Unbiased LocalTrade Review
LocalTrade is the next big thing in the space of cryptocurrency trading. It takes the user experience and ease of use to a new level by providing a platform where users can trade cryptos with other users from their immediate locality, regardless of their geographical location or area of residence. It is also a rather unique feature for any crypto trading platform, but it might as well be one of its biggest selling points. Local Trade is not just any other crypto trading platform but rather a revolutionary one that changes the whole game when it comes to buying and selling virtual currencies. In this article, we will explore what LocalTrade is, how it works, and its pros and cons so you can make an informed decision before signing up for this platform or any other crypto trading platform for that matter.
What is LocalTrade?
LocalTrade is a peer-to-peer trading platform that allows users to trade cryptocurrencies with other users from their immediate locality. With the LocalTrade platform, users can create an account and trade cryptocurrencies such as Bitcoin, Ethereum, and other altcoins directly with other users in their immediate geographical location, regardless of their geographical location or area of residence. The LocalTrade trading platform is a unique peer-to-peer trading platform that allows users to buy and sell cryptocurrencies with other users in their locality.
How Does LocalTrade Work?
LocalTrade works in two simple steps. The first one is to search for an exchange that you want to trade on the platform. The second one is to connect the exchange you want to trade on with your LocalTrade account. After that, you are ready to trade the cryptocurrency you have chosen on the exchange you have linked with your LocalTrade account. Once the transaction is completed, the trading platform will see the transaction completed in your LocalTrade account and credit you with the cryptocurrencies you have chosen.
The Problem LocalTrade Solutions
The peer-to-peer trading market, if it is to experience true growth, has to solve some major problems. LocalTrade is set out to solve three of them. First, the issue of trust plagues the entire peer-to-peer trading industry. This is the main reason peer-to-peer trading platforms have not seen a marked rise in popularity. The issue of trust between traders is high, and this is fueled by the fact that the peer-to-peer trading market is largely unregulated. LocalTrade aims to tackle this problem by using a decentralized escrow system. All traders on the platform use the same escrow address, and all amounts are released only after the traders confirm the transactions with the other party. This way, there is no risk of fraud, as there is no single person in charge of releasing the funds.
Pros of Using LocalTrade
One of the most appealing features of LocalTrade is its location-based trading. Using this feature, users can trade directly with other users from their immediate locality, regardless of their geographical location or area of residence. The trading experience is also quite satisfying. It is great to see the trade history of the person you’re trading with, and it is even more rewarding to see the person you’re trading with see great returns. Another thing that makes LocalTrade stand out is the support and security features. The support team is available 24/7 and can help new traders with any questions they have regarding the platform.
Cons of Using LocalTrade
One of the biggest drawbacks of using LocalTrade is the limited number of supported exchanges. This means that you aren’t able to trade a wide range of cryptocurrencies with the platform. Also, exchange-based trading is limited to a handful of exchanges. Another drawback of using LocalTrade is the lack of Fiat trading. This means that you won’t be able to withdraw funds to your bank account or use it to make payments. Also, there is a cap on daily trading limits.
As can be seen, LocalTrade is a great trading platform for peer-to-peer cryptocurrency trading. It offers a convenient location-based trading feature, where you can trade directly with other users in your locality no matter where they are located. Besides that, the trading platform is highly secure and also provides 24/7 support. What makes LocalTrade stand out, even more, is the fact that it is available only in select areas of the United States. So, if you live in one of these areas and are looking for a peer-to-peer trading platform, then this is the right place for you. Now that you know all about the platform, you can learn more by signing up for a free account at LocalTrade.