Localethereum: A Peer to Peer Ethereum Exchange for Fiat and Vice Versa Review
Quick Introduction about Exchange: First Exchange can be otherwise known as trade. So basically what happens during an exchange is a trade where by you give something for something else more like the old time ways where our father did trade by barter. From the knowledge of trade by barter we understood that our parents then gave a particular thing to receive something else of equal or reduced quantity or quality with consideration of demand, supply and exchange rate. Now most of this things were done in person but now there is a network that offers same ideology to every creature that has access to the internet with thesame Idea (you might be surprised a said same idea) it because back then no KYC was involved and even if it was it was not done during the business time. Permit me to introduce you to LocalEthereum
LocalEthereum is a Dapp under the ethereum blockchain that allows peer to peer exchange of ethereum to fiat and fiat to ethereum across the world. Relax because it's not a really long ride but there is so much interesting stuffs about LocalEthereum that you might not find on normal exchanges. On the LocalEthereum there are 3 features you might or would find interesting, there are 3 steps for a successful trade and there are 3 ways of having a very secured account and I call them the
3 Important Keys of LocalEthereum.
The 3 Important Keys of LocalEthereum are
3 Features your might or would find interesting
- LocalEthereum is Fast
- LocalEthereum is Safe
- Local Ethereum is User Friendly
3 Steps for a successful trade
- See who is buying
- Open a trade
- Make the trade
3 ways of having a secured account
- Control of your keys
- Control your privacy
- Login with your personal wallet
Power of decentralized network
The step like I always say is the easiest is the first step which is registration or signup but this time funds are involved and you might want to be really careful with the stage and make sure you are secure because it hard for funds to be recovered in the crypto space. So below I would explain the steps with screenshot of my experience when I used the LocalEthereum.
Creating an Account
When your browser opens the webpage of LocalEthereum, at the top right corner there is a drop down where you would see login when you touch it, when you touch it, the page below would appear.
Now the part of creating an account comes in two forms, either you are allow the Dapp create a wallet for you or you are using your person wallet. I used my wallet but you can you yours or alow LocalEthereum to create for you and the two processes are different, so I am going to start my explanation with the first which is allowing the Dapp create a account for you.
This part is easy as indicated, you just fill in the form and the Dapp would create a wallet address for you and you are done.
If you are using this method it means you are familiar with metamask and it is installed in your PC or mobile. When you click it, the form you see is in the pictures below
After filling the first half which is basically like what we do almost everyday in the crypto space, then the second half which is slightly stressful but if you are familiar with ethereum blockchain and metamask you would find it easy. When you get to the part of wallet after filling your details, there are 4 options which are shown below
- web3 which is a browser extension
- Ledger which is a USB hardware wallet
- Wallet connect which are mobile wallets
- Trezor a USB hardware wallet
You might be surprised that the picture in the second half is different from the picture directly above, this is because the screenshots where take from 2 different browser in which one has a web3 browser extension wallet installed on and the other does not respectively. The other wallet are coming soon apart from the ledger wallet if you have it.
Back to the setting up the external wallet....
When you get to the stage of the kind of wallet to use, you can use thesame as me by using the web3 browser extension wallet (Metamask) and you may not if you have access to the ledger usb hardware wallet. I am going to be focused on the web3 browser extension wallet because it is what I used. When you click the metamask because it's meant to show if it is installed in your browser you we see pop up like the pictures below
After that you would see another pop up on the metamask extension for signature request as shown below..
And that is it, you are set.
When everything above is done, you are set to trade on LocalEthereum.
Firstly the fact that there is no KYC involved, the fact that you can use your own personal wallet which means you are in charge and free for possible security breaches, you get to see who you are trading with and finally its not just crypto for crypto exchsnge because you can exchange crypto(eth) for fiat and vice versa which is pretty awesome and different from other exchanges.
What i don't like about the Exchange is that there is no special token attached to the Dapp.
The Dapp has proven to be unique in it own way and from the idea there could so many potential people interested in system like this where by they change their eth to fiat and vice versa because there are popular platforms that charge really high for this simple act and there are so many escrow service which you don't know either to trust or not but I strongly believe you can trust LocalEthereum. I would rate this Dapp a 4.6/5.0