Localethereum, a newly started P2P ether (ETH) exchange service that launched in the past couple of months has announced a new feature where users are able to filter and see how fast they are likely to get a response and complete their desired transaction. Now with some live operating experience under their belts, the team said, “nobody likes a delayed experience. More often than not, when you open a trade with somebody you want a response now — you don’t want to wait and wait, and wait…”
Localethereum is hoping to clear the slowness head-on with a set of new features. Below are three things which have been updated for every localethereum trader:
1. The “likely to respond fast” badge
The quickest traders now have an icon next to their offers which means they’re usually really fast to respond to new trades. If a user has this icon, their offers will stand out to everyone and are more likely to appear on the homepage.
Although the exact formula behind the badge is secret, if a user follows the following basic tips, their account should have it in no time:
- Make sure to respond to all new trades as quickly as possible. Top traders usually reply within a couple of minutes.
- Never be so slow that a new trader cancels after waiting for a reply.
- The badge looks at the past seven or so days of trades on a rolling basis.
2. Temporary suspensions for non-responders
If a user has been unusually slow recently or amassed a queue of people waiting to get a response, the system will take action. When this happens, all offers will be automatically paused and hidden for 24 hours. Users will need to log in and manually resume the offers the next day.
This measure is designed to keep the list of offers fresh on the exchange; the team managing the exchange does not want any inactive traders floating around on the platform. Users are notified by e-mail if this happens.
3. Users can set their “standard trading hours”
Now, users can now set standard hours of contact. No longer is it necessary to manually pause and resume offers when offline or online to hold onto the fast response lightning-bolt badge.
If someone opens a trade and a user is slow to respond, they will typically be penalized and offers will be shown to fewer people. However, if the delay happens outside of the users standard hours, it won’t negatively affect an account.
Users can still open a trade outside of normal hours, however, they will be alerted that the offer might be slower to respond to than usual.
To change standard hours, edit an offer, scroll down to the bottom, and find the “standard hours” setting. The timezone will default to the trader’s local device clock, however, they can choose another timezone if traveling.
As more traders begin setting their standard hours, localethethereum will be tightening the controls on the badge and auto-suspensions.
Localethereum confirmed that more updates and enhancements will be coming soon.
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