A decentralized peer to peer exchange with escrow support for Crypto Traders. - localtrade
Image screenshot from Local Trade credits: Jean Beltran via bitLanders
Are you scared of being scammed? When wanting to invest but then afraid that you might lose your hard earned money because of some fraudulent traders, giving you hopes and earning your trust just to find out at the end that you can't contact the trader after sending your money? Believe me, I totally understand how you feel and I feel the same way too!
Today's blog is all about this future decentralized trading platform called Local Trade which offers a very promising system for trading cryptocurrencies. I have learned about this through a friend, I read their white paper and believe that this is indeed the future of crypto trading. Please read further.
Crypto Scamming News
Image credits: techjuice
I have heard thousands of similar stories. One very familiar story was of a Filipino couple who were nabbed after the police department in a certain province in the Philippines had been receiving numerous complaints of being scammed by a company named NewG. The scheme was that the Filipino couple has middlemen who would lure individuals who are interested in investing in Bitcoin. The hype of the surging amount of Bitcoin from last year had draw lots of attention in the country thus pointing hopeful depositors to invest and gain a huge amount from their capital which was promised to be returned in a matter of 15 days!
Video credits: Trending Philippines via YouTube
As per the report, the total amassed money was P900 million in the raw capital. Imagine depositing your money in a specific company only to find out that you can't reach the person whom you entrusted your amount? That's like a horror movie to me!
Image credits: disruptblock
That tearful story occurred within the Philippines, I am quite sure there are more similar stories from other countries around the globe, I can only talk about my own country though but I have been reading a lot of these scenarios happening every day because either the trader is quite new to the platform and have no idea about cryptocurrencies or the scammer is just very good at fooling around with these people.
Introducing Local Trade
Image screenshot from Local Trade credits: Jean Beltran via bitLanders
However, there's an answer to this dilemma, a solution to keep scammers away and be safe, secured and guarded against these confident trickers.
Introducing Local Trade! The world's first decentralized, transparent and independent escrow system providing a fully secure platform for all kinds of traders across the world!
Image credits: localtrade
Local Trade takes pride in the following attributes which will make it the best trading platform :
1. Local Trade aims to provide the best and easiest platform for any users to trade their local currencies or what is referred to as FIAT as well as their cryptocurrencies within a very reliable and well-guarded environment.
2. The Local Trade platform renders ERC20 tokens for all users who are engaging, trading within which can are also tradeable. Talk about a win-win situation here!
3. Local Trade made it possible to lower down trading service costs plus, its tokens, which is attributed to as Local Trade Token or LT can be used to incorporate these fees. This is very useful as traders have the opportunity to shell out zero fees because of their acquired LT!
4. Local Trade also offers instantaneous transactions processes making it the fastest platform to trade your currencies to direct FIAT or another altcoin.
Image credits: LocalTradeio
The ultimate goal of Local Trade is to produce a platform which has the most secure, well defended and reliable atmosphere for all trading possibilities. Aside from that, a hassle-free process and user-friendly interface!
What is Escrow Trading?
Escrow trading is a financial agreement in which a third party regulates the trading process by providing a form of security for a buyer or seller. This process involves a secure account to store the funds whilst either the buyer or seller sends the outstanding funds. Once the trader has received his payment he can release the holding funds to the recipient completing the trade.
Image edited in Canva credits: Jean Beltran via bitLanders
This is very similar to how some e-commerce sites are implementing their online transactions. I have been purchasing online through our local e-commerce websites such as shopee.ph and lazada.com. These two are the bridge between the customer and the seller. Every single time a customer pays an amount for a specific product, the e-commerce site will hold the amount, wait for the supplier or the seller to send the product item. Once received and done, the buyer confirms it and the middleman which in this case is either shopee or lazada releases the amount to the seller.
Image credits: localtrade
Pretty straightforward to understand though and this is how Local Trade will implement their trading as well. It is exciting to know that they got their own independent Escrow system!
With this, traders will feel absolute assurance and can sleep really tight as they sell or do purchases.
Trader Review and Ratings
Image edited in Canva credits: Jean Beltran via bitLanders
In this digital age, we can't avoid dealing with trust issues, especially in trading cryptocurrencies. There are a lot of scammers around, either online or offline thus it is very necessary to know whom we are dealing with and with the help of Local Trade's all other members and traders, trust issues can be mended, else can definitely be overcome.
Included in their security system is a rate and comment your experience options. There are ratings or feedback section in every user! Each single transactions or trade completed enables both parties to provide rates and reviews. This assures everyone that there was a true and real trade that had occurred.
Video credits: CryptoCasey via YouTube
The rating process involves giving one to five positive stars or negative stars. Plus a comment section to further illustrate why the specific rating was provided. The Local Trade team does not tolerate immature ratings and feedback too! All traders are mature enough to supply necessary documents, logs or proofs as to why such rating has been given.
No one wants to receive bad ratings for sure so this allows each trader to be aware of who can be trusted on the list. To make this possible, ratings and reviews are public and can't be edited except in given exceptional scenarios which can't be avoided. In case of such, the trader has to open a support ticket with Local Trade team.
Token Sale
Image screenshot from Local Trade credits: Jean Beltran via bitLanders
Currently, LT pre-ICO is on sale, it started on Jul 1st, 2018 (9:00 AM GMT) and will end by Sep 5, 2018 (12:00 AM GMT). Anyone can now buy the tokens and join the platform for a minimum transaction of 0.5 ETH! The good news is that there is no maximum investment! Note that 1 ETH is equal to 2000 LT.
Want to read their white paper? Check the link here!
Here's a Querlo chat for you!
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This blog entry was written and published by Jean Beltran-Figues for bitlanders.com.
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