LocalTrade Review by professional Forex trading experts the “ForexSQ” FX trading team, Finding out everything you need to know about the broker in this LocalTrade Review.
Established in the spring of 2017, LocalTrade is a relatively small exchange that offers both coin-to-coin and fiat-to-coin spot trading with relatively competitive fees.
Like most exchanges, it uses two-factor authentication (2FA) for security purposes.
LocalTrade charges a flat fee of 0.20% per trade, which is a competitive pricing. Most exchanges charge commissions in the range of 0.10% – 0.25% per trade.
Also, most deposits at LocalTrade are free of charge (apart from those in Dash), while withdrawals in most currencies (except EDR) incur some fees. Here are the details:
Decent amount of altcoins available
LocalTrade offers decent amount of altcoins for trade, including ETH, LTC, DASH, ZEC, and E-Dinar. Currently, there are more than 20 pairs available at the exchange, the most heavily traded currently being DASH/USD, LTC/USD and ETH/BTC. Besides, the exchange keeps adding new coins.
Several traditional fiat currencies supported
Apart from the various digital assets offered at LocalTrade, the exchange supports several “traditional” fiat currencies: American dollar (USD), Indonesian rupiah (IDR), UAE dirham (AED), and South African rand (ZAR). So, users of LocalTrade can buy cryptocurrencies directly with cash, or cash out their coins.
Convenient payment methods offered
Clients of LocalTrade can use PerfectMoney and Advanced Cash for fiat deposits and withdrawals, which is rather convenient. Oddly, nothing is mentioned on the LocalTrade about bank wire transfers. If you would rarther use your bank account for crypto trading purposes.
Cloud-based EDR mining option
The LocalTrade exchange offers the option of cloud-based E-Dinar mining, which is more profitable and more convenient than mining at home.
Nice trading platform
LocalTrade’ web platform is nothing special, yet it has a nice design and is equipped with the basic tools and features crypto investors need: an order book, transaction history window, simple charting and a chat box. Here is a snapshot:
Leverage not available
LocalTrade does not offer leveraged trading, which is not out of the ordinary, yet some traders might need some additional margin. If you need some leverage, you can check out the offering of bitFlyer or Kraken for example. In addition forex brokers might be a nice alternative.
Keep in mind that forex brokers offer speculative type of crypto-trading, which is different from that at exchanges.
Anonymous users not allowed
Although Bitcoin was launched with the idea of anonymity, LocalTrade does not allow trading without user verification with ID.
Poor corporate presentation
This exchange does very poor job with its corporate presentation: it simply mentions a company name, localtrade.pro LLP, and that’s it. There is no information about the company’s background, the team, nor its headquarters. According to the information in the exchange’s Twitter account, it is based in London, UK.
No info about storage of clients’ funds
We could not find any information on LocalTrade`s website regarding the storage of client assets. Most exchanges keep the reserve of cryptocurrencies offline in cold storage in order to prevent hacks.
While this is the case with most crypto-exchanges, we must mention that LocalTrade is not regulated. Nonetheless, this situation creates a potential for counter-party risk, as the majority of crypto-exchanges are centralized. Also, keep in mind that some exchanges may be scams.
LocalTrade is a relatively small cryptocurrency exchange, which supports a lot of fiat currencies and has competitive fees. Besides, it has an interesting offer regarding cloud-based EDR mining.
What we don’t like about this exchange is that it does not disclose some important details about the company that owns it, as well as about the storage of clients’ coins.
If you’d rather trade in Bitcoin at a company that is established and well-regulated, there are some forex brokers that are duly licensed by the respective government agencies.
LocalTrade Review Conclusion
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