OffExchange is a person-to-person cryptocurrency trading website that allows users to securely make trades “off exchange”. Here’s our review.
What Is Off Exchange?
OffExchange, found online at OffExchange.org, allows people from around the world to exchange their local currency to cryptocurrency. The site allows users to post advertisements where they state the exchange rate and payment methods for buying or selling cryptocurrencies. You can reply to those advertisements, then exchange cash with the person – or do an online banking transfer. Your funds are held in OffExchange.com’s web wallet during the transaction.
As you can see, Off Exchange is very similar to LocalBitcoins and other services. They advertise the same benefits, including decentralization and the ability to meet someone face to face for a secure transaction.
The main difference between OffExchange and sites like LocalBitcoins is that OffExchange allows you to trade way more than just bitcoin. The platform currently lists 14 currencies on the official website, including all major cryptocurrencies like bitcoin, Ethereum, Ripple, Bitcoin Cash, Litecoin, DASH, NEM, Monero, NEO, Ethereum Classic, and more.
Off Exchange Features
OffExchange advertises all of the following features:
You can create an account and have cryptocurrency in your wallet within minutes. There’s no verification process required. You can easily find someone in your country selling bitcoin using local payment methods – like cash transfers in-person or an online banking transfer. Complete the transaction, and you’ll have crypto in your account with no need to involve your bank or other financial institutions (unless you do an online bank transfer).
Off Exchange is a decentralized platform that offers private, peer-to-peer cryptocurrency trading. There’s no need to input verification details or personal information into the platform.
All Off Exchange online trades are protected by escrow. When a trade is initiated, the amount of cryptocurrency needed for that trade is automatically reserved from the seller’s Off Exchange wallet. When the transaction is confirmed to have been completed, the currency is released.
OffExchange charges a fee of 0.5%.
There’s no limit to the types of local payment methods that can be accepted through OffExchange. After all, those transactions occur “off the exchange”. Meanwhile, the number of cryptocurrencies accepted by the platform include bitcoin, Ethereum, Ripple, Bitcoin Cash, DASH, Litecoin, NEM, Monero, NEO, Ethereum Classic, ZCash, Stellar Lumens, Qtum, and Tether.
The end result of these features is that anyone can buy or sell cryptocurrency with cash or online banking without using exchanges or traditional banking services.
The Off Exchange Token Crowdsale
The crowdsale for Off Exchange tokens (OTC) started on October 22 and will end on November 21. The tokens are Ethereum ERC20 tokens with a total supply of up to 100,000,000 non-mineable OTC utility tokens of value. 65 million tokens are available to investors (65% of the total supply).
Of the remaining tokens, 20% are reserved for the founders and team, 10% for advisors and ambassadors, and 5% for future incentives for fast growth.
Why should you buy OTC tokens? OffExchange users who create advertisements are charged a 0.5% fee for every completed trade. 65% of the monthly profit from those fees will be allocated to OTC holders.
You can pay with Ethereum. All US and non-US citizens are eligible to participate in the token sale.
Off Exchange Conclusion
OffExchange aims to offer a similar service to LocalBItcoins – but with support for way more than just bitcoin. The platform supports a total of 14 different cryptocurrencies. The process is straightforward. You sign up for the platform, then browse local offers in your area. You can meet someone in person to exchange cash, or do an online banking transfer or some other method. During the transaction, Off Exchange freezes the traded portion of your cryptocurrency funds in your online wallet. When the transaction is confirmed as completed, the funds go through.
The Off Exchange token sale for OTC tokens is taking place from October 22 to November 21. You can learn more about the platform online today at OffExchange.org.