Hi friends, In this today lecture from @sapwood I learn the p2p decentralized platform LocalCryptos.

Before I don't use this platform, first time I learn about it. A new thing I learn from your lecture. Thanks for making like a wonderful lecture to us.

Source

How do you set up an Exchange niche(non-custodial) in Localcryptos.

The localcrypto platform is all in one worldwide P2P platform. It work on decentralised way.

Because it providing 40+ Fiat related withdrawal and buying opportunities throughout the world, that's why we are known as the p2p worldwide fiat hub simply. All those transactions occur through decentralized way so we get more security here than other centralized platforms.

In this platform all users do one-stop-shop for fiat to crypto and crypto to fiat. It supporting all most all countries fiat so any one can buy or sell crypto very easily.

Localcrypto platform provides non-custodial services to us. This means here we get 100% authority on our wallet, that exchange platform does not have any rights to operate our wallets.

Here our wallet private keys in our hands, so wallets providing platform not to get any access rights, until our permission. But here we need to store that private keys very securely, if we lost those not possible to get back our wallets so we completely losing our funds. Be secure those private keys securely.

For creating a non-custodial niche in Localcryptos first we need to create an account here.

For this just follow my steps.

Copy and paste this website address in the search bar.https://localcryptos.com/.

Now we get this window. Now click on the view tab, this tab locate on the right top corner.

Now we get this screen, From this selection, the Create an Account tab. Now you get this screen.

Now it asking you need to create an account with Email or Using Ethereum Wallet.

Here I selecting crate my account with Email. So I select the First choice. Now I get this screen.

Here we need to fill in the username, Email and Password. Then after accepting their Terms and conditions click on create an account tab.

Then we get verifying message to our register email, Just verify it. That's it now we successfully create our account in localcryptos platform.

Now my account is ready to use for my needs.

If you wish to create your account using your Ethereum wallet we can also create it very easy. For this just select the second option, then on connecting through Ledger, Walletconnect, portis and Fortmatic we can create an account very easily. Then you can trade here as per our wish.

Now we create a non-custodial account in the Localcryptos platform. Then after we can trade as per our needs.

Indicate your non-custodial wallets (BTC, ETH. LTC, DASH) in Localcryptos? How do you secure the keys?

After creating an account, just sign in to your Localcryptos account. Now we get this screen. For checking and securing our wallet keys just click on the wallet tab.

Now we get this screen.

Here we can trade 4 crypto coins of BTC, LTC, DASH and Ethereum.

Here I selecting my LTC wallet to get my deposit address.

After selecting LTC we get this window, here we get our LTC deposits address. We can trade our LTC coin from any other platform to localcryptos LTC wallet through this address.

Localcryptos is a Decentralized non-custodial wallet so we can re-import the wallet through its backup keys when we need it. It provides additional security to our holdings too.

For getting our account back up key just go to your wallet account.

Click on your wallet name, now you get all your account details, just scroll down, here you see the *Download Wallet Backup tab, Now it asks for confirmation, just click on the OK tab. Now one file download to our device, just safe that file security. In this, we get our account backup keys.

_{Securing Wallet Backup keys}

Like that we can secure our wallet backup keys.

Re-importing My Localcryptos in Trustwallt.

Localcryptos is a Dex platform so we can re-import this wallet through other Dex wallets also on importing its keys in those wallets.

Using this we can access our wallets from any other Dex wallets for our needs very easily. It reduces our burden on creating another wallet for their needs.

For Example, here I wish to re-import my Localcryptos Ethereum wallet in my Trustwallet.

For this first, I need Localcrypto Ethereum wallet private keys. So I just sign in to my Localcryptos account, then go to my wallet, select ETH.

On clicking down the arrow symbol in the wallet address we get its private keys.

After getting its private keys, I just copy it.

After coping with that key now I go to Trustwallt to re-import my Localcryptos ETH wallet in my Trustwallet.

Now I just open my Trustwallet, then click on the setting tab.

Click on the "+" symbol

Then select I already have a wallet.

Then select the Ethereum tab, because here I importing my ETH wallet so I select Ethereum account.

Now we get a window here select private key tab, then paste localcryptos ETH private key.

Now I successfully import my Localcryptos ETH wallet into my Trustwallet.

Here you can check my localcryptos ETH wallet and My Trustwallet ETH address both are the same. This means here I successfully integrate my localcryptos wallet in my Trustwalllet.

Then after I can access my local crypto ETH wallets in Trustwallet also.

Like that we re-import our localcryptos wallets in other Dex wallets very easily.

How many different fiat options available in Localcryptos?

Through Localcryptos we can swap our crypto to coins to our local currencies directly then after we can withdraw to our bank very easily. But here we need to pay some withdrawal fee based on payment option it varies.

Here we get 40+ local and international fiat options available for buying crypto along with selling too.

Here we get International services for Bank Transfer,WeChat Pay,
Western Union,International wire,
MoneyGram, TransferWise(Availble in 67 countries), Alipay(svailable in 11 counties),Chipper Cash( 6 counties available),MTN Mobile Money(avsilable in 10 counties),Pay Pal, ADV CASH,Mercado Pago,SEPA transfer(available in 36 counties), Airtel(in 10 countries available), QIWI, Skrill, Revolut, WebMoney(available in 26 counties), PAYEER,Venmo.

_{International Payment Services}

Along with some other local payment services also we get here. Those available in specific countries only. Not available in other countries.

M-PESA ( Kenya), UPI (India), IMPS ( India), Paytm(India),Interac e-Transfer (Canada), Swish ( Sweden), Yandex.Money (Russia),Alfa cash-in (Russia), Efecty (Colombia), PayNow (Singapore),Pingit ( United Kingdom),Cardless cash (Australia), EcoCash (Zimbabwe)

_{Other Local payment Services}

Like that fiat to crypto and crypto to fiat services we get in the Localcryptos platform. That's why we simply tell the world p2p hub.

How secure is Localcryptos as a non-custodial P2P Market? How does escrow protection safeguard both buyers and sellers?

Locslcryptos platform providing peer to peer marketplace for buying or selling our cryptos through our non-custodial wallets so here we get 100% security.

Here buyer or seller can determine their price for a coin so compare to the traditional market we get a little bit higher price for buying cryptos. Along with fee is also heavy. For small investments this platform not suitable. He needs to invest a huge amount in crypto they can choose these platforms. Because her just email is enough to create our wallet no need for any KYC Documents for buying or selling it withdraw our money to the bank.

Here we get 100% security with end to end services.

Localcryptos platform is very safe to use. Because.

• Reputation system:-

Here each trader has its reputation rank. This rank shows his activities based on past data. So on checking those data we can select our needed buyer or seller for our needs.

_{Based on Popularity we can choose our need Trader}

• Escrow

I think this Escrow services we get in Exchange also. Here also it works the same way. Here if you request for buying/selling crypto our request and money transfer to Escrow, once payment finish those amount transfer to buyer or seller.

It protects our traders, after checking payment confirmation we can release our money to the trader. So here we can avoid scammers and fraud orders very easily.

• 2FA

Here we can enable 2Factor Authentication to our account through Email. It gives protection from hackers.

For setting this security just go to your account, click on your account name. On scrolling down we get security settings. Here you can enable email or google authenticator security features as per our need.

Here I set my 2FA using Google Authenticator. It provides more security from hackers.

_{2FA Security Features Setting to My Account}

• End-to-end encryption:-

Here you can talk to the seller or buyer in an encrypted way. So no other members not possible to check your conversation. Here you and your trader only possible to do conversation, no one not possible to check those.

• Support and conflict resolution

If any person raises an issue then only the localcryptos platform read our conversation and check all transactions, after checking all necessary needs then they solve that issue. If any trader does not raise any queries it does not interfere with our trades. This feature I like a lot. It gives more security and freedom to us on taking our decisions as per our needs.

Localcryptos provides those all needed security features to us so we can trust this platform and use it for our needs.

How does escrow protection safeguard both buyers and sellers?

In Exchanges, we all do p2p Transactions. Here Exchange act as a third party and Transfer funds from buyer to seller or Seller to Buyer. Here all transactions work offline, so here still trusting third parties. So there is a chance of losses of our founds.

But coming to Localcryptos platform here all transactions done on open and online. All transactions must complete in a block time, if it does not execute orders fill cancelled directly.

Here no third party involved in our trade only buyer and seller do conversation in an encrypted way.

Here founds or crypto between traders through Escrow. It avoids frequent order cancellation and gives security too.

Once an order place by the buyer, if the seller accepts its conditions then the seller must transfer the amount to the buyer, it's not possible to cancel the order. But the buyer can cancel his order. But here we must finish all transactions within a time frame if anyone fails to finish payment before the time window. Then amount in escrow transfer back to the wallet. Here Escrow plays a major role in avoiding scammers and wrong orders here. It saves our valuable time.

Before do trading here must keep a dome point in your mind. Because here no one doesn't know each other but dealing through blockchain so always need some caution before selling traders. So follow some guidelines before selecting a trader for your need.

• Buyer or seller must complete more than 100 trades.

• Must check its reputation.

• Buyer or seller must have verified email or phone number.

• The seller’s or buyer's account is more than 1 year old

• Seller or buyer communicates professionally.

On checking all those details then, you select your trader as per your need. Because it gives us more security and trustworthy to us.

Create an offer as Market Maker or Perform a real trade as Market Taker to demonstrate your real experience of non-custodial P2P trade(Crypto-Fiat).

Before I don't use those platforms for my needs. But after reading the @sapwood blog I get interested and wish to try once.

So I try to withdraw 20$ with ETH to My Paytm.

For this, I first Transfer some ETH to Localcryptos ETH wallet First.

Now I successfully transfer 0.01ETH from Exchange to Localcryptos ETH wallet. Its value is INR nearly Rs 1577.98.

_{My ETH Balance}

Now I place my ETH selling Order in Localcryptos.

For placing my selling order first I go offer section. Then we get this screen.
Here select the Create a New Offer tab.

Now we get this screen, where I finish all necessary details then click continue to Step2 tab.

Now we get another window, here we need to select a payment method and rate. On finishing then go further step.

On filling in all details I place my offer successfully.

_{Succesfully Place My Order}

If anyone accepts my trade I get a notification then I sell my ETH to INR, those transfer to my account directly.

Like that we can buy or sell cryptos directly with fiat.

Here still I don't get any call for my order so not possible to show further Transaction details.

So I cancel my offer and go to direct buyers in localcryptos trading page. But I place my order but no buyer available in online. So not possible to finish my trade. So not possible to show further transactions details.

_{My Open Order}

Here also my order not execute. So not possible to show further details.

Conclusion:-

Localcryptos in p2p decentralized Parker place. It supports more than 40+ fiat related transactions worldwide.

This platform completely works in a decentralized way so we get complete security and get 100% rights on our wallet.

But this platform not having that's much active buyers or sellers. But it working fine on mobile also.

One more issue is here we need to pay a huge fee for transactions. Maker took 0.25% and Taker took 0.75% this is a little bit higher than Centralized Exchanges.

This platform well designed and easy to use. In mobile also looking good. Here we can trade crypto in a decentralized way so we get more security on our funds.

For dealing with cryptos here just enough Email,no need any KYC documents here. In this feature we don't get any Exchanges because here we must verify our KYC documents for crypto deals.

Hope I finish all homework tasks correctly, if any verify me pls.

Thanks for Reading My Post