Yes i have a very good experience in selling my ETH in local etherum. I like the various options available in Localetherum. It is not just bank transfer you can choose, you can choose for a face to face cash deal, you can opt for other centralized payment system like paypal, skrill, paytm and many other options and you can also use international options, should you wish to deal with a person across the globe.
Last week I sold some etherum. I sold my ETH and browsed the displayed list of available offers and clicked on the one that offered good rate, then it took me to the page where I could text with my counterpart and the conversation with my counterpart is end to end encrypted, so no one can see except me and my counterpart and that is how secured LocalEtherum is. Further after having a conversation with the counterpart, I could also see the escrow and sent the payment details over there and then the counterpart made the payment. Once I confirmed the receipt of payment, the escrow released to the buyer.
After clicking on Fund Escrow it redirected me to the Metamask Wallet where I needed to transfer ETH to Escrow and it was done automatically by clicking on Fund Escrow as my Metamask wallet was already integrated with LocalEtherum.
You can also notice a timeline When the trade was initiated, When the Escrow was funded, When it was finally released. If both the peers are prompt and proactive then a trade deal can be completed just within 3 to 5 mins.
There is an end-to-end message encryption between you and your counterpart and in no way the messages exchanged between two parties are stored in the LocalEtherum Server. Further after seven days time those messages are destroyed forever. In case of dispute only when the arbitrator from LocalEtherum joins to solve the matter, then only he can read the messages and that to after giving the keys to decrypt the messages. In this way it, enhances the privacy of the individual and the two parties make the deal in a most secured way.
Therefore the security of the LocalEtherum platform is protected by end-to-end message encryption, messaging forward secrecy, financial forward secrecy, signature system etc.
There is no centralized server to store any of your data or any of your fund, so making it decentralized and the user is the only owner of his fund.
Escrow Smart Contract
Escrow Smart Contract is the main buying in LocalEtherum and it is the Escrow Smart contract which makes it a decentralized platform. It makes this system trustless and it only follows the logic of the deal between two parties and as per the logic only the locked fund is released to either of them.
The buyer and seller first agree to the terms of trade, then the seller locks his fund in the escrow smart contract and after the buyer send the payment outside LocalEtherum and confirms the same to the seller, the escrow fund is then released to the buyer. In case of a dispute, an arbitrator joins and decrypt those messages and verify the things and then the locked escrow is released to the rightful peer.
There is a 0.25% fees on the maker side and 0.75% fees on taker side. Market maker is the one who creates an offer and Market taker is the who respond to the offer.