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LocalCoins24 cryptocurrency stock exchange

30/05/2018
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LocalCoins24 cryptocurrency stock exchange review

In 2018, there are six main ways to buy and sell cryptocurrency.

WayAdvantagesDisadvantages

Cryptocurrency wallet

Cryptocurrency exchanger

Cryptocurrency stock exchange

Mobile application

Payment terminal

Fast, safe and simpleBad exchange rate and additional commission fees
Deals with other personsFast and profitable Not safe sometimes

The cheapest thing is to buy the cryptocurrency from other people: the sellers do not set high commissions and do not ask for additional payments. The only difficulty is that an unprepared investor can easily become a victim of scammers. Here are a few examples.

Situation number 1. The user wanted to buy bitcoins, agreed the deal, a minimum commission, wired  money to a stranger card and got double loss: he lost a million and remained without a cryptocurrency. At the beginning of May 2018 this amount has been worth of 4BTC. The case has been referred to the city court; however, there is practically no refund chance.

Situation number 2. The user found people willing to sell cryptocurrency at favorable prices on the Internet. The transaction price was 23.6 million rubles. The buyer appointed a meeting in the city center in one of Moscow's popular cafes for security reasons. The security measures taken did not help: the attackers forcibly took away all the money and disappeared. The police announced that the fraudsters were on the wanted list and stopped all the proceedings.

Situation number 3. The unknown person wanted to buy 0.83 Bitcoins from the Belarusian businessman. The parties agreed on the details of the deal and met at a local cafe.  - a businessman decided to To save on commissions and made payment through a poorly protected exchange with a long period of transactions processing. Afterwards the stranger disappeared, did not pay for the transfer, and appropriated 0.83 bitcoins. The police started an investigation, but  no news so far.

Localcoins24 is a trading platform that allows you to  organize transactions between sellers and buyers of digital coins in a safe and honest way. In case if you want to buy or sell the cryptocurrency from strangers and use the LocalCoins24 exchange, you can avoid deception and all the negative consequences. Next, we'll discuss in details about the features and benefits of the LocalCoins24 project.

The general characteristic of the project

The LocalCoins24 exchange is a platform of P2P format, which is created for the safe exchange of cryptocurrency in the CIS and the world. All trade transactions are carried out on the basis of a personal agreement between the users and do not refer to the average market rate or prices in popular Internet exchangers.

Cryptocurrency purchase mechanism

Cryptocurrency sales mechanism
User mentions the price he is ready to pay for cryptocurrencyUser mentions the price at which he is ready to sell cryptocurrency
Ad at LocalCoins24
Interested party ready to sell the cryptocurrency at stipulated priceInterested party ready to buy the cryptocurrency at stipulated price

Now consider the mechanism of the LocalCoins24 exchange on the example. Let's say the average bitcoin rate is 10,000 $ . You open the platform and place an ad with the following data:

  • the purchase price of bitcoin - 9,500 $ ;
  • the selling price of bitcoin is 10,500 $ .

This means that if cryptocurrency buyer is found, you first buy bitcoin for 9,500$ and after you sell it for  10,500$. Such transaction results a difference titled as ("Spread").

The spread equals to 1000 $.

For net income calculation you need to deduct 1% of the commission fee from 1000 USD. We paid the commission fee twice: during bitcoin sales ad purchase. Let’s consider its total size:

  • 1% of 9500 $ is equal to 95 $;
  • 1% of the 10,500 $ is 105 $.

Adding  95 $and  105 $ – we get $ 200. We deduct two hundred dollars from the earned difference and get a net profit of $ 800.

Service Security

LocalCoins24 provides two methods of client funds protecting: escrowing and limit restrictions setting. Escrowing is a temporary freeze of payment in a secure depository. This function completely solves the problem with confidence and allows the parties not to worry about the result. It works in the following way:

  • the user studies the ads on the exchange selects the appropriate option and is going to purchase a certain amount of cryptocurrency;
  • the required amount is fixed on a special account, controlled by the LocalCoins24 platform;
  • when the cryptocurrency is received on a user's wallet, money is debited from an escrow account and sent to the seller. The transaction checking takes several seconds – so the parties end the transaction almost simultaneously;
  • If the seller did not make the payment, the money is returned to the buyer's balance.

Depositing is rather widespread service. It is offered by some banks, payment services, private financial organizations. The only drawback lies at commissions and complex technical parts. In practice, it will look like this:

  • you find a stranger planning to buy bitcoins;
  • look for services that support the depositing;
  • choose a resource offering a minimum commission from all available options;
  • study feedback on the selected source and make sure of its safety;
  • tell the scheme of the transaction to the second party;
  • if the second party is against the deposit – you stay without the opportunity to conduct a profitable transaction;
  • if the second party agrees to the new conditions, and the selected service goes bankrupt – you incur additional losses and become a debtor.

Nothing of such kind will happen when dealing with the LocalCoins24 exchange. Both parties know in advance the scheme of the transaction and the amount of commission. In addition, the deposit service can be supplemented with limit restrictions. This option increases the security of the transaction.

The system of funds depositing on LocalCoins24

Limit restriction is a special function of the LocalCoins24 cryptocurrency exchange, which is available to all cryptocurrency sellers. It enables sellers to filter users who have the right to respond to posted ads. Limit restrictions are set based on two parameters: reputation and volume of transactions. All the data is displayed in the profile in form of a simple rating of the conducted and canceled transactions.

Registration procedure and account review

Go to localcoins24.com and click the "Register" button at the top right. Fill out the form, read the terms of the user agreement and click the "Register" button.
After that, confirm e-mail and enter the created account. The system does not require verification meaning that you do not need to download documents and receipts, and waiting for their confirmation afterwards. However, you will have to indicate and confirm the valid telephone number for getting access. After that, you can immediately post ads or go to transactions.

Account

Pay attention to the section "Profile settings". Here you can replace the password and increase the security of your account: you can turn on auto-exit after 10 minutes or set up a notification system every time you log in to your account.

Payment Methods

Official site Localcoins24 began operating in March 2018. At the time of launch, it was possible to conduct transactions on exchanges with the help of bank transfers, popular payment systems and major banks of Belarus, Ukraine, and Russia. In the future, the number of available services will be expanded.

Plans and future prospects

First of all, developers plan to supply the LocalCoins24 platform with new cryptocurrencies. This will make it possible to earn on the exchange difference ("Spread") both for BTC and other popular coins like Ethereum, Ripple, Bitcoin Cash and Litecoin (in test mode now). None knows exact amount of digital assets added to the platform. And also there is no information on the timing of such adding.
The leaders of LocalCoins24 will organize the ICO if the project proves to be interesting and will receive user support. This might result at the appearance of a decentralized platform with its own debit card system. In comparison to the competitors, the exchange will stand out by understated commissions and the opportunity to conduct profitable safe deals with unfamiliar users. While the project manager does not disclose any details. Most likely official information on this issue will appear by the end of 2018.

Conclusion

LocalCoins24 is an interesting project designed to solve an important task. The network really does not have enough resources for safe and profitable cryptocurrency exchange with unknown users. Visit the official website of Localcoins24 and ask technical support managers for more information.

AdvantagesDisadvantages

Option of cryptocurrency price independent selection without relation to market exchange rate

Has not been tested on the conditions of high users traffic

CIS countries orientation and various payment systems support

Only BTC transactions are available, other cryptos in plans only

Simple functionality

Lack of info about project team

Additional income, 25% affiliate program for each invited user

Weak marketing promotion impeding high user traffic and further ICO

Minimum commission fee and no hidden payments

 

Plans for ICO and becoming full-scale decentralized stock exchange

 

Feel free to share your thoughts about this cryptocurrency stock exchange, stay with us and explore the novelties of cryptocurrency world.

 

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