LocalTrade Crypto Exchange Review 2023 : Pros & Cons

What Is Crypto Exchange ?

A cryptocurrency exchange, often known as a crypto exchange, is a website that makes it easy to buy, sell, and trade different cryptocurrencies. Users can trade cryptocurrencies or conventional fiat currencies, such as the US dollar, euro, or others, on these exchanges’ markets.

Various cryptocurrencies are listed on crypto exchanges, and trading pairs—which define the exchange rate between two cryptocurrencies, or between a cryptocurrency and a fiat currency—are also made available.

Market orders (buy or sell at the current market price) and limit orders (set a predetermined price at which you want to purchase or sell) are two different types of orders that traders can submit. The ease of buying or selling an asset without significantly altering its price is referred to as liquidity. Exchanges with high liquidity have more traders and closer bid-ask spreads.

Due to the irreversible nature of transactions and the risk of hacking, security is essential in the crypto world. Authentication with two factors (2FA), cold storage of cash, and recurring security audits are only a few of the security methods used by reputable exchanges.

What Is LocalTrade Crypto Exchange ?

LocalTrade By giving all participants in the crypto market and ordinary investors access to the most profitable, effective, and secure financial instruments, LocalTrade is a one-stop cryptocurrency exchange and financial products ecosystem that bridges the gap between traditional finance and the crypto business. The DeFi Lab, which is a development of LocalTrade CEX, and a fully functional CEX trading platform make up the LocalTrade ecosystem. encourage investments into decentralized finances with the best returns by combining CeFi experience, technological infrastructure, and DeFi chances.

LocalTrade Crypto Exchange Quick Facts

How To Register At LocalTrade Exchange?

To register on LocalTrade , click Register Now button at the top of the page. You can also start creating an account directly through the form on the main page.

You only need to enter your e-mail and come up with a password. If there is a referral code, it is also entered at this stage. Password requirements: at least 8 characters, numbers, upper and lower case.

Click ” Create Account ” then go to your email to verify it. Enter the code you received and registration is complete. You can start replenishing your account.

LocalTrade Exchange Supported Countries

LocalTrade Exchange is a cryptocurrency exchange that supports users from various countries around the world. However, the availability of services may vary depending on the location of the user.

Exceptions are the US, China, Japan and countries in the Middle East. Syria and North Korea are also countries whose nationals cannot trade on LocalTrade .

How To Verify Your LocalTrade Cryptocurrency Account ?

There is no mandatory verification at LocalTrade , but you can pass it if you wish. At the moment, the only restriction imposed on unverified users is the withdrawal limit of Free. In the future, depending on the actions of regulatory authorities, conditions may change.

For verification, you can use one of four documents to choose from: passport, driver’s license, identity card or residence permit. Artificial intelligence is used to evaluate the authenticity of documents. This service is provided by the Onfido online identification service, already used by the LocalTrade , Revolut platforms.

How To Buy Crypto Or Deposit Crypto At LocalTrade Crypto Exchange?

There are two main options for topping up your balance on LocalTrade . Firstly, you can buy cryptocurrency with a bank card – it’s fast and convenient. Go to the ” Buy crypto ” -> ” Buy crypto with a credit card ” section.

Choose a cryptocurrency (currently there are 13 coins available for purchase in this way). Enter the amount and select the fiat currency to be used for payment.

After that, you will need to select a payment channel: each of them has conditions. You can choose between Simplex, Mercuryo, Banxa and Moonpay. Click ” Buy ” next to the appropriate option.

Agree to the terms and confirm the transition to the site of the payment provider. Enter information about the card and its owner, confirm the transaction. Cryptocurrency will be credited to the exchange account within a few minutes.

Second Method

You can transfer digital assets to the balance of the exchange from any external crypto wallet. For this:

• Go to the “Deposit” section from the “Assets” menu.

• From the drop-down list, you can select the cryptocurrency you want to deposit into your account.
• The wallet address will appear. You need to copy it and send funds to it from another wallet or exchange. Please note that only bitcoin can be sent to bitcoin addresses, similarly with other coins.
• You can also click “Show QR code” – for transfers from a mobile wallet, this is a more convenient option.

How To Withdraw Crypto Asset From LocalTrade Exchange ?

Having completed all the necessary trading operations, it’s time to withdraw the received assets to an external wallet. Go to ” Assets ” -> ” Withdraw “. Please note that the operation is only available after enabling two-factor authentication in the settings. This is for added security and requires less than a minute, so don’t neglect this measure.

Select a cryptocurrency and enter the withdrawal amount. Each coin has its own withdrawal fee, for example, for BTC it is 0.00057 BTC. Click ” Output “. By default, the exchange processes applications three times a day, however, hourly withdrawals are available for Premium users. Also, the time of receipt of the cryptocurrency is affected by the workload of the blockchain network.

How To Secure Your LocalTrade Account ?

There are several steps you can take to help secure your LocalTrade account and protect your funds:

1. Use Secure Passwords: Make sure the passwords you use for your accounts are secure and different. Useless information like names or birthdays should be avoided. Combining capital and lowercase letters, numbers, and special characters is recommended.
2. Activate Two-Factor Authentication (2FA): If the platform supports two-factor authentication, do so. By requesting a verification code from your mobile device in addition to your password, this adds an additional degree of security.
3. Phishing Alert: Be wary of emails, texts, or links that request your login information or personal details. Before entering any sensitive information, make sure the website’s URL is valid and that the source has been verified twice.
4. Use a Secure Connection: Only use secure and reliable networks to access your trading account. Avoid doing important transactions on public Wi-Fi networks.
5. Maintain Software Updates: Continually update your web browsers, operating system, and security programs. Updating everything aids in preventing known vulnerabilities.
6. Monitor Account Activity: Consistently look through your account history and transaction activity. Immediately get in touch with the platform’s customer service if you observe any unauthorized or questionable behavior.
7. Use a Dedicated Device: Whenever possible, carry out trading and financial transactions using a dedicated device. This lessens the possibility of viruses or malware invading your account.
8. By taking these steps, you can help protect your LocalTrade account and reduce the risk of unauthorized access to your funds.

Fees taken when buying virtual currency

LocalTrade Trading Fees

Taker fees and maker fees are the two main trading costs levied by the majority of cryptocurrency exchanges. The person who selects an existing order from the order book is known as the taker. The individual who creates an order, on the other hand, that is not immediately matched against an already-existing order on the order book is known as the maker. Makers frequently receive a lower trading fee than takers as compensation for adding liquidity to the platform. We refer to the “flat fees” charged by exchanges that do not distinguish between takers and manufacturers. Both takers and makers pay LocalTrade’s 0.00% fee.

LocalTrade Withdrawal fees

When you withdraw money from LocalTrade, they take a percentage of the amount you withdrew as their withdrawal fee. They charge different percentages depending on the cryptocurrency, however for Bitcoin, the rate is 0.10% + 0.0001 BTC. Although this withdrawal charge concept is unusual, it is not unheard of. Regardless of the quantity of the withdrawal, the majority of exchanges have a flat withdrawal fee.

With the cost structure this exchange uses, you gain from making little withdrawals. The withdrawal cost drops to 0.0001 BTC, which is a very modest amount if you withdraw 0.01 BTC. However, the withdrawal cost increases to 0.1 BTC (very high) if you withdraw 10 BTC. Please think carefully about whether this withdrawal fee is appropriate for your trading.

Deposit Methods

You can deposit using a wire transfer on this bitcoin trading platform, but not a credit card.

Trade On Go LocalTrade Is 100% Mobile Friendly

Both iOS and Android users can download the mobile app for the LocalTrade exchange. Users may manage their accounts, buy and sell cryptocurrencies, and keep track of their trading actions while on the road thanks to the exchange’s mobile application.

The mobile app’s user-friendly interface is mobile device optimized, making it simple to use and navigate. Additionally, it offers real-time price charts, order books, and trading history so that customers can keep up with the most recent market trends and make wise trading choices.

You can search for “LocalTrade” in the App Store or Google Play Store on your device to download the LocalTrade mobile app. You may log into your LocalTrade account and begin utilizing the exchange’s mobile services after downloading and installing the app.

How To Contact LocalTrade Customer Support Team?

If you need help with your LocalTrade account or have any questions, you can contact LocalTrade customer support through the following methods:

Live Chat: On the LocalTrade website, you may utilize the live chat option to communicate with a customer service agent in real time.

Email: You can contact support@LocalTrade by email. Make sure to be as specific as you can when describing your problem or query.

Phone: You can call the phone support line for LocalTrade as well. The customer service phone number

Social Media: You can receive assistance from LocalTrade by contacting them through their social media accounts on Twitter, Facebook, or Telegram.

No matter which method you choose, be sure to provide as much detail as possible about your issue or question so that LocalTrade customer support can assist you efficiently.

Features Of LocalTrade Crypto Exchange

Trading Pairs

Different trading pairs, or combinations of distinct cryptocurrencies that can be exchanged against one another, are available on cryptocurrency exchanges. Users can purchase and sell cryptocurrencies in relation to one another using these pairs.

Altcoins Available

ETH, LTC, DASH, ZEC, and E-Dinar are just a few of the alternative currencies that LocalTrade accepts for trade. At this time, the exchange has more than 20 sets for sale. DASH/USD, LTC/USD, and ETH/BTC are currently the three most active exchanges. Additionally, the exchange keeps adding new currency.

Traditional Fiat Monetary Forms Available

The exchange accepts the US dollar (USD), the Indonesian rupiah (IDR), the UAE dirham (AED), and the South African rand (ZAR) as “customary” fiat currencies. Users can also directly purchase cryptographic forms of money with cash or cash out their coins.

Payment Methods

Customers of LocalTrade can deposit and withdraw money in fiat using PerfectMoney and Advanced Cash, which is rather convenient. Surprisingly, there is no information about bank wire exchanges on LocalTrade.

Online EDR Mining Option

The LocalTrade exchange offers cloud-based E-Dinar mining (localtrade cloud mining), which is more efficient and advantageous than mining at home.

User Interface

For trading to be simple, an intuitive and user-friendly interface is essential. Many exchanges provide beginners with a more user-friendly interface and complex trading choices for seasoned investors.

Security precautions

A sound exchange should put security first. This consists of functions like as two-factor authentication (2FA), cold storage for the majority of cash, frequent security audits, and others.

Liquidity

In general, more liquidity results in tighter spreads and more profitable trades. Good liquidity on exchanges tends to draw more traders and investors.

Order Types

A range of order types, including market, limit, stop-loss, and others, give traders the freedom to carry out transactions in accordance with their strategy.

LocalTrade Good Or Bad Points

LocalTrade is a cryptocurrency exchange that allows users to buy and sell various cryptocurrencies. Here are some potential good and bad points of using LocalTrade :

Good points:

1. Convenience: A local trading platform might offer a simple way for people to exchange products, services, or even information within a certain area.
2. Support Local Economy: By encouraging local company development and artisanship, it could help the local economy grow.
3. Reduced Carbon Footprint: Since local trades may need less travel than long-distance shipments, the carbon footprint of those deals may be reduced.
4. Economic Growth: By lowering trade barriers and taxes, local trade agreements can encourage economic growth among participating regions.
5. Collaboration: These agreements promote diplomatic ties between neighboring nations or regions by encouraging collaboration.

Bad points:

1. Limited Choices: Relying primarily on local trade may restrict the range and options offered to consumers.
2. Scale: Smaller internet platforms may be able to reach a smaller audience and have less visibility due to their lack of scale.
3. Competition: Keeping up with bigger, more established online markets may be difficult for a small trading platform.
4. Parties at a Disadvantage: In a trade agreement, smaller or less developed regions may have trouble competing with more developed ones.
5. Loss of Sovereignty: If choices are influenced by outside parties, some critics contend that trade agreements could result in a loss of sovereignty.

Is LocalTrade Is Safe Platform To Trade ?

Make that the trading platform is overseen and authorized by respectable financial regulators in the country. In order to protect traders, regulatory oversight aids in ensuring that the platform adheres to specific norms and procedures.

Find out what security precautions the platform has in place. This entails using two-factor authentication, encryption, and other cybersecurity measures to protect your personal and financial data.

Look up user opinions and criticism regarding the platform online. Positive customer evaluations and a solid reputation among traders are indicators of a reliable platform.

Regarding its costs, trading procedures, and terms and conditions, the platform should be open and honest. Hidden costs and ambiguous procedures can raise suspicion. Verify whether the platform provides quick and dependable customer assistance. This is crucial in case you run into any problems or have any inquiries.

LocalTrade Conclusion

A fully functional CEX trading platform and the DeFi investment platform, which is a development of LocalTrade CEX, make up the LocalTrade ecosystem. maximize returns on investments in decentralized finances by fusing CeFi knowledge, technological infrastructure, and DeFi chances. use the present CEX capability to make it simple and secure to invest in the DeFi Lab products, Launchpad and tokensales, and yield farming system, all from within one payment gateway.