Although one could mistake us for having been around for a while, RedFOX Labs is still in the early stages of our journey as Southeast Asia’s first blockchain venture builder. Our MainNet is live, we recently launched our first blockchain venture (Zaddex), and our multi-coin mobile crypto wallet releases soon.
RedFOX is a blockchain startup that builds blockchain startups, each intertwined with our native cryptocurrency, $RFOX coin. And that means, for the time being, we’re continuously on the lookout for new exchanges. You see, volume and liquidity consistently float towards the top of our priority list. The ability to freely swap our coin is something wanted by crypto enthusiasts and major investors alike. And our hard work is paying off! We’re happy to report that we recently bagged our 4th exchange in as many months.
In addition to Zaddex, Liquid, and Coineal, our coin now trades on Barterlly. Now, OTC clearinghouses don’t function like traditional exchanges. What’s an OTC exchange, you ask? That’s a great question — scroll down a bit, and we’ll tell you all about it. Better yet, you’ll see it in action!
Barterlly, operating out of Lyon, France, is a secure app allowing traders to perform OTC swaps using an automated escrow service. In a nutshell, Barterlly is a P2P trading platform. Rather than deal with centralized exchanges, you swap among your fellow cryptonauts. And, for that convenience, Barterlly keeps 1% of each trade. Trading is straightforward, but below is a visual guide to give you an idea of what you can expect.
How to Trade on Barterlly
You can use the platform to trade in both directions. Post offers for trade, or accept the offers of others. Here’s how you broadcast an offer — let’s go over it live:
1) Hover over the ‘Create New Swap’ icon
After logging in, it’s time to create a fresh offering.
2) Broadcast an Offer
Let the platform know which cryptocurrency you have, how much you’d like to swap, as well as the type and amount of coin you’d like to trade against.
The system pulls from CoinMarketCap and automatically converts current exchange rates into a fiat value. However, the coin must have an existing listing on CMC — the algorithm needs a source from which to pull pricing.
We’ll keep this swap in the RFOX family. Since ZEXO tokens currently trade at roughly half that of RFOX, And, staying true to our transparency efforts, this trade offer is both real and public.
3) Wait for the trade to execute.
Now our offer is on the platform awaiting a taker.
You also have the option to invite counterparties directly. Clicking the ‘Invite Counterparty’ button generates a trade ID invite. You’re free to share the link with your network. Here’s ours: https://rfox.barterlly.io/invite/8905.
Because the offer is public, anyone is welcome to view it by clicking on ‘Public Offers’ within their account dashboard. Also, non-members can operate the dropdown menus by clicking the ‘View Public Offers’ link above the homepage’s sign-in button.
Here’s what the trade looks like from an outsider’s perspective:
Clicking the offer within the search results provides the option to perform the swap.
Now, although this is a public trade, publicity refers to the offer’s broadcast. A Barterlly account is necessary to complete the swap
And thankfully, when trades are on the lower side of the value spectrum, no KYC is required — only an email address.
By accepting an offer, you reserve the right to make the trade. Both parties must send funds to temporary escrow addresses before the exchange executes.
And, a timer begins as soon as one party transmits funds. Should the counterparty fail to send funds within three days, the swap cancels, and the original sender gets a refund.
Multiple Blockchain Networks
The above is but one example of swapping digital assets. You see, Barterlly is a Komodo-built project. And since KMD a provider of interoperability, Barterlly connects to several different chains.
In addition to KMD assetchains, including ARRR, HUSH, K64, VRSC, and ZILLA, Barterlly facilitates trades between BTC, ZEC, and ETH blockchains.
You can also trade against BCH, DASH, LTC, and PIVX. Look for the menu to expand as Barterlly gains momentum!
Yes, we’re more than pleased to see our native crypto listed on yet another exchange. New listings give us the resolve to go out and acquire more!
That said, OTC is but one method for obtaining $RFOX coins. And, as mentioned above, our native crypto is also trading on three traditional exchanges.
Plus, the OTC process may take a few days. If you’re looking to trade quicker, different exchanges may be the route for you to consider. However, you may be unsure of how to find your refund addresses in the first place. Does that describe you? No worries because we’ve got you covered!
You see, exchanges are anything but scary once you know what you’re doing. Within the next couple of days, we’re sharing a beginner-friendly guide to exchanging nearly any crypto for another. Read our guide, and in roughly 10 minutes, you’ll learn the most basic framework for trading gov’t-printed dollars for crypto.
We’ll divulge not only how to find and acquire just about any crypto you could want, but also ways to keep your funds out of scammers’ wallets.
See you back here on Friday!