Exceeded

Score

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/10

Localcoin

Canada

|

5-10 years

Common Financial Service License|

Suspicious Overrun|

High potential risk

https://localcoinatm.com/

Website

Rating Index
Contact
Localcoin
+18774122646
help@localcoinatm.com
https://localcoinatm.com/
Influence
E

Licenses

FINTRAC

FINTRACExceeded

Common Financial Service License

Exchange Info

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Company Name
Localcoin
Phone of the company
+18774122646
Customer Service Email Address
help@localcoinatm.com
legal@localcoinatm.com

WikiBit Risk Alerts

2
Previous Detection 2024-06-13

The number of this Exchange's nagitive field survey reviews has reached 1, please be aware of the risk and the potential scam!

Common Financial Service License goes beyond their business with the licenses Canada FINTRAC (license number: M20643902), please be aware of the risk!

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Time Machine

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1 ratings

Participate in evaluation
FX1474173659
Trading on Localcoin is easy with a friendly interface. Fast and extremely dedicated customer support!
2023-12-16 03:17
7
Aspect Information
Company Name Localcoin
Registered Country/Area Canada
Founded Year 2013
Regulatory Authority FinTRAC (Exceeded)
Cryptocurrencies 100+
Trading Platforms Localcoin Online Platform
Deposit & Withdrawal CAD
Educational Resources Tutorials, guides, and FAQs
Customer Support Email, phone, and live chat

Localcoin Overview

Localcoin is a virtual currency exchange based in Canada. It was founded in 2013 and operates under the regulatory authority of FinTRAC. However, the license is exceeded. The exchange offers over 100 cryptocurrencies for their traders. Localcoin has its own online platform for trading and supports deposits and withdrawals in Canadian Dollars (CAD).

Localcoin's home page

Pros and Cons

Pros Cons
  • User-friendly online trading platform
  • FinTRAC (Exceeded)
  • Offers a range of cryptocurrencies for diversification
  • Limited funding method

Pros:

  • User-friendly online trading platform: Localcoin provides a user-friendly online trading platform that is easy to navigate, even for beginners. The intuitive interface makes it simple to buy, sell, and trade cryptocurrencies.

  • Offers a range of cryptocurrencies for diversification: Localcoin offers a wide range of cryptocurrencies, allowing users to diversify their investments. This gives traders the opportunity to explore various coins and invest in different projects according to their preferences.

Cons:

  • FinTRAC (Exceeded): One of the drawbacks of Localcoin is that it has exceeded FinTRAC regulations. This indicates that the platform has faced compliance issues or regulatory challenges, which can be a concern for some users who prioritize regulatory compliance.

  • Limited funding method: Localcoin has a limited selection of funding methods, which can be inconvenient for users looking for a variety of options to deposit and withdraw funds. This limitation will poses difficulties for those who prefer alternative payment methods or want more flexibility in managing their funds.

Regulatory Authority

Localcoin operates under the regulatory authority of FinTRAC (Financial Transactions and Reports Analysis Centre of Canada). The regulatory agency responsible for overseeing the exchange is FINTRAC. The Regulation Number associated with the exchange is M20643902. As for the Regulation Status, it is stated as “Exceeded”. The License Type held by Localcoin is a Common Financial Service License, and the License Name is 9992987 CANADA INC. These regulatory measures ensure that Localcoin complies with the necessary regulations and standards in the virtual currency exchange industry.

exceeded FinTRAC license

Security

Localcoin takes security seriously and implements various protection measures to safeguard user assets. These measures include robust encryption protocols to protect sensitive user information and funds. Additionally, the exchange follows practices in terms of account security, such as two-factor authentication and regular security audits.

Besides, Localcoin offers bitcoin ATM fraud prevention and tips. If traders suspect a fraudulent Bitcoin address or encounter any fraudulent activity related to a Localcoin service, it is important to report it promptly. Traders can report the fraudulent Bitcoin address by emailing help@localcoinatm.com.Localcoin takes fraud prevention seriously and will take appropriate actions to blacklist the reported Bitcoin address(es) associated with the fraudulent activity. They will also initiate an internal investigation and cooperate with law enforcement or government agencies if necessary. Expect a response from a Localcoin agent within 1-2 business days to gather more information about your situation.

bitcoin ATM fraud prevention and tips

Cryptocurrencies Available

Localcoin provides access to a range of cryptocurrencies beyond just Bitcoin. Here are some of the popular cryptocurrencies that are available through Localcoin:

  • Bitcoin (BTC): Bitcoin is the original and most well-known cryptocurrency. It serves as a decentralized digital currency that allows for peer-to-peer transactions without the need for intermediaries.

  • Ethereum (ETH): Ethereum is a blockchain platform that not only supports a native cryptocurrency called Ether (ETH) but also enables the development of smart contracts and decentralized applications (DApps).

  • Ripple (XRP): Ripple is a digital payment protocol that facilitates fast, low-cost international money transfers. Its native cryptocurrency, XRP, is used as a bridge currency to facilitate these transactions within the Ripple network.

  • Litecoin (LTC): Litecoin is a peer-to-peer cryptocurrency that was created as a “lite” version of Bitcoin. It offers faster transaction confirmation times and uses a different hashing algorithm than Bitcoin.

  • Bitcoin Cash (BCH): Bitcoin Cash is a cryptocurrency that emerged as a result of a hard fork from Bitcoin. It aims to offer faster and cheaper transactions than Bitcoin, with a larger block size limit.

  • Dash (DASH): Dash is a privacy-focused cryptocurrency that aims to provide fast and secure transactions. It offers features such as PrivateSend, which allows users to obfuscate the transaction trail.

  • Stellar (XLM): Stellar is a blockchain platform designed for fast and low-cost cross-border transactions. Its native cryptocurrency, Lumens (XLM), is used to facilitate these transactions and maintain trust within the network.

Cryptocurrencies available

These are just a few examples of the cryptocurrencies available on Dcoin. There are over 100 different cryptocurrencies supported on the platform, allowing users to diversify their portfolios and take advantage of various investment opportunities in the digital asset market.

Fees

Buying Options

Buying Options Min Max Fee5 Processing Verification
Bitcoin ATM $5 $995 per transaction, daily limit of $4,975 $4 + 10+% Instant SMS Verification

Selling Options

Selling Options Min Max Fee Processing Verification
Bitcoin ATM $50 $900 per transaction, daily limit of $4,975 6% Instant SMS Verification

Tips:

  • Withdrawal requests are processed within 1-2 business days.

  • Requests arriving during weekday mornings typically take up to 1 business day to complete.

  • All trades that are executed through Localcoin are final.

  • Limits are based on a 24-hour period.

  • Bitcoin ATM Fees can fluctuate depending on the ATM's location and the cryptocurrency being purchased

Deposit &Withdrawal

    All Localcoin Bitcoin ATMs are cash-only and can only accept Canadian Dollar bills. Localcoin supports deposits and withdrawals in Canadian Dollars (CAD). For deposits, users can make a bank wire transfer to Localcoin's designated bank account. The processing time for deposits may vary depending on the bank and can take up to a few business days.

    As for withdrawals, users can request a withdrawal by providing their bank account details. The processing time for withdrawals typically ranges from 1 to 2 business days. Besides, when using a Localcoin Bitcoin ATM, the maximum you can sell is $900 CAD in one transaction. We can accommodate up to $4,975 in one day. There is a 6% fee for any sell transaction.

    Is Localcoin a Good Exchange for You?

    Localcoin can be suitable for various trading groups based on its features and services. Here are some target groups and appropriate recommendations:

    1. Beginner Traders: Localcoin's user-friendly online trading platform and educational resources make it a suitable choice for beginner traders. The platform provides a seamless and intuitive trading experience, while the educational resources offer valuable information for those new to virtual currency exchange. Beginner traders can benefit from Localcoin's range of cryptocurrencies for diversification and use the provided resources to learn about trading strategies.

    2. Canadian Traders: Localcoin's support for deposits and withdrawals in Canadian Dollars (CAD) makes it a preferred choice for Canadian traders. The convenience and flexibility of trading in the local currency can attract traders who want to avoid the hassle of currency conversion and manage their investments in their own currency.

    3. Security-Conscious Traders: Localcoin's reputation as a reputable exchange operating under the regulatory authority of FinTRAC can attract security-conscious traders. The exchange's implementation of robust security measures, such as encryption protocols and account security practices, can provide added confidence in the protection of user assets.

    4. Cryptocurrency Enthusiasts: Localcoin offers a range of popular cryptocurrencies such as Bitcoin, Ethereum, Litecoin, Ripple, and Bitcoin Cash. This can attract cryptocurrency enthusiasts who are interested in trading these widely adopted cryptocurrencies. The availability of diverse trading pairs and the potential to benefit from price fluctuations can be appealing for enthusiasts who actively engage in the cryptocurrency market.

    FAQs

    Q: How can I deposit funds into my Localcoin account?

    A: Localcoin supports deposits in Canadian Dollars (CAD). Users can make a bank wire transfer to Localcoin's designated bank account. The processing time for deposits may vary and can take a few business days. Specific fees for deposits can be found on the Localcoin website.

    Q: How long does it take to withdraw funds from Localcoin?

    A: The processing time for withdrawals from Localcoin typically ranges from 1 to 2 business days.

    Q: What is required in order to use a Bitcoin ATM?

    A: To use a Bitcoin ATM, traders need a digital wallet to store their cryptocurrencies and a phone number for verification.

    Q: How much can traders withdraw from a Bitcoin ATM?

    A: There is a 6% fee for any sell transaction.

    User Review

    User 1:“I‘ve been using Localcoin for a while now, and I must say, their security measures are top-notch. They prioritize the safety of their users’ funds, and that gives me peace of mind. The platform is regulated, which adds another layer of trust. The user interface is intuitive and easy to navigate, making trading a breeze. Moreover, they offer a wide range of cryptocurrencies to choose from, giving me plenty of options. The customer support is responsive and helpful, always resolving my queries. The trading fees are reasonable, not eating into my profits. Overall, I feel confident and satisfied using Localcoin.”

    User 2:“I recently started using Localcoin, and I‘m impressed by the platform’s focus on privacy and data protection. They take user confidentiality seriously, and that‘s something I value. The deposit and withdrawal speeds are impressive. Whenever I want to buy or sell cryptocurrencies, the transactions happen swiftly and smoothly. They offer different order types, allowing me to implement various trading strategies. I’ve also noticed the exchange‘s stability, rarely experiencing any technical glitches. It’s great to see an exchange that pays attention to these important aspects. Localcoin has quickly become my go-to exchange for all my crypto needs.”

    Risk Warning

    Cryptocurrency exchange investments come with inherent security risks. It is important to be aware of these risks before engaging in such investments. Cryptocurrency exchanges are susceptible to hacking, fraud, and technical glitches, which can result in the loss of funds. It is recommended to choose reputable and regulated exchanges, stay updated on security measures, and be vigilant in detecting and reporting any suspicious activities. Please ensure that you understand the risks involved and note that the information contained in this article is for general information purposes only.