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, CoinMate, Indacoin, MixCoins, Paybis, Vaultoro, Instant Bitex and eToro.
The liquidity has shifted quite a bit since we first wrote this review. On 17 July 2019, this trading platform had a 24 hour trading volume amounting to USD 239 million according to Coinmarketcap. This earned it place no. 47 on the list of the exchanges in the world with the highest 24 hour trading volumes. But, on the date of last updating this review (23 March 2020, right in the middle of the crisis with COVID-19), the 24 hour trading volume had dropped to USD 26 million, only giving LocalTrade place no. 101 on the list. This close to 90% drop in trading volume is naturally a red flag and we'll have to see how the trading volume develops here.
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 View
Different exchanges have different trading views. And there is no “this overview is the best”-view. You should yourself determine which trading view that suits you the best. What the views normally have in common is that they all show the order book or at least part of the order book, a price chart of the chosen cryptocurrency and order history. They normally also have buy and sell-boxes. Before you choose an exchange, try to have a look at the trading view so that you can ascertain that it feels right to you. The below is a picture of the trading view at LocalTrade:
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. In fact, they don't charge any trading fees at all. We're unsure whether this is a temporary campaign or if this is their standard fees. Needless to say, not charging any trading fees at all is very unusual and very consumer-friendly.
LocalTrade Withdrawal fees
LocalTrade has a percentage based withdrawal fee, meaning that they charge you a percentage of the withdrawn amount when you withdraw. Their percentage charged vary from crypto to crypto, but for BTC, the rate is 0.10% + 0.0001 BTC. This is an unusual withdrawal fee model, but it is not unheard of. Most exchanges have a fixed withdrawal fee, regardless of the size of the withdrawn amount.
With the fee model that this exchange has, when you withdraw small amounts, it is beneficial to you. If you withdraw 0.01 BTC, the withdrawal fee becomes 0.0001 BTC (quite low). However, if you withdraw 10 BTC, the withdrawal fee becomes 0.1 BTC (extremely high). Please consider whether this withdrawal fee suits your own trading or not.
By charging percentage based withdrawal fee models, the exchange makes up for some of the profit they loose when not charging any trading fees. Overall, we still think these trading fees are quite competitive.
This cryptocurrency trading platform offers wire transfer as a deposit method, but you can’t deposit via credit card.