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.
It offers trading in 6 cryptocurrencies: Bitcoin, Dash, Ethereum, Litecoin, Zcash and E-Dinar. The liquidity here is quite impressive. On the date of last updating this review (17 July 2019), this trading platform had a 24 hour trading volume amounting to USD 239 million. This earned it place no. 47 on the list of the exchanges in the world with the highest 24 hour trading volumes. Sure, the giants in the industry have trading volumes ten times bigger than LocalTrade but we still think this is pretty decent.
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. 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.
This cryptocurrency trading platform 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.
Liquidity is something very important for all exchanges, cryptocurrency exchanges but also regular stock market exchanges. The above exchange does indeed have great liquidity. However, the following 10 cryptocurrency exchanges are also regularly among the cryptocurrency exchanges with the absolutely best liquidity in the world: