Written by LaNgwenya – Twitter – @cryptomandate
Long have I waited for an EOS based peer to peer exchange/trading platform. I’m sure many of you have had to go through the long process of buying Bitcoin or Ethereum before you could finally get your EOS. This process has been a necessary one if you want to acquire some EOS using your fiat currency.
Buying EOS this way means you’ll lose a couple dollars in fees in some of these Bitcoin and Ethereum exchanges before you get your fee-less EOS tokens. By the time you get your EOS (hours later) its less than what you had hoped for.
This has been a major letdown for newcomers having to go through this dreadful process and many have shied away from buying EOS because of this single complexity. Not to mention the importance of an EOS account in gaining access to many of the blockchain’s dApps and platforms.
As you know EOS accounts need to have sufficient resources to operate, much like a computer. How do you fund your account directly without having to use foreign blockchain exchanges to do so? I think we finally have a valid solution.
EOS Locally (https://eoslocally.com/en/buy-eos) is a new peer to peer exchange or trading platform. As the name suggests you trade fiat for EOS with people in your locality and vice versa. Users have different methods to buy and sell EOS ranging from e-wallets, bank transfers and even cash transactions. It’s very similar to the popular LocalBitcoins which is another peer to peer exchange that caters to Bitcoin users.
Unlike most cryptocurrency exchanges EOS Locally doesn’t require any KYC and has no location restrictions as anyone from anywhere can join the platform. This might change at some point as the platform grows in users and popularity.
Trades on the platform are between you and your trading partner and no third parties are involved. The transacted amount is held in escrow by a smart-contract during the trade until the agreed upon conditions have been met. It’s as simple as that!
There’s a huge demand for trading EOS in your local currency as it makes things easier and a whole lot quicker. We might see them support other EOS tokens at a later stage. At the moment you’ll find trades for the UK, US, China, Hong Kong and Netherlands. Some of the payment methods include Bank transfers, WeChat Pay, Venmo and in-person cash.
Peer to peer platforms really help users better understand the community of native token holders. As a new user especially it is pleasing to be able to communicate with a fellow countryman about the best ways to trade crypto in your country. These traders are happy to answer your questions regarding the coin you’re trading. It’s like having a built-in support team that’s there 24/7 as you trade.
For instance, the best advice I’ve ever gotten about crypto taxation when I was starting out was from an experienced trader on a similar peer to peer platform. He told me about the steps to take and the relevant documents that would need to be filled out. Another fun element of peer to peer trading platforms is the ability to negotiate a price with the seller. Something that you can’t do on a traditional crypto exchange.
It is still early days to say a lot about EOS Locally as its only just 2 weeks old with the platform going through its public beta phase. But judging by the lack of fiat to EOS exchanges I foresee it being one of the biggest EOS trading platforms in the near future.
Anyone in the world can create an account and start trading in their local currency using local payment methods. It’s like the saying goes ‘the early bird gets the worm’ and no worm is sweeter than EOS!
*For the first 2000 users to complete a trade EOS Locally will give them a special VIP status with discounted fees in perpetuity. Please note none of this constitutes financial advice or an urge to partake in the aforementioned platform. This is my opinion on what I deem to be a valuable platform for the EOS community and have shared it as a result.
Disclaimer. EOSwriter does not endorse any content or product on this page. While we aim at providing you with all the important information we could obtain, readers should do their own research before taking any actions related to the company and carry full responsibility for their decisions, nor this article can be considered as an investment advice.