Cryptocurrency analysts have always stated that partnerships and tie-ups amongst companies are the paths for a brighter, interconnected future. Cryptocurrency exchanges and platforms have taken this adage into account by adding multiple cryptocurrencies to their roster.
Just recently, Cryptolocally, a popular peer-to-peer cryptocurrency trading platform revealed that they had listed Tron on their platform. This makes it the second cryptocurrency that Cryptolocally has included outside the EOS trading ecosystem.
CryptoLocally claimed that it would offer the fastest and easiest way to buy and sell TRX with multiple payments in the currency of users’ choice, using a wide variety of payment methods (Cash Payment, Venmo, PayPal, AliPay, Cash App, etc …).The platform conducts all its transactions on-chain with the added benefit of all the funds being protected in an escrow till the end of the transaction.
According to a recent release by CryptoLocally:
“TRX buyers and sellers will find themselves able to start trading within minutes after registration. CryptoLocally is a private trading platform and does not require KYC verification. The P2P trading platform offers TRON users the cheapest and fastest way to get in and out of crypto conveniently, easily, and safely.”
With the latest listing, CryptoLocally eliminated the middleman route to purchase TRX tokens. Generally, users need to purchase Bitcoin or Ethereum that can then be traded for TRC tokens. By providing a direct channel for fiat-TRX trades, CryptoLocally listened to requests made by the Tron community. The Tronics have always demanded cryptocurrency exchanges and platforms to give TRX trades more importance. The platform promised users that they will be subject to a seamless transaction ecosystem. The release added:
“Aside from offering instant Peer-to-Peer trading, we enable users to trade directly with one another by providing them with an easy-to-use trading platform with all the necessary tools to make transactions simple and fast, removing the need for centralized corporate intermediaries.”
CryptoLocally’s latest decision will also result in lower transaction fees for TRX trades as well as reduced settlement times. The organization stated that Tron transactions will occur much faster on its platform as it does not depend on Bitcoin or Ethereum settlement times. The two largest cryptocurrencies in the world are known for longer settlement times compared to other major altcoins who are mainly used for micropayments.
Users are required to follow three steps to conduct trades on CryptoLocally. The first move is to conduct open trades where a user has to choose TRX as the preferred cryptocurrency to buy or sell. After the buyer and seller agree on terms, the seller can transfer TRX to the secure escrow.
Once the open trades are completed, users will be able to send or receive the agreed amount of the local currency or crypto. While this process occurs, one can also benefit from the frictionless trade cancellations provided by CryptoLocally. The last step is to release the escrow once the funds have been received, after which the TRX will be directly transferred to the buyer’s wallet.