How to

Guide: How to Buy and Sell Cryptocurrencies on LocalCoinSwap

Key facts:
  • It is a decentralized P2P (person-to-person) crypto exchange for bitcoin and altcoins.

  • It has 24 different cryptocurrencies, more than 250 payment methods and 160 fiat currencies.

LocalCoinSwap (LCS) is a decentralized P2P (person-to-person) crypto exchange for bitcoin and altcoins. It is already operational and directly competes with LocalBitcoins, without applying KYC (know your customer) measures to users. Plus, you give all your profits back to the crypto community.

Con LocalCoinSwap We can safely buy and sell a large number of cryptocurrencies, at any time or place, to anyone, in more than 190 countries around the world. in this moment, It has 24 different cryptocurrencies, more than 250 payment methods and 160 fiat currencies. It also offers escrow protection and 24/7 customer service. It does not apply any ad creation fees, nor has any withdrawal or deposit limits.

In this guide, you will learn step by step how to get the most out of cryptocurrency trading on LocalCoinSwap.

Content

Register on LocalCoinSwap
Two-factor authentication
Confirm phone number
Buy on LocalCoinSwap
Post a buy ad on LocalCoinSwap
Deposit cryptocurrencies on LocalCoinSwap
Vender and LocalCoinSwap
Post an ad for sale on LocalCoinSwap
Withdraw cryptocurrencies on LocalCoinSwap
Referral program

Register on LocalCoinSwap

The first thing you need to do is to register on the platform. For that you have to go to the web portal LocalCoinSwap and click the “Register” button to view the form.

The main screen for registering or logging in to LocalCoinSwap. Source: LocalCoinSwap

LocalCoinSwap registration form. Source: LocalCoinSwap

In the form you will need to enter your email, username, password and If you have a referral code, don’t forget to enter it in the appropriate field. We will talk more about the referral program and its benefits later.

Once you’ve filled in your information, click “Register” and that’s it. You will receive an email to confirm your email. After clicking the link, you will be registered on the platform and will be able to buy or sell with your LocalCoinSwap wallet.

Recommendation:

Before proceeding to buy or sell on the platform, it is recommended that you take a few steps to increase the security of your account, taking into account that you will be managing your money on this platform.

Two-factor authentication

To increase the security of your account, you have two-factor authentication (2FA), which you can configure by entering “Help”. To do this, click on your name in the menu.

Access profile settings in LCS. Source: LocalCoinSwap

Then you’ll just need to scan the QR code with your Google Authenticator app (or any other you have for this purpose), enter the code it generates, and your two-factor authentication will be activated.

Confirm phone number

Another thing you can do To increase the security of your account, verify your phone number. To do this, go back to your profile and under the “General” tab you will see the option to “add a phone number”. There you must enter your phone number including the country code. Then enter a four-digit code that will be sent to your mobile phone and that’s it. Your phone number will be confirmed.

Phone number verification in LCS. Source: LocalCoinSwap

shop further LocalCoinSwap

To buy on LocalCoinSwap, you have two options: buy directly from a seller’s ad or post a buy ad.

First, you’ll learn how to buy directly from an ad. To do this, go to the LocalCoinSwap home page, where you have several filters to search for ads that meet your requirements. You can filter by the type of transaction you will make (buy or sell), crypto asset, fiat currency (usually the currency of the user’s country is used), location or payment method. Choose one option or their combinations.

Ad search filters on LocalCoinSwap. Source: LocalCoinSwap

You can also select directly from the carousel on the home page the crypto asset you want to buy and it will show you all the related ads.

A carousel of crypto assets available for transactions on LocalCoinSwap. Source: LocalCoinSwap

After filtering the list according to your search criteria, you can organize it by price, payment method or currency. In this case, we’ve chosen bitcoin and will organize it by price to see the most competitive ads.

An example of a Bitcoin purchase announcement on LocalCoinSwap. Source: LocalCoinSwap

To select an ad, you have the following information at your disposal:

  1. Cryptocurrency logo.
  2. User/Merchant Name. To the left of the user you will see a colored indicator that helps you know if the user is currently active. It will be displayed in green when the user is online and gray when offline. By placing the cursor over the username, you will be able to see when they last logged in and that way you will know how active the user is. Click on their name to see their profile and reputation.
  3. A cryptocurrency ticker or symbol.
  4. Payment method and transaction limits.
  5. The country where the ad is located.
  6. Offered price per unit in fiat currency. In this case, the price per unit of bitcoin is $5,044.6.
  7. Finally, you have a “buy” button to enter the ad and find out more details.

With this data, enter the selected ad to proceed with the purchase by clicking on the “buy” button specified in point 7.

An example of a Bitcoin purchase announcement on LocalCoinSwap.

On this screen, you can see more details about the ad and continue shopping. On the left side, information about the merchant is displayed. The details this section shows are your preferred working hours, whether you have confirmed your email and phone, and the contract expiry time. This time indicator also helps to find out how active the trader is in sales, because the shorter the time, the faster we will make the purchase. On the right side, you will see the amount per unit and the terms of the transaction.

Important

Please note that once you initiate a transaction and the seller accepts it, the only way to cancel it is to open a dispute. Make sure you meet all the requirements that the advertiser asked for, so that neither of you wastes time.

Confirmation screen before starting a purchase in LCS. Source: LocalCoinSwap

To start shopping, you only need to enter the desired amount. In this case it will be in USD or BTC. Then proceed to click on “Buy bitcoin” and you will be redirected to the confirmation page, where you can go back or select “Confirm” option.

When you select confirm, you will see a confirmation message informing you that a new contract has been created. It remains to wait for the advertiser to receive the notification and accept or reject the purchase.

After the seller accepts the contract, you will receive a notification on the platform and an email. The cryptoasset you want to buy will be in escrow until the transaction is completed. In this way, neither the seller nor the buyer will be able to access them until the contract is satisfactorily completed.

When you enter the transaction, you can see that it has been initiated and now you have a chat on the left to ask the seller for all the details to proceed with the payment; such as a bank deposit account number, for example. After making the payment, you will proceed to notify the seller, selecting the option “I paid by…”.

LocalCoinSwap Buy Bitcoin screen. Source: LocalCoinSwap

All that remains is for the advertiser to confirm that they have received the funds. At that point, the bitcoins will move to your LocalCoinSwap wallet. You will receive a notification via email and on the platform. Don’t forget to leave a rating and comments to improve the experience of future users.

Post a buy ad on LocalCoinSwap

As we mentioned before, there is another option to buy crypto assets on LocalCoinSwap, by placing an ad. Below you will see step by step how to do it.

Enter “Advertising” in the top menu and configure your ad with the following options:

  • The type of transaction you will post, in this case “Buy”.
  • Buy Cryptoactive.
  • Location.
  • Fiat currency to pay with.
  • Method of payment
  • Purchase limits (you must write the minimum and maximum amount). Take that into account This amount will be in the fiat currency you put in.
  • How will you set up payment? In this option you have three ways to set the price:
    • Market price (market price). This option registers a percentage value, which determines the price equal to or below the market value, taking CoinMarketCap as a reference. For example, if we set the number two, the selected cryptocurrency will be bought at 2% below the current CoinMarketCap price.
    • Fixed price (fixed price). It records the price without the influence of the current market price.
    • Price equation. You will be able to create a mathematical formula based on the current market price.
  • Terms and conditions. At this point, remember to enter all the details of your purchase as accurately as possible to ensure that the person who selects your ad is clear about the exchange rules. This way you can minimize the transaction time.
  • Additional optional options.
    • Liquidity monitoring. Activating this option will dynamically lower your commercial limits for each ad you accept. That is, if you set transaction limits from BTC 0.1 to 0.5 and buy BTC 0.1, your limit will be updated to BTC 0.1 – 0.4.
    • Limits to be traded. In this option you can select specific transaction amounts. For example, if the payment method will be gift cards and you want to pay only in a certain denomination.
    • Automatic cancellation time. This is the time at which the transaction will be automatically canceled if no response is received. By default, the time is set to 60 minutes. However, setting a shorter time can guarantee more offers, which will show that you are active and will be attentive to the transaction.
    • Verified identity. By activating this option, only those users who verify their photo ID will be able to initiate a transaction.
    • Verified phone. By activating this option, only users who have verified their phone will be able to initiate a transaction.
    • Minimum rating from other merchants. In this option, you can choose the minimum rating you expect from users who want to sell you cryptocurrencies.
    • Availability. In this option, we can specify the time in which we will be active for performing transactions.

When you are sure of the information you have chosen, click on “Publish trade”.

Post an ad on LocalCoinSwap. Source: LocalCoinSwap

A user who wants to sell cryptocurrencies at the price requested in the ad will initiate a transaction and receive a notification as well as an email that the user has started a new contract. After entering the transaction, you will see the following screen:

A purchase transaction has been initiated. Source: LocalCoinSwap

On this screen, you can chat with the user and check whether the purchase conditions have been met. To proceed, click the “Accept” button and the transaction will begin, meaning the seller’s BTC will be blocked as collateral by LocalCoinSwap until the exchange is completed. After acceptance, all that remains is to pay the user and confirm on the platform.

Confirm payment to the seller. Source: LocalCoinSwap

After the seller on the platform confirms that the payment has been received, you will receive a notification and you will have a cryptocurrency deposit in your LocalCoinSwap wallet.

Deposit cryptocurrencies on LocalCoinSwap

Before proceeding with the sale of cryptocurrencies, it is necessary to deposit them into the LocalCoinSwap wallet. To do this, go to the “Wallet” option in the top menu and click on the “Deposits” tab.

Deposit cryptocurrencies in LCS. Source: LocalCoinSwap

On the next screen you have to select the cryptocurrency you want to deposit and you will have an address to deposit and a QR to scan. After you make a transaction, you will see the available balance on the “Portfolio” tab.

Vender and LocalCoinSwap

After you have deposited the money into the LocalCoinSwap wallet, you can now proceed with the sale. The selling process is analogous to the one we saw earlier for buying. You will also have two options: sell directly or post a sale ad. Likewise, we explain step by step below.

Enter the home page of LocalCoinSwap and filter by the type of transaction you are going to make (buy or sell), crypto asset, fiat currency, location or payment method. Select an option, a combination of options, or click directly on a crypto asset on the carousel to display all of its ads.

A carousel of cryptoassets available for transactions in LCS. Source: LocalCoinSwap

After you have filtered the list according to your search criteria, you can organize it by price, payment method or currency. In our case, we have chosen bitcoin and will organize it by price, in order to see the most competitive ads.

Example of a Bitcoin sale announcement on LocalCoinSwap. Source: LocalCoinSwap

We have the following data available to select ads:

  1. Cryptocurrency logo.
  2. User/Merchant Name. To the left of the user you will see a colored indicator that helps you know if the user is currently active. It will be displayed in green when the user is online and gray when offline. By hovering over a username, you’ll be able to see when they last logged in, which will help you know how active the customer is. By clicking on their name, you will be able to see their profile and reputation.
  3. A cryptocurrency ticker or symbol.
  4. Payment method and transaction limits.
  5. The country where the ad is located.
  6. Bid price per unit by fiat currency – in this case the price per unit of Bitcoin is $11,000.
  7. Finally, you have the “Sell” button, where you will enter the ad to find out more details.

Enter the selected ad to proceed with the sale by clicking the “Sell” button, specified in point 7.

Example of a Bitcoin sale announcement on LocalCoinSwap. Source: LocalCoinSwap

On this screen, you can see more details about the ad and make a sale. On the left side, there is all the information about the merchant: preferred opening hours, email and phone confirmation, as well as the time at which the contract expires (this helps to know how active the merchant is for this purchase: the lower the time, the faster it will be executed sales).

On the right side, you will see the amount per unit and the terms of the transaction – for example, if it is a bank transfer or certain amounts. Pay attention to these details so that you can confirm that you comply with them or that you are willing to do so. Start the contract only if you agree with these terms, so that neither you nor the buyer wastes time.

Important

Please note that once you initiate a transaction and the advertiser accepts it, the only way to cancel it is to open a dispute. Try to fulfill all the requirements that the advertiser asked for.

Confirmation screen before starting sales in LCS. Source: LocalCoinSwap

To start selling, you just need to put the amount you want to sell, in this case in USD or BTC. Then proceed to click on “Sell Bitcoin”. You will see a confirmation warning on the screen and you can go back or select “Confirm”.

When you select confirm, you will see a confirmation message informing you that a new contract has been created. It remains to wait for the advertiser to receive the notification and accept or reject the sale.

After the customer accepts the contract, you will receive a notification on the platform and an email. Bitcoins – or the crypto asset you want to sell – will be placed in collateral while the transaction is completed. This way, neither the buyer nor the seller will be able to access them until an agreement is reached, where both agree to the sale.

When you enter an alert or email, you will be redirected to a screen where you can see that the transaction has been initiated, and now you have a chat on the left side to agree all the details with the buyer. Once the payment is made, proceed to confirm in the app that you have received the payment and the bitcoins will be released to the customer.

Remember not to enter into contracts outside the platform, and to confirm that you have the full amount in your account or the payment method you have chosen before confirming that you have received a payment. If you do not receive payment, you can enter a cryptocurrency dispute by clicking the “Start a dispute” button, which will initiate a conversation with LCS support and you will need to provide all the details to resolve the case.

Post an ad for sale on LocalCoinSwap

This process is analogous to the one used to post a purchase:

Go to “Advertising” in the top menu and configure your ad with the following options:

  • The type of transaction to be posted, in this case “sale”.
  • Cryptoasset for sale.
  • Location.
  • The fiat currency you will accept.
  • Method of payment.
  • Selling limits (you must select a minimum and maximum amount). Note that this amount will be relative to the fiat currency you have selected.
  • How will you set up payment? In this option you have three ways to set the price:
    • Market price (market price). In this option you choose the margin percentage. For example, if you enter the number two, the selected cryptocurrency will be sold at 2% above the current CoinMarketCap price.
    • Fixed price (fixed price). Choose a price without being affected by the current market price.
    • Price equation. You will be able to create a mathematical formula based on the current market price.
  • Terms and conditions. In this option, do not forget to enter all the details of your sale, as precisely as possible, to guarantee that the person who selects your ad has as much information as possible and that the transaction time is kept to a minimum. Do not put your personal information or account number in this section.
  • Additional optional options
    • Liquidity monitoring. Activating this option will dynamically lower your commercial limits for each ad you accept. That is, if you set a transaction limit of BTC 0.1 to BTC 0.6 and someone responds to your ad and buys BTC 0.1, your limit will be updated to BTC 0.1 – 0.5.
    • Commercial size. In this option you can select specific transaction amounts. For example, if the payment method will be gift cards, you can only enable payment with a specific denomination.
    • Limits to be traded. This is the time at which the transaction will be automatically canceled if no response is received. By default, the time is set to 60 minutes. However, setting a shorter time can guarantee more offers, as it will show that you are active and will be attentive to the transaction.
    • Verified identity. By activating this option, only those users who verify their photo ID will be able to initiate a transaction.
    • Verified phone. By activating this option, only users who have verified their phone will be able to initiate a transaction.
    • Minimum rating from other merchants. In this option, you can choose the minimum rating you expect from users who want to buy cryptocurrencies.
    • Availability. In this option, you can specify the time in which you will be active for making transactions.

When you are sure of the information you have chosen, click on “Publish trade”. A user who wants to buy cryptocurrencies at the price requested in the ad will initiate a transaction, and you will receive a notification and email that the user has initiated a new contract. You can accept or decline the transaction. Remember to check with the buyer before you accept, because once you click accept, you won’t be able to cancel the transaction without entering into a dispute.

Once accepted, the cryptocurrencies will be locked as collateral by LocalCoinSwap until the transaction is completed. After the user has paid and confirmed on the platform, you will receive a notification to confirm that you have received the payment. Upon confirmation that the payment has been received, the transaction will be completed.

Please confirm that we have received your payment. Source: LocalCoinSwap

Withdraw cryptocurrencies from LocalCoinSwap

After you have bought cryptocurrencies and want to withdraw them from the LocalCoinSwap wallet, you just need to go to the “Wallet” menu and select the “Withdrawals” tab. There you select the cryptocurrency to withdraw. Then you have to enter the delivery address, the amount of crypto funds and press the “Send” option.

Cryptocurrency withdrawal screen. Source: LocalCoinSwap

Recommendation

For added security, we recommend keeping your cryptocurrencies in cold or paper wallets and using exchange wallets only for specific transactions.

Referral program

LocalCoinSwap offers a platform that returns all of its profits to the community, specifically to holders of its LCS Cryptoshares token, which can be purchased with fiat currency directly on LCS or with bitcoin on the HotBit exchange.

In addition, LocalCoinSwap has Referral program which guarantees that both referrer and referee benefit from 10% trading commission make a referral. This percentage can reach up to 30% for the referrer depending on the amount of LCS Cryptoshare they have available at the time of the transaction. To refer your friends and family, you just have to enter the menu in your profile name in “Referrals”.

LocalCoinSwap referral program. Source: LocalCoinSwap

On this screen you will see your referral code, your link and a QR code. Remember that This code must be used by a referral when registering on the platform so both can enjoy the benefits.

On the same screen, you will be able to see a list of referrals who have joined the platform with your code, as well as the terms of the program.

Easy to use platform

As we could see, this P2P exchange platform is fast, easy to use and without the cumbersome KYC method of other platforms. In addition, the warranty process helps minimize the chances of being a victim of fraud. LocalCoinSwap also ensures that the private keys for at least 95% of our assets on the platform are held in cold wallets, increasing security.

We hope you are encouraged to try out the platform and learn about all its benefits. For more information visit LocalCoinSwap.

Featured image by LocalCoinSwap

Disclaimer: The content and links in this article are for informational purposes only. CriptoNoticias does not offer legal, financial or investment recommendations or advice, nor is it a substitute for due diligence by any interested party. CriptoNoticias does not endorse any investments or similar offers promoted here. click here for more information.

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