Frequently Asked Questions

General

What is CryptoLocally?

CryptoLocally is a community-run P2P trading platform for popular cryptocurrencies like BTC, ETH, USDT, TRX and many more. Thanks to our unique non-custodial smart contract escrow, users are able to buy and sell crypto tokens with each other in the fastest and most secure way possible. You can either post offers or respond to offers already on the website.
CryptoLocally makes exchanges between fiat currencies and cryptocurrencies easy & safe; our platform improves the overall experience for cryptocurrency traders.

What does P2P mean and why should I trade P2P?

P2P stands for Peer-to-Peer. With P2P trading users buy and sell cryptocurrency between themselves without a third party or intermediary. Since there is no involvement of any third party, users can directly trade with each other more efficiently, profitably and securely. Peer-to-peer platforms like CryptoLocally are considered the most secure way of trading between users.

Is CryptoLocally safe?

All transactions made on CryptoLocally are completed by a non-custodial smart contract on-chain.
This means that trades are as secure as they can get. No third party, including hackers, can interfere or lay a hand on your crypto at any stage of the trade.
The seller’s crypto is secured by the smart escrow until the seller verifies that the buyer completed the transaction on their end. The buyer won't get the crypto until he/she has paid. Similarly, the seller won't be paid until the crypto has been sent to the escrow, which cannot be withdrawn by the seller.
Buyers are advised not to send any funds to a seller until the escrow contract has been successfully deposited (step 4 of the trade).

Are you a custodial service?

No! Our service is 100% non-custodial. Unlike other P2P crypto marketplaces, CryptoLocally NEVER holds users’ funds. Our non-custodial service allows each user to fully control their own digital assets so their funds remain secure. You can send or receive cryptocurrencies directly with your own personal wallet without having to deposit on the platform.

How can I report an issue?

Anyone can report an issue simply by clicking the button on the bottom right of our main page. It will allow any user to leave a message or chat with our support assistant.

Is my data secure?

We are going beyond the industry data standards to keep your data secure and only keep the minimum data required in our database.
More on how we manage/use data can be found in the Privacy Policy & Terms and conditions.

Is my county restricted from using CryptoLocally?

Certain countries are unfortunately restricted at the moment. These restricted countries do not have access to CryptoLocally's P2P escrow service. The restrictions are due to individual regulations put in place by those countries, and we are trying to find a solution to open trading in these countries one by one.
Currently, users with an IP address and a phone number from these restricted countries cannot sign up to CryptoLocally. Some countries can only use 'instant payment' via credit or debit cards.
To see the list of restricted countries for the instant payment part click here

How do I become a VIP on CryptoLocally?

VIP Status gives you benefits on the platform such as bonus GIV for referring new traders, increased percentage rewards on GIV each time you trade, and discounted trading fees. To become a VIP you must hold at least 25,000 GIV in your Earn Wallet to reach the first status. There are three VIP statuses Bronze, Silver and Gold each giving different benefits. You can find more information about VIP levels and earning GIV inside your account. If you have any additional questions or comments regarding CryptoLocally, please send your questions to admin@CryptoLocally.com.

I want to list a token on CryptoLocally. Who should I contact?

If you would like to list a token on CryptoLocally, please contact the CryptoLocally support team at admin@CryptoLocally.com

What is a Referral code?

CryptoLocally offers a robust referral program. Earn passive crypto income every time a friend you referred completes a transaction! Joining our referral program is very simple. First, sign up and get your own referral code, then share your referral code or referral link with your friends, family or any other users in the world! Everytime someone you refer completes a trade, you will receive 10% of the commission fee in crypto as well as 1% of the amount traded in GIV, our native governance token. Click here for more details regarding our referral program.

Trading

What does P2P mean and why should I trade P2P?
P2P (peer-to-peer) is a type of transaction where two parties trade assets with each other. P2P offers unique benefits that other forms of crypto trading does not, like not having a third party involved at all. CryptoLocally is proud to have always been a P2P exchange. We even have a non-custodial escrow built on smart contracts to make sure all your trades on CryptoLocally are fast and secure.
What’s an escrow? Are my cryptos safe?
An escrow is a legal concept describing a financial instrument, whereby assets are held by a third party on behalf of two other parties (buyer and seller) that are in the process of completing a transaction. Our non-custodial smart contract escrow protects all the trades on CryptoLocally until the end of each transaction. The seller’s fund will be held by an escrow on behalf of CryptoLocally. You do not need to deposit any money on our platform. The buyer sends the money directly to the seller only once the escrow has been funded; the fund is held in the escrow in the name of the user temporarily. After the seller confirms that they have received the payment, the escrow is released and the tokens are sent to the buyer’s wallet. This process allows buyers and sellers to complete trades safely and trustfully. Read our medium post to learn about how our escrow keeps transactions secure.
How long will it take for my trade to occur?
Once the trade starts, CryptoLocally sets a time limit for each step that occurs afterward. Depending on the reactivity of the traders and the payment method, a trade can take less than 2 minutes or a maximum of 40 hours.
Here is the time limit for each step of a trade:
- Agree on terms: 25 hours
- Fund escrow: 2 hours
- Pay: 2 hours
- Release escrow: 16 hours
There are two exceptions to the time limit for payment - Transferwise and Local Cash. The time limit for Transferwise is 16 hours and the time limit for Local Cash is 72 hours.
What payment methods are supported?
There are 50+ payment methods available on our platform.
They include:
Bank Transfer, Local Cash(in person), Cash Deposit, International Wire, Credit and Debit Card, Gift Cards, Wechat Pay, Toss, Kakao Pay, Cash App, SEPA transfer, Transferwise, Mercado Pago, USDT (Crypto), Paypal, Alipay, M-Pesa, Sesacash, Revolut, IMPS, UPI, Chippercash, Pesalink, fnb, Yandex money, Qiwi, Xoom, WorldRemit, Gcash, Grabpay, Coinsph, Paymaya, Swish, Googlepay, Paytm, Skrill, Western Union, Monero(Crypto), Eth(Crypto), LTC(Crypto), XRP(Crypto), DASH(Crypto), Momo, MTN Mobile Money, GoPay, OVO, N26, Vodafone cash payment, Payoneer, MoMo E-Wallet, ZaloPay, bkash, Nagad.
Can I buy crypto with card payments?
Yes, you can buy crypto via our instant credit card payment feature. Simply select to pay with a Credit or Debit card when choosing your payment method.
Is it safe to use PayPal on CryptoLocally?
Although PayPal has been seamlessly integrated with the CryptoLocally platform, using PayPal as a payment option may create risk for sellers.
Fraudulent buyers can revert their payment if they don’t use the friends and family option. Not all countries have the friends and family option.
Can I trade crypto-to-crypto on CryptoLocally?
Yes! You can use USDT (Crypto), XRP, LTC, ETH, Monero and more in exchange for other cryptocurrencies on CryptoLocally. When it comes to USDT, you can use both USDT ERC-20 and USDT TRC-20 to buy or sell cryptocurrencies.
What type of USDT do you accept on your platform?
CryptoLocally currently accepts USDT ERC-20, USDT TRC-20 and USDT SPL (Solana) trades.
The user I am trading with isn’t responding, what should I do?
We highly recommend that traders try to solve problems amongst themselves while using our platform. However, if this does not work you should contact the CryptoLocally staff to file a dispute. At that time, we will provide further instructions regarding the process for filing disputes. You can find more details on our arbitration policy page.
What happens when I initiate a dispute resolution case?
When a user commences the dispute resolution process, CryptoLocally will freeze the smart contract (the escrow). The next step is to determine which side of the transaction is being disputed (e.g. unreleased escrow or a missing/partial fiat). CryptoLocally will contact each party to obtain evidence to substantiate the claim. After reviewing the evidence, CryptoLocally will either ask for additional information or offer a decision on the claim. All decisions in the arbitration process are final and binding. Each party will be notified of the decision and the resolution will be executed within 24 hours of the decision
I think someone is trying to scam me. What should I do?
In case a user is potentially trying to scam another user, you have the option throughout the buying or selling stage to cancel, report a user or dispute a trade. Users can also contact support directly if they are concerned.
I can’t find offers from my location or in the currency of my choice. What should I do?
If you cannot find an offer that you like, you can create your own offer in less than a minute. Simply set up your preferred payment method, location, currency, and margin of your choice.
How can I receive Telegram or sms notifications?
You can receive Telegram or sms notifications relating to your offer and transaction status. All users who have signed up can go to the account settings and turn on the notifications. Notifications include the start of your offer, each step, and each new message.
What do the symbols/numbers next to traders’ names mean?
If you hover over the gray dot next to traders’ names you can see when they were last active on CryptoLocally. Under their names is a number with the letters “trd” after it. The number represents the number of trades (trd) they have completed on CryptoLocally.
I started a trade but I’m not sure what I should do. How can I get help?
To get help, you can click on the “Chat” box in the bottom right corner of the CryptoLocally platform, email your questions to admin@CryptoLocally.com, or check out the guides on our website.
How are the exchange rates calculated and locked in during a trade?
The exchange rates are based on the price source that the offer creator chooses when creating the offer. For example, if the user chose CoinGecko as the price source, the exchange rate would be based on the current data from CoinGecko's API. The exchange rate is locked in when a user opens a trade by clicking "Publish Offer" and when the seller successfully funds the escrow. However, the "locked in" rate is only for the users' reference. The buyer and seller can still negotiate the price while they agree on terms.
How do I change the status of my offer?
To change the status of an offer, click on your username in the heading of your CryptoLocally account. Then select “My Offers”. Under “Status,” you can switch between active and inactive depending on whether you would like to actively seek trades from the offer or not. You can also delete offers by clicking on the red “Delete” button.

Givernance

What is GIVernance?
We envision CryptoLocally as a community run project. GIVernance enables GIV token holders to manage and govern CryptoLocally by integrating a governance model at the heart of the platform.

GIVernance marks an evolution of the GIV Token. Through GIVernance, GIV token holders will be empowered to control the level of inflation of the GIV token, change its staking rewards, and decide on platforms free floats by way of token burns. Furthermore, GIVernance participants will also be able to decide on CryptoLocally Vault (CLV) strategies.
How does GIVernance work?
You can vote on a proposal (idea) with the GIV staked on CryptoLocally by staking your GIV token to a proposal. Votes on proposals are time-weighted and time-sensitive. More specifically, at least 10% of the real-time circulating supply of GIV tokens must be staked on a proposal for at least 14 days to make the proposal pass. For the time being, these criteria apply to all proposals. The community will determine revisions for these criteria going forward by voting.

Don’t hesitate to read our guide on how to use GIVernance.
What is the GIVernance Voting Portal?
GIVernance is here to make CryptoLocally a truly decentralized provider of non-custodial smart contract escrows for Peer-to-Peer digital assets trading.

Through the GIVernance voting portalL, you can easily see what proposals our GIV community members listed. At the same time, you can vote for the proposals you like by staking GIV, and decide on how CryptoLocally develops.
Feel free to read our guide, if you want to know further information.
What is the GIV Guild forum?
The GIV Guild forum is the key that makes CryptoLocally the world’s first completely decentralized platform.

GIV community members can create proposals on the GIV Guild forum. Any member can open a draft to write the proposals or to make comments on proposals.

You can always share your thoughts on the GIV Guild forum.
How can I get GIV?
You will automatically be gifted GIV on sign up as our welcoming gift. Don’t forget to share your referral code with your friends and family so that you can earn passive income every time they complete a trade on CryptoLocally.
The best way to earn GIV is to fully utilize our P2P trading service and become an active trader. After each trade, both users will be awarded GIV based on the trade amount.
You can also buy GIV directly on the following DEX/Exchange:
- Uniswap (ETH/GIV)
- Balancer (USDC/GIV)
- Binance Dex (BNB/GIV)
- Bithumb (USDT/GIV)
- Serum (SOL/GIV)
How do I use GIV?

1. Discount Coupon
This coupon will reduce your trading fees by 50% for a trade of your choice.
2. Offer Boost Coupon
Place one of your offers at the top of the buying or selling list.
3. Voting for Proposals
Vote on any proposal on the GIVernance Voting portal for the GIV community with the GIV staked on CryptoLocally using GIV.
4. Tier system
Enjoy the amazing trade experience on CryptoLocally and gain access to the perks of the Tier system - Bronze, Silver, and Gold. Maintain a GIV balance of 25,000 GIV to become a Silver member or 100,000 GIV to become a Gold member and get up to 50% off on all of your trades and also up to 25% higher GIV bonus from trading and referral.
5. Earn staking rewards
Stake your GIV in your Earn Wallet and earn staking rewards on your GIV.

Assets

What is BNB?
BNB is the protocol chain of the Binance chain and it uses ERC-20 based on the Ethereum Blockchain; it is similar to the Ethereum network - Ether Gas. You can only trade it between the two cryptocurrencies, which means you can't directly trade it with FIAT. Binance token is the engine of the Binance DEX and is used as a major utility token for the Binance Centralization Exchange.
Download a wallet for the BNB blockchain on ZenGo, Meet.one, or Infinito Wallet.
What is BOS?
BOS is a decentralized cryptocurrency with the objective to build an EOSIO ecosystem that supports more Dapps and solve real-world problems using blockchain technology. BOS has all the advantages of EOSIO but it isn’t restricted to the EOSIO ecosystem. Other major blockchains such as Bitcoin and Ethereum may freely communicate through it as a free port. Download a wallet for the BOS blockchain here
What is BTC?
Developed in 2009, Bitcoin is undeniably the most representative crypto in the decentralized world. Even though there are lots of different opinions going on BTC, it has undoubtedly contributed to the development of the current crypto world. Download a wallet for the BOS blockchain here.
What is BTC(BEP-2)?
The most representative decentralized crypto is Bitcoin. To overcome the disadvantages of Bitcoin - high fees and slow transaction, Binance issued a Bitcoin-linked stablecoin, BTC (BEP-2). All BTCs (BEP-2) are pegged to Bitcoin with a 1:1 ratio. Download a wallet for the BTC blockchain on Binance DEX Wallet or Trust Wallet
What is BUSD?
BUSD is a new stablecoin issued by Binance in partnership with Paxos. Its value is pegged to the US Dollar. It was approved and is currently regulated by the New York State Department of Financial Services (NYDFS). Since it is a Binance-based token it is faster with lower transaction fees than other stablecoins. Download a wallet for the BUSD blockchain on Guarda Wallet or Free Wallet
What is DAI?
DAI is a stablecoin but unlike other stablecoins whose value is backed directly by the U.S. dollar, it uses margin trading to stabilize its value and is backed by crypto collaterals. Due to its innovative value stabilization structure, it has grown in notoriety over time. DAI uses smart contracts and was built on the Ethereum blockchain. Download a wallet for the EOS blockchain on ZenGo or Free wallet
What is EOS?
EOS is a type of cryptocurrency. It is decentralized, meaning that it does not belong to a certain country or bank. EOS can be accessed anywhere by anyone who has access to the internet. Download a wallet for the EOS blockchain on ZenGo, Wombat wallet, Meet.one or Infinito Wallet
What is ETH?
Ethereum is a decentralized open source blockchain. The cryptocurrency built on top of the Ethereum blockchain is ether. Ethereum has the second-largest market share after Bitcoin and its blockchain is one of the leading blockchains in the industry. There are well over 2,500 decentralized applications built on the Ethereum blockchain.
Download a wallet for the ETH blockchain on ZenGo or Meet.one
What is ETH (BEP-2)?
Ethereum has the second-largest market share after Bitcoin. It is an upgraded technology that combines blockchain technology with multiple areas, and it is a leading smart contract platform that attracts the largest and most relevant projects in the blockchain industry. The only difference between ETH and ETH (BEP-2) is that BEP-2 is the cryptocurrency issued by the Binance Chain Protocol.
Download a wallet for the Ethereum blockchain on Binance DEX Wallet or Trust Wallet
What is JST?
JST is the JUST platform’s governance token. It is built on the TRON network, the largest decentralized application ecosystem. Holders of JST tokens have earning rights from the revenue generated from USDJ stability fees.
Download a wallet for the TRON blockchain on TronLink, TokenPoket or Trust Wallet
What is TELOS?
Telos is a networked ecosystem enabling visionary leaders, companies and communities to work together to build a new global economy. The Telos chain has launched and attracted more dapps than any EOSIO chain besides EOS itself. It is also easy for casual users to join and use Telos thanks to their innovative free user accounts creation for EOSIO.
Download a wallet for the Telos blockchain on Wombat wallet or Meet.one
What is TRX?
TRX is the protocol token of the TRON blockchain. It is the basic unit of accounts on its main network and the main utility currency for all TRON-based tokens. TRX is consumed whenever new TRC tokens are created. It is also used to acquire TRON Power which represents a stake in the network’s resources as well as voting rights within the TRON ecosystem. Tron is one of the best public smart contract platforms, a cryptocurrency created for sharing content. It can handle a whopping 2,000 TPS, similar to the highly scalable blockchain - EOS.
Download a wallet for the TRON blockchain on ZenGo or Infinito Wallet
What is USDC?
USDC is a stablecoin that is fully backed by the U.S. dollar. It was launched as a collaboration between Coinbase and Circle, and is impacted by Centre, a consortium of businesses that includes Coinbase, Circle, and many others.
Download a wallet for the USDC blockchain on ZenGo
What is USDJ?
USDJ is a new USD pegged stablecoin backed by TRX. Unlike other USD pegged stable coins, USDJ is generated via decentralized smart contracts on TRON and maintains a 1:1 value with the U.S. dollar through collateralized debt positions (CDPs).
Download a wallet for the USDJ blockchain on ZenGo
What is USDT?

Belonging to a group of coins under the umbrella term “stablecoins”, USDT is highly coveted for its stability as well as its 1-to-1 ratio with the US dollar. Furthermore, 80% of bitcoin trading is done in USDT, making it extremely relevant to the crypto market.Download a wallet for the EOS-USDT blockchain on ZenGo.

What is WAX?

WAX was specifically designed to make e-commerce transactions faster, easier, and safer for all participants. WAX uses EOS to bring in-game item transfers from video games to blockchain.Download a wallet for the WAX blockchain on Wax cloud wallet.

What is TLM?

TLM is the token of Alien Worlds, a fast growing simulated gaming economy where players compete with NFTs. Users can now easily trade TLM on CryptoLocally to trade in-game NFTs on Worldwide Assets Exchange (WAX).

What is UFT?

UFT token is primarily used to facilitate governance of the UniLend protocol... Platform users who use UniLend for lending, borrowing or trading will be rewarded with governance power in the form of UFT tokens to encourage not only use of the platform's services, but also to facilitate distributed governance. Download the wallet for Unilend Finance Wallet here.

What is UNI?

Uniswap is a protocol for creating liquidity and trading ERC-20 tokens on Ethereum. It eliminates trusted intermediaries and unnecessary forms of rent extraction, allowing for fast, efficient trading. Where it makes tradeoffs decentralization, censorship resistance, and security are prioritized. Uniswap is open-source software licensed under GPL.
Download a wallet for Uniswap blockchain here.

What is SOL?

SOL is a highly functional open-source project that banks on blockchain technology’s permissionless nature to provide decentralised finance (DeFi) solutions. SOL operates a proof of history (POH) network which allows block confirmation to be as easy as possible, fees paid are near to zero and can be compared to the likes of TRX, EOS, and others. It creates easy scalability of assets and allows for easy building of DApps (Decentralised Applications).
Download a wallet for the Solana blockchain here.

What is Doge?

Dogecoin’s protocol is based on Litecoin’s scrypt technology. It was meant to be more ASIC resistant and promote more decentralized mining activity on the Dogecoin network. Dogecoin offers faster transactions and confirmations than Litecoin as it has a block time of only 1 minute compared to the latter’s 2.5 minutes. The transaction fee of Dogecoin is also comparable to that of Litecoin’s, making DOGE a very good alternative to Litecoin as a payment network.
Download a wallet for the Dodge blockchain here.

What is SRM?

The Serum token (SRM) is the native SPL token of the Serum DEX. It has a total supply of 10 billion and primarily used to reduce fees on Serum DEX, staking rewards, participation in buy & burns, and governance. The SRM token will empower holders with specialized on-chain governance powers.
Download a wallet for the Serum blockchain here.

Earn wallet

What is the Earn Wallet?

CryptoLocally’s new Earn Wallet allows users to earn passive interest on their cryptocurrency assets. With the click of a button, automated protocols will maximize your returns by scanning investment opportunities real-time. Unlike other platforms, invest or withdraw funds freely as you need.

Will there be a mobile version of the Earn Wallet?

There is a mobile app for CryptoLocally with a planned release date for Q4 2021.
We hope to include the Earn Wallet in this upcoming app.

How do I use CryptoLocally’s Earn Wallet for DeFi?

Read our guide on how to use our Earn Wallet.

How does the DeFi product work?

You can fund your Earn Wallet by buying cryptos on CryptoLocally or depositing directly into the wallet.Compatible cryptos include GIV, ETH, DAI, USDT, and USDC. The Earn Wallet is powered by Idle Finance, which provides automated yield farming at lowered costs.
Automated yield farming distributes the crypto you deposited into the most rewarding DeFi protocols (liquidity pools) real-time.
Earning rewards on CryptoLocally's Earn Wallet have no lockup periods. All you have to do is authorize your tokens to start earning rewards.
More information on how the Earn Wallet works and how it will evolve can be found in the whitepaper.

How are the reward rates determined and calculated?

GIV staking rewards rates are determined by the foundation (CryptoLocally). In the future, GIV holders will be voting with GIV to decide reward rates. Reward rates for Ethereum based tokens are determined by the current rates given by the lending markets provided by Idle Finance (e.g. Compound, Aave, maker and dy/dx). In the future, CryptoLocally Vault smart contracts (CLVs) will determine the reward rates on all chains.

What type of security is used? Is it safe to use the DeFi product?

When you initialize your Earn Wallet, you encrypt a newly generated key for an on-chain Ethereum address. CryptoLocally does NOT store the actual private key to your wallet. Instead, an encrypted key is stored in our servers. You can authorize different actions associated with your Earn Wallet using your dedicated password. This is the only way to sign Ethereum transactions with your Wallet. In order to back up your wallet, go to the Account Settings page and find the Export Key section and follow the given instructions. You should use the product at your own risk and not deposit more cryptos than what you can afford to lose.

Is there a minimum amount required in order to withdraw crypto?

GIV - 1500 GIV Minimum
ETH - 0.1 ETH Minimum
DAI - 20 DAI Minimum
USDT - 20 USDT Minimum
USDC - 20 USDC Minimum

How are the estimated values of cryptocurrencies determined? Which price indicator is used?

The estimated values are based on on-chain balances and exchange price APIs (e.g. CoinGecko, Binance). In the future, the current price may be determined by on-chain price oracles as well.

Where can I back up my Earn Wallet private keys?

Go to the Account Settings page and find the Export Key section. Follow the directions given. For more information on private keys, read our short guide.

I am having a problem with CryptoLocally’s Earn Wallet, what can I do?

If you are encountering any issues with the Earn Wallet, please contact us here.
Do you have questions? Want to learn more or speak with the CryptoLocally team? Join us on Telegram and Discord.

Academy

How can I get access to the courses?

These courses are totally free. To get access to the +6 hours of video and illustrations, simply sign-up on CryptoLocally, click on the button Enroll for free and then register on our CryptoLocally Academy.

Is this program for stocks, options, forex, futures, cryptocurrencies or something else?

These courses are focused on crypto trading but what you will learn from it can be applied to all markets that have a value that changes over time. Stocks, options, currency pairings, futures, cryptocurrencies, etc. all have values that fluctuate up and down over time… because of this, the tools and planning process you’ll learn can be applied to a multitude of different areas.
Support your community members and show them how to make the most out of CryptoLocally.

I don’t know anything about cryptocurrency, can I still use the courses?

Yes, definitely! These courses have been made to teach people in Africa the fundamentals of cryptocurrency, starting from how they can buy their first crypto using their local currency and the other basic knowledge to start your journey as a crypto trader.