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The p2p industry is rife with competition, and we recognize that as new players, we are surrounded by competition. But, this does not deter us, as we have put plans in place to provide quality service to our users.
Even bigger platforms have issues handling these things. Our team at VIRTUAL TRADER will work on our business model, using our competitors as a guide to better understand the market. Below, we consider our top competitors, and what we offer we intend to bring to the table to draw customers our way.
Virtual Trader is a P2P online platform that will connect buyers with sellers.
As we said above, we will use our competitors as a guide in creating a p2p platform to satisfy user needs. For starters, we will incorporate Binanceβs smart chain because instant transactions and low transaction fees are very popular these days.
Ethereum smart chain is another area that interests us because of the obvious user privacy advantage and because it supports multiple assets. Overall, we are considering multiple blockchain Bitcoin because it is the most traditional and old blockchain with a bitcoin light network.
Regarding regulatory issues, we have come prepared and intend to position our platform as a trustworthy option out of the many available p2p platforms.
Benefits of Using the Platform Virtual Trader
Virtual Trader is providing a safer trading environment using the Video Call Scam Prevention feature. The feature allows both parties in a P2P transaction to engage in a video call during the transaction.
Every member of our platform must upload a profile picture that corresponds with the image of their ID submitted for KYC verifications. Without this, the user cannot trade on our platform.
During a P2P transaction, both parties can decide to verify the identity of the other person through a video call by checking that the person they are dealing with is the same person whose image appears on the profile picture.
This feature is optional, which means that both parties must agree to use it, or they may decide to proceed with their transactions without using it.
However, video call scam protection exists to protect both parties from any form of fraudulent claims. Every video conversation is saved in our database and available on users' transaction histories for future reference.
Virtual Trader is also obligated to release these records to law enforcement agencies in the event of criminal investigations.
Escrow Protection
While p2p trading is quite convenient, it can pose unintended risks, especially if there are no third party organizing transactions on behalf of the user(s). As such, most online p2p platforms develop ways to make trading safer, and one of these solutions is creating a p2p escrow service.
Escrow shields users from fraudulent transactions and prevents them from falling victim to fraud or theft. It operates in two ways:
-> first, sellers can place crypto in a temporary hold within our escrow service, pending when the other partyβs payment is verified. The seller gets their cryptocurrency back if the payment is not confirmed within a set timeframe.
On the flip side, buyers can file an appeal if, after making a payment, the sellerrefuses to release the cryptocurrency. Based on the functionality and added advantage of an escrow service, we intend to build an escrow payment gateway for transactions that will occur on our platform.
This way, we will require sellers to deposit the coins upfront once a buyer makes an order and before money changes hands. These funds will be held until both parties confirm that the transaction has been completed.
Once our exchange operator confirms that the buyerβs payment has gone through to the seller, the assets in the temporary hold account get transferred to the buyer. In the case of eventualities, the seller gets a refund, and the buyer can appeal the transaction but will need to provide proof of payment.
Here are some of the features and rules we will implement on our platform to ensure that all of this is not mere talk and no action:
Risk Warning: Upon opening or p2p for the first time, a first-time user will receive a pop-up notice. This notice is to inform the user not to release cryptocurrencies before receiving an acknowledgment. To ensure that this notice is not disregarded, first-time users will be mandated to read and agree to it before continuing to our p2p platform.
Chatbox Alerts: We will have a pinned message in all our user chatbots alerting users to confirm that they have received funds in their bank accounts before releasing their cryptocurrencies. Users can expand the pinned message to read more
Virtual Trader self-help
We understand that many users may be first-timers who may not understand the workings of p2p platforms. So, we plan to create a native blog section on our website where we will publish helpful articles, how-tos, and much more.
This will serve as a knowledge base, where users can first go for self-help before reaching out to our support team. Apart from this, we will host routine live events and live sessions to converge all our users in different countries.
KYC in order to smooth out discrepancies
KYC is an important feature in different areas of finance. Plus, there are many bad players in the cryptocurrency industry, with criminals using the cover of anonymity to facilitate their unscrupulous activities.
So, to prevent crimes or reduce to the barest minimum their eventualities on our platform, it is important to us that all users go through the KYC process. As such, we will introduce multiple KYC with limited options for users.
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