LocalEthereum is an Ethereum trading website that lets you safely connect with Ethereum buyers and sellers in your area. Today, we’re answering all the questions our readers have about LocalEthereum, including how it works, whether or not it’s safe, and any fees you may be charged.
What Is LocalEthereum?
LocalEthereum, found online at LocalEthereum.com, is a private peer-to-peer marketplace where you can trade Ethereum in exchange for local currencies. Trades can be made using local transfer methods (like online bank transfers within your country) or face-to-face using cash. LocalEthereum acts as an escrow service for the transaction to ensure the buyer and seller are protected.
LocalEthereum charges a 0.25% fee on makers (the person who posted the Ethereum offer) and a 0.75% fee for the taker (the person who responds to the offer).
How Does LocalEthereum Store Your Funds?
LocalEthereum uses a wallet to store your Ether. That wallet is completely embedded inside your browser. The wallet generates Ethereum address private keys offline in your browser, and the platform’s servers never have access to your Ether.
How To Deposit Money Into LocalEthereum
Users can deposit money into their LocalEthereum wallet using any addresses listed on their wallet page. The company recommends creating a new address each time you receive Ether, and to periodically dispose of old addresses.
Is LocalEthereum Safe To Use?
LocalEthereum promises to take users’ privacy seriously. The platform offers end-to-end encryption for your messages, secret message forwarding, secret financial forwarding, and a signature system. All messages are encrypted in your browser, which means nobody – not even the LocalEthereum team – can read those messages.
Once the keys used to encrypt those messages are destroyed, the conversation is gone forever. There’s only one situation where LocalEthereum support staff can read messages: when the key required to decrypt those messages is volunteered by one of the parties, which is done in the case of a dispute between the buyer and seller.
Why Do Buyers And Sellers On LocalEthereum See Different Prices?
We get asked this a lot from LocalBitcoins and LocalEthereum users. Buyers and sellers may be looking at the same post, but they see two different prices. Why is that? Well, LocalEthereum’s fees are priced into the system by default. That’s why buyers and sellers see a different rate for the same trade. The price you see is exactly what you’ll receive. Either way, you’re paying the fee. But with this system, you see the fee before you buy.
How To Contact LocalEthereum
You can contact LocalEthereum by opening a support ticket. Their support ticket system can be found here: localethereum.com/contact. Contact the support team if you have any question about the platform, or if you need to open a dispute resolution – say, if somebody tried to scam you in an Ethereum trade.
Ultimately, LocalEthereum is a cryptocurrency trading website that aims to do for Ethereum what Local Bitcoins did to bitcoin. You can visit the site online today at LocalEthereum.com.