How to buy your first Ethereum on Localethereum

Localethereum is a peer-to-peer Ethereum trading platform. It is not an exchange, nor does it exist as an intermediary to absorb user funds. Buying Ethereum on Localethereum is very simple, safe and convenient, so follow the editor's tutorial to learn how to trade!

1. Create Account

Registering an account is very simple, all you need is a username, email address and a password.

Your user name is the name by which others recognize you. Once registered, it cannot be changed. Please choose and fill in the name carefully.

Your password is equivalent to your private key, please take it seriously.

Your email address can be used as a two-factor authentication method. Once the account is registered, you can also switch the two-factor authentication method to OTP (such as Google Authenticator).

Notice:

Your password is the decryption key for your wallet and session. If you lose it, we will not be able to recover it. If you lose your password, there is no way to recover it.

2. Find the target "transaction"

You can see a list of active trades on the home page. Traders from all over the world have posted these trades, and you can also post your own trades. We will explain the trading process in detail in this tutorial.

You can use filters to select transactions that meet your criteria.

You can also search for related transactions by:

• Payment Methods - There are many payment options available including: Alipay, WeChat Pay, Bank Transfer, PayPal, Cash Transactions (Face to Face) and International Remittances. There are also many other payment methods. Bank transfer is the most popular payment method.

• Geography - You can search for orders in a specific country or city, or set your search to the entire world.

You can categorize transactions by:

• Trading volume - We will prioritize traders who trade a lot on localethereum. These traders are usually responsive, efficient, and have a high reputation.

• Price - Trades with the highest price advantage will be displayed first, but it is important to understand that these traders may not have a fast response speed, credibility, and familiarity with the platform trading may also vary.

Let's take a transaction as an example:

• Username: The name filled in by the seller when registering.

• Title: Customized content displayed by the seller. People often use this to display their name or accepted payment methods.

• Geographic location: The country or region where the seller is located. This element is set by the user.

• Price: The price is set by the seller and automatically calculated based on market fluctuations. This is the total price including localetheruem fees. In this case, you pay £632.60 for 1ETH.

• Limit: The minimum and maximum transaction amount, within which the seller will trade.

When you click the Buy button for a transaction, you will receive some detailed information about the transaction and the seller. The seller will usually note the transaction process and some information about themselves in the "Transaction Terms" area.

3. Start trading

Enter the amount of ETH you want to buy and start the trade. Once you do this, the price is locked in and a session is automatically created between you and the seller.

You can communicate with the seller on the left, send messages, and get payment information when ETH enters the guarantee contract. You can rest assured that every message and attachment you exchange with the seller is end-to-end encrypted, which means that unless the transaction is disputed and a third party intervenes, the conversation will always be confidential.

Before making a payment, make sure the seller deposits the agreed upon ETH into the security contract.

4. Wait for the seller to deposit ETH into the guarantee contract

On the right, you can view the real-time status of the guarantee contract. Before paying the seller, the seller must deposit ETH into a "smart guarantee contract".

The guarantee contract is a tool of Ethereum blockchain technology, which means that the seller does not send the ETH to a trusted third party (although it works similarly to the former), but directly deposits the funds into a "smart contract". "Smart contract" is a P2P code. In short, this technology makes localethereum a decentralized (trustless) platform. Our staff cannot directly obtain control of these ETH. We can only intervene and interfere with the transaction if one of the parties raises a complaint.

It is very important to wait for the seller to deposit the ETH into the security contract, otherwise there may be a delay in the issuance of coins during the transaction. Once the ETH is deposited into the security contract, they will not be able to withdraw these coins directly.

Once localethereum detects that Ethereum has been deposited into the security contract, the website will display this information on the right side of the interface, along with a countdown timer and a button marked Paid.

To prevent the seller from canceling and withdrawing ETH from the escrow contract or you do not mark the transaction as paid. When you click Mark as Paid, the seller will never be able to withdraw ETH from the escrow contract.

The guarantee mechanism ensures the safety of buyers' funds.

5. Pay the seller

In the encrypted conversation, the seller will tell you the payment information, and after confirming that the seller's ETH has been deposited into the guarantee contract, you can pay the seller.

6. Click "Mark as Paid" and wait for the seller to release the cryptocurrency

As mentioned above, when you click Mark as Paid, the countdown will be canceled and the seller will no longer have a chance to cancel the transaction. Once the seller confirms receipt of the payment and releases the cryptocurrency in the contract, the ETH will appear in your wallet. Congratulations on getting the ETH!

The seller can release the funds in the contract at any time, but if the time has passed and the secured cryptocurrency has not been released, or if a disagreement arises between you and the seller, you can file a complaint and allow arbitration to intervene.

Submit a complaint

Many deals never make it to arbitration, and if all goes well, you will never need to know about this step!

Once a complaint is filed, your computer will automatically upload a digital certificate to localethrerum’s arbitrators to assist in resolving the dispute, along with a key to decrypt a record of your conversation with the seller.

The arbitrator will make an impartial decision for both parties. The arbitrator may ask you or the other party to provide some supporting materials privately, such as proof of payment (bank transfer receipt) and your identity information, etc.

Once the arbitrator has gathered enough material, they will decide to release the guaranteed funds to you or the seller. Thanks to the decentralized guarantee method using "smart contracts", they cannot send the ETH anywhere else.

Unless you file a complaint, localetheruem staff will never be able to access your conversation with the seller or interfere with your transaction, which is a fundamental feature of decentralized guarantee services driven by peer-to-peer encryption and blockchain technology.

Welcome to join Localethereum QQ exchange group: 783740442

This article is for commercial promotion only and does not represent the position of Wabi.com. Cryptocurrency is a high-risk industry. Please invest with caution. We are not responsible for any losses!