The wallet is your own, you have the secrets. It can be downloaded as a security backup. It does not appear to be a standard hierarchical deterministic wallet, more like a base key and a single string of next keys.
So I to recover a lost wallet, you probably have to use the site. On the other hand, you can download the secret key for each address used. Better documentation of recovery procedures would be most welcome.
We have to rely on the site's server software for generation of keys and keeping them. It could in theory be done all in browser side software, not available to the server, but they have not explicitly said that this is the case. Anyway, since it is web based, this could be changed from one click to another on the site.
Of note is the escrow, it is implemented as a smart contract, so the arbitrator comes in as a third party when either of the traders open a dispute, but the arbitrator does not have the traders' keys, and according to the contract, he can only release the coins to one of the traders. The trust needed as explained above applies of course
A separate program executed locally, like bisq, would be slightly safer, because you can veryfy the code and control the updates, realistically to a degree.
But nothing trumps a separate, simplistic, device to keep your secrets, like the trezor or the ledger.
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source https://www.reddit.com/r/btc/comments/ej7hrk/localbitcoincom_wallet_security/
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