US investors permitted
A trading cryptocurrency guide must provide reviews of all of the top crypto exchanges out there, so that you can find the best cryptocurrency exchange site for you. This review of LocalTrade consists of four parts: general information, fees, deposit methods and security.
LocalTrade is one of the cryptocurrency exchanges from the United Kingdom. United Kingdom is the country which without a doubt has the most cryptocurrency exchanges in the world. At least that we know of. A non-exhaustive list of exchanges from the UK (in addition to this one) includes Exmo, CEX.io, CoinEgg, Livecoin, DSX, Bittylicious (funny name by the way), CoinMate, Indacoin, MixCoins, Paybis, Vaultoro, Instant Bitex and eToro.
To our knowledge, US-investors can trade here. But, US-investors should – as always – do their own independent assessment of any problems arising from their residency or citizenship.
LocalTrade Trading fees
Every trade occurs between two parties: the maker, whose order exists on the order book prior to the trade, and the taker, who places the order that matches (or “takes”) the maker’s order. Makers are so named because their orders make the liquidity in a market. Takers are the ones who remove this liquidity by matching makers’ orders with their own.
This trading platform doesn’t charge different fees between takers and makers. Their fee model is instead something called a “flat fee model”.
LocalTrade’s flat fee is set at 0.20%. This fee is slightly below the industry average. The industry average is arguably around 0.25%. The fee thus constitutes a competitive advantage against the majority of other top crypto exchanges in the market.
LocalTrade Withdrawal fees
Many exchanges have competitive trading fees but then hit you on the way out with their withdrawal fees. Let’s say you have reached your investment goals and you are looking to buy house with bitcoin. In order to buy that house, you need to withdraw the funds. And when doing so, the exchange can make up for its low trading fees by charging you high withdrawal fees when you’re halfway out the door. Not LocalTrade, however.
This exchange charges a withdrawal fee amounting to 0.0002 BTC when you withdraw BTC. This fee is below the industry average and thus constitutes a strong competitive advantage against the majority of other top crypto exchanges in the market.
LocalTrade offers wire transfer as a deposit method, but you can’t deposit via credit card.
LocalTrade’s security score is F, when performing the test at Observatory by Mozilla (https://observatory.mozilla.org/). This is below industry average when it comes to top crypto exchanges.
If you have concluded that this is the exchange for you, congratulations! Go for it. But if not, find the best cryptocurrency exchange site for you by using our revolutionary matching tool.