LocalCoinSwap (LCS) is a relatively new p2p crypto exchange. LCS completed its ICO on June 15, 2018 and raised about $12.4 million. The LCS Exchange soft launched on September 10. The exchange started with 12 tradeable coins/tokens. Since the soft launch, there have been weekly updates to the platform and the coins/tokens available for trading has increased to 16. The majority of the cryptos are in the top 15. Each exchange client has individual wallets for all the cryptos available through the exchange.

The LCS Exchange is registered in Hong Kong; however, there are a number team members in Australia and Europe. LCS is a very active community. Team members and LCS Ambassadors (unpaid shareholder advocates) are frequently available on their active Telegram channel.

Peer to peer (p2p) trading is far different than trading on a centralized exchange. There are advantages and disadvantages. Currently, the LCS Exchange only has p2p trading where crypto is traded versus fiat currency between two exchange customers. The two parties agree on the details of the trade, the crypto in the sellers exchange wallet is put into escrow, and the buyer transfers the fiat to the seller. After the seller has been paid, the buyer receives the the crypto from the exchange’s escrow account. Currently, all trades are crypto to fiat. More than 100 fiat currencies may be utilized. LCS is looking to expand to crypto to crypto trading in the future.

The LCS Exchange is innovative in itself, but that is just part of the story. LocalCoinSwap has a maximum supply of 72,743,420 LCS tokens. Ten million are in the Community Fund which is owned by the LCS shareholders. The LCS shareholders actually own the exchange. LCS shareholders that hold their LCS tokens on the LCS Exchange or in any ERC 20 compatible wallet will receive quarterly dividends beginning in February 2019. Over time, it is estimated that 20% of the site revenues will go expenses and the resulting 80% will be profits. Then 100% of the profits will go to the LCS shareholders via the quarterly dividends. These quarterly dividends will be paid via a special LCSdt (dividend token) which can then be redeemed through the LCS Exchange for the underlying cryptos that were paid in fees during the quarter. The exchange fee is a reasonable 1% to the person placing the advertisement and there is no fee to the person who is the second party in the transaction. Granted, the fees (for the escrow service) are higher than at centralized exchanges; however, it does eliminate most, if not all, of the up to 6-10% slippage (difference between posted bid/ask spreads) that is common with many centralized exchange transactions. In addition, LCS does not require KYC and they have an extremely simple exchange registration procedure.

Currently, the LCS token is traded on Hotbit and the LCS Exchange. All LCS shareholders should have a LCS Exchange account…if only for the collection of the dividends and their underlying cryptos. If you are interested in the LCS Exchange, you may get to their site by using the following referral link: https://localcoinswap.com/register/?referral=7562b838-f045-40a0-a138-ca73b34fb347