LocalCoinSwap uses several different technologies to provide users with a smooth, private, and secure experience across different blockchain assets.
Ethereum and ETH-based tokens are all handled in a non-custodial manner. Users control the private keys to their own wallets and trades are completed through smart contracts. This means that it is impossible for the platform or anyone else to lock or steal the funds being stored or traded on the platform.
Bitcoin and Dash are handled in a custodial manner. Like other popular exchanges, BTC trading and wallets are custodial. This ensures faster and cheaper transactions as you are not waiting long block confirmation times to escrow and release the crypto being traded. LocalCoinSwap ensures the best security practices for custodial currencies with 95% of user funds kept in cold storage. Unlike other P2P platforms, LocalCoinSwap has a perfect record with no user funds ever lost through any hack or security breach.
Non-custodial Bitcoin trading is currently being implemented to the platform and should be launched soon!