LocalCoinSwap is a peer-to-peer (P2P) cryptocurrency platform that connects buyers and sellers locally across the globe. It allows users to trade popular cryptocurrencies like Bitcoin, Ethereum, and others directly with each other, avoiding the need for centralized exchanges. Unlike many well-known platforms, LocalCoinSwap does not require user verification, which provides users with greater privacy and flexibility in their trades.
What sets LocalCoinSwap apart is its unique profit-sharing model. The platform shares a portion of its revenue with the community through its native LCS Cryptoshares token. Although it may not yet be as popular as competitors like Paxful or LocalBitcoins, LocalCoinSwap offers a simple, user-friendly experience with a wide range of payment methods, making it an attractive option for those seeking a decentralized exchange.
In this review, we will detail the platform’s services, fees, and features to help you determine if LocalCoinSwap is the right choice for you.
LocalCoinSwap Review: Summary
LocalCoinSwap is a peer-to-peer crypto exchange that shares its profits with users via its native LCS token. Although not as popular as some of its more established competitors like Paxful and LocalBitcoins, LocalCoinSwap does not enforce user verification and supports a wide range of payment methods.
LocalCoinSwap Overview
LocalCoinSwap was launched in 2018 by Daniel Worsley and Nathan Worsley, in an effort to create an exchange that decentralizes 100% of its profits. It does so by sharing these profits with holders of its native LCS Cryptoshares token.
The platform operates out of Hong Kong and has grown to provide support for more than 190 local currencies, along with over 300 different payment methods.
LocalCoinSwap Services
P2P Crypto Trading
The core service that LocalCoinSwap provides is its P2P crypto trading platform. Users from anywhere in the world can search locally for buyers and sellers to transact with on an individual basis, as opposed to a centralized exchange with aggregated orders.
Users can simply search for the asset they wish to purchase or sell, along with their preferred location and payment method. Existing price offers are listed in the search results along with the individual seller’s username, number of trades, and feedback rating.
User feedback ratings and trade history are crucially important on P2P platforms since you are dealing with another individual on a one-on-one basis; it is up to you to ensure that you select a reliable counterparty to trade with, to ensure the safety of the trade.
Crypto-to-Crypto Swaps
In addition to P2P trading, LocalCoinSwap also provides a crypto-to-crypto “swap” service, which allows users to easily exchange their crypto assets for other crypto assets. These swaps occur straight out of (and into) your LocalCoinSwap wallet, in a non-custodial manner.
The service is routed through ChangeNOW, a well-established non-custodial crypto-to-crypto exchange platform.
LCS Token
The LocalCoinSwap platform has its own native token, LCS Cryptoshares (LCS), which entitles holders to a portion of revenue from the platform. The token also comes with voting rights for deciding part of the future direction of the exchange, as well as airdrops of ICOs listed on the LCS platform.
Cryptoshares are an ERC20 token on the Ethereum network, with a total supply of 72,732,420 LCS. LCS tokens are also periodically bought back and burned using revenue from the platform. This makes LCS a deflationary asset.
Currencies and Payment Methods
LocalCoinSwap supports trading in a wide range of major cryptocurrencies — including Bitcoin (BTC), Ethereum (ETH), stablecoins such as USDT, USDC, and DAI, plus several altcoins like BNB, CELO, TRX, Litecoin (LTC), and the LCS token. The available coins may vary depending on the vendor, region, and network, but the platform supports well over a dozen crypto assets.
Supported fiat currencies and payment methods depend entirely on what each seller is willing to accept. In practice, this means traders can use almost any local fiat currency, with over 300 payment methods available across the platform. These range from in-person cash exchanges to bank wires, SEPA and SWIFT transfers, digital payment apps, mobile wallets, prepaid cards, and even gift cards.
A full list of supported fiat currencies is available in the LocalCoinSwap support section.
Fees
Users who create and post trade offers are charged a 1% fee on every completed trade. This fee is separate from the price spreads set by individual sellers, which typically make up the majority of the total trading cost. Spreads vary based on the payment method, trade size, market conditions, and the seller’s perceived risk.
In addition, there may be standard network transaction fees associated with transferring the cryptocurrency you are trading, which are required to finalize the transaction on-chain.
LocalCoinSwap also applies blockchain network fees when depositing or withdrawing cryptocurrencies from your LCS wallet. These fees do not go to LocalCoinSwap; they simply cover the required on-chain processing costs. LCS does not charge extra deposit or withdrawal fees of its own.
LocalCoinSwap Limits
Buy and sell limits appear to be decided on a case-by-case basis by individual traders via their offers. Upon inspection of existing listings, these can range anywhere from tens of dollars to as much as a million.
Minimum crypto withdrawals do apply; however, these are set to ensure that transaction fees can be covered.
Supported Countries
LocalCoinSwap allows users from practically any country worldwide. However, it places the burden on the user to abide by the legal obligations in their area of residence.
Customer Support and Reviews
Is LocalCoinSwap legit?
Most LocalCoinSwap feedback should be directed at the individual buyers and sellers on the platform, given its peer-to-peer nature – the majority of your experience with the platform is determined by whom you choose to transact with. On the other hand, the rest of the platform and its support are also important to evaluate.
The platform has a useful FAQ section that addresses an impressive range of possible queries. If you can’t find an answer to your questions there, you can also submit a ticket for one-on-one support as a logged-in user (responded to via private message).
Reviews for LocalCoinSwap on Trustpilot are exceedingly good, with a majority of user reviews being positive. The platform appears to be very good at controlling the integrity of the buyers and sellers on their platform, with a low tolerance for scammers. Users also appreciate not being required by the platform to verify their identity, which is a painful barrier for many centralized exchanges.
The premium that buyers and sellers tend to apply to their prices is one other complaint from some users; however, this is quite typical on peer-to-peer platforms, as users must price in some risk.
Conclusion
In conclusion, LocalCoinSwap presents an appealing alternative for cryptocurrency traders seeking a decentralized, peer-to-peer exchange that offers enhanced privacy and flexibility. Its profit-sharing model through the LCS tokens is a distinctive feature that sets it apart from other platforms. Also, the lack of mandatory Know Your Customer (KYC) procedures provides users with a smoother trading experience.
While LocalCoinSwap may not be as popular as Paxful or LocalBitcoins, it boasts a diverse range of cryptocurrencies and over 300 payment methods, making it a versatile platform. However, as with any peer-to-peer exchange, success largely hinges on selecting trustworthy trading partners, and users may need to navigate different fees and transaction times.
If you are looking for a P2P exchange that has a unique rewards system and prioritizes user autonomy, LocalCoinSwap may be the right choice for you. It is definitely a platform to keep an eye on as it continues to grow and diversify its offerings.
LocalCoinSwap
Pros
- Wide range of supported assets
- Profit sharing with LCS holders
- No KYC
Cons
- Less liquidity than competitors
- High spreads on offers
See also:
FAQs
What is LocalCoinSwap?
LocalCoinSwap is a peer-to-peer (P2P), non-custodial marketplace for cryptocurrency trading. Unlike centralized exchanges (CEXs), LocalCoinSwap doesn’t hold your funds, as users trade directly with each other, and crypto is secured in escrow during transactions. This means you remain in control of your assets, and the platform simply facilitates trades between individuals.
How does the escrow system on LocalCoinSwap work?
LocalCoinSwap uses a built-in escrow system: when a trade starts, the seller locks the crypto in escrow. The buyer then makes payment via a chosen method (bank transfer, cash, etc.). Once payment is confirmed, the seller releases crypto to the buyer.
If a dispute arises, e.g., the buyer denies making payment, LocalCoinSwap’s moderation team reviews the evidence and ensures funds are released fairly. According to LocalCoinSwap, the vast majority of trades complete smoothly without issues.
Do I need to complete KYC to use LocalCoinSwap?
No — LocalCoinSwap is a non-custodial P2P platform and claims to allow trading without mandatory KYC/ID verification, depending on the vendor and payment method.
That gives users more privacy compared with centralized exchanges. However, for certain payment methods or larger trades, individual sellers may request ID on their own, so it’s wise to verify the terms before a trade.
What cryptocurrencies and payment methods does LocalCoinSwap support?
LocalCoinSwap supports many major cryptos (Bitcoin, Ethereum, stablecoins, and others), often more than most P2P platforms.
Payment options are broad: you can use bank transfers, cash deposits, stablecoins, or many alternative local payment methods, depending on the seller. This wide choice makes it easier to trade from many countries.
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