Thanks to the non-custodial wallets that LocalCoinSwap provides, users can always access the funds in these wallets, even if the platform was to go offline for any reason. Additionally, it is impossible for LocalCoinSwap platform and staff to ever access, seize, or lose any funds in these addresses.
In order to do access your crypto externally, you will need to have first backed up the private keys to your various crypto wallets, or the seed phrase for your account. This seed phrase is used to generate all your individual wallet private keys. So you can access BTC, ETH, BNB, CELO, ERC20 tokens, BEP20 tokens, DOT, and KSM all through this one seed.
Please note that with only your BTC private key, you will not be able to access your other crypto wallets externally as you can only generate a private key from a seed, and not vice-versa. Hence exporting your seed (or ALL your individual private keys) is very important!
How to backup your seed phrase
1. Login to your LocalCoinSwap account and navigate to "Settings" > "Security"
2. Click "Export Mnemonic" and then "Show Mnemonic"
3. Note down is phrase somewhere carefully and in the correct order.
Please note: if someone finds this seed phrase they will have full access to ALL the funds in your non-custodial wallets, and any funds that you may deposit into these wallets in the future. It is imperative that you keep these safe. Never store you seed in an email or cloud storage. The best place to store it is on a piece of paper!
If you think your seed may be compromised you should start a new LocalCoinSwap account which will generate you a new seed.
How to access your BTC in electrum using your seed
1. Download electrum wallet from the official site and open the program once installed
2. Click "New/Restore" to begin restoring your wallet from your seed phrase
3. Choose a name for your wallet and click "Next"
4. Select "Standard wallet" and then select "I already have a seed"
5. Paste your seed phrase into the "Enter Seed" field, click "options", and check "BIP39 seed"
6. Click "Next" and then select "p2sh-segwit (p2wpkh-p2sh)"
7. Click "Next" twice more and you will now have access to your non-custodial wallet address from electrum!
You can verify that you have accessed the correct address by clicking "Receive" in electrum and ensuring that the address matches the non-custodial BTC wallet address in your LocalCoinSwap wallet.