Frequently Asked Questions

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Getting Started

What is LocalCryptos?

LocalCryptos is a worldwide peer-to-peer marketplace where over 100,000 users buy and sell cryptocurrencies. Buyers and sellers post ads on LocalCryptos, offering to trade crypto through a wide range of payment methods. When a user responds to an offer/ad, a peer-to-peer exchange is conducted directly between the buyer and seller.

What is LocalEthereum?

LocalCryptos was originally named LocalEthereum. We changed our name in 2019 in order to support more cryptocurrencies, including Bitcoin.

What’s the difference between LocalCryptos and an exchange?

You are never buying cryptocurrency from or selling cryptocurrency to LocalCryptos; you are always exchanging directly with another user. All fiat payments are made outside the platform using regular payment channels, directly from person to person.

How do I buy crypto with LocalCryptos?

If you’re brand new to LocalCryptos and want to learn how to buy crypto, read our step-by-step guide: How To Buy Ethereum (ETH) With LocalCryptos.

How do I sell crypto with LocalCryptos?

The process to sell crypto using LocalCryptos is very similar to the buying process. We recommend reading our step-by-step guide on how to buy ETH first.

How is my privacy protected?

LocalCryptos doesn’t collect any personal information, and we don’t use any tracking services such as Google Analytics. We treat your privacy with the utmost respect.

Any messages between users are end-to-end encrypted, meaning we don’t have the ability to read them. The only case where we can decipher your messages is when you invite a moderator for help in resolving a payment dispute, or when you report another user.

Is the LocalCryptos wallet safe?

LocalCryptos’s web wallet is non-custodial. LocalCryptos’s servers and staff never see your private key(s). Your crypto is protected by cryptography inside your web browser.

Where can I learn more about LocalCryptos’s cryptography?

Read our whitepaper for in-depth insight into LocalCryptos’s magic. We explain how LocalCryptos’s end-to-end encrypted messaging protocol works, how the self-custodial wallet keys are generated, how our decentralized escrow system functions, and more.

Account

How do I recover my account password if I lose it?

If you've forgotten your password, there is no way for us to help recover it, not because we don’t want to, but because of how client-side encryption works. There is no possible way for staff to help recover any information from your account, because of the same technical properties that make it impossible for us to read your messages or access funds in your wallet.

It is important to keep your password safe and to never share it. If someone gains access to your account, any crypto transferred to your LocalCryptos account could be compromised in the future, even if you change your password!

How do I backup my wallet?

After you sign up, it is important to download your wallet backup. If you forget your password or if LocalCryptos were to ever go offline for some reason - you can still access your wallet using this backup.

Unfortunately, the tools for interacting with the backup file are limited and complex. We are planning to publish more tools shortly which can be used offline to recover wallets from backup files.

How can I change my username?

We do not allow people to change their username. The reason for this is to prevent reputation-transfer abuse; i.e. it's not possible to transfer reputation to a new username, nor avoid negative reputation linked to your name (both on this platform and elsewhere).

I’ve lost my phone; how can I reset my two-factor authentication (2FA)?

If you have your Google 2FA backup key, you can reset it in the app. To do so, follow the steps below here.

If you don't have a backup key you will need to contact our support team to downgrade your two-factor account. We will ask for information to verify ownership of the account, and we will request that you wait a minimum waiting period.

I’ve lost access to my e-mail and can’t log in. What can I do?

If you have lost access to your e-mail, you will need to contact our support team to attempt an account recovery.

Wallet

How do I send funds to my LocalCryptos wallet?

To send crypto to your LocalCryptos wallet, follow these directions:

  1. Go to the "Wallet" tab on the top right of the home page.
  2. You can receive crypto using any of the wallet addresses on the right hand side, however it is recommended to use the address with the label “Recommended for deposits”.
  3. Copy and paste the address where you wish to send crypto.
  4. Send the crypto from your current wallet. It will appear in your wallet after one confirmation.

How do I send funds from my LocalCryptos wallet?

To transfer crypto from your LocalCryptos wallet, follow these directions:

  1. Go to the "Wallet" tab on the top right of the page.
  2. In the "To" field, enter the wallet address you will be sending the crypto. Make sure to double-check the address as cryptocurrency transactions are not reversible.
  3. In the "Amount" field, enter how much crypto you wish to transfer.
  4. Click "Send".

How do I connect my own Ethereum wallet?

You can link your Ledger, MetaMask, Trust wallet and many more. View our blog post on the topic for more details.

Why do I have multiple wallet addresses?

The default setting in your LocalCryptos wallet will create a new wallet address for every transaction. The self-custodial LocalCryptos wallet uses a deterministic system to generate addresses. This means that each wallet includes a virtually infinite number of addresses.

These wallet addresses are all tied to your private key. If you lose your password you can still access the entire amount of funds via your wallet backup.

How do I consolidate the crypto in my addresses to one address?

You can consolidate all your crypto into a single address by clicking the “Max” button, which is found next to the “Amount”.

  1. Enter the address you want to consolidate all your crypto into.
  2. Click “Max”.
  3. Select “Any of my addresses”.
  4. Select “Transfer”.

I’ve sent my crypto to the wrong address. Can you recover it?

Cryptocurrency transactions are not reversible. There is no way to recover transactions sent to the wrong address. It is important to always check the wallet address before sending.

How do I change the gas limit of an Ethereum transaction?

If you are sending ETH to a smart contract, you will need to raise the gas limit.

  1. Click the 'cog' icon to the right of the 'Transfer' button
  2. Enter the Gas limit and price.
  3. Check the 'to address' to make sure it is correct
  4. Click "Transfer"

Trading

How will I know if I have a trade?

You will be notified via e-mail for each new trade. You can also choose to receive SMS or push notifications.

Why aren’t SMS notifications working for me?

From time to time we have issues with SMS carriers. Please open a support ticket and provide your number, country, and phone service provider, and we will attempt to resolve the issue.

How many active offers can I have at once?

  • Local payment methods (e.g. bank transfer, cash): The maximum is 2 offers per combination of country, payment method, and type.
  • International payment methods (e.g. PayPal, Venmo): The maximum is 2 offers per combination of payment method and type (buy/sell). For example you can have up to 2x PayPal/buy offers, 2x PayPal/sell offers, and 2x Venmo/buy offers at the same time.

These limits are subject to change.

Why has my trade count decreased?

The statistics algorithm will automatically discount trades from users who are permanently suspended from the platform. This means that if you traded with a user who was later banned -- likely due to suspicion of fraudulent activity -- all feedback associated with the user, both given and received, will be nullified.

This measure was added to prevent malicious reputation-boosting tactics by malicious users.

I released the escrow by accident. Can you reverse the transaction?

When an escrow is released, it is final. There is no avenue for recovery as we do not hold any of your crypto at any time. You are dealing directly with the blockchain, and it’s not possible to call back a transaction.

Security

I received an email stating my account is banned.

All account related issues are completed in your account in your dashboard. We will not send an email such as this. This is a fraudulent/phishing e-mail. Please report it as spam if the option is available in your mailbox, and do not click on any links. We will only send e-mails from the official "localcryptos.com” domain name.

A trader is telling me to send them money before I can see the crypto in escrow.

If the crypto is in escrow, it will say so. In times of congestion, transactions may take longer, however you should never send anything without first seeing the crypto in escrow. You can view the status of the trade in the right hand site status bar.

A trader is pressuring me to release the escrow.

Under no circumstances is it OK to pressure another user into releasing the escrow early. Please open a payment dispute via the “Open Dispute” button.

Disputes

I opened a payment dispute. What happens now?

An arbitrator will contact you via the dispute chat and help work through the trade with you and the other user. This chat is in a separate box, and all messages are between you and the arbitrator only.

An arbitrator may ask for:

  • Proof of purchase (e.g. a screenshot showing your payment)
  • Proof of having not received the funds (e.g. a recent statement)
  • Proof of ownership of the account
  • Any confirmation e-mails regarding payments
  • Anything else that will help an arbitrator make the correct decision

I opened a trade but the other user has not responded.

If a user has not responded, you can close the trade. After a short while, an offer by a non-responding user will be put on hold automatically and the user will need to manually restore it.

If you have opened a trade outside their standard operation hours then you will need to be patient and wait for a response.

I reported another user but haven’t heard a response.

We inspect the trade and the reported user, and we may take action by suspending the account. It prevents the user from opening new trades, and nullifies their feedback, both given and received.

Fees

How much are the fees?

LocalCryptos charges a 0.25% fee for the maker (the person who placed the offer listing) and 0.75% for the taker (the person responding to the offer). The reason for the significant discount on makers is because we want to encourage people to place offers.

In Ethereum trades, the buyer will always receive small amount less than indicated; this is the gas fee for the contract execution which is charged by the Ethereum network.

What is gas?

Every transaction on the Ethereum network involves a cost that is paid to the miners. These transaction costs are called "gas" and the price of gas typically depends on how congested the Ethereum network is. This is an unavoidable property of the Ethereum blockchain.

Why did I receive less crypto than I paid for?

Escrows on the blockchain involve more than one transaction. The first transaction is the initial "funding" of the escrow, which is sent from the seller's address to the smart contract address; in this transaction, the seller is able to set a gas price they are comfortable with.

However, the other transactions to the smart contract -- including the ones which "release" the ether or "lock" the ether (i.e. when you mark a trade as paid), the gas price is set by LocalCryptos. We use an algorithm which matches current gas price swings in order to ensure transactions go through quickly at a fair cost at the time. The fee for these types of transactions are deducted from the balance of the escrow, meaning that the buyer will always receive slightly less than the amount in escrow due to network costs. Due to the high volatility of the gas market, it's impossible to provide an estimate of the total network fees ahead of time.

Other

I have a question that wasn't answered.

Please get in touch with us. We will be happy to answer any questions.