I think that with the state of Destiny's "economy" right now it just isn't a viable option.
Over half of the of the loot in destiny is trashloot that doesn't really have much of a use anymore since upgrading weapons got revamped, leaving a select few of strike and crucible drops as real "loot". in essence, trading would amount to a couple of "real" loot drops being thrown around whilst guardians cycle exotics and blackmarket vendor weapons. It's kinda sad that the item progression curve is so jacked; in the beta I'd be so excited to decode a new engram and check out my new guardian's fashion, and I could see the trading system make use since people would like to get the different models of the same armor piece. A real shame that the "end game" gear is pretty much where the whole experience is and thus trading would honestly be pretty repetitive for such a compact market.
Edit:
Seconds after I made this post I remembered that items randomly roll stats. So, weapons would have a lot of use since there's such a high demand for certain guns that roll certain perks. Armor if people want to min/max stats. Still though, my previous points still stand.
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Yea, it's a good point and it really does go both ways. It can be useful to get armor pieces with certain traits on them that others desire. But at the same time, people can abuse it. They always do.