Frequently Asked Questions
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 Similarly, the seller won't be paid until the crypto has been sent to the escrow, which cannot be withdrawn by the seller.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?
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.
What does P2P mean and why should I trade P2P?
What’s an escrow? Are my cryptos safe?
How long will it take for my trade to occur?
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?
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?
Is it safe to use PayPal on Cryptolocally?
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?
What type of USDT do you accept on your platform?
The user I am trading with isn’t responding, what should I do?
What happens when I initiate a dispute resolution case?
I think someone is trying to scam me. What should I do?
I can’t find offers from my location or in the currency of my choice. What should I do?
How can I receive Telegram or sms notifications?
What do the symbols/numbers next to traders’ names mean?
I started a trade but I’m not sure what I should do. How can I get help?
How are the exchange rates calculated and locked in during a trade?
How do I change the status of my offer?
What is GIVernance?
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?
Don’t hesitate to read our guide on how to use GIVernance.
What is the GIVernance Voting Portal?
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?
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?
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.
What is BNB?
Download a wallet for the BNB blockchain on ZenGo, Meet.one, or Infinito Wallet.
What is BOS?
What is BTC?
What is BTC(BEP-2)?
What is BUSD?
What is DAI?
What is EOS?
What is ETH?
Download a wallet for the ETH blockchain on ZenGo or Meet.one
What is ETH (BEP-2)?
Download a wallet for the Ethereum blockchain on Binance DEX Wallet or Trust Wallet
What is JST?
Download a wallet for the TRON blockchain on TronLink, TokenPoket or Trust Wallet
What is TELOS?
Download a wallet for the Telos blockchain on Wombat wallet or Meet.one
What is TRX?
Download a wallet for the TRON blockchain on ZenGo or Infinito Wallet
What is USDC?
Download a wallet for the USDC blockchain on ZenGo
What is USDJ?
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.
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?
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.