Crypto Wizards AMA With Local Trade
1. Can you Briefly introduce the Project Local Trade?
Ans:So, as you can know already, LocalTrade is a crypto exchange platform. But we’re trying to become something more than just a regular centralized exchange. Our main field of focus right now is DeFi and it’s opportunities.
So, DeFi is pretty hard to get into, and also costly. What we’re trying to do here is bridge the gap between DeFi and CeFi, in order to make DeFi products accessible to everyone, even retail investors with just $10 on their bank account.
And we’re doing this by building DeFi platform on the basis of our existing exchange, in order to provide better support, functionality and convenience.
2. Could you please give a brief intro to the key features of local trade? What are the advantages offered ?
Ans:Okay, so, first of all, let’s talk about the exchange itself. We’ve made sure to fully recompile the trading engine, increasing performance and ensuring that orders are executed quickly. Except that, we support over 100 trading pairs and up to x3 leverage. Also, users can send funds to other LocalTrade accounts completely free and instantly using the Codes functionality.
And we have a lot of trading competitions going on regularly.
Talking about DeFi products, we’ve managed to set up a unique platform that allows anyone to earn on Decentalized finance. It includes fiat gateways, profitable referral system and risk-based approach.
3. Can you share the achievements the team has made so far ? what are the major achievement target Local Trade is yet to achieve . If possible also share your roadmap.
Ans:So, first of all, our team consists of experienced devs with vast experience in blockchain development. Our CEO, Aaron Yahalom, is widely acknowledged among the crypto community for his projects, specifically PureFi protocol, solution for AML/KYC compliance on blockchain. We’ve already managed to fully rebuild platform’s engine and are currently working on launching our own LTT token, together with DeFi Lab. We’re also partnering with VISA and Mastercard in order to bring Localtrade debit cards worldwide in 2022.
For more details, you can check our roadmap here: https://medium.com/localtrade-cc/presenting-our-roadmap-ac90ad375557
4) Could you share a bit about security and also what benefits you provide to incentives user’s choosing your Platform?
Ans:So, talking about security, we’ve made sure to employ a safety mechanism for the exchange.
Hot wallet only contain 5% of funds in order to provide withdrawals for users.
Most of the users funds (~95%) are stored in multisig cold wallets, meaning that in order to transfer funds, you need multiple simultaneous signatures from authorized personnel.
This way we can ensure that even if there’s a man-in the middle attack happening, there’s no chance that funds will be stolen.
First of all, for the benefits, we provide ability to trade without KYC, record-low trading fees and constant promotions, where users can get valuable prizes.
Our latest promo was Tesla Airdrop, and we gifted Tesla Model 3 to the grand winner.
And ETH prizes to other people.
5.Now Share us about your native token, What are the some of utlities of $LOCALTRADE Token in Your Ecosystem? And if possible share to us the Tokenomisc of LocalTrade Token
Ans:Of course! So, LTT is our BEP20 token which is used widely across the ecosystem. You can use and stake tokens in order to get such benefits:
Discounts on trading fees for LTT stakers;
Better APY rates in yield farming aggregator for LTT stakers:
You can also deposit your LTT into the liquidity pool and receive farming rewards, or Stake LTT to receive rewards for engaging new affiliates
Here’s a link for more info on our token: https://docs.localtrade.cc/
1) Usually staking and mining project have big weakness and that are a problem of huge price volatility and farming is not sustainable since all farmer only will sell. How is Local Trade manage about this problem.?
Ans:So, talking about this issue, when mining liquidity, there’s always chance of impermanent loss occurring. We manage this issue by giving users not only liquidity mining products, but also tokenized securities and ICO investpools as investment tools. And we categorize these tools based on their risk so that you always know how risky your investment is.
2) Have enough funds is a main goal to build a project. Is LocalTrade economically capable of running your project? Do you have enough funds to develop it? And how the profit is generated by your project?
Ans:We’re not short of funds in any terms, Our budget allows to ensure that we focus first on advancing our technology and solutions , while still maintaining healthy marketing policies as can be evidenced from the recent Tesla Airdrop. Our exchange generates profit from fees, trading, deposits and withdrawals. DeFi Lab will generate revenue via several streams, exempting a part of profit from users. For DeFi Lab, we take 20% from the user’s profit. So, If you invest 100USD in DeFi Lab products and get 150USD back, than we take 20% from 50USD — $10. These funds are then used for our operational expenses and to stimulate value growth of LocalTrade token.
3) Local Trade is equipped with a Top Tier Security. Technology is improved day by day and hackers nowadays are improving despite having many layers of security. So how can you say that Local Trade has a top tier security? What security practices does Local Trade have?
Ans:So, as I’ve already mentioned before, we employ strict security standards for the exchange, including multisig cold wallets.
Talking about DEX, the security is ensured by the keeping all the code open-source and verifiable on the blockchain.
First of all, when using DeFi Lab you can connect your wallet to the DApp and trade securely from your own wallet.
4) Your UI/UX is one of the best I have ever seen. Can you please share the importance of a user friendly interface and ease of customer use to Local Trade? Do you have a team that constantly works behind the scenes to ensure that your platform is optimised for customer use?
Ans:One of our main beliefs is that any platform should combine security and convenience. We’re strongly advocating for convenient experience for users and made sure to create responsive UI that feels good on both computers and mobile devices.
We have a dedicated UX-QA team that thoroughly tests each of our features before releasing it to the public to ensure the best experience for users.
And we’ll be releasing even more products, such as DeFi wallet, the first wallet with cross-chain swaps, so that you can exchange crypto from different blockchain straight from your mobile device.
5) Given that the transaction fee for each purchase on LocalTrade is 0.2%, not to mention there are many external costs, do you think this number is quite large for those who are new to Crypto? Can you give some comparisons with other financial trading platforms?
Ans:Oh, the 0.2% fee, in my opinion, is a great deal for newcomers. If you look at the other exchanges, you’ll see that kraken takes 0.4%-1.5% trading fee and coinbase takes 1% for each exchange operation.
So, in current situation, 0.2% fee is pretty affordable. And by the way, this fee can be discounted if you stake LTT tokens, to as low as 0.1%.
1.Do you have tutorial videos so we can get to know your project more clearly or do you have a YouTube channel or something?? can you share it with us??
Ans:First of all, we have an enormous FAQ section for users to get acknowledged with the platform itself, it’s right here: https://localtradesupport.zendesk.com/hc/en-us
We’re also launching an educational platform soon LocalTrade University, where users will be able to get the most extensive information about blockchain and cryptocurrencies. This will be released soon so stay tuned for more updates.
And we have a YT channel with videos coming out on a regular basis https://www.youtube.com/channel/UCCwIJIDNvj2ZMWM2JTPPj9A
2.Do you have any partnerships with a any project right now?
Ans:We’ve already partnered with WLOCT, a blockchain-based platform that offers transparent and permissionless trading tournaments. LocalTrade has been acknowledged in Forbes, Entrepreneur and other major media outlets. We’re also working on new partnerships, with new ones coming very soon, by the end of this month.
3.You are running private sale. Can you tell us describely about that? Is there any extra benefits will we get if we buy from private sale instead of buying from exchange after listing?
Ans:LocalTrade token sale starts September 20, 2021. There will be 10,000,000 tokens available for purchase at the lowest price point — $0.1! The main incentive for users to purchase LTT tokens on private sale is instant profit. After the public sale, token’s price will be set at $0.5 via the Pancakeswap liquidity pool, so it’s a 5x growth right from the start.
4.i wanted to follow your project for the long term. Where i can get all the latest news about your project? Do you have twitter/telegram/discord community? If yes can you share the link here because there is a lot of fake telegram/twitter groups?
Ans:Okay, here're some links for you:
Telegram Channel: https://t.me/localtradecc
Telegram Community: https://t.me/lt_community
5.How can I buy your token now or is it difficult for me? Which exchange should I buy your token from?
I hope your project will be very good. I have also visited the website.
Ans:So, I recommend buying the tokens straight from the LocalTrade website. https://localtrade.cc
After the private sale, we’ll be launching a DEX round with tokens available for purchase at $0.2 from our partnered exchanges. The list of exchanges will be shared before the start of the round so check our Medium and TG channel for updates!
Community, if you would like to learn more about Local Trade, here are some useful links for you:
Twitter : http://twitter.com/LocaltradeC