The cryptocurrency market began to rally since May, among them, the most notable is BTC, it has risen from $5,300 to around $8,900, with the biggest increase of more than 68%. At this time, more newbie investors entered the market. However, these new traders lack basic investment knowledge and even do not know how to buy digital assets through OTC trading. This article will introduce related OTC trading knowledge.
The first thing to understand is: Why do we need to buy digital assets first instead of direct trading with fiat currency?
Since the current policy prohibits the exchange from directly using the fiat currency for on-floor transactions, therefore, the exchange sets the OTC trading zone to allow traders to realize the conversion between the fiat currency and digital assets. In OTC trading, users can trade directly with each other, and the platform acts as the guarantor.
Go to www.58ex.com, click “Sign Up” in the top right corner. For registered users, please log in to your 58COIN account directly.
2. Basic Verification and Advanced Verification
Click “Account” in the top right, and complete the basic and advanced verification by following the instructions on the page.
3. Set a Fund Password
In order to secure transactions, users need to set a fund password. Click “Account” — “Account Security” — “Fund Password”.
Only after completing the above-mentioned operations then you can conduct OTC transactions, deposit, withdraw, transfer, etc.
How to Conduct OTC Transactions?
Digital currencies can be obtained in OTC trading area, which also serves as the prerequisite for participating in other businesses. OTC transactions are free on 58COIN, the specific operation is as follows:
- Enter OTC trading page, click “OTC” in the upper left corner and then click on the account in the upper right to enter “My Account”.
2. After entering “My Account” page, users can set up the collection method, please pay with a bank card that matches your real name.
3. After setting up the payment and collection account, click on “OTC” in the upper left and select your preferred currency in “Please select coin” on the left, and then choose a satisfied price and payment method. Click “Buy” and enter the amount and price to complete the order.
Note: When you log in for the first time, you will be asked to set a nickname. As a user display, the nickname can only be set once and is unique on the OTC platform.
4. After successfully placing an order, you can view details in “My Order” and contact the seller.
5. After receiving the seller’s response, transfer the money to the account provided by the seller within the specified time.
6. Pay attention to the “identification code” shown in the figure below, this is to make the seller identify your payment in time. Please make sure to click “I’ve transferred” after the payment.
7. After the seller receives and confirms the payment, the system will automatically transfer the digital assets to your account. The buyer should view the received digital assets in “Assets” — “OTC Account” in time, and if the amount is inaccurate, please immediately contact the customer service for help.
8. By following the above steps, you can complete the purchase of the digital currency and transfer such funds to other accounts on the platform for spot, contract, mortgage loan, or BitHash transactions.
1. Please complete the payment within the time specified in the “Advertisement” and click the “Confirm Payment”. If the buyer cancels the order or the order is canceled due to expiration, the system will record the buyer canceling the order once. If there are two cancellations on the same day, the purchase function of the buyer will be restricted within the day (UTC +8).
2. Do not click “I’ve paid” without paying or not paying, which is a malicious act. When such an order is appealed, the seller can refuse to execute the order. If the circumstances are serious, the system will freeze the buyer’s account.