Topic: LocalCoinSwap is taking LocalBitcoins' crown. (Read 220 times)

Are you sure about the part you said that LocalCoinSwap wallet is non-custodial?
Last time I checked they used custodial wallet and old style format Bitcoin addresses starting with 3.

But there is one site that is doing very well and it's LocalCoinSwap. It doesn't ask for KYC, virtually unlimited currencies and payment methods are possible, and even the wallet is non-custodial. It lets you view the seed words and write them down.

The increase in the popularity of custodial p2p exchanges built with in popular centralized exchange like Binance, OKX, HTX etc will definitely make it hard for a new p2p exchange to penetrate the market. Their liquidity sucks big time.
Sadly so many people don't care about KYC so they will always for the highly liquid centralized exchanges,

Taking the crown from a dead exchange is surely easy, keeping it and wearing it proudly a different thing.
Took a quick look, best offer was at 5% off-price for cash and best over bank transfer was at 7%, at this point, it made no sense whatsoever to deal with traders there and I could simply walk to the nearest BATM and be subjected to the same fees without in risk of being scammed or having to deal with the quirks of a website based god knows where and their support.

It might be a different situation for those in other countries or it might just be that it's still new on the scene but at this point with these offers and so little traffic no way I'd feel even tempted to create an account.

I tried accessing their website with Tor browser and it worked perfectly in several different locations.
It must be some issue on your side.

Your ISP could probably be blocking the site?

Speaking about that, is it possible to import old reputation for other similar websites?

Do they restrict certain countries from using their service? I've been unable to access the website despite trying on multiple devices and different browsers. Tried checking for their ToS but did not find any info related to this.

Allowed Jurisdictions

To use services provided by LocalCoinSwap you may need to fulfil certain legal obligations in your country and/or state of residence. By accepting these terms and service you confirm that you have reviewed your local laws and regulations and that you are aware of, and fulfill, any and all such obligation

The services is offered by us from Saint Kitts and Nevis. We make no representations that the services are appropriate or available for use in any specific countries. Users of LocalCoinSwap.com are themselves responsible for making sure they are in compliance with legislation of the jurisdiction they operate and reside in. If your local laws do not permit you to use the services provided by LocalCoinSwap, you may not access this website.

Here is the translation of my old post about LocalCoinSwap. I hope it can be useful in this thread.

This is from their FAQ;
All wallets on LocalCoinSwap are non-custodial which ensures that you can retain full control of your funds. As a result, you are able to access your funds via external wallets.

Do they restrict certain countries from using their service? I've been unable to access the website despite trying on multiple devices and different browsers. Tried checking for their ToS but did not find any info related to this.

Do they restrict certain countries from using their service? I've been unable to access the website despite trying on multiple devices and different browsers. Tried checking for their ToS but did not find any info related to this.

Are you sure about the part you said that LocalCoinSwap wallet is non-custodial?
Last time I checked they used custodial wallet and old style format Bitcoin addresses starting with 3.

Non-custodial trading has its own quirks.

I'm buying bitcoins. The seller sends them to escrow. As soon as the transaction gets its first confirmation, I immediately receive a message in the deal chat from LocalCoinSwap's administration, saying that the seller is a scammer and that I should not transfer any fiat currency to him.

I understand that if I do transfer it, the seller won’t be able to confirm receipt or release the coins from escrow. This would require access to their LocalCoinSwap account, which is likely already blocked. (The seller isn’t responding in the chat, and doesn’t seem to be online at all.) The administration, too, won’t add its signature to this transaction, since they warned me not to send any fiat currency. (It’s a non-custodial escrow - a 2-of-3 multisig address, right? Or does it work differently?)

So, I reply in the chat saying I won’t transfer any fiat currency and plan to cancel the deal (which would place my signature on the coin return to the seller). But the administration asks me not to cancel it. Now I’m left with a choice:
- If I cancel, I might lose my account;
- If I don’t, I’ll act no better than the exchanges that abuse AML.

Of course, I can see LocalCoinSwap’s perspective. They probably monitor all transactions entering escrow in the mempool, and if they see an AML flag, they don’t want to be an accomplice to money laundering and ask the buyer not to go through with the deal. Then, seeing a buyer willing to cooperate, they take the opportunity to shift additional responsibility onto them. Now it’s up to the buyer to decide what to do with the “dirty” coins.

If LocalCoinSwap were still custodial, the choice and responsibility would lie with them. But as it stands, it’s now up to me to handle it.

But there is one site that is doing very well and it's LocalCoinSwap. It doesn't ask for KYC, virtually unlimited currencies and payment methods are possible, and even the wallet is non-custodial. It lets you view the seed words and write them down.