When you hear the name LocalTrade, you might think it’s just another crypto exchange trying to get your attention with low fees and a sleek app. But if you dig deeper, what you find isn’t a platform built for traders-it’s a ghost town with a website.
LocalTrade launched in 2017 and claims to serve users worldwide. It offers 48 cryptocurrencies and 105 trading pairs. Its interface works on iPhone, Android, Windows, Mac, and Linux. It even has API access and integrates with tax tools like Koinly and CoinLedger. Sounds decent, right? But none of that matters if you can’t trust the platform.
Regulation? There Isn’t Any
The biggest red flag with LocalTrade is simple: it’s not regulated by any government agency. Not the FCA in the UK. Not the SEC in the US. Not the EU’s MiCA framework. Nothing.
That’s not a minor oversight. It’s a dealbreaker. In 2026, every major exchange-Binance, Coinbase, Kraken-has some form of regulatory license. Why? Because regulators now demand proof of secure funds, KYC checks, and audit trails. Without them, your money is at the mercy of whoever runs the platform.
FxVerify, a trusted source for financial platform vetting, explicitly states LocalTrade “does not appear to be regulated by any government authority.” That’s not speculation. That’s a verified fact. And if you’re in the US, UK, or EU, trading here puts you in legal gray zones. Even if the site says “US investors can trade,” it adds a warning: “Do your own independent assessment.” Translation: we’re not responsible if you lose everything.
Trading Fees Look Good-Until You Look Closer
LocalTrade charges a flat 0.20% fee for both maker and taker trades. On paper, that’s cheaper than many exchanges. Binance charges 0.1% for makers and 0.1% for takers if you use BNB. Coinbase Pro charges 0.5% for takers. So why isn’t everyone rushing in?
Because the fee is only half the story. Established exchanges give you volume discounts. The more you trade, the lower your fee. LocalTrade doesn’t. If you’re a serious trader moving $100,000 a month, you’re stuck paying the same rate as someone trading $500. That’s a design choice that favors casual users-except LocalTrade doesn’t even have enough liquidity to support them.
Trading Volume? It’s Either Fake or Nonexistent
CoinGecko once listed LocalTrade’s 24-hour volume at $463 million. CoinMarketCap, however, labeled it “Untracked.” That’s not a typo. That’s a red flag.
When two major tracking sites disagree this badly, it usually means one thing: volume manipulation. Fake volume is common among small, unregulated exchanges. They pay bots to trade back and forth to make the platform look active. It tricks new users into thinking there’s liquidity-when in reality, you might not be able to sell your Bitcoin even if you want to.
And here’s the kicker: CoinMarketCap removed LocalTrade from its listings entirely. Why? Because they only track exchanges that meet transparency standards. If they won’t list it, you shouldn’t trust it.
Deposits? Only Wire Transfers. No Crypto.
LocalTrade doesn’t let you deposit Bitcoin, Ethereum, or any other crypto. You can only fund your account via bank wire transfer. That’s a massive disadvantage.
Why does this matter? Because if you’re already holding crypto, you don’t want to sell it to a bank, wait 3-5 days for a wire, then buy it back on LocalTrade. You lose money on exchange rates, fees, and time. Every other major exchange lets you deposit crypto directly. That’s the standard. LocalTrade forces you to use outdated, slow, expensive methods.
User Reviews Are a Nightmare
Reviews.io has 18 verified reviews for LocalTrade. The average rating? 1.4 out of 5 stars.
One user, Fali Pupa, wrote: “Terrible experience with this scam broker that cost me dearly.” Another, Leonardo, said he “went through the worst period of my life.” A third user said their “trust in investing in Bitcoin shattered” after using LocalTrade.
Here’s the disturbing pattern: every negative review promotes a different “recovery service.” Fali Pupa pushes BROADOAK-CAPITAL. Leonardo points to Cipher-forensics.com. The anonymous user recommends Arbix.is.
This isn’t coincidence. It’s a known scam playbook. Fraudulent exchanges encourage victims to post reviews that advertise recovery companies-many of which are just other scams. The goal? Extract more money from people who already lost everything.
Customer Support? Don’t Count On It
LocalTrade claims to offer 24/7 live support, phone lines, and even in-person training. But if you look at user reports, none of that exists in practice.
People who lost funds say they emailed support for weeks. No replies. Others tried live chat. The chat window disappeared after 10 minutes. One user said they waited 17 days for a response to a simple withdrawal request-then got a generic auto-reply.
Real exchanges respond. Even if it’s slow, they reply. LocalTrade doesn’t. That’s not poor service. That’s abandonment.
Why It Still Exists (And Why It Won’t Last)
So how is LocalTrade still online in 2026? Because it’s cheap to run a website. You can buy a domain for $10 a year. You can hire a developer for $500 to slap together a trading interface. You can buy fake traffic to make it look busy.
But real exchanges? They cost millions. They hire compliance teams. They pay for audits. They partner with banks. They get licensed. LocalTrade does none of that.
It’s a shell. A temporary setup designed to collect deposits, then vanish when regulators come knocking-or when users finally realize their money is gone.
Since 2022, over 120 small crypto exchanges have shut down or been shut down by regulators. LocalTrade fits the profile perfectly: low volume, no regulation, fake data, angry users. It’s not a question of if it will fail-it’s when.
What to Use Instead
If you want a safe, reliable exchange, stick with platforms that have:
- Regulatory licenses (FCA, SEC, MiCA, etc.)
- Transparent trading volume (verified by CoinMarketCap or CoinGecko)
- Direct crypto deposits
- Real user reviews without recovery service spam
- 24/7 support that actually responds
Examples: Binance, Kraken, Coinbase, Bybit, KuCoin. All of these have clear compliance records. All of them let you deposit crypto directly. All of them have been around for years.
LocalTrade isn’t a hidden gem. It’s a warning sign.
Final Verdict: Avoid It
LocalTrade isn’t just risky. It’s dangerous. The lack of regulation, the fake volume, the scammy reviews, the blocked withdrawals-all of it points to one conclusion: this platform is not here to serve you. It’s here to take your money and disappear.
There are thousands of legitimate exchanges. You don’t need to gamble on one that’s barely hanging on. Save yourself the stress, the losses, and the sleepless nights. Walk away.
Is LocalTrade a legitimate crypto exchange?
No. LocalTrade is not regulated by any financial authority, lacks transparent trading volume, and has a pattern of user complaints involving lost funds. Multiple independent sources, including FxVerify and CoinMarketCap, flag it as unreliable. Its operation resembles known scam exchanges that vanish after collecting deposits.
Can I deposit Bitcoin or Ethereum into LocalTrade?
No. LocalTrade only accepts bank wire transfers for deposits. You cannot deposit any cryptocurrency directly. This makes it extremely inconvenient for users who already hold crypto, as they must first sell their assets, convert to fiat, and wait days for a wire to clear-losing money on fees and exchange rates in the process.
Why do so many reviews mention recovery services?
This is a classic scam tactic. Fraudulent exchanges encourage users who lost money to post negative reviews that promote fake “fund recovery” companies. These recovery services are often scams themselves, designed to take more money from victims under the false promise of getting their funds back. It’s a cycle of exploitation.
Is LocalTrade safe for US users?
No. While LocalTrade claims US users can trade, it provides no regulatory compliance for American customers. The US SEC requires exchanges to register and follow strict rules. LocalTrade does neither. Using it could expose you to legal risk and leaves you with zero recourse if funds are lost or frozen.
What are better alternatives to LocalTrade?
Stick with regulated, well-established exchanges like Binance, Kraken, Coinbase, or Bybit. These platforms offer direct crypto deposits, transparent volume data, verified user reviews, and responsive customer support. They also comply with global regulations, giving you legal protection and a much higher chance of recovering funds if something goes wrong.
Does LocalTrade have a mobile app?
Yes, LocalTrade offers apps for iOS and Android. But having an app doesn’t mean the platform is trustworthy. Many scam exchanges invest in professional-looking apps to appear legitimate. The real issue isn’t the interface-it’s whether your money is safe, which, in this case, it isn’t.
Why was LocalTrade removed from CoinMarketCap?
CoinMarketCap removes exchanges that fail to meet transparency standards-such as providing verifiable trading volume, accurate listing data, or regulatory compliance. LocalTrade was delisted because its volume data was inconsistent and unverifiable, and it lacked any regulatory oversight. Being removed from CoinMarketCap is a major red flag for any exchange.
katie gibson
January 21, 2026 AT 12:47 PMlol i tried LocalTrade after seeing their ‘sleek app’ and ended up crying into my coffee. they took my eth and vanished. now i’m getting spam emails from ‘recovery services’ that sound like they’re written by a bot on acid. 🤡
Ashok Sharma
January 22, 2026 AT 06:47 AMDear friend, please be careful with such platforms. Always choose regulated exchanges. Your money is your hard work. Do not risk it on unverified sites. Safety first, always.
Margaret Roberts
January 23, 2026 AT 11:01 AMi swear this is all part of the deep state crypto control grid. they let these fake exchanges live so they can track who’s dumb enough to invest. then they freeze everything and blame ‘market volatility.’ next thing you know, your crypto is being used to fund shadow ops. 🕵️♀️
Tselane Sebatane
January 24, 2026 AT 07:29 AMyou know what? i used to think crypto was the future - until i saw how many people get crushed by these ghost platforms. LocalTrade isn’t just bad, it’s a betrayal of everything we thought blockchain stood for. trust, transparency, decentralization - none of that exists here. don’t let them steal your hope along with your coins. you deserve better. your future self will thank you for walking away.
Barbara Rousseau-Osborn
January 24, 2026 AT 23:50 PMif you're still using LocalTrade after this post, you're not a trader-you're a liability to the entire crypto ecosystem. 🤦♀️ no regulation? no crypto deposits? fake volume? and you still think this is a ‘deal’? get a clue. your wallet is a graveyard waiting to happen.
george haris
January 26, 2026 AT 10:05 AMi just want to say thank you for writing this. i was about to deposit $2k into LocalTrade after seeing their ‘low fees.’ now i’m deleting the app and switching to Kraken. i didn’t even know about the recovery scam loop - that’s terrifying. you saved me from a nightmare.
Catherine Hays
January 26, 2026 AT 18:25 PMUS users are idiots for even considering this. no license no protection no mercy. if you lose money here you deserve it. americans think ‘easy money’ means ‘no rules’ and now look at the mess. wake up. your fiat is safe. your crypto isn't.
HARSHA NAVALKAR
January 26, 2026 AT 22:41 PMi read this and just sat there silent. i lost $14k on a similar platform last year. the silence after you ask for your money back… it’s worse than any loss. don’t let anyone else go through that.