What is OTC trading?
OTC trading refers to a transaction of exchanging digital currencies with real, fiat currencies, which belongs a peer-to-peer transaction between users. The buyer pays to sellers in the way of fiat transfer, then the sellers will release correspondent coins to the buyer after confirming the payment.
The users are required to complete KYC and bind their personal information, like bank card,
Alipay or WeChat account before conducting OTC transactions.
How to conduct OTC trading?
- OTC transactionsupports 7* In addition to placing orders on their own, users enable to select their favoured merchants to “buy” or “sell”.
- Users are able to make orders according to coin volume and payment methods. It is important to confirm the currency volume and amount.
- Afterplacing the order,the buyer must complete the payment within the specific time set by the seller and click "I have paid", otherwise the order will be automatically canceled.
- After 5:00 p.m. on a working day or during a non-working day, users need tosplit a large transaction into a order of less than $7076 US Dollars, and transfer them in multiple orders, otherwise adelay would be caused.
- After completing the payment, users and merchants can contact each other to confirm the payment.
- In the process of OTC transactions, the sellershall click "confirm payment" button to release digital coinsto the buyers after receiving money.
- Both parties shall conduct the transaction underthe principle of honesty and trustworthiness. Money will betransferred directly to the seller's account, so the buyer must check the payment information before paying.
WBF OTC team
April 8, 2020