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CryptoLocally is a new peer-to-peer marketplace for buying and selling Bitcoin, EOS, Tron, Tether USDT, Binance Coin, and six other cryptocurrencies.

In this review, you will learn about the origins of CryptoLocally, how to use the platform, and other features.

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Origin of CryptoLocally

CryptoLocally is a relatively new P2P marketplace launched in October 2019 and operates from Hong Kong. It was initially called EOSLocally and was rebranded to CryptoLocally.

The rebrand in March 2020 was done to describe better the expansion of the platform beyond supporting only EOS. 

CryptoLocally was founded by Hugo Campanella, who previously worked with UBS, AXA, and Rocket Internet. Campanella is also co-founder of HKEOS, a prominent EOSIO block producer.

CryptoLocally Overview

CryptoLocally allows you to buy and sell various cryptocurrencies on a platform that focuses on features like instant transactions and security.

Unlike other P2P platforms, CryptoLocally automatically calculates a traders’ reputation instead of leaving the calculation to manual reviews.

Moreover, CryptoLocally has a wide range of supported cryptocurrencies and payment options.

Cryptocurrencies supported by CryptoLocally:

  • Bitcoin (BTC)
  • EOS (EOS)
  • Worldwide Asset eXchange (WAX)
  • Tether (USDT)
  • Telos (TLOS)
  • BOScoin (BOS)
  • EOSDT (EOSDT)
  • Binance Coin (BNB)
  • Binance USD (BUSD)
  • Tron (TRX)

FAIT currencies supported by CryptoLocally:

  • Ghana Cedi (GHS)
  • Kenyan Shilling (KHS)
  • Euro (EUR)
  • US Dollar (USD)
  • Nigerian Naira (NGN)
  • South African Rand (ZAR)
  • Zambian Kwacha (ZMW)
  • Thai baht (THB)
  • Indian rupee (INR)
  • Singapore dollar (SGD)
  • And 100 more

Supported African countries: CryptoLocally allows trade from any part of the world.

Popular payment methods accepted in Africa:

  • SesaCash
  • M-PESA
  • TransferWise
  • Bank transfer
  • Alipay
  • SEPA transfer
  • Cash Deposit
  • Local Cash (in person)
  • PayPal
  • WeChat Pay
  • 200+ more

Buy and Sell on CryptoLocally

Buying or selling cryptocurrency on CryptoLocally is smooth and easy to do due to the simple user interface. During our review, we purchased Tron with the Sesacash payment option and also sold Tron for payment through Sesacash.

Before you buy or sell cryptocurrency on CryptoLocally, you will have to sign up for the platform. You can then follow the steps below for buying or selling.

Step By Step Guide On How To Use CryptoLocally

After signing up, you have to select the cryptocurrency you want to buy. You will then be presented with different offers which you can sort by payment methods.

After you select an offer and start a trade, a new portal is open that includes a chat with the seller and instructions on what to do. You will have to follow five steps to complete a trade.

1 – Open trade: You enter the final amount of cryptocurrency you want to buy.

2 – Agree on terms: You discuss the terms of payment with other trader and click on the “Agree to terms” button to continue.

3 – Person selling cryptocurrencies send their funds to the CryptoLocally escrow. This process was almost instant during our review.

4 – Pay – After funds are sent to escrow, you receive an alert that asks you to make payment to the seller. You will then click the “Paid” button to continue.

5 – Release Escrow – At this final stage, the seller confirms that they have received payment from you, and the funds are released to your wallet.

To sell cryptocurrencies on CryptoLocally, you will have to create an order and follow the same steps explained above as a trader.

When creating an offer, you will have to provide information on the currency you wish to sell, how much, the payment method you prefer, and location.

You can edit or delete your listings using the “My Offers” tab. The “My Trades” tab lets you review past trades.

CryptoLocally Fees

CryptoLocally charges fees for trades on the platform. These fees vary between 0.99 percent to 0.5 percent depending on your account rating.

Beginners are first time users who have no trade or referral history. These accounts pay a 0.99 percent fee on every trade.

VVIP traders are account holders who have completed a trade or referred at least three people. They pay 0.75 percent in trading fees per trade.

Traders who complete more trades and refer more users gain VVIP status, which cuts their trade fees to 0.5 percent.

What’s more, initial users who used the platform before November 20, 2019, are also classified as VVIP users. 

CryptoLocally Trade Limits

The platform has no buying or selling limits. You can buy any amount of cryptocurrency you want as many times you want.

Disputes and Trading Conflicts

Trades on P2P platforms are mostly smooth unless something goes wrong. In such instances, a party in the trade is unhappy for a reason. 

CryptoLocally addresses this through is disputes feature that allows you to report issues. The team goes through all complaints and makes a decision to solve the matter.

CryptoLocally Customer Service

CryptoLocally provides excellent customer service through the help center. Also, all inquiries and issues can be communicated via email: [email protected]

We compiled a list of frequently asked questions about CryptoLocally below.

Frequently Asked Questions About CryptoLocally

How do I get started on CryptoLocally?

You can easily get started on CryptoLocally using these steps:

  1. Register at cryptolocally.com
  2. Create an offer or find an offer
  3. Begin trade
  4. Follow steps
  5. Complete trade

How long do transactions take on CryptoLocally?

If both sellers and buyers are online, trades are near-instant. However, the platform has reserved 40 hours (2400 minutes) for trades to happen. 

Time breakdown for each step:

  • Agree on terms: 25 hours (1500 minutes) 
  • Fund escrow: 1 hour (60 minutes)
  • Pay: 2 hours (120 minutes)
  • Release escrow: 12 hours (720 minutes)

Bottom Line

CryptoLocally is a new and exciting platform to try out, especially if you want to buy and sell altcoins directly in your country.

Despite its young age, CryptoLocally will be a force to reckon with in the P2P marketplace.

Let us know what you think in the comments section below. What are your thoughts on CryptoLocally?

The post CryptoLocally Review – Ultimate How-To Guide appeared first on BlockNewsAfrica.

 

source: https://blocknewsafrica.com/cryptolocally-review/

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