CryptoLocally The P2P Exchange With DeFi Features
From the inception of Bitcoin, the most popular way to purchase cryptocurrency was through traditional or centralised Bitcoin exchanges. These methods were more costly and required inefficient intermediaries. Later, Decentralised Finance and peer to peer platforms evolved into the industry to eliminate the need for middlemen.
While this is just the beginning of Decentralised Finance across the cryptoverse, there is still a long way to go. To provide easy access and inclusivity in mind, CryptoLocally, a P2P trading platform offers a pragmatic approach to the world of trading.
What is CryptoLocally?
CryptoLocally is a non-custodial peer to peer trading platform for bitcoin and altcoins. It was launched in October 2019 and founded by Hugo Campanella and headquartered in Hong Kong. It allows its users to buy and sell crypto tokens in the fastest and most efficient way possible.
This platform uses smart contracts to replace the intermediaries. The best feature of this trading platform is that it allows you to trade peer to peer without KYC. For all those who do not have access to the identification or who are not a part of traditional financial institutions can also use CryptoLocally.
How to get started on CryptoLocally?
- Create an account on CryptoLocally exchange.
- Now select a cryptocurrency that you wish to buy.
- Now you will see a list of sorted offers along with payment methods and prices.
- Select an offer as per the desired payment method and price.
- After selecting an offer, you have to start your trade by entering the amount of cryptocurrency you wanted to buy.
- Read the terms and conditions proposed by the Seller in the offer and click on “Agree to terms”.
- Now you will enter into escrow where all seller funds are locked into escrow. You have to complete the required payment to the seller. Here you can chat with the seller to clear all your doubts before making the payment.
- After completing the payment to the seller, click on the “paid” button to continue.
- Finally, the seller will release the escrow by confirming the payment and you will receive the cryptocurrency in your wallet.
If you want to sell cryptocurrencies on CryptoLocally, then you will have to create an order and follow the same steps explained above as a trader.
Example of Best Trader on CryptoLocally
Here is the example of the trader who is using it without any problem and is very happy with the features and ease of use of the CryptoLocally exchange:
Adishivashakti joined CryptoLocally in October 2019. He had successfully completed 86 trades so far until today (at the time of writing). He can trade in INR or USD where he usually accepts UPI/Paytm/CashApp/Google Pay modes of payment. He mostly trades in Eos cryptocurrency.
Note: Before opening any trade always check the user feedback and reports.
Features of CryptoLocally
- Instant Transaction: All the transactions to buy/sell on CryptoLocally are powered by the blockchain without any centralized control. CryptoLocally uses smart contract escrow that makes instant peer-to-peer trades and confirmations possible.
- High Security and Privacy: Cryptocurrency tokens are sent directly to a smart contract, on-chain without any third-party control. The smart contract provides a 100% secure escrow until you release it at the end of the trade and hence makes the transactions 100% secure and private.
- Your keys, Your Coins: There is no need to deposit your cryptocurrency on CryptoLocally! You can send and receive cryptocurrency tokens directly to and from your personal wallet or any other wallet controlled by you.
- GIV Token: CryptoLocally has a utility token called the GIV token which is unique from its native coins. The GIV token can also give additional discounts on trading.
The team behind the CryptoLocally platform envisages the evolution of the GIV token as a way in which the users can stake the token to get the voting rights. With these voting rights, users can control the level of inflation, interest, and free float. CryptoLocally also has plans to incorporate NFTs into their P2P marketplace. This incorporation will allow NFT trades and swaps through different chains.
Official Website: CryptoLocally
Originally published on https://bitcoinik.com/cryptolocally-the-p2p-exchange-with-defi-features/ by Harsh Sangwan