Today’s post is a detailed review of Cryptolocally, the first fully decentralized P2P exchange.
Cryptolocally has been around for a while but the platform was recently updated with new features that you’d love.
Talk about a DeFi wallet, a variety of cryptocurrencies, over 50 available payment methods, and more.
Keep reading to see the complete list of services and how you can profit from the platform.
- What Is Cryptolocally?
- Features Of Cryptolocally
- Cryptolocally Products And Services
- Supported Countries And Currencies
- Fees Charged By Cryptolocally And Supported Payment Methods
- Verification Requirements And Transaction Limits
- GIV Tokenomics
- Customer Support And Public Opinion
- How To Get Started On Cryptolocally
A click on any item above will reveal its details.
Enjoy your read!
1. What Is Cryptolocally?
Cryptolocally is a decentralized crypto-crypto and crypto-fiat P2P exchange.
Over time, trading crypto in Nigeria has been a bit challenging.
Folks have lost funds due to poor tech-know-how and or fraudulent activities.
And the recent crypto-ban in the country did not make matters easier.
Gladly, Nigerians can now take a breath of fresh air with Cryptolocally on board.
This platform is not only easy to use but safe as well.
Plus, you can buy/sell crypto using your local currency.
Hugo Campanella and Sungjae Chung co-founded the platform in October 2019, with headquarters in Hong Kong.
Close to a year after its launch, the platform became decentralized with the introduction of its native token – GIV. Impressive!
With Cryptolocally, you can trade from anywhere if you have access to the internet.
Let’s see the features of the exchange in the next section.
2. Features Of Cryptolocally
- Smart Contract Enabled Trading
- Non-custodial Escrow
- Multi-Network Support
- Token Listing
- DeFi Wallet
- Referral Program
3. Cryptolocally Products And Services
This exchange offers the following services:
This is where users place offers and or accept offers based on the crypto they are interested in.
It features different filters that make it easy for you to find what you’re looking for like cryptocurrency, fiat, location, payment method, number of rows, and publication time.
There is also an option for you to create a new offer.
How to buy
- Sign up with Cryptolocally
- Click on ‘Buy/Sell’ from the top menu
- Choose the crypto to buy and filter your search
- Select the offer that best suits you and complete the required details on the escrow page
- Click on ‘Open Order’
- You’ll be notified to make payment once the escrow is funded
- Once your payment is confirmed, your wallet will be funded.
How to sell
- Sign up and select your choice coin
- Pick a buyer and open a trade.
- Agree to terms with the buyer and fund the escrow
- Ensure that you have received payment before you release escrow
How to create an offer
- Sign up and select ‘New Offer’ from the top menu bar
- Provide the details of your trade including whether you are a buyer or a seller, the offer status, payment method, location, the price and amount of currency you wish to trade, and the rate of margin.
- Hit ‘Publish’ and your offer will go live.
- You can review, edit or delete your offers anytime by clicking ‘My Offers’.
This is a DeFi wallet that enables users to earn staking rewards on their crypto.
You can earn up to 30% APY on your staking.
- Sign up with CryptoLocally
- Select ‘Earn’ from the top menu bar
- Set up your wallet
- Fund the crypto wallet that you wish to stake and turn on the ‘Earn’ button
Note: There is no minimum lockup period. You can turn off the ‘Earn’ button and withdraw at any time. Interest is credited daily to your account balance so that you are earning compounded interest.
I mentioned the countries and currencies supported by the platform in the next section.
4. Supported Countries And Currencies
Cryptolocally supports all countries except the ones restricted by their individual regulations.
Some of them are Afghanistan, American Samoa, Bahamas, Bosnia and Herzegovina, Botswana, Cambodia, Cuba, etc.
Find the complete list here.
Cryptolocally accepts the local currency of every country that it supports.
I listed the supported coins under their different token standards…
- BEP20 – BNB, BTC, BUSD, ETH, GIV
- BTC – BTC
- DOGE – DOGE
- EOS.IO – EOS, EOSDT, TLM, TLOS, WAXP
- ERC20 – DAI, ETH, GIV, UFT, UNI, USDC, USDT, UFT
- TRC20 – TRX, USDT, JST, USDJ
- SPL – SOL, SRM
- Stablecoins – BUSD, DAI, EOSDT, USDC, USDT
Note: You can also propose for a new token to be listed on the platform via this link.
Next, we’ll talk about the fees and supported payment methods.
5. Fees Charged By Cryptolocally And Supported Payment Methods
Cryptolocally charges commission fees on completed trades based on your VIP status.
The higher your status, the lesser fees you pay.
You can increase your status by buying more GIV tokens and referring people to the platform.
More details on the fees are given below:
|VIP Level||Required GIV Balance||Trading Fees|
Apart from the commission fees, network fees may also apply depending on the coin you are trading.
This platform supports 50+ payment methods including:
- Bank transfer
- Cash deposit
- International wire
- WeChat Pay
- Kakao Pay
- SEPA Transfer
- M – Pesa
- Zelle Pay
- Cash App
You can find others here.
6. Verification Requirements And Transaction Limits
Cryptolocally is a decentralized platform so; you do not need to complete KYC.
Sign up with your email and mobile number and you are set to trade on the platform.?
There are no limits to the amount you can trade on the platform.
The maximum limits are set by sellers/buyers while the minimum limits can vary depending on the coin in question.
Moving on, I talked about the governance token of this exchange.
7. GIV Tokenomics
GIV is the native token of Cryptolocally. It was created in June 2020 to facilitate decentralization.
Holders of the GIV token participate in the governance of the platform which is referred to as GIVernance.
They can propose changes on the platform or vote for an existing proposal.
Also, GIV holders enjoy other benefits from the platform including:
- A reward of 1 GIV per 10 USD traded
- 5 GIV for every referral made and an additional 0.1 GIV for every 10 USD your referral trades
- 50% off Trading fees for holding up to 800 GIV
- Holding up to 600 GIV places you on the top list of offers
Once you sign up on Cryptolocally, you receive 10 GIV for free.
You can also buy the coin from the following exchanges: 1inch Exchange, Uniswap, Serum, Bithumb Global, Balancer, and Binance DEX.
As of 11/06/21, GIV is priced at $0.007907 with a 24-hour trading volume of $11,812.45.
8. Customer Support And Public Opinion
Cryptolocally has a Live Chat that responds instantly to users’ queries.
Users can also stay updated via these channels:
I checked Cryptolocally on TrustPilot and it had a 4.0 rating with only 4 reviews.
The number of reviews is low considering that the exchange is almost 2 years old.
On Reddit, it has an active group with about 6,000 members. Cool!
I will now show you how to use this exchange.
9. How To Get Started On Cryptolocally
i. Go to Cryptolocally.com and click on ‘Sign Up’
ii. Enter your email address and set a password. Then hit ‘Sign Up’
iii. Put in the code that was sent to your inbox to confirm your email address
iv. Next, you provide your name, country, and phone number
v. Then confirm your phone number
vi. You’re in! Enjoy trading!
Let’s answer some frequently asked questions and then we can call this post a wrap.
It may take between 2 minutes to 40 hours depending on the reactivity of the traders.
The time limits set by the platform for each step of trade are as follows:
– Agree on terms: 25 hours
– Fund escrow: 2 hours (16 hours for Transferwise and 72 hours for Local Cash).
– Pay: 2 hours
– Release escrow: 16 hours
I believe this exchange is safe to use because:
– There is evidence of its registration on Whois.com
– It has a physical office
– Transactions on the platform are powered by an on-chain smart contract.
– Trades are secured by the escrow and as such, there is no interference of a third party
– You are in control of your cryptos because Cryptolocally is a Non-custodial exchange.
Nevertheless, DYOR before investing in this platform.
This is where we’ll draw the drapes in this Cryptolocally review. I hope you enjoyed the read.
Now tell me;
Will you sign up with Cryptolocally? Perhaps you already did, what has been your experience?
And what other services do you want the exchange to provide?
Let me hear your thoughts in the comments section.
You know what else would be great? If you shared this post with your friends ?
Hit those SM icons right away!