Cryptocurrency is quickly becoming the new way to invest. It’s more anonymous and in some ways safer. Of course, that all depends on the platform you use. During my CryptoLocally review, I took a tour of the platform to see how everything works and to see if it could live up to its claim of being the “fastest, cheapest, and easiest way to buy and sell crypto in your local currency.”
This is a sponsored article and was made possible by CryptoLocally. The actual contents and opinions are the sole views of the author who maintains editorial independence, even when a post is sponsored.
As a full disclaimer, I’m new to trading cryptocurrency, so this CryptoLocally review gave me a chance to start. But, I do have experience with stocks and Forex. One thing that initially impressed me was how beginner-friendly everything is. I didn’t have to search around a complicated dashboard, nor was I expected to just “know” how everything works. I checked out a few other platforms and they weren’t quite as user-friendly for people just starting out.
With that out of the way, let’s talk about what makes CryptoLocally unique. The biggest and most impressive feature, in my opinion, is the ability to buy and sell in your local currency and with people in your chosen area. There’s even a local cash option to meet in person and pay directly, though I personally wouldn’t do that, but it is an option.
Buyers and sellers work directly with each other. This gives you a chance to fine-tune the details, sort out payment methods (which are plentiful), and more. During my CryptoLocally review, I found that you can file disputes if something’s not going right, but you’re fully encouraged to try to resolve issues between yourselves.
Another fun and useful feature is being able to collect and trade the platform’s unique GIV tokens. These tokens come with a variety of benefits and help you earn VIP status, but more on that later on.
Naturally, you can trade a variety of cryptos. I won’t list them all here, but you can find the full list in CryptoLocally’s FAQs under “Cryptos you can trade on CryptoLocally.”
Since it’s crypto, you don’t have to give away your life history to join. Provide an email address, username, and password. Verify your email address, and you’re all set. I was ready to start trading in less than three minutes.
The first step is to decide what you want to do. I started with the Buy section since I didn’t have anything to sell at that point. Right off, you can Buy, Sell, or Create an Offer.
Here’s where I started to get really impressed. Instead of digging through or searching forever, the filtering system helps you find exactly what you’re looking for. There are five things to filter, including:
- Sorting method – Price, reputation, recent, and last active (all help you pick a better seller when you’re buying)
- Payment method – There are currently over 40 methods available
- Currency – Your actual currency
- Crypto – This is in the top-right corner versus being directly above the list of available trades
Making a Trade
Both the Buy and Sell areas work similarly, so there isn’t anything new to learn. If you’re struggling, I highly recommend first choosing the crypto you want to trade and then going to the Guides section at the top of the screen. There’s a guide for every crypto for buying, selling, and creating a new offer.
You can also create a completely new offer as a buyer or seller. Choose your crypto and choose “Create an Offer” at the top of the screen. Then, fill out the details. You can even choose what percentage to buy/sell above or below market value. This is perfect if you can’t find anything you like already listed.
If you want to learn more about a user before interacting with them, click their name. You can see when they joined, user feedback, and more.
When you find something you like, click Buy or Sell, depending on what you’re planning to do. For me, I was buying. Every listed trade shows you the minimum and maximum you can buy/sell and the value.
All you have to do is fill out the details and click “Publish Offer” to start the process. Of course, you also need to have a wallet for your crypto. You can use an external wallet and link it or use CryptoLocally’s Finance Wallet. Being able to do this from the platform was another high point during my CryptoLocally review.
You can set this up before publishing your offer. It’s important to note that CryptoLocally takes security seriously. Your password and wallet are encrypted, even from CryptoLocally. If you lose your password, you lose access to your wallet, and it can’t be restored. So store your password and back up the private key as recommended to avoid losing access.
Since the rest of the process involved personal details, I won’t post screenshots, but we had agreed on terms within a few hours. Obviously, time differences mean this could take longer. The time limits for trades are as follows.
While CryptoLocally does say there can be issues with PayPal, I personally didn’t have any problems. I didn’t try any other payment methods, but if the process works as quickly and simply as it did with PayPal, you shouldn’t have any issues. The biggest thing is to be patient and ready to respond. Definitely check your account at least a few times a day so you don’t miss anything.
This is another reason to deal with local buyers and sellers. It makes the process go much faster and they’re more likely to use the same payment methods you prefer.
Fees and Trading Details
Fees are incredibly reasonable and fit with CryptoLocally’s “cheapest” claim. There’s only a 0.99% commission fee per transaction for buyers. This deducts automatically from what you buy. If you reach VIP levels, you get a discount on trading fees. Obviously, as a beginner, I don’t have that yet.
You can cancel a trade at any time until payment is made. If you cancel before that time, there are no fees. There also aren’t any penalties.
While you can buy and sell GIV, you also earn GIV with every trade. Both parties receive GIV after a successful transaction. If you create an offer, you earn even more. Every user has a referral code as well. Users you join with your code help you earn more GIV; you earn 0.1% GIV for each of their trades, too.
As you earn more GIV, you level up from Bronze to Silver and then to Gold. Each level provides more benefits, such as VIP discounts on trading fees in the Silver and Gold tiers.
Fast, Cheap, and Secure
Funds are held in escrow, and no one can access any part of your transaction. During my CryptoLocally review I found transactions use a smart contract on chain to secure everything. This means no eavesdropping by hackers or even the platform. Plus, the escrow system keeps everything honest, though in-person cash payments aren’t protected the same way. Surprisingly, the platform even links to a security audit to prove how secure the platform is. The report only found a few minor issues.
During my brief experience, I found that the platform does hold true to its claim. It’s fast, it’s incredibly cheap, and it’s secure. Most importantly, it focuses on connecting local buyers and sellers, making the process easier and more convenient. It’s also a platform I’ll continue using.
I love that it’s geared toward beginners as well as experienced traders. If you’re new and feeling overwhelmed, start with CryptoLocally. It’s simple, it’s easy, and you can get started with just a few dollars or whatever you local currency is.
Meanwhile, you should also learn how to keep your cryptocurrency safe.