCoinSwap is a peer-to-peer (P2P) cryptocurrency exchange that is officially registered in Saint Kitts and Nevis. It first appeared online in the year 2017.
People from all around the world are able to publish advertisements on LocalCoinSwap, in which they detail the payment methods and exchange rates they accept when buying or selling any of the cryptocurrencies that are accepted by the site. You respond to these advertising and agree to conduct business with the individual to whom you have responded. When the parties have completed their transaction and the seller has verified payment to LocalCoinSwap, then LocalCoinSwap will release the cryptocurrency from the escrow account to the buyer. The seller will place the cryptocurrency in an escrow account prior to the transaction.
LocalCoinSwap is a platform that facilitates the buying and selling of cryptocurrency and is comparable to eBay in many respects. Investors participating in the exchange each publish their own unique "ad," in which they provide a price quote for a certain coin. This advertisement is open to either purchasing or selling, or both, of the aforementioned activities. You, as a potential additional buyer or seller, are free to accept the offer if you believe it to be favorable.
The purpose of the platform is to remove the need for intermediaries by giving users the ability to transact with one another directly.
A trade view may be found on any trading platform. The trading view is the section of the website that the exchange provides users with access to in order to examine the price chart of a certain cryptocurrency as well as the price at which it is now trading. Typically, there are also buy and sell boxes, which allow you to place orders pertaining to the respective cryptocurrency, and on the majority of platforms, you will also have the ability to view the order history (i.e., previous transactions involving the relevant crypto).
As was noted earlier, LocalCoinSwap is not exactly an exchange in the traditional sense of the word. It is more like to Ebay but for cryptocurrencies. You will be able to look through a variety of classified advertising for sales and purchases here, all of which have been posted by other people who use this particular platform. You may locate a buyer or seller that you are interested in doing business with by sorting by payment method, price, popularity, coin, and other criteria. The following is an image of the list that can be seen on LocalCoinSwap, which has a variety of various offers:
The decision as to whether or not the interface that was just shown to you is entirely up to you and no one else. Last but not least, there are often a great deal of distinct methods in which you may adjust the settings to personalize the trading perspective in accordance with your own specific tastes.
Taking into consideration the business model described above, the distinction between the parties involved in the transaction is not one of a taker and a maker; rather, it is more like to that of an advertiser and a person who is reacting to an advertisement. When someone responds to an existing offer, they are not required to pay anything (0.00 percent ). Trading costs amounting to one percent must be paid by the individual who originally established the offer.
When compared to the typical trading costs associated with centralized exchanges, one percent is a rather high percentage. On the other hand, LocalCoinSwap and centralized exchanges are very different from one another, which may help to explain why the latter charge a greater fee.
It is our recommendation that investors who use LocalCoinSwap think about whether or not this charge is acceptable to them before proceeding.
The withdrawal charge is the last fee that must be taken into consideration. LocalCoinSwap levies a cost of 0.00025 BTC each BTC-withdrawal for its standard custodial Bitcoin wallet; however, the fee can be adjusted for its non-custodial Bitcoin wallet (the exchange allows both non-custodial and standard custodial trading/wallets for Bitcoin).
This charge is quite a little lower than the worldwide industry average, since the global industry average, according to the one and only empirical research undertaken on the topic that we are aware of, is 0.00053 BTC per BTC-withdrawal. This fee is much lower than both of those figures.
The United States does not permit international corporations to seek investments from US investors unless such foreign companies are also registered in the United States, the Securities and Exchange Commission (SEC) is a very frightening organization (with the SEC). If foreign corporations continue to recruit investors in the United States despite the SEC's warnings, the SEC may sue them. There are several instances in which the SEC has brought legal action against cryptocurrency exchanges. One of these instances was when the SEC brought legal action against EtherDelta for running an unregistered exchange. Another illustration of this is when they brought a lawsuit against Bitfinex, claiming that the stablecoin Tether (USDT) was deceiving investors. There is a significant possibility that further cases may emerge.
On its platform, LocalCoinSwap does, in fact, welcome participation from US-based investors. We do however always urge to US investors that they undertake their own study of whether or not they can trade elsewhere. This is especially important when taking into consideration the fact that various states might have varied restrictions on where its people are allowed to trade.
This platform is an entry-level exchange, which means that it is one option for those who would like to enter the cryptocurrency market but do not initially possess any bitcoin assets. When it comes to making deposits, our website gives you access to more than 250 different payment options.
Sites like LocalCoinSwap in the UAE
Here is a list of quality Forex, CFD, Stock and Crypto Brokers for new and professional traders living in the UAE:
- Olymp Trade - People simply love this one (Olymp Trade Review)
- Binance - World's largest cryptocurrency e-wallet and exchange that also has an online trading platform, where their members can invest or trade in virtually hundreds of cryptocurrencies and new tokens. (Binance Review)
- IG Markets UAE - UK broker located at Tower 2, Level 27, Al Fattan Currency House, DIFC. (IG Markets UAE Review)
- City Index Middle East - London-city broker with a branch in the UAE. (City Index Middle East Review)
- eToro - Social trading platform, but much better options are available out there. (eToro Review)
- IQ Option - It's a below-average broker with no Dubai office, but does have a toll-free virtual number for UAE: 800 032 0891 -> No Arabic, English only. (IQ Option Review)
Reviewed by Arpita Singh
Arpita Singh is the main writer at ForexBroker.ae. As a senior investment professional with 10+ years of experience working at top-tier Private Equity and Sovereign Wealth Fund; she is also responsible for fact-checking concepts, reviews, and related details about brokers and exchanges listed on this website. Full Bio.