Local Trade — Your Safe Crypto Exchange Zone

geewynn (42)in #cryptocurrency • 6 years ago

When we talk about cryptocurrency, we eventually talk about money, profit, losses, and getting scammed. Crypto scam comes in various forms. Like from where I come, I have heard of a lot of individuals getting scammed on telegram groups, WhatsApp, Facebook, matrix site and more. But the most common scam type I have seen is telegram escrow scam where one gets scammed when attempting to exchange a certain type of crypto for another or fiat with a scammer masking themselves on a telegram group. This experiences are not actually good and can eventually make one generalize that the whole crypto space is evil and need to be regularized. But just last week I heard of a project that is out to stop this scam by creating a decentralized exchange embedded with escrow support to ensure safe exchange of fiat and cryptocurrency.

What is LocalTrade?

LocalTrade is a decentralized exchange integrated with an escrow support that was created by the founder Lite Speed. It is a peer to peer trading platform in which users are able to open to trade with other known cryptocurrency traders to either sell or buy crypto with no fee attached. The local trade platform provides a safer environment with less stress for trading and exchanging your cryptocurrencies. The team believes that the platform cannot be breached by attackers or hackers so expect your funds to be safe with them.

Some important features of the platforms includes:

Safe Transactions
Digital Cash
Escrow Support
An all in one cryptocurrency wallet
Less fees

About the Local Trade Escrow Service

First what is an Escrow? Escrow trading is a form of trading in which an agreement is made for a third party to oversee the trading process. In simple words, the third party is in control of the trading process. This is considered to be a safe approach to trading and it works by one of the party sending their fiat of currency to the escrow, the escrow informs the other party of the transaction and sends in a proof of the transaction, then that party sends his fiat to the other party in order for the funds to be released by the third party.
This has been said to have prevented a high percentage of scams and has made trading safe and simple.

How Local Trade implements this escrow service?

Once a trade is started, local trade system will automatically hold your funds taking it away from your active balance so it won’t be used by for other trades. Then, the trade is opened in which the buyer will be notified and a direct link sent for the trade. The sender will then fulfill his part of the trade and the buyer confirming that he has received the funds from the seller before prompting the escrow system to release the funds. But this does not happen without an email confirmation or a two-step verification. After the whole trade a review section will be revealed to both parties to rate the transaction and provide a feedback to the system.

You can find a link to the whitepaper if you are interested and would like to DYOR about the project https://www.localtrade.io/whitepaper.pdf

Core Team
Lite Speed who is the CEO & Founder alongside Crypto Knight