The session of AMA ( Ask Me Anything ) with Local Traders was conducted on 23 Sept 2022 at 4:30 PM IST (11 AM UTC) and lasted for 1:30 hours.
Abdul Rehman from Local Traders has joined us for this AMA session.
Please introduce yourself to our community?
My name is Abdul Rahman, I am from Pakistan & resident of Chile South America.
I am a cyber security analyst by profession, Then I was running a Peer to peer liquidation firm in South America that provides fiat & crypto to dev, companies & local users.
My company becomes top in the country in just a matter of 6 months' time with an average of 100 BTC a month trade . Until I start my new project, Local Traders.
Why Local Traders is different than other P2P Exchanges , how Local you is considering itself in competition with other Exchanges?
1- Well, right now there are many exchanges that are providing P2P Trading options to the users including big-name Binance, LocalBitcoins, etc.
Local Traders is introducing some unique benefits to the users
1- Legal Support to the merchant in case of any complicated or cybercrime-related issue appears.
2- We are planning to provide Tax Declaration support to all our merchants which includes professional services free of cost using token LCT for merchants.
3- Lowest fee in the market
4- We will give the option to learn with Local Traders as well as help new enterprenures to open a company and set up a P2P liquidation company.
How local Traders will handle famous “Charge back Scam “ in P2P Trading?
Local Traders will provide a video call function so that both buyers and sellers can see each other while trading. This means they can use that recording of the video of the trader and use it as proof. That’s how we will solve the issue.
I believe everyone almost once uses P2P trading once in Their life.
One of the biggest problem users is facing is the chargeback scam.
Let suppose @Jontycrypto is a trader and someone opens a trade with him to buy crypto once payment is done @Jontycrypto checks his Bank account verifies KYC name and releases the crypto.
The next day, you got a call from the bank that someone send you money by mistake or the user does not recognize the transaction. bank block the @Jontycrypto’s bank account.
Jonty was working honestly and he just lose money as well bank account as well. Very frustrating right?
@ introduce a video call function.
This means you use video call and record the trade video and use it as proof yo show to banks or law enforcement agencies.
The video call function will solve this biggest P2P trading problem.
That’s how we will solve the issue.
Compliance is a big question, whenever talk about a Cernterlized Financial services platform, how Local Traders is going to tackle Money laundering & Other financial crimes?
Cryptocurrencies are one of the most useful tools in financial history.
Exchanges providing centralized services are subject to some compliance which includes both Internacional & local regulations.
Local Traders will comply with all the compliance to take out bad players which include Financial crime, AML etc
Local Traders will register and comply in Chile, and South America.
Gain license with Fintech Chile, Government bodies as well Europe as well to expand Their Operation.
Local Trader's plan is to give a platform with a 100% transparent policy.
Security is always a big question either it’s the assets of Exchange’s assets or user , how Local Traders is going to handle that big issue?
Local Traders’ biggest concern is the security of both user & Exchange.
To fight bad players known as hackers, we will use the “Bug bounty programme”
In this program, white hat hackers will help us to find vulnerabilities in LOCAL TRADERS.
LOCAL TRADERS will sign a contract with a top cyber security analyst company in America that will be connected with us 24/7 to tackle any kind of security issue.
LOCAL TRADERS is already in communication with chain analysis to sign a contract along with a big player that will not just help to secure but also help to connect with the FBI or local law enforcement agencies in order to solve any big security breach. LOCAL TRADERS will have zero tolerance for the security of users.
Why Local Traders is just available in LATAM countries, not globally?
It’s a very interesting question, We are just starting with LATAM but we will obviously planning to make it operational globally.
Just mentioned above that LOCAL TRADERS have some unique benefits
1- Legal Support
2- Tax Declaration support
3- End to End Video call function.
To offer this, you need connections locally to give what you promise.
Local Traders have a plan to GLOBALLY soon 🔥🔥🔥
Almost every investor holds the.$LCT token for the short term without understanding the long-term value. So how can you ensure for us that holding this #LCT token is more beneficial for long-term and what is your plan to increase the demand and scarcity of the token?
One of the biggest concerns whenever a token is in the market is that either it’s a serious project or another scam.
We are a registered ®️ legal entity in Chile, South America.
We are 100% focused on product development instead of focusing on tokens. Our company motive is to create a good product & utility will be there. Our investor will have benefits with good ROI as well as other benefits in long term. For detailed answers please visit our website & check out the white paper https://localtraders.finance/
What is the main strategy that you think will boost your exchange a success for the long term VS high fluctuation market? In #Traders which core value do you think you could convince us (as investors) to put our investment into your exchange?
LOCAL TRADERS believe in quality products, P2P is a huge market but needs to be fixed.
Quality service and proper service to the users will make a difference. Investors are the most important in the new project which is why LOCAL TRADERS have high goals to go globally
We are planning to revolutionize the P2P exchange function by adding some new features to it. Good demand is already in the market with 1B$ on a weekly basis turnover, we will adjust our product into that phase.
How does local trader deal with high maker fees which even binance and other big exchanges have?
Fees on trades help the platform to go operational, and users always looking for quality service at the lowest fee possible.
LOCAL TRADERS have a solution for it as well.
We are planning to offer the lowest fee on trades by using of Token #LCT.
Users will enjoy high benefits including the lowest fee in the market by using our LCT Token.
For a project development first of all main priority is having enough fund. Does your team financially capable to run this project? Do you have enough fund for it’s developement Can you tell us that how your project generate the profit?
Obviously, you need to have access to a handsome amount of funds to reach your goals.
Local Traders itself hold the funds as well as we will do a presale of our token on pink sale which will allow the public to participate in the project. Anyone can invest in the project.
Local Traders is planning to reach the capital by following
1- The government is already checking out the project and will fund us accordingly
2- Company’s assets
3- Pre-sale and ask you guys.
Can you tell us about your team members? are they qualified and professional in their fields? what are the recruiting qualifications for team members for your extraordinary project?
Many crypto projects are with the hidden team and end up scamming investors. Local TRADERS team information is already public on our website . We have a team of good lawyers who have years of experience in the financial industry.
UI UX designer, Dev, researcher, marketing professional & cyber analyst as well. You can visit our website and read white paper.
Do you have an AUDIT certificate?
or are you working to AUDIT your project, so that the security of the project becomes more secure and reliable,?
Local Traders is audited by one of pink sale partners known as Solid proof, we are audited & KYC by them as well. To have information on service and access to GITHUB join our Telegram group and social media. You can also find details on our website.
How does project increase the token’s value, liquidity and utility ? So that it can lead to an increase in token prices ? What is your plan to make your project stable and provide the highest return for investors in the long term ?
LCT tokens have utilities which means the other plan is to use them as fuel inside of the platform. There is something called a Collateral deposit by the Merchant in case of any scam made by the merchant to help them to recover the funds. Local Traders will allow merchants to deposit collateral in the shape of LCT as well.
Learn with LCT
Pay with LCT
Grow with LCT
Earn with LCT
These are our utility plans.
Please visit our website and join our official Twitter & Telegram for more information.
During these days, be a Multi-chain platform is an obligation to be considered a competitive project, so can you explain who how many chains are you able to support?
That’s another very interesting question that you ask, please go to white paper and on the last page, you will find a 5-page structure flow chart that explains almost all the Blockchain that we will use.
2- Binance smart chain
We will use this at the initial but will allow users to use multiple chains to deposit & withdrawal.
Did you consider community feedback/requests during the creation of your product in order to expand on fresh ideas for your project? Many projects fail because the target audience and clients are not understood. So I’d like to know who your ideal consumer is for your product?
Community is the owner of the platform actually, we will allow users to Hold LCT tokens & participate directly in the case of any change required they can vote and do it accordingly.
Furthermore, we are here to receive any kind of feedback from any user, so yes do not hesitate you can contact us to share your concerns
Currently from where i can buy ? Is it possible that I can get only by holding it?
The project will be soon listed on pink sale, you can join our telegram, and as soon as the project launches you will be able to buy at ICO price.
Do not forget to join and participate in the presale. Audit and KYC are all done.
Do not forget to buy LCT in the pre-sale.🔥
The AMA recorded many great questions from the Crypto Players India community, as well as meticulous answers from our guests Abdul Rehman from Local Traders. AMA Concluded at 6 pm IST.
CryptoPlayers is one of the oldest & largest crypto communities in India since early 2017. We are a group of 29000+ telegram members and growing.