[New post] Cryptolocally Review (2021) – Simple Ways To Get Free GIV Tokens!
Chinma Udeji posted: " Today's post is a detailed review of Cryptolocally, the first fully decentralized P2P exchange. Cryptolocally has been around for a while but the platform was recently updated with new features that you'd love. Talk about a DeFi wallet, a variety o"
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Enjoy your read!
1. What Is Cryptolocally?
Cryptolocally is a decentralized crypto-crypto and crypto-fiat P2P exchange.
Over time, trading crypto in Nigeria has been a bit challenging.
Folks have lost funds due to poor tech-know-how and or fraudulent activities.
And the recent crypto-ban in the country did not make matters easier.
Gladly, Nigerians can now take a breath of fresh air with Cryptolocally on board.
This platform is not only easy to use but safe as well.
Plus, you can buy/sell crypto using your local currency.
Hugo Campanella and Sungjae Chung co-founded the platform in October 2019, with headquarters in Hong Kong.
Close to a year after its launch, the platform became decentralized with the introduction of its native token – GIV. Impressive!
With Cryptolocally, you can trade from anywhere if you have access to the internet.
Cool, right?
Let's see the features of the exchange in the next section.
2. Features Of Cryptolocally
Smart Contract Enabled Trading
Non-custodial Escrow
Multi-Network Support
Token Listing
GIVernance
DeFi Wallet
Referral Program
3. Cryptolocally Products And Services
This exchange offers the following services:
a. Buy/Sell
This is where users place offers and or accept offers based on the crypto they are interested in.
It features different filters that make it easy for you to find what you're looking for like cryptocurrency, fiat, location, payment method, number of rows, and publication time.
There is also an option for you to create a new offer.
Select the offer that best suits you and complete the required details on the escrow page
Click on 'Open Order'
You'll be notified to make payment once the escrow is funded
Once your payment is confirmed, your wallet will be funded.
How to sell
Sign up and select your choice coin
Pick a buyer and open a trade.
Agree to terms with the buyer and fund the escrow
Ensure that you have received payment before you release escrow
How to create an offer
Sign up and select 'New Offer' from the top menu bar
Provide the details of your trade including whether you are a buyer or a seller, the offer status, payment method, location, the price and amount of currency you wish to trade, and the rate of margin.
Hit 'Publish' and your offer will go live.
You can review, edit or delete your offers anytime by clicking 'My Offers'.
b. Earn
This is a DeFi wallet that enables users to earn staking rewards on their crypto.
You can earn up to 30% APY on your staking.
How to:
Sign up with CryptoLocally
Select 'Earn' from the top menu bar
Set up your wallet
Fund the crypto wallet that you wish to stake and turn on the 'Earn' button
Note: There is no minimum lockup period. You can turn off the 'Earn' button and withdraw at any time. Interest is credited daily to your account balance so that you are earning compounded interest.
I mentioned the countries and currencies supported by the platform in the next section.
Tag along!
4. Supported Countries And Currencies
Countries
Cryptolocally supports all countries except the ones restricted by their individual regulations.
Some of them are Afghanistan, American Samoa, Bahamas, Bosnia and Herzegovina, Botswana, Cambodia, Cuba, etc.
ii. Enter your email address and set a password. Then hit 'Sign Up'
iii. Put in the code that was sent to your inbox to confirm your email address
iv. Next, you provide your name, country, and phone number
v. Then confirm your phone number
vi. You're in! Enjoy trading!
Let's answer some frequently asked questions and then we can call this post a wrap.
10. FAQs
How long does it take to complete a trade?
It may take between 2 minutes to 40 hours depending on the reactivity of the traders. The time limits set by the platform for each step of trade are as follows: - Agree on terms: 25 hours - Fund escrow: 2 hours (16 hours for Transferwise and 72 hours for Local Cash). - Pay: 2 hours - Release escrow: 16 hours
Is Cryptolocally Safe?
I believe this exchange is safe to use because: - There is evidence of its registration on Whois.com - It has a physical office - Transactions on the platform are powered by an on-chain smart contract. - Trades are secured by the escrow and as such, there is no interference of a third party - You are in control of your cryptos because Cryptolocally is a Non-custodial exchange. Nevertheless, DYOR before investing in this platform.
11. Conclusion
This is where we'll draw the drapes in this Cryptolocally review. I hope you enjoyed the read.
Now tell me;
Will you sign up with Cryptolocally? Perhaps you already did, what has been your experience?
And what other services do you want the exchange to provide?
Let me hear your thoughts in the comments section.
You know what else would be great? If you shared this post with your friends
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