Using Your LocalCryptos Wallet
3 mins
LocalCryptos' web wallet is non-custodial, meaning that the private key—hence the cryptocurrency stored in your wallet—is entirely in your control.
Your LocalCryptos wallet is truly your wallet — we can't see your private key and don’t have any control whatsoever over the funds in your wallet.
Using your LocalCryptos wallet works the same way as using any other non-custodial wallet.
To access it, you first need to create a LocalCryptos account using only a username and your email.
Once you've logged in, you'll see a "Wallet" tab in the top right corner of your home page. When you click on the "Wallet" tab, you will be redirected to a page that shows different wallets for storing and sending the different cryptocurrencies we currently support: Bitcoin, Litecoin, Dash, Ethereum, and Bitcoin Cash.
While all wallets are different, and each only supports the said cryptocurrency, from a user point of view, they all work the same way.
However, if you deposit your cryptocurrency to the wrong wallet (e.g. you send BTC to your Litecoin wallet), due to cryptocurrency transactions' irreversibility, it will be lost forever.
Sending or Receiving Cryptocurrency To Your Wallet
To send cryptocurrency to your wallet, you first need to open one of the wallets you want to transfer cryptocurrency to.
When you do this, you will be presented with your wallet address for receiving crypto on the right side of your screen. It looks like this:
Important to know here is that the LocalCryptos non-custodial wallet uses a deterministic system to generate wallet addresses. This means that the wallets create different addresses for every transaction, and each wallet address is tied to your single unique private key.
Every time you buy cryptocurrency on LocalCryptos, you will receive the funds in a new address that is generated and assigned to you by the site. This is done automatically, so you never have to share a wallet address with your trade partner.
If you already have cryptocurrency in another wallet and you wish to top up your LocalCryptos wallet, simply copy and paste your LocalCryptos’ wallet address using the “Copy to clipboard” button and use that address to transfer cryptocurrency from your current wallet.
From here on, there are no actions required on your part. When you or the seller make the transaction and the network processes it, you’ll see the exact deposited amount of cryptocurrency in your “Total balance.”
How To Transfer Cryptocurrency From Your Wallet
When you open one of the LocalCryptos wallets, on the left-center side of your screen you’ll see the wallet section for sending cryptocurrency. It looks like this:
To transfer cryptocurrency from your LocalCryptos wallet, first enter the exact wallet address you'll be sending the crypto to in the "To address" field.
Again, make sure to double-check the address — cryptocurrency transactions are irreversible, so if you send your cryptocurrency to the wrong address, you'll lose it forever.
Next, enter the exact amount of cryptocurrency you want to send in the "Amount" field of the wallet and adjust the transaction's confirmation speed using the sliding bar.
The confirmation speed represents the time it takes for the network to process your transaction. The faster the confirmation time, the higher the network fee you'll have to pay to settle the transaction.
The network fees aren't determined by LocalCryptos but rather by the cryptocurrency network itself, and there's no way to determine the exact network fee you'll have to pay in advance. In times of high congestion, the network fees are higher, and conversely, in lower congestion times, the fees are lower.
It’s important to consider that if you set the confirmation speed too high, or in the case of Ethereum transactions, you set the “gas price” (the network fee you pay on Ethereum) too low, the network may reject your transaction. If that happens, the cryptocurrency you transferred will be safely sent back to your wallet, but you’ll end up paying for the network fee.
Once you've double-checked everything, click "Send". That’s it — your cryptocurrency is on its way to the receiving address.
Author
Stefan is a full-time crypto writer and a part-time podcast addict. He holds a master's degree in Commercial Law with a graduate thesis in cryptocurrency regulation. He spends his free time lawyering around the block and lifting heavy objects off the ground. With his mind.
Faculty of Law ”Iustinianus Primus“ - Skopje, LL.M Business Law
Skopje, Macedonia
