Why feedback & reputation is important for new users
Posted on December 02, 2020 6:17 PM
If you’re new to MoonTrade, you would have noticed that we like to encourage people to deal directly with each other. While this means we cannot guarantee your transactions and we also lose fees when you trade directly, there is something much more important to the community that we support and that is privacy and freedom.
We want MoonTrade to be a place which brings together crypto-lovers and enthusiasts to make honest relationships without any third party asking for their ID or invading their personal and financial privacy, think of it like Craigslist, transactions happen between two people privately, in MoonTrade the benefit is that both users get feedback and develop a reputation, thus anonymity is preserved while trust is established.
In this vein, in order for sellers to trust you, you have to build up a reputation. If you’re a new user, you have 0 trades and 0 feedback, all the risk is on the seller’s side. The seller doesn’t know if you can be trusted...yet. You may be the loveliest and most honest person in the world but the seller has only your reputation to go off of. So you have to build a reputation. Hey, privacy has its benefits and costs!
You can build a reputation by doing several trades via secure escrow on MoonTrade before requesting the seller to deal with you directly. They can be any amount as long as they meet the seller limits. Please be polite and respectful to the sellers and they will be respectful to you. Seller and buyers are protected by our custodial wallet which allows you to buy, store, sell crypto as well as convert all your crypto to fiat and all fiat to crypto as well (as of December 2020 we are beta-testing this feature!). Custodial wallets help us to protect your funds as well as the sellers who deposit crypto with MoonTrade and trust us with not being reverse-charged etc.
Once the sellers see that you have done a few trades and have collected good feedback, they are more likely to trust you. The higher your feedback the more sellers will trust you, even new ones. It is a fact that reputation is everything.
You can also build reputation by selling your own crypto, that’s right, we do not have any fees for creating listings, it’s FREE! However, you need to fund your wallet with enough crypto to cover your trades or no one will be able to open a trade with you. Again, for any questions, Support is always here to help you.
If you do both these things, your reputation will increase quite quickly and people will trust you more and be happier to trade directly with you and you can expand your business.
Remember, we do not ask for personal information from you and that means that the other person only has your feedback and reputation on MoonTrade to go off of.
Maximize your reputation and trading will be easy. 🙂