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LocalTrade Review - is it scam or safe?

LocalTrade Review - is localtrade.pro scam or good cryptocurrency exchange?

RATING: 2.5 / 3 REVIEWS LocalTrade

RECOMMENDED BITCOIN BROKERS


Trading Accounts and Conditions

 

Account type

Leverage

Trading fee

Withdrawal fee*

Standard

1:1

0.20%

0.0002 BTC

1% - 2% for fiat

 

*Depending on the instrument traded.

 

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 Advantages

 

Competitive fees

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, check out the link below:

 

>>Bitcoin exchanges supporting bank transfers<<

 

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:

 

 

LocalTrade Disadvantages

 

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.

 

>> Brokers offering margin Bitcoin trading <<

 

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.

 

Not regulated

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.

 

Conclusion

 

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.

 

>> Regulated forex brokers offering Bitcoin trading<<

 

Pros

Cons

Decent amount of altcoins available

Not regulated

Competitive trading & withdrawal fees

No margin trading

Many fiat currencies supported

No info about the company, nor coin storage

Nice trading platform

Anonymous users not allowed

Cloud-based EDR mining option

 

 

Latest news about LocalTrade
No news about LocalTrade. Check back later.
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Traders` reviews for LocalTrade

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Slippage

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Requotes

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Price feed

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Platform

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Summary

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100% scam local trade.pro they freez my account with lot of money

dear investor

see reply from local trade admin

it mean investor you are invest in our localtrade so we can grab your money
see total meaning by localtrade admin through my mail


We freeze the work of the exchange and cloud mining. Exchange in free navigation without guarantees and support. When We change the team we will announce the opening on our main address https://localtrade.pro/
​if localtrade admin freez all of id what kind we bereave for work with local trade it mean local trade loss our money ?

localtrade freez my account sevral time i request for active it if any one can help me for active my account please help me
my registered mail id [email protected]

shankar 11/23/2018

News about Localtrade

Hi! A lot of investors are really concerned about Localtrade.cc: they've changed the page informing that they're updating the website, but currently they'really not answering ant questions or giving support. I hope they go back in track soon, but that silence is really dangerous for them and the community.

Jorge Alejandro Sanchez Rojas 11/06/2018

New LocalTrade web site

Unable to log into main trading area of localtrade.cc. Can log into cloud mining area, Without access to main trading platform which was recently updated, I can't deposit or withdraw coin. Seems a little shady. They haven't responded to contacts through their feedback tab. Is anyone else.having these same problems?

Don C 10/26/2018
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