Bitcoin Forum

The exchange was known as "Localethereum" before changing their name to "LocalCryptos (https://localcryptos.com/)" last week, as they started supporting BTC.

I'm not affiliated with the service, but here are a few reasons on why I think you should use the exchange:

1. No KYC required to use the platform.
2. Non-custodial. You have control over your funds (you can export the private keys).
3. Better UI/UX.
4. Support in-person (cash) transactions (unlike LBC).

It's also possible to import your trust from Localbitcoins and Paxful (soon) to LocalCryptos. So If you are interested in switching and keeping your trust ratings, you can do that!

I just checked the website to see if there are already available buyers and sellers from my country but there are only a few as of now. I also tried connecting Metamask to the platform but it's asking for an email which I do not like. I guess that's just a minor thing compared to the pros that it's non-KYC and non-custodial.


(edit: I hope you don't mind me sharing this to our local board and getting information from your thread.)

But also have risks while using an exchange with no KYC which makes payment in p2p like a source of the payment made to buy bitcoins maybe send from a hacked bank account or even can use for money laundering. If this will be the case then exchanges won't have any responsibility which makes us be accused of doing the crimes.

They will also add more cryptocurrencies in the future.

It's a good alternative to localbitcoin but unfortunately, this exchange has never hit the fans. It's already been around for 2 years since they started and they have only about 200 trades daily.
I think the mistake was to use only ethereum, idk, but as usual, when it's about DEXs we always have the low volume problem, so if you start with only ETH, not surprised.

Well, I hope it will improve its userbase.

For those who are already using the exchange, to celebrate the Proof-of-keys event, trading fees have been set to 0% for the whole day (promotion ends on the 4th at 12am UTC).

thanks for bumping this. i had no idea localethereum had expanded to bitcoin---that's awesome. sadly p2p cash liquidity is no better than paxful, but with zero KYC i can post my own ad and just see what happens.

how does the reputation importing thing work? how do they verify it's really your account on localbitcoins?

I just played around the site for a while, and all in all, its actually not so bad. I like the feature of how they allow you to trade bitcoin for any(available) currency from the list of countries, and not just one, cause LocalBitcoins only allows transaction based on your location. They also allow Crypto to paypal trades, bank deposit, gift card, venmo,and a few more which is actually good. Heck, even weChat pay is allowed.

This might very soon be a better alternative to LBC if more users start using the site. I might use this probably from now on. Thanks for this @OmegaStarScream.

A legitimate concern which isn't entirely alleviated when dealing with KYC-verified entities because verified LBC accounts get hacked and sold all the time. Best to just trade in-person while taking all necessary security precautions.

Hacked accounts can be identified easily if we check the feedback history of that person and if it doesn't have any recent trades better avoid trading with that person but complete anonymous while trading p2p could be a danger when we face any legality issues we will be the only person to be accused and get punished.

After typing your username, you're given a unique code like this:


Which you should paste somewhere in your Localbitcoins profile. (You can remove it after the verification)

Thanks for the recommendation. Still heavily LBC here myself, since I don't do super volumes, but have been finding some joy in Bisq (which I personally support), but doesn't hurt to check out another P2P platform with non-custodial systems. Perhaps some time this year I'll use it properly if I can remember and when I'm in no hurry.


Definitely a legitimate concern these days... but I will say that on LBC at least as a seller in my locations, you can insist that payments come from accounts with the same name as the verified ID. It is much, much harder to sell/hack both the LBC account AND the bank account. It's not a guarantee in any way but it makes the risk of fraud a lot less lower. I could be mistaken in that sense of security but at least in one of my jurisdictions, I only accept same-name ID/bank payments when I sell. Which is why LBC works for me in this case.

I would love to make use of this, especially with my paxful limit being almost hit as well as the fact that this exchange is non-custodial which is obviously a hell of a lot better than custodial exchanges, even Localbitcoins and paxful.

But the spreads on buy and sell due to the lack of liquidity is just a bit too much to be a viable option right now. Unless you are willing to create an ad yourself and wait for people to hit you up, I doubt that you're going to find any good offers in line with LBC prices or whatnot.

Hopefully more people start using this soon, though.

I had registered at the old localethereum using my email+phone number, now i tried to login to localcryptos using the "forget password" function which i can't find it in the login page. I tried some old passwords and one of them was the right one and as i made several attempts i think how much time can i try to guess the right password, knowing that i received the email confirmation for login attempts by just typing the correct username + wrong password. What to do if i forget my password?

I just checked this website, it seems fairly good from what I can see but you can just about see the name of the company that owns the website and business in its Terms and Conditions page: LocalEthereum Pty Ltd

Unfortunately there are no other details about the company (address etc) but is is based in Australia.

I never heard of this before reading the post so will look around a but all in all seems fairly good alternative to localbitcoins website

You cannot recover your password (https://localcryptos.com/faq#how-do-i-recover-my-account-password-if-i-lose-it). That's why you should make sure to backup your wallet so even if you lose your account, you can still save your funds.

Announced today (https://twitter.com/LocalCryptosEN/status/1290180631633174531), LocalCryptos launches a crypto to crypto swap feature in partnership with ChangeNow exchange. Now LocalCryptos users can easly perform swaps within their LocalCryptos wallets without the need for creating an account in ChangeNow. The current available cryptocurrencies for swap are BTC, ETH and LTC. This blog post from LocalCryptos describes how to do it: https://blog.localcryptos.com/crypto-to-crypto-swaps/
Unfortunetly, the new feature is not yet announced in the official Ann thread of localcryptos.

i would be cautious using this feature. localcryptos is non-custodial. changenow is not, although they lie and market themselves that way. changenow may be accountless but they do take custody of deposits for swaps, and they can freeze and steal your coins. they have a long history of selectively scamming customers and demanding KYC.

check out their trust page: https://bitcointalk.org/index.php?action=trust;u=1307188;dt

BEWARE MEMBERS

There is something about the above member's replies in different threads but I have a high feeling he is trying to pull off a scam
In the hyperlink, he included this link

What do you mean - scam? Maybe https://bustadice.com/?utm_source=bct&utm_medium=signature&utm_content=16e81bef is a scam? Do you have any proofs that link in your profille is not a scam?

1. LocalBitcoins also started without KYC, until they built up liquidity and user database to turn over to governments upon request. Has LocalCryptos promised anywhere in writing that they will close rather than ever do that, considering they are under Australian laws, which are some of the most draconian crypto laws in the developed world?

2. It's really not non-custodial, because one has to send funds into the LC wallet to trade. How does giving the user the private key mitigate LC being hacked and the hackers also getting everyone's private keys there?
(By contrast with HodlHodl, HH is really non-custodial, because the user send funds directly into the active trade's escrow.)

3. LC UI/UX is excellent! Maybe the best we've seen so far!
4. Their F2F option is also excellent.

Overall though, we still recommend HodlHodl and Bisq instead of LocalCryptos, because of points #1 and #2.

Your trust ratings say it all. You are a scammer and nobody should take any trade related advice or visit any suspicious links shared especially from you. Your intention is to scam and nothing else.

If you have any credible scam accusation against bustadice, feel free to head over to the scam accusations board.

The link he posted is just a referral link I believe. He was probably trying to spam here and there in the forum. Not really a suspicious link but rather a spam. No big deal, it just needs to be reported to mods

but how does australia regulate non-custodial services?

i wouldn't believe any promises like that anyway. centralized services without KYC are never guaranteed to last. localcryptos can't freeze your funds in the meantime---that's what matters.


you're not sending funds to a centralized wallet operated by localcryptos. that is your own non-custodial wallet in the interface that you are funding. localcryptos is never a party to any transaction.

As said above, the wallet is created locally, and if you lose your credentials, there is no way to recover the funds.

But if you're paranoid about the "wallet creation" process, you can simply connect your Ledger device or MetaMask and use your funds directly. That way, you won't have to deposit anything on their platform.